Roxgold Inc.
TSX VENTURE : ROG

Roxgold Inc.

February 28, 2011 08:30 ET

Roxgold Drills Six Meters Grading 24.62 Grams per Tonne Gold at Yaramoko Gold Concession, Burkina Faso, West Africa-New Discovery Triggers Gold Rush on Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2011) - Roxgold Inc. (TSX VENTURE:ROG) -

HIGHLIGHTS

  • 6 METERS OF 24.62 GPT GOLD INCLUDING 2 METERS of 70.5 GPT AT BAGASSI CENTRAL
  • 62 METERS OF .62 GPT GOLD AT BAGASSI SOUTH CONFIRMS BULK TONNAGE-TYPE TARGET
  • ASSAYS PENDING FOR A FURTHER 19 DRILL HOLE S ON THE YARAMOKO CONCESSION
  • PHASE ONE DRILLING (25 HOLES AND 2500 METRES) NEARS COMPLETION AT BISSA WEST CONCESSIONS WITH ASSAYS PENDING FOR 16 HOLES

Roxgold Inc. ("the company") is pleased to announce that it has received initial assays from drilling activities on its optioned Yaramoko gold concession in western Burkina Faso, West Africa. Assays include data from 14 of the 33 reverse circulation holes (1255 out of 2723 meters) drilled in December 2010 and January 2011 (YRM-10-RC023 through YRM-11-RC055).

NEW GOLD DISCOVERY IN 'BAGASSI CENTRAL"

Drill holes YMR-10-RC035 and RC036 were directed at an untested soil sample anomaly with hole YRM-10-RC036 encountering intensely silicified and pyritized intrusive rocks below the surface anomaly.

Hole # Az Dip TD Intercept Width Grade
             
YMR-10-RC036 220 55 90 m 80-86 m 6.0 m 24.62 gpt gold
  Including     82-84 m 2.0 m 70.5 gpt gold

In December 2010, upon commencement of this drilling, the area became the site of intense artisanal mining activity. The Company is taking appropriate measures to ensure the integrity of the site.

In January two additional drill holes were targeted at this zone and YRM-11-RC055 (the final drill hole in the Yaramoko Phase 1 program) encountered similar zones as observed in YRM-10-RC036 with abundant visible gold in the drill return pannings. Assays are pending for these holes. A nearby drill hole YRM-10-RC035 encountered mechanical difficulties at 51 meters and did not reach target depth.

Based on the results received to date the Bagassi Central discovery will be the focus of additional drilling during Phase 2 work at Yaramoko in the upcoming months pending drill rig availability.

BAGASSI SOUTH DRILLING

Drilling was also directed to follow up Riverstone Resources Ltd. Initial 2007 drill program that reported significant gold intercepts in the Bagassi South area of the concession with holes YRM-07-RC001 through RC022. Intervals from this program included 11.88 grams per tonne (gpt) gold over six meters, 14.82 gpt gold over two meters and 2.04 gpt gold over 14 meters. The current Roxgold holes were directed at determining the gold tenor of the host granodiorite and granitic intrusive rocks in the area.

Significant results included;

Hole # Az Dip TD Intercept Width Grade
             
YRM-10-RC029 40 55 85 m 4-66 m 62.0 m 0.62 gpt gold
  Including     10-26 m 16.0 m 1.0 gpt gold
  And     54-60 m 6.0 m 2.29 gpt gold
YRM-10-RC025 220 55 96 m 8-12 m 4.0 m 2.28 gpt gold
YRM-10-RC030 220 55 85 m 66-72 m 6.0 m 1.15 gpt gold
YRM-10-RC028 220 55 77 m 26-28 m 2.0 m 2.05 gpt gold
  And     74-77 m 3.0 m 1.13 gpt gold

Drill holes YRM-10-RC032 and 33 were drilled entirely in post-mineralization barren dikes. Drill holes YRM-10-RC024, 026,027, 031 and 034 returned only geochemically anomalous gold values.

The host intrusives have now been shown to carry gold grades over significant widths and are considered targets for mineable bulk gold mineralization. There are five additional drill holes in this area with assays pending.

OTHER YARAMOKO TARGETS

There are 12 other drill holes completed and pending assays which were directed at other soil and rock anomalies on the Yaramoko Property. 

The Yaramoko permit is south of and contiguous to Semafo's Mana gold production facility where gold is being produced from a series of high-grade gold veins, similar to those at Yaramoko. Semafo recently announced that it was planning to invest an additional $25 million to further expand operations at this mine. Semafo estimates 2011 production between 170,000 and 190,000 ounces of gold and the southernmost deposit is within 5 kilometers of the Yaramoko boundary.

BISSA WEST AND SOLNA CONCESSIONS

The reverse circulation drill has almost completed Phase 1 drilling (25 holes and 2500 meters) on the Bissa West concession in central Burkina Faso (rock samples up to 19 gpt gold and widespread artisanal workings). In March, Phase One is scheduled for completion with an additional 2500 meter drill program on Solna (trench results include 7.34 gpt gold ore 7.5 meters).

"We are pleased with the progress and results to date," said Roxgold President and CEO, Robert Sibthorpe, "the work is proceeding steadily and efficiently and the new discovery at Bagassi central is exciting."

The Company's first year work commitment of $1,050,000 will be completed through a Phase Two of follow up drill programs based on the results from Phase One and testing of gold anomalies not drilled in Phase One. The terms of the Option Agreement between the Company and Riverstone Resources Inc. were fully disclosed in the February 16, 2011 Press Release. Additional project information and maps may be viewed at www.roxgold.com.

All holes referenced in this press release were drilled at an angle of 55 degrees and mineralized structures appeared to be subvertical suggesting that true widths of mineralized zones approximate 75% of reported widths.

SIGNS INVESTOR RELATIONS AGREEMENT

The company has also hired the investor relations services of Kaye Wynn Consulting. Kaye Wynn Consulting will be paid $5,000 plus HST per month. The consulting agreement also allows Kaye Wynn Consulting to purchase 200,000 shares of the company at $0.25 cents for a period of one year. The contract may be cancelled by either party with 30 days notice. The agreement is subject to TSX approval.

QUALITY ASSURANCE/QUALITY CONTROL

Riverstone Resources Inc. is the operator of the current program 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. All Yaramoko samples were assayed using standard fire assay with atomic absorption techniques, with samples grading over one gram gold per tonne re-assayed with a gravimetric finish, at the independent Abilab Burkina SARL laboratories in Ouagadougou, Burkina Faso, which is part of the ALS Chemex group.

In addition to the normal gold assaying procedures for each drill sample submitted, all 2 meter drill samples from Yaramoko in which visible gold was noted after panning (approximately 40), were assayed for gold using a 2 kg sample and cyanide leaching and these results are pending. A high level of exploration and development activity in the gold sector in Burkina Faso has resulted in an increase in the turnaround time for receiving all gold assays.

Paul Anderson, PGeo, is a qualified person for Riverstone and has reviewed and approved the contents of this release.

Robert Sibthorpe, President and CEO

Contact Information

  • Roxgold Inc.
    Robert Sibthorpe
    President and CEO
    604-689-2599
    www.roxgold.com