TORONTO, ONTARIO--(Marketwire - Nov. 22, 2012) - Roxgold Inc. (TSX VENTURE:ROG) ("Roxgold" or the "Company") is pleased to announce the initial results from the current step out drilling program at its 100% owned Yaramoko Concession in Burkina Faso. Today's results confirm the presence of high grade gold mineralization outside of the existing mineralized envelope and represents a significant step out from known mineralization down plunge within the 55 Zone.
- 18.2 grams per tonne gold over 6.6 meters (4.2 meters estimated true width) from 626.85 meters to 633.45 meters in hole YRM-12-DD-245;
- Deepest high grade intercept within the 55 Zone to date;
- At 500 meters vertical depth, YRM-DD-12-245 represents a 100 meter step out down dip and to the east of previous drilling
Since Roxgold's management transition (see press release dated September 25, 2012), the Company has curtailed the very deep drilling that was underway and has focusing on extending the envelope of known mineralization within the 55 Zone through a continuing program of step-out drilling. The holes released today represent the first results from this program and demonstrate that the tenor of gold mineralization continues down plunge.
"Today's result is evidence that the 55 Zone continues at depth," stated John Dorward, Interim CEO of Roxgold. "Hole 245 represents a significant step out from known drilling and has encountered high grade mineralization which is the hallmark of the 55 Zone.
Summary of Results
|Table 1: Results from current drilling (no top cut was applied to the assays)
The current resource estimate extends to a depth of approximately 400 meters and plunges to the east. Roxgold plans to continue to expand and define the 55 Zone from 400 meters to 700 meters vertically. To view a long section, including today's results, click http://www.roxgold.com/i/pdf/LS_22-11-2012-1.pdf Two diamond drill rigs are currently on site completing the first phase of the program which includes 10 holes within a 300 meter X 400 meter grid (see long section) at 100m spacing. Phase Two will commence in early 2013 and will infill the targeted area and endeavour to expand the mineralized zone down plunge. An updated resource estimate on the 55 Zone is currently scheduled for the first quarter of 2013.
The results of the outstanding drill holes will be released in a timely fashion as the results become available, including holes from previous drill programs for which assays have not yet been received.
Pierre Desautels, P.Geo, of AGP Mining Consultants Inc., 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.
Quality Assurance/Quality Control
Drill holes reported in this press release were drilled using HQ and NQ2 sized diamond drill bits. Company personal are located at the at the drill site. Contractors and employees of Roxgold conducted all logging and sampling. The core was logged, marked up for sampling using standard lengths of two meters outside of the "zone" and adjusted to lithological contacts up to one meter within the "zone". Samples are 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 Roxgold camp within the Yaramoko area. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until it was shipped to either ALS Chemex in Ouagadougou or Act Labs in Ouagadougou ("The Labs"). The core was dried and crushed by The Labs and a 150 gram pulp was prepared from the coarse crushed material. The Labs then conducted routine gold analysis using a 50 gram charge and fire assay with an atomic absorption finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, The Labs inserted their own quality control samples.
Roxgold is a TSX.V listed Exploration Company with its key asset, the 167 Km2 Yaramoko concession, located in the Hounde region of Burkina Faso, West Africa to the south of and contiguous to SEMAFO's Mana project. Roxgold is focused on further exploring the Company's 100% owned Yaramoko concession and advancing the 55 Zone Project.
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 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.