Roxgold Returns Multiple High Grade Results Including 42 Metres of 16.97 G/T in Ancien Deposit at Séguéla

Roxgold Inc. (“Roxgold” or the “Company”) (TSX: ROXG) (OTCQX: ROGFF) is pleased to announce updated drilling results from the Company’s Séguéla gold project (“Séguéla”) located in Côte d’Ivoire.

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Highlights:

Ancien results from Reverse Circulation (“RC”) and Diamond Core (“DD”) drilling:

• 42 metres (“m”) at 16.97 grams per tonne gold (“g/t Au”) in drill hole SGRD456 from 133m
• 10m at 19.70 g/t Au in drill hole SGRD464 from 111m
• 6m at 27.56 g/t Au in drill hole SGRD466 from 73m
• 23m at 7.79 g/t Au in drill hole SGRD462 from 20m
• 16m at 6.52 g/t Au in drill hole SGRD463 from 27m
• 8m at 9.89 g/t Au in drill hole SGRC451 from 141m
• 10m at 7.15 g/t Au in drill hole SGRC453 from 159m, and
• 12m at 2.13 g/t Au in drill hole SGRC452 from 85m

Boulder results from RC drilling:

• 3m at 35.41 g/t Au from 50m in SGRC410
• 8m at 7.18 g/t Au from 108m in SGRC394
• 10m at 3.67 g/t Au from 4m in SGRC411
• 5m at 7.16 g/t Au from 126m in SGRC412
• 11m at 2.96 g/t Au from 104m in SGRC413, and
• 8m at 3.39 g/t Au from 58m in SGRC415

“We are very encouraged by the latest Séguéla assay results which illustrate the upside potential of this project.” Stated John Dorward, President and Chief Executive Officer. “The Ancien target continues to return high grade intersections across significant widths while showing real indications of down-plunge potential, while the Boulder target demonstrates the near-surface potential of several of the satellite targets surrounding the original Antenna deposit. We have four rigs currently working at Séguéla and we are eagerly anticipating further results over the coming months. Meanwhile, we look forward to providing an updated resource later this month, which will include the latest drill results from Ancien, Boulder, Agouti, and Antenna – with a PEA to follow in early second quarter this year. “

Paul Weedon, Vice President Exploration commented “These latest outstanding high grade results from Ancien after the excellent initial results in December have extended the high grade a further 60m down plunge where it remains open and starts to build out the potential of Ancien as a high value addition to the Séguéla project. We are excited to see this high grade project emerge in such a short period. We are continuing to drill Ancien and look forward to the results over the coming weeks from additional step-out drilling down plunge and along strike. Meanwhile, work at Boulder has continued to delineate several higher grade zones and improve the understanding of the key controls to the mineralization as we continue to develop the Boulder – Agouti corridor”.

Séguéla Project

Exploration activities have continued to progress with the objective of delineating additional mineral resources within close proximity to Antenna. The current targets, including Agouti, Boulder and Ancien, are within 10 kilometres of the Antenna deposit.

Figure 1. Séguéla Satellite Prospects

Ancien

At Ancien, approximately 7 kilometres south-east of Antenna, 18 RC/DD drill holes were completed in December, following up 10 successful reconnaissance RC drill holes drilled in November 2019 (refer previous release 2 December 2019, which included the headline hole of 23m at 19.73 g/t from SGRC329). Results from 17 of these holes have been received to date, infilling and extending a well-defined and broad zone of high grade mineralization an additional 60m down plunge to more than 220m where it remains open. Further step-out drilling with two rigs will continue through the quarter, while preparations are underway for the maiden Inferred resource in Q1 2020. Highlights include:

• 42 metres (“m”) at 16.97 grams per tonne gold (“g/t Au”) in drill hole SGRD456 from 133m including
  • 7m at 32.21 g/t Au from 133m and
  • 8m at 48.47 g/t Au from 145m
• 5m at 11.61 g/t Au in drill hole SGRD464 from 101m and
  • 10m at 19.70 g/t Au in drill hole SGRC464 from 111m
• 6m at 27.56 g/t Au in drill hole SGRD466 from 73m
• 23m at 7.79 g/t Au in drill hole SGRD462 from 20m
• 16m at 6.52 g/t Au in drill hole SGRD463 from 27m
• 8m at 9.89 g/t Au in drill hole SGRC451 from 141m
• 9m at 8.58 g/t Au in drill hole SGRC460 from 69m
• 10m at 7.15 g/t Au in drill hole SGRC453 from 159m
• 9m at 5.61 g/t Au in drill hole SGRD467 from 53m, and
• 12m at 2.13 g/t Au in drill hole SGRC452 from 85m and
  • 6m at 4.06 g/t Au in drill hole SGRC452 from 102m

High grade gold is associated with zones of intense quartz veining and minor sulphides (pyrite-pyrrhotite) within a 30-50m wide envelope of strongly sheared basalt. High grade gold mineralisation remains open down plunge. Additionally, the Ancien host structure can be traced in regional aeromagnetics for several kilometres to the north and south of Ancien where, despite encouraging historic regional soil geochemistry, very limited drilling was carried out and presents a compelling target with excellent potential for further high-grade gold discoveries. Based on regional aeromagnetics an apparent post-mineralization fault looks to have truncated the immediate northern extension to the mineralization. This will form an additional high priority exploration target in H1 2020.

