Roxgold Inc. is pleased to announce that further to the Company’s press release of February 28, 2011 it has received the final series of assays from drilling activities on its optioned Yaramoko gold concession in western Burkina Faso, West Africa from Riverstone Resources Inc. Roxgold is earning a 60% interest in the project from Riverstone.
Assays include data from 19 of the 33 reverse circulation holes (1468 out of 2723 metres) drilled in January 2011 and February 2011 (YRM-11-RC037 through YRM-11-RC055). Of the 33 holes completed at Yaramoko, 17 targeted the Bagassi South mineralization, 4 the Bagassi Central targets and 9 the Bagassi North targets with the remaining 3 other geochem targets.
BAGASSI CENTRAL DISCOVERY
To date four drill holes have targeted the Bagassi Central discovery: YMR-10-RC035, YMR-10-RC036, YMR-11-RC48 and YMR-11-RC55. YMR-10-RC035 and YMR-11-RC48 were abandoned prior to reaching target depth. YMR-10-RC036 and YMR-11-RC55 intersected significant high-grade gold mineralization. As noted in the Company’s press release of February 28, 2011, YMR-10-RC036 intersected 6 metres grading 24.62 GPT gold. Hole YMR-11-RC55 collared approximately 80 metres Northwest of YMR-10-RC036 intersected two zones of gold mineralization: 20 metres of 28.61 GPT gold and 11 metres grading 4.88 GPT gold.
As previously noted YRM-10-RC036 encountering intensely silicified and pyritized intrusive rocks below the surface soil geochemistry anomaly and the hole was lost at a depth of 90 metres. YRM-11-RC055 intersected similar silicified and pyritized intrusive rocks from 6 to 26 metres. As noted in the February 28, 2011 this zone yielded abundant visible gold when the drill cuttings were panned. Approximately 16 metres further down YMR-10-RC055 a second mineralization zone was encountered, just prior to the end of the hole at 49 metres, which bottomed in mineralization with the last one meter section running 2.63 gpt. It is believed that YRM-10-RC036 was lost prior to the expected intersection of this second zone intersected in YMR-11-RC055. YRM-11-RC048 was collared in the general area of YRM-10-RC036, but drilled at an azimuth of 360 degrees and was lost prior to reaching target depth. A program of metallics assays and cyanide leaching is underway to confirm the high grade of the mineralization encountered.
“Intersections of this grade are rare and can build ounces within the deposit very quickly,” commented Roxgold President and CEO, Robert Sibthorpe. “While we realize there is still a lot of work yet to be done at Yaramoko to understand the full geological significance of the discovery, we are very excited by the progress to date and are very anxious to continue our work on the property.”
While YRM-10-RC036 and YRM-10-RC055 were collared approximately 80 metres apart the actual distance between the two intercepts is less than 80 metres. A map locating collar locations relative to soil geochemistry is available on the Company’s website at www.roxgold.com. Maps detailing the discovery area will be posted on the website shortly.
A Rotary Air Blast (“RAB”) drilling program is expected to commence shortly to better define the soil geochemistry as extensive artisanal workings in the area have caused surface disturbance precluding the use of standard soil geochemistry techniques. Once this information is available the Bagassi Central discovery will be the focus of a diamond drilling program as the Phase 2 work commences at the Yaramoko concession in the upcoming months.
YRM-11-RC037 through YRM-11-RC039 were collared 350 metres to 650 metres from the Bagassi Central discovery targeting gold-in-soil anomalies and did not intersect significant mineralization.
BAGASSI NORTH DRILLING
An additional nine holes were completed at the Bagassi North target located approximately one kilometres north-north west of the Bagassi Central discovery.
BISSA WEST AND SOLNA CONCESSIONS
Phase 1 reverse circulation drilling (25 holes and 2500 meters on each property) has been completed on the Bissa West (Bouboulou) concession (rock samples up to 19 gpt gold and widespread artisanal workings) and at the Solna project. (trench results include 7.34 gpt gold over 7.5 metres). Initial assays are starting to be received Initial assays from the 50 holes totalling about 4700 meters completed on Bissa West and Solna and are being compiled. Results from the first holes drilled on Bissa West should be available in about three weeks. With significant exploration ongoing in Burkina Faso, the assay laboratories are receiving significant sample volume and the turnaround time on assays is eight weeks. Results will be released in a timely fashion.
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.