Roxgold Discovers Two New High Grade Gold Zones at Yaramoko
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/29/12 -- Roxgold Inc. ("Roxgold" or the "Company") (TSX VENTURE: ROG) has received additional assay results from drilling conducted on its Yaramoko property located in Burkina Faso, West Africa. Its reverse circulation ("RC") drill program has identified two new high grade gold zones; the 109 Zone and the 117 Zone. The core drill program continues to expand and define the previously identified 55 Zone.
109 Zone Drilling: YRM-12-RC-109 returned 8.33 grams per tonne ("gpt") gold over 10 meters from 116 to 126 meters including 18.52 gpt over 2 meters. This hole was collared approximately 1.4 kilometers due north of the western part of the 55 Zone. RC hole 109 has been followed up by core holes YRM-12-DD-143 and 145, both of which exhibited extensive quartz veining and have been sampled with assays pending.
117 Zone Drilling: YRM-12-RC-117 returned 4.88 gpt gold over 8 meters from 172 to 180 meters including 14.97 gpt over 2 meters. This RC hole was collared 400 meters north of the eastern portion of the 55 Zone and has been investigated further with several core holes for which assays are pending (for a map illustrating the locations of the newly discovered zones please visit www.roxgold.com).
55 Zone Core Drilling: Assays have been received on selected samples from an additional eleven core holes and significant new diamond drill intercepts from the 55 Zone are set out in the Table below;
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DDH Elev Depth From To Interval True Au
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meters meters meters meters meters meters gpt
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YRM-12-DD-075 306 219.5 110.75 117.25 6.5 5.20 5.43
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and 152.00 154.00 2.00 1.60 28.69
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YRM-12-DD-103 312.00 213.00 110.00 112.00 2.00 1.80 1.25
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YRM-12-DD-115 321.00 255.00 159.00 163.10 4.10 3.28 21.38
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YRM-12-DD-116 311.00 317.00 236.00 238.00 2.00 1.60 11.10
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YRM-12-DD-117 317.00 293.00 246.00 248.00 2.00 1.60 2.83
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YRM-12-DD-118 312.00 407.00 373.0 377.00 4.00 3.20 19.28
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including 374.2 375.7 1.50 0.56 42.52
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YRM-12-DD-120 325.00 224.00 163.5 165.5 2.00 1.60 2.57
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YRM-12-DD-121 316.00 392.00 82.00 84.65 2.65 2.12 4.63
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YRM-12-DD-124 316.00 392.00 297.45 304.00 6.55 5.24 2.00
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55 Zone Deep Drilling: YRM-12-DD-127 was drilled to a depth of 1,400 meters and intersected a massive white quartz vein from 1,354.4 to 1,366.6 meters at an estimated vertical depth of over 1,000 meters below surface. No visible gold was noted in this vein and the samples from this vein are currently in the process of being assayed. The presence of the vein at this depth indicates a large, deep-rooted vein system at the 55 Zone. Photographs of the vein encountered in Hole 127 and those from the new gold zones north of the 55 Zone are presented on the corporate website www.roxgold.com.
Phase 3 drilling continues to expand the 55 Zone mineralization to depth. The intercept reported in YRM-12-DD-118 indicates the presence of high grade gold, over significant widths, at a depth below surface of almost 400 meters. To date, assays have been received for 91 core holes drilled on the 55 Zone. 70 of these holes have produced 90 intercepts with an average true width of 3.77 meters and a weighted average grade of 19.71 gpt gold.
Over 70 reverse circulation drill holes have been completed this year in the Bagassi Central area, of the Yaramoko property, in a program designed to test anomalous soil and percussion drill hole (RAB) gold anomalies. In 2011, this procedure resulted in the discovery of the 55 Zone. The RC drill has been re-located several kilometers to the south of the 55 Zone to investigate new soil and RAB gold anomalies in the Bagassi South area of the property. The initial target will be an area of strong gold geochemistry, some 200 meters east of previous RC drilling, where a recent soil sample assayed 24.4 gpt gold.
Assays have been received for only a small percentage of samples submitted due to serious congestion at in-country assay laboratories and those assays reported above were from selected samples recently air freighted to a Canadian Lab. The Company is considering setting up a dedicated sample processing facility on site to help alleviate the ongoing problem of obtaining assay results in a timely fashion.
The Roxgold exploration team is pleased to see that the procedure of following up anomalies identified through soil sampling and RAB drilling with RC drilling and then core drilling continues to generate targets of merit and identify new mineralization at Yaramoko. Holes YRM-12-DD-119 and -122 did not return significant gold intercepts. Reported true widths are estimated from cross sectional analysis.
Yaramoko Resource and Economic Studies
AGP Mining Consultants have begun the compilation of an initial mineral resource estimate within the context of an updated Yaramoko Technical Report for the 55 Zone. Cut-off for inclusion of assay results from drill holes for this calculation has been set as mid-June and the resource estimate may be received as early as July 2012. AGP has also been retained to provide a Preliminary Economic Assessment based on this resource estimate. Roxgold may submit an application for a Mining License within the Yaramoko Exploration Permit later this year based on the work conducted by AGP.
Roxgold has also retained Bureau d'Etudes des Geosciences, des Energies et de Environnement (BEGE), of Ouagadougou, Burkina Faso to provide project environmental studies and support on permitting and local issues. BEGE has extensive experience in the Burkina Faso mining sector.
"Work proceeds apace at the Yaramoko Property in spite of the turmoil in the equity markets for gold companies," said Roxgold CEO Bob Sibthorpe. "We were fortunate to have raised sufficient funds to carry out the necessary tasks to take the project to its appropriate levels and as of April 30, 2012 the Company had approximately $33 million in cash. To date 144 core holes have been drilled in the Bagassi Central area. There are currently four core drills and an RC rig working on the property and we will carry on through the rains of summer, weather permitting. The 55 Zone continues to respond well to the aggressive drill program and the recent discoveries of potentially important parallel zones are exciting. With the knowledge gained from this work the Company is actively pursuing other property positions in the area and takes an opportunistic view on current market conditions."
Other Issues
Roxgold is pleased to announce that Mark McCartney has joined the Company as Corporate Communications Coordinator. Mr. McCartney combines a background in corporate banking with experience in corporate communications and will be responsible for all of Roxgold's public communications as well as the coordination of investor relations activities.
Quality Assurance/Quality Control
Roxgold Inc. is the Project Operator and maintains a quality control program involving the use of repeat assays, inserted blanks and the use of certified standards from an accredited Canadian laboratory. Assaying from holes in this News Release were carried out by TSL lab in Saskatoon, Saskatchewan and by the SGS Lab in Ouagadougou.
Warren Robb, P.Geo., is Chief Geologist with Roxgold Inc. and is a qualified person under NI 43-101 for Roxgold and has reviewed and approved the contents of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
ROXGOLD INC.
Robert Sibthorpe, B.Sc.(Geology), M.B.A., President & CEO
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contacts:
Roxgold Inc.
Al Fabbro
604-351-8850
info@roxgold.com
Roxgold Inc.
Mark McCartney
604-682-7305 ext. 228
604-685-7349 (FAX)
mark@roxgold.com
www.roxgold.com