Roxgold Inc.

TSX VENTURE : ROG


Roxgold Inc.

July 03, 2013 07:00 ET

Roxgold Intersects 23.3 gpt Gold Over 6.7 Meters in 55 Zone Infill Drilling

Results Conclude Infill Drilling Program for 2013

TORONTO, ONTARIO--(Marketwired - July 3, 2013) - Roxgold Inc. (TSX VENTURE:ROG) ("Roxgold" or the "Company") is pleased to announce results from the recently completed infill drilling program on the 55 Zone, at its 100% owned Yaramoko permit in Burkina Faso. Today's results continue to demonstrate the continuity of high grade mineralization throughout the 55 Zone.

HIGHLIGHTS

  • 23.3 grams per tonne ("gpt") gold over 6.7 meters in drill hole YRM-DD-13-289 within a wider intercept of 12.7 gpt over 14.2 meters
  • 28.9 gpt gold over 4.72 meters within a wider intercept of 13.0 gpt over 11.2 meters in drill hole YRM-DD-13-284.

*All intercepts above are reported as core length, estimated true widths are reported in Table 1.

"We are very pleased with the results we have received throughout this infill drill program," commented John Dorward, President and CEO of Roxgold Inc. "We have demonstrated that not only does the 55 Zone appear to be consistently mineralized down to 900 meters vertical depth, but that we can consistently intersect high grade results over significant widths. We are also very encouraged that some of the best results are near the bottom of the currently drilled off mineralized envelope and that the zone remains open to expansion along strike (below 500 meters vertical depth) to both the east and west as well as down dip."

Summary of Results
Hole ID Zone Azi Dip Depth From Depth To Est. Vertical Depth (m) Value (gpt) Over (m) Est. True Width
YRM-13-DD-280 55 Zone -65 360 NSR
YRM-13-DD-281 55 Zone -64 360 663.3 670.5 530 3.7 7.1 3.6
including 665.5 668.6 7.1 3.1 1.6
YRM-13-DD-282 55 Zone -60 360 864.4 856.8 710 3.0 1.4 0.8
YRM-13-DD-283 55 Zone -51 360 501.4 504.2 300 1.0 2.8 2.3
YRM-13-DD-284 55 Zone -60 360 849.2 862.5 705 13.0 11.2 6.6
including 851.3 856.0 28.9 4.7 2.8
YRM-13-DD-286 55 Zone -66 360 620 NSR
YRM-13-DD-288 55 Zone -65 360 720.0 725.1 590 3.7 5.1 2.7
YRM-13-DD-289 55 Zone -62 360 870.8 885.0 740 12.7 14.2 6.3
including 877.0 885.0 23.3 6.7 3.0
YRM-13-DD-290 55 Zone -60 360 719.7 721.8 600 4.0 2.1 1.1
Table 1: Results from current drilling (No top cut was applied to the assays. All intercepts are reported as downhole lengths, true widths are estimated using GEMS software and verified on section.)
+Holes YRM-13-DD-285 and YRM-DD-13-287 were terminated short of the target depth due to extreme deviations in azimuth and drilling difficulties.

All results released today are infill drill results from the 55 Zone. Mineralization intersected within these holes is consistent with other holes drilled into the 55 Zone. Gold is hosted within veins formed within brittley deformed granites and sheared mafic volcanics. Click here for a longitudinal section illustrating these results http://www.roxgold.com/i/pdf/2013-07-02_Yaramoko55ZLS.pdf.

These results conclude the Company's infill drilling program on the 55 Zone between 400 and 750 meters vertical depth. This program which included 33 diamond drill holes totalling 20,420 meters of diamond drilling will constitute the final drilling to feed into an updated resource model ahead of the upcoming Preliminary Economic Assessment ("PEA") to be completed later this quarter. Table 2 provides a summary of the previously released highlights from the 2013 infill drilling on the 55 Zone that are not included in the current resource update announced on March 4th 2013.

Highlights from 2013 Infill Drilling Program
Hole ID Zone Azi Dip Depth From Depth To Est. Vertical Depth (m) Value (gpt) Over (m) Est. True Width
YRM-13-DD-263 55 Zone 360 -60 566.9 596.0 500 6.7 29.1 17.3
YRM-13-DD-263 566.9 570.8 incl 5.0 3.9 2.3
YRM-13-DD-263 579.0 583.0 incl 12.1 4.0 2.4
YRM-13-DD-263 587.0 593.0 and 16.8 6.0 3.6
YRM-13-DD-263 587.0 591.0 incl 22.2 4.0 2.4
YRM-13-DD-264 55 Zone 360 -62 765.1 772.0 620 15.6 6.9 3.4
YRM-13-DD-264 765.1 769.7 incl 20.6 4.6 2.3
YRM-13-DD-266 55 Zone 360 -61 738.5 742.5 640 22.1 4.0 2.1
YRM-13-DD-270 55 Zone 360 -59 652.6 659.8 540 10.9 7.2 4.1
including 654.8 658.0 20.3 3.2 1.8
and 676.3 686.2 4.4 9.9 5.7
including 682.0 686.2 7.3 4.2 2.4
YRM-13-DD-274 55 Zone 360 -49 504.8 509.3 380 18.8 4.5 3.7
including 504.8 506.3 53.7 1.5 1.2
YRM-13-DD-278 55 Zone 360 -59 509.0 513.3 420 9.1 4.3 1.5
including 510.2 512.6 16.2 2.4 0.8
YRM-13-DD-279 55 Zone 360 -61 708.3 713.7 620 12.1 5.5 3.7
including 709.7 712.0 18.1 2.3 1.6
YRM-13-DD-284 55 Zone -60 360 849.2 862.5 705 13.0 11.2 6.6
including 851.3 856.0 28.9 4.7 2.8
YRM-13-DD-289 55 Zone -62 360 870.8 885.0 740 12.7 14.2 6.3
including 877.0 885.0 23.3 6.7 3.0
Table 2: Highlights from 2013 55 Zone infill drilling as announced in press company disclosure dated, February 28 and May 7 2013 respectively.

Qualified Person

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 NQ sized diamond drill bits. Company personal are located 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. Samples within the 55 Zone or samples returning over 5 grams per tonnes are additionally assayed using a metallic screen analysis in which a 1000 gram pulp is analyzed. The screening of samples produced two size fractions - less than 100 micrometres (um) and greater than 75 um and less than 75 um. These fractions are then analyzed independently by fire assay and atomic absorption. 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.

About Roxgold

Roxgold is a TSX.V listed exploration and development company with its key asset, the 167 Km2 Yaramoko concession, located to the south of and contiguous to SEMAFO's Mana Project in the Balé Province of Burkina Faso, West Africa. Roxgold is focused on further exploring the Company's 100% owned Yaramoko permit and advancing the 55 Zone.

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, 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.

Contact Information