Roxgold Drills 233.9 g/t Gold Over 4.5 Meters (3.58 True Width) at 237 Meters Depth and Confirms High Grade Gold Mineralization Below 400 Meters at 55 Zone
TORONTO, ONTARIO -- (Marketwire) -- 10/25/12 -- Roxgold Inc. ("Roxgold" or the "Company") (TSX VENTURE: ROG) -
Roxgold is pleased to announce the most significant intercept to date from the drill program at its 100% owned Yaramoko gold deposit in West-Central Burkina Faso.
Diamond drill hole 223 which intersected 233.89 gpt gold (uncut) over 4.5 meters (3.58 meters true width) from 237.6 meters to 242.0 meters, represents the most significant intercept within the 55 Zone to date.
The results released today cover 109 holes totalling 42,390 meters of drilling. This includes 70 holes from the 55 Zone, 10 holes with pending results, and 39 holes from the regional drilling.
The highlights included in today's release are;
-- The 55 Zone remains open at depth.
-- Three drill rigs are engaged in a step-out discovery and definition
program.
-- The previously reported drill core assay backlog will be eliminated
within three weeks.
-- Since the management transition on September 25th, 11,720 drill core
samples have been assayed with 5,965 core samples remaining in the
backlog.
Highlights for 55 Zone include:
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Depth Depth value over True
Hole ID Zone Azimuth Dip From To (g/t) (m) Width
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YRM-12-DD- 55 Zone 360 -50 237.55 242 233.89 4.45 3.6(ii)
223 (i)
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YRM-12-DD- 55 Zone 360 -65 258 261 47.05 3 1.9
203
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YRM-12-DD- 55 Zone 360 -45 154.2 156.5 32.99 2.3 2.0
218
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YRM-12-DD- 55 Zone 360 -50 504 506.44 27.06 2.44 1.9
228
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YRM-12-DD- 55 Zone 360 -60 397.5 404 15.71 6.5 4.4
207
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(i) Reported assays are uncut. Capped interval is 146.5g/t capped to 280g/t
as per 43-101 Resource estimate criteria.
(ii) True widths are reported as calculated from Gemcom which takes into
consideration dip and azimuth readings.
Please refer to the following links for a list of assay results and updated longitudinal section of the 55 Zone:
http://media3.marketwire.com/docs/r1024t.pdf
http://media3.marketwire.com/docs/r1024z55.pdf
Geological Interpretation
Orix Geoscience was contracted to prepare a geological interpretation of the 55 Zone. Their work confirms an easterly plunge to the ore body that remains open at depth. The Company is using this model to plan its current and future drilling and updating it as new information is gathered.
The very deep drilling initiated in July/ August has confirmed the presence of quartz veins at depth. These veins have returned no significant results and it appears that the drill holes targeted are under the plunge of the ore body. However, this drilling is not considered to have downgraded the prospectivity of the 55 Zone at depth.
The three diamond core rigs onsite are now focusing on step-out holes designed to expand known mineralization from between 400 to 700 meters vertical depth.
Regional Results
Regional work has been deferred pending the return, compilation and assessment of all outstanding assays. Roxgold strongly believes in the potential of the Yaramoko Concession which covers 167 sq km and plans to implement an aggressive regional exploration program in 2013.
The most significant assays received from recent regional exploration include:
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True
Depth Depth value over Width
Hole ID Zone Azimuth Dip From To (g/t) (m) (m)
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YRM-12-DD-105 55 N 360 -45 60 65 20.23 5 4.3
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YRM-12-DD-144 Z 117 180 -60 218 220 4.55 2 1.37
and 290 292 2.73 2 1.36
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YRM-12-DD-143 Z 109 360 -45 66 67 2.53 1 0.83
and 73 74 8.08 1 0.83
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YRM-12-DD-181 Bagassi 220 -50 31.5 32 6.75 0.5 0.1
South
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Please click on the following link for a plan map showing the locations of these zones:
http://media3.marketwire.com/docs/r1024ym.pdf
John Dorward, Interim CEO commented:
"The results we have released today have given us confidence that the upper sections of the 55 Zone ore body are very robust and we are encouraged by results from deeper sections which remains open down plunge and to the east."
Transition to New management
Following the election of a new board on September 25th, 2012 and the appointment of John Dorward as Interim CEO the transition has progressed smoothly without interruption. A comprehensive update of transition activities will follow within the next few weeks.
Quality Assurance/Quality Control and Qualified Person
Drill holes reported in this press release were drilled using HQ and NQ2 sized diamond drill bits. Contractors and staff working for Roxgold conducted all logging and sampling. The core was logged, marked up for sampling in lengths of up to 2 meters. "Zone Samples" are sampled on intervals down to 30 cm depending on the core length of the intercept. The core is then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored at the Roxgold compound in Koussaro. The other half was sampled, placed into sealed bags and securely stored at the site until it is shipped to a certified lab in Ouagadougou or Canada. "Zone Samples" have been typically sent to TSL laboratories in Saskatoon while non "Zone Samples" have been shipped to Actlabs' Ouagadougou facility. The core is dried and crushed by the labs, and a 150 gram pulp is prepared from the coarse crushed material. The labs conduct routine gold analysis using a 50 gram charge and fire assaying with atomic absorption finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream at the rate of one duplicate or one certified reference blank or standard per 11 samples. In addition, ALS and Actlabs insert their own standards, blanks and duplicates as per internal company procedures.
Pierre Desautels, P.Geo, a Qualified Person within the meaning of National Instrument 43-101 who is an independent consultant to the company, has verified and approved the data disclosed in this release. This includes the sampling, analytical and test data underlying the information.
About Roxgold
Roxgold is a TSX.V listed Exploration Company with its key asset in the Hounde region of Burkina Faso, West Africa to the south of and contiguous to SEMAFO's Mana deposit. Burkina Faso is a French speaking country that has seen rapid growth in its mining sector with the construction of 6 mines in 5 years. Roxgold is focused on further exploring and advancing the 55 Zone resource located within the Company's 100% owned Yaramoko concession.
John Dorward, Interim CEO
Forward-Looking Statements
This news release may contain forward-looking statements. 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. Forward-looking statements in this news release include statements that describe the Company's future plans for the exploration and development of the 55 zone and regional exploration in 2013, the potential of the 55 zone including its prospectivity at depth and the extensions of the mineralized area at depth, the objectives or goals of exploration programs, expected completion of assay backlog, and timing of future announcements, and include words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. The assumptions upon which forward looking statements in this news release are made include the reasonable assumptions of management with respect to the geologic model, that third party labs will continue to process assays at the current pace, results of exploration will warrant further work, and current macro-economic conditions will continue to prevail .Actual results relating to such future events and conditions could differ materially from those currently anticipated in such statements for many reasons such as: changes in management, changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments(consider if there are any other material risks that could change plans/results - eg qualified labour, drill rig availability, delays in permit applications for drilling, weather conditions, local interference, etc.); and other matters discussed in this news release. 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.
Contacts:
Roxgold Inc.
John Dorward
Interim CEO
+1 416-203-6401
jdorward@roxgold.com