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Roxgold Inc (2)
Symbol ROXG
Shares Issued 371,562,306
Close 2020-02-03 C$ 1.01
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Roxgold drills 10.7 m of 18.1 g/t Au at Boussoura

2020-02-03 06:07 ET - News Release

Mr. John Dorward reports

ROXGOLD ANNOUNCES NEW HIGH GRADE DISCOVERY AT BOUSSOURA, BURKINA FASO

Roxgold Inc. has made a new high-grade discovery at Galgouli and has released excellent results following up historic drilling at Fofora at the Boussoura project in the southern portion of the Hounde greenstone belt in southern Burkina Faso. The Hounde greenstone belt is host to several operating gold mines, including Roxgold's Yaramoko mine, which is 190 kilometres to the north. The Boussoura project is located approximately 10 kilometres north of the Ivory Coast border.

Boussoura highlights

Galgouli:

  • 14 metres at 10.5 grams per tonne gold in drill hole BSR-19-RD-GAL-002 from 134 m;
  • 1.21 m at 79.7 g/t Au in drill hole BSR-19-RD-GAL-004 from 177 m;
  • Nine m at 8.2 g/t Au in drill hole BSR-19-RC-GAL-007 from 204 m, including:
    • One m at 65.8 g/t Au from 204 m;
  • Two m at 20.8 g/t Au in drill hole BSR-19-RC-GAL-008 from 226 m (hole abandoned in mineralization);
  • 10 m at 8.7 g/t Au in drill hole BSR-19-RC-GAL-011 from 158 m including:
    • One m at 81.5 g/t Au from 166 m;
  • Three m at 13.7 g/t Au in drill hole BSR-20-RC-GAL-017 from 187 m;
  • Three m at 15.8 g/t Au in drill hole BSR-20-RC-GAL-021 from 175 m.

Fofora:

  • 10.7 m at 18.1 g/t Au in drill hole BSR-19-DD-FFR-001 from 77.4 m, including:
    • 0.86 m at 98.1 g/t Au from 81.2 m;
    • Two m at 47.1 g/t Au from 84.9 m;
  • 25.58 m at 2.5 g/t Au in drill hole BSR-19-RD-FFR-003 from 62 m;
  • 12.0 m at 2.0 g/t Au in drill hole BSR-19-DD-FFR-005 from 14.7 m;
  • 1.7 m at 24.7 g/t Au in drill hole BSR-19-DD-FFR-006 from 117.1 m;
  • 5.8 m at 11.1 g/t Au in drill hole BSR-20-DD-FFR-013 from 69.7 m, including:
    • 0.43 m at 78 g/t Au from 70.4 m;
    • 0.37 m at 76.7 g/t Au from 73.8 m.

"Our exploration team has had tremendous recent exploration success with a new high-grade discovery at the Boussoura project following on from the significant increase in total resources at Seguela announced last week," stated John Dorward, president and chief executive officer. "We have a very attractive growth pipeline and are well positioned to deliver on our aspirations of being the next West African multiasset gold producer. We currently have two rigs drilling on the Boussoura project and we are eagerly anticipating further results over the coming months."

Paul Weedon, vice-president, exploration, commented: "We are excited about these high-grade results, especially from Galgouli as they represent the first drilling into this new discovery and support the numerous high-grade rock chip samples collected by the exploration team in late 2019. These results are setting up the potential for Roxgold's third high-grade project. With two rigs currently working on additional infill and extension drilling at Galgouli and Fofora we are looking forward to growing the current mineralized footprint. In addition, we have identified at least nine other significant vein sets with artisanal workings, each traceable for several hundred metres in length, from which rock chip results highlight the potential for additional high-grade mineralization."

The drill program initially targeted three prospects, following up on field mapping, regional soil and auger geochemical sampling, and high-grade rock chip results at Galgouli, Fofora and Niolkar. Results from Niolkar, while encouraging, were of a lower tenor relative to Galgouli and Fofora with further work planned to help refine the prospectivity. Mapping and geochemical sampling of several other active artisanal areas will be carried out in the 2020 field season.

Historic reconnaissance work including trenching and RC drilling by Randgold Resources Ltd./Volta Resources Ltd. prior to 2012 also highlighted the prospectivity of the Fofora area, with RC results including:

  • 41 m at 3.3 g/t Au in drill hole KRC66 from one m;
  • Nine m at 10.5 g/t Au in drill hole KRC28 from 59 m;
  • 12 m at 6.7 g/t Au in drill hole KRC5 from 102 m;
  • 32 m at 2.0 g/t Au in drill hole KRC68 from 43 m.

Much of the historic work is associated with an extensive three km by three km artisanal field.

Galgouli

Twenty-two reverse circulation (RC) and diamond core drill holes (DD) at Galgouli have identified high-grade mineralization along a greater-than-one-kilometre trend with drilling to a vertical depth of approximately 250 m. High-grade mineralization is associated with a series of steeply dipping quartz-chlorite-carbonate-pyrite veins with coarse gold (one to three millimetres) commonly identified on vein margins and selvedges. Veining is hosted by variably altered and sheared porphyritic andesites with five to 10 m wide alteration zones hosting low-grade (less than 1.5 g/t) halos.

