Roxgold Inc. (TSX: ROXG) (OTC: ROGFF) has reported a seven percent increase in the Mineral Resource Estimate (MRE) for the Séguéla Gold Project in Côte d’Ivoire.
The updated Total Indicated Mineral Resources for Séguéla has increased to 529,000 ounces while the Inferred Mineral Resources increased 1,286% to 471,000 oz since Roxgold’s maiden March 19, 2019 Mineral Resource estimate.
The updated NI 43-101 Mineral Resource Estimate includes 18,693 m of Reverse Circulation (RC) and diamond core (DD) drilling since the completion of the Séguéla acquisition in April 2019.
The drill programme prioritised the delineation and definition of maiden resource estimates at the Ancien, Agouti, and Boulder satellite deposits; and infilling of the Antenna deposit.
The updated Indicated Mineral Resource at Antenna is 529,000 ounces at 2.3 grams per tonne and an Inferred Mineral Resource of 64,000 oz at 2.2 g/t, while a maiden Inferred Mineral Resource of 224,000 oz at 6.6 g/t has been estimated for the Ancien deposit.
The maiden Inferred Mineral Resource for the Agouti deposit is 110,000 oz at 2.6 g/t, while the maiden Inferred Mineral Resource for the Boulder deposit is 72,000 oz at 1.2 g/t.
President and Chief Executive Officer John Dorward said drilling at Ancien has returned numerous high-grade intersections across significant widths while showing indications of down-plunge potential as mineralization remains open at depth.
The drill programme is ongoing at Ancien with two rigs focused on extensionary drilling to the south and at depth of the deposit.
At Agouti and Boulder, an additional two rigs are continuing to drill focused on infilling selected areas and testing the strike limits of the deposits.
Mr Dorward said Roxgold has identified an additional 22 highly prospective targets at Séguéla that have seen little to no historic drilling.
“I would like to congratulate our exploration team for achieving this important milestone,” Mr Dorward said.
“The Séguéla Project has become a substantial value accretive project for Roxgold, and we believe that this updated resource underscores the potential for this project to stand alongside our current operations to build the foundation for Roxgold and its future. Our next priority will be the completion of the PEA in the second quarter of this year.
“I am very excited by Séguéla’s significant potential, notably at the Ancien deposit which remains open at depth and along strike, as well as the potential within the Boulder-Agouti corridor and the additional 22 highly prospective targets that have been identified. We continue to have all hands on deck at Séguéla, with four rigs turning, and we are eagerly anticipating further results over the coming months.”
Paul Weedon, Vice President – Exploration said the accelerated exploration activities at Séguéla during 2019 has allowed the company to fast-track the maiden NI 43-101 Mineral Resource Estimates for Agouti, Ancien and Boulder, while also increasing the Antenna Indicated Resource, resulting in a significant increase in the total project resource estimate.
“With four rigs still working on additional infill and extension drilling at Ancien and Agouti, we remain confident in the potential to grow the current resource base,” Mr Weedon said.
“We look forward to see future results from Ancien, as it remains open at depth and has returned remarkable consistency in the high-grade intercepts to date; in addition, the exploration teams are advancing work on several of the remaining 22 targets where early results highlight the potential for additional satellite prospects.”