Roxgold Inc. (TSX VENTURE:ROG) has announced its planned work program on its optioned properties in Burkina Faso, West Africa.
The Company is focusing its exploration efforts in West Africa in general, and Burkina Faso in particular, due to rapid expansion of gold production in this area of the world and the economic potential of the three optioned properties.
Exploration Programs (2010-2011)
As previously reported (October 27th, 2010) the Company has completed its acquisition of 0877148 BC Ltd. and is now focused on gold exploration on three concessions in the greenstone belts in Burkina Faso, West Africa: Yaramoko, Bissa West and Solna (the "Properties") which 0877148 BC Ltd. has an option to earn a 60% interest in from Riverstone Resources Ltd. ("Riverstone" RVS:TSX.V). The Company has been advised by Riverstone, the operator for the current phase of the exploration program, that a high resolution airborne geophysical survey and additional soil geochemical surveys are nearing completion over the three properties. The results from these surveys are expected near month's end. These surveys, together with extensive historic soil and rock geochemical surveys, trenching, geological mapping, airborne geophysical surveys, and widespread artisanal gold mine activity have defined numerous of drill-ready targets on the Properties. The targets are all greenstone hosted gold targets similar to those which have generated numerous exploration successes and new mine developments in Burkina Faso.
Roxgold's Phase 1 exploration plans include initially drilling 2500 meters on each of the three properties using a reverse circulation drill to test anomalous zones along known gold bearing structures. This program will begin on the Yaramoko property where significant gold intercepts from a 2007 drill program included 2.04 gpt gold over 14 meters, and also intercepts of 11.88 grams per tonne (gpt) gold over six meters and 14.82 gpt gold over two meters (in two holes separated by 400 meters along strike). The Yaramoko permit is south of and contiguous to the Mana gold mine, where gold is being produced by Semafo, Inc. from a series of high-grade gold veins, similar to those at Yaramoko. Phase 1 will then continue with 2500 meter drill programs on each of Solna (trench results include 7.34 gpt gold over 7.5 meters) and Bissa West (rock samples up to 19.0 gpt gold and widespread artisanal workings). Phase 1 is expected to take four months to complete. Drilling is expected to start in late November with initial results in available in early 2011.
After Phase 1 results have been received Phase 2 work will meet the balance of the Company's first year work commitment of $1,050,000 by targeting priority results with follow up drill programs and testing of gold anomalies not drilled in Phase 1. The Company currently has working capital of approximately $2 million which is sufficient to ensure the completion of its first year obligations under the option agreements.
Corporate Update
The Company is also pleased report the establishment of its advisory committee and the appointment Mr. Warren Robb, P.Geo., to its Advisory Board. Mr. Robb is an experienced geologist who provided the most recent NI 43-101 report on the Burkina Faso properties to the Company. This appointment, together with the recent appointments of Mr. Chet Idziszek and Mr. Richard Mazur to the board of directors announced on November 5, 2010, is expected to greatly aid the Company in achieving its corporate objectives.
Source: Roxgold Inc.