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Roxgold Announces Updated Mineral Reserves & Mineral Resources Statement Including Maiden NI 43-101 Mineral Resources Statement for the Séguéla Gold Project
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PR Newswire
TORONTO, July 11, 2019
TORONTO, July 11, 2019 /PRNewswire/ - Roxgold Inc. ("Roxgold" or the "Company") (TSX: ROXG) is pleased to announce an updated Mineral Reserves and Mineral Resources Statement for the Yaramoko Gold Project along with a maiden Mineral Resources Statement prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") for the recently acquired Séguéla Gold Project in Côte D'Ivoire.
Highlights:
Updated Roxgold Mineral Reserves and Mineral Resources Statement as at December 31, 2018(1):
- Company wide Measured and Indicated Mineral Resources estimate for the Yaramoko and Séguéla gold projects of 1,323,000 ounces at 4.8 grams of gold per tonne ("g/t Au") representing an increase of 79% over the December 31, 2016 estimate;
- Maintained Proven and Probable Mineral Reserves of 658,000 ounces at 8.2 g/t Au at the Yaramoko Gold Project following production of 260,000 ounces at 14.4 g/t Au in 2017 and 2018 from the 55 Zone;
- Maiden Séguéla Gold Project ("Séguéla") Indicated Mineral Resource estimate prepared in accordance with NI 43-101 of 496,000 ounces at 2.4 g/t Au and an Inferred Mineral Resource Estimate of 34,000 ounces at 2.4g/t Au for the Antenna deposit;
- Preliminary Economic Assessment for Séguéla expected to be completed in late Q4 2019.
"The addition of Séguéla to Roxgold's development pipeline has substantially increased our resource inventory," commented John Dorward, President and CEO. "With the addition of the recently commissioned underground mine at Bagassi South, we have essentially matched depletion of reserves at Yaramoko over the past two years and we look forward to a significant drilling program in the second half of next year from a second dedicated underground drilling platform to infill and extend the deeper portions of the 55 Zone. With the newly defined indicated mineral resources at Séguéla and our upcoming drill program, we believe there is an encouraging line of sight to further increases in the Company's near surface mineral resource inventory in the coming years."
Expected Q3 and Q4 2019 Work Program:
- Q3 - Séguéla drilling results from satellite targets and Antenna infill and extension program
- Q3 - Séguéla development update
- Q4 - Yaramoko regional exploration results
- Q4 - Results of Séguéla Preliminary Economic Assessment ("PEA")
| (1) Mineral Resources are reported in accordance with NI 43-101 with an effective date of March 9 and March 25, 2019 for 55 Zone and Bagassi South respectively (collectively "Yaramoko"), and March 19, 2019 for Séguéla. The Yaramoko Mineral Resources reflect the fact that they have been depleted for mining and mine development up to December 31, 2018. Depletion also includes artisanal workings close to surface. Séguéla remains undepleted as it is only in the exploration stages and no mining is underway. |
Mineral Reserves and Mineral Resources
The Company estimated its 2018 year-end Mineral Reserves and Mineral Resources using gold price assumptions of US$1,450 per ounce for the Mineral Resource estimates and US$1,300 per ounce for the Mineral Reserve estimate. These assumptions represent increases of US$200 per ounce and US$50 per ounce respectively compared to the price of US$1,250 per ounce utilized for the 2016 Mineral Resources and Mineral Reserves estimate.
The Mineral Resources and Mineral Reserves models were prepared in conformity with The Canadian Institute of Mining, Metallurgy and Petroleum's (CIM) Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines (November, 2003) and are classified per the CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014).
A. Mineral Resources
The Estimated Company wide Measured and Indicated gold Mineral Resources from the Yaramoko and Séguéla gold projects (inclusive of Mineral Reserves) increased by 79% to 1,323,000 ounces from 738,000 ounces of gold as per the December 31, 2016 estimate. The increase of 585,000 ounces was primarily due to:
- Acquisition of Séguéla and the subsequent addition of its maiden NI 43-101 Mineral Resource estimate
- Depletion of 260,000 ounces produced in 2017 and 2018 at a grade of 14.4 g/t Au at Yaramoko,
- Inclusion of approximately 45,000 metres of surface and underground diamond drilling at Yaramoko, and
- Minor variations in modeling and estimation assumptions to reflect the current understanding and operation of the orebody at Yaramoko, which have resulted in some reductions in mining costs and in reporting cut-off grade to 3.5 g/t Au from 5.0 g/t Au.
Estimated Inferred Mineral Resources decreased by 35% from 347,000 ounces of gold as at December 31, 2016 to 225,000 ounces of gold as of December 31, 2018. The change is mainly the result of conversion of Inferred Mineral Resources to a higher classification at the 55 Zone, Yaramoko, as well as improved interpretation and modelling assumptions following step-out drilling down-dip.
The supporting Technical Report for Séguéla's maiden NI 43-101 Mineral Resource will be published to SEDAR in the coming weeks.
In the intervening period, the Company published the maiden Bagassi South Reserve and updated Mineral Resource statement, inclusive of 188,000 ounces of gold in the Indicated category, in the December 20, 2017 Technical Report entitled "Technical Report for the Yaramoko Gold Mine, Burkina Faso" (the "2017 Report").
In the second half of 2020, the Company anticipates developing a dedicated drilling platform approximately 650 metres below surface at the 55 Zone to target extensions to the existing orebody at Yaramoko at depth. With a greater understanding of the geological controls of the high grade shoots at Yaramoko, the Company will be looking to benefit from the improved accuracy of drilling over shorter distances and a greater density of intercepts than was possible from surface drilling.
Mineral Resource Statement
| | As at December 31, 2018(1) Measured Mineral Resources | As at December 31, 2018(1) Indicated Mineral Resources | As at December 31, 2018(1) Measured and Indicated Mineral Resources | ||||||
| tonnes | Grade | ounces | Tonnes | grade | Ounces | tonnes | grade | ounces | |
| (000) | g/t Au | (000) | (000) | g/t Au | (000) | (000) | g/t Au | (000) | |
| Yaramoko (in-situ) | 419 | 14.0 | 189 | 1,580 | 12.2 | 619 | 1,999 | 12.6 | 809 |
| Stockpiles | 123 | 4.7 | 18 | - | - | - | 123 | 4.7 | 18 |
| Séguéla | - | - | - | 6,500 | 2.4 | 496 | 6,500 | 2.4 | 496 |
| Total | 542 | 11.9 | 208 | 8,080 | 4.3 | 1,115 | 8,622 | 4.8 | 1,323 |
| | December 31, 2018 Inferred Mineral Resources(1) | ||
| tonnes | Grade | Ounces | |
| (000) | g/t Au | (000) | |
| Yaramoko | 477 | 12.4 | 191 |
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