Drill highlights include:

  • 14 metres at 10.5 grams per tonne gold in drill hole BSR-19-RD-GAL-002 from 134 m;
  • 1.21 m at 79.7 g/t Au in drill hole BSR-19-RD-GAL-004 from 177.4 m;
  • Nine m at 8.2 g/t Au in drill hole BSR-19-RC-GAL-007 from 204 m, including:
    • One m at 65.8 g/t Au from 204 m;
  • Two m at 20.8 g/t Au in drill hole BSR-19-RC-GAL-008 from 226 m (hole abandoned in mineralization);
  • 10 m at 8.7 g/t Au in drill hole BSR-19-RC-GAL-011 from 158 m including:
    • One m at 81.5 g/t Au from 166 m;
  • Three m at 13.7 g/t Au in drill hole BSR-20-RC-GAL-017 from 187 m:
    • One m at 8.1 g/t Au from 215 m;
    • Two m at 6.2 g/t Au from 230 m;
  • Three at 15.8 g/t Au in drill hole BSR-20-RC-GAL-021 from 175 m.

Mineralization remains open along strike and at depth, with drilling continuing to infill and extend the strike extent where artisanal workings are indicative of further high-grade extensions.

Fofora

At Fofora, 13 RC and DD holes have intersected high-grade mineralization along a 500 m zone of artisanal workings, which remains open at depth and along strike. Mineralization is associated with several quartz-chlorite-carbonate-pyrite veins hosted by sheared and altered porphyritic andesites, commonly with coarse gold (one to three mm) associated with vein margins and selvedges, with broad (up to 40 m) alteration zones hosting low-grade (less than 1.5 g/t) halos. Drilling is continuing, testing for depth and strike extents to the currently defined mineralization.

Drill highlights include:

  • 10.7 m at 18.1 g/t Au in drill hole BSR-19-DD-FFR-001 from 77.4 m, including:
    • 0.86 m at 98.1 g/t Au from 81.2 m and;
    • Two m at 47.1 g/t Au from 84.9 m;
  • 25.58 m at 2.5 g/t Au in drill hole BSR-19-RD-FFR-003 from 62 m;
  • 12.0 m at 2.0 g/t Au in drill hole BSR-19-DD-FFR-005 from 14.7 m;
  • 1.7 m at 24.7 g/t Au in drill hole BSR-19-DD-FFR-006 from 117.1 m:
    • 4.1 m at 2.9 g/t Au from 149.3 m;
    • 2.6 m at 3.9 g/t Au from 159.4 m;
  • 5.8 m at 11.1 g/t Au in drill hole BSR-20-DD-FFR-013 from 69.7 m, including:
    • 0.43 m at 78 g/t Au from 70.4 m;
    • 0.37 m at 76.7 g/t Au from 73.8 m.

Historic reconnaissance RC drilling by Volta Exploration prior to 2012 initially confirmed high-grade mineralization at depth, with the recent program designed to validate and extend the limits of the previous work. Fofora is one of several elongated vein sets associated with an extensive three km by three km artisanal field, which remain untested at depth or along strike and which will be the focus of continuing exploration in the first half.

Continuing drilling targets new prospects

Several additional targets have been identified elsewhere at Boussoura permit, and with field mapping continuing, more are expected to be identified and ranked for prospectivity. Historically, work prior to 2012 focused around the Fofora area with shallow drilling and trenching, and predated much of the current artisanal workings, with very little work carried out on the remainder of the permit.

Outcrop mapping and the extensive artisanal workings coupled with historic geophysical surveys have helped develop a good understanding of the key structural controls, assisting with targeting of the host high-grade quartz veins. Active artisanal workings in at least 15 localities within the 250-square-kilometre Boussoura permit and that commonly extend for 300 to 400 m highlight the potential for additional high-grade gold mineralization. An extensive auger program is being prepared to test the broad areas that are under surface cover, the results of which are expected to highlight additional targets.

Additional mapping, soil and auger geochemistry and reconnaissance RC/DD drilling will continue during the first half.

Qualified persons

Paul Weedon, MAIG, vice-president, exploration, for Roxgold, a qualified person within the meaning of National Instrument 43-101, has verified and approved the technical disclosure contained in this news release. This includes the quality assurance/quality control, sampling, analytical and test data underlying this information. For more information on the company's QA/QC and sampling procedures, please refer to the company's annual information form dated Dec. 31, 2018, available on the company's website and on SEDAR.

Quality assurance/quality control

Boussoura

All drilling data completed by Roxgold have utilized the following procedures and methodologies and carried out under the supervision of Roxgold personnel.

RC drilling used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-litre plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5-per-cent representative sample for submission to the analytical laboratory. The residual 87.5-per-cent samples were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on site at the company-controlled core yard.

Diamond drill holes were drilled with HQ- or NQ2-sized diamond drill bits. The core was logged, marked up for sampling using standard lengths of one metre or to geological boundaries as directed by the supervising geologist. Samples were then cut into equal halves using a diamond saw. One-half of the core was left in the original core box and stored in a secure location at the company core yard at Yaramoko. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until shipment.

All RC and diamond core samples were shipped to Actlabs in Ouagadougou for preparation. Samples were dried and crushed by the lab and a 250-gram split prepared from the coarse crushed material, prior to pulverization and preparation of a 200 g sample. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish is then completed. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the lab inserted its own quality control samples.

About Roxgold Inc.

Roxgold is a Canada-based gold mining company with assets located in West Africa. The company owns and operates the high-grade Yaramoko gold mine, located on the Hounde greenstone belt in Burkina Faso, and is also advancing the development and exploration of the Seguela gold project, located in Ivory Coast.

We seek Safe Harbor.

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