Figure 2. Ancien Longsection

Figure 3. Ancien Drilling Plan & Assay Results

Boulder
Initial geological modelling of the November 2019 data highlighted several areas for further growth with additional drilling in December 2019 delineating and extending several higher grade zones in the Boulder prospect. These results will be included in the maiden Inferred mineral resource estimate due in Q1 2020.

Highlights from the most recent drilling at Boulder include:

• 3m at 35.41 g/t Au from 50m in SGRC410
• 8m at 7.18 g/t Au from 108m in SGRC394
• 22m at 2.56 g/t Au from 40m SGRC406
• 10m at 3.67 g/t Au from 4m in SGRC411
• 5m at 7.16 g/t Au from 126m in SGRC412
• 6m at 5.74 g/t Au from 22m in SGRC409
• 11m at 2.96 g/t Au from 104m in SGRC413, and
• 8m at 3.39 g/t Au from 58m in SGRC415

Figure 4. Boulder - Agouti Drilling Plan & Assay Results

Click here to view the full listing of drill results from the recent drilling programs at the Séguéla Gold Project.

Quality Assurance/Quality Control

Séguéla
All drilling data completed by Roxgold utilized the following procedures and methodologies. All drilling was 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. Aircore (“AC”) drilling was collected in one metre intervals and sampled in a similar fashion to RC methods. Once collected, RC and AC samples were riffle split through a three-tier splitter to yield a 12.5% representative sample for submission to the analytical laboratory. The residual 87.5% sample 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.

DD drill holes were drilled with HQ sized diamond drill bits. The core was logged, marked up for sampling using standard lengths of one metre. 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 Séguéla. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until shipment.

All RC, AC and DD core samples were shipped to ALS Laboratories preparation laboratory in Yamassoukro 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 200g sample. Samples are then shipped via commercial courier to ALS’s analytical facility in Kumasi, Ghana where routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was 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.

Qualified Person

Paul Weedon, MAIG, Vice-President, Exploration for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release, including the QA/QC, sampling, analytical and test data underlying this information. Mr Weedon verified the information in the news release by reviewing the drill logs, geological interpretations and supporting analytical data. No limitations were imposed on Mr Weedon’s verification process. For more information on the Company’s QA/QC and sampling procedures, please refer to the Company’s Annual Information Form dated December 31, 2018, available on the Company’s website at www.roxgold.com and on SEDAR at www.sedar.com.

About Roxgold

Roxgold is a Canadian-based gold mining company with assets located in West Africa. The Company owns and operates the high-grade Yaramoko Gold Mine located on the Houndé greenstone belt in Burkina Faso and is also advancing the development and exploration of the Séguéla Gold Project located in Côte d’Ivoire. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTCQX.

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws (“forward-looking statements”). Such forward-looking statements include, without limitation: statements with respect to Mineral Reserves and Mineral Resource estimates (including proposals for the potential growth, extension and/or upgrade thereof and any future economic benefits which may be derived therefrom) and expansion and development plans including with respect certain maiden Mineral Resource Estimates, proposed exploration plans, and sufficiency of future funding. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources and Mineral Reserves, the realization of resource estimates and reserve estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the availability of necessary financing and materials to continue to explore and develop the Séguéla Gold Project in the short and long-term, the progress of exploration and development activities as currently proposed and anticipated, the receipt of necessary regulatory approvals and permits, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters, as well as assumptions set forth in the Company’s technical report prepared for the Séguéla Gold Project entitled “NI 43-101 Technical Report, Séguéla Project, Worodougou Region, Cote d’Ivoire” dated July 23, 2019 available on the Company’s website at www.roxgold.com and SEDAR at www.sedar.com. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate mineral reserve and resource estimates, changes in the price of gold, unanticipated changes in key management personnel, failure to obtain permits as anticipated or at all, failure of exploration and/or development activities to progress as currently anticipated or at all, and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

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Graeme Jennings, CFA
Vice President, Investor Relations
416-203-6401
gjennings@roxgold.com