Roxgold (ROG-V) March 21, '16 is pleased to announce that His Excellency, Mr Alfa Oumar Dissa, Burkina Faso Minister of Mines, has approved the transfer of the Houko Permit from Daritos Or SARL ("Daritos") to Roxgold's wholly owned subsidiary Roxgold Exploration SARL ("REX").
Highlights:
The Houko Permit lies adjacent to the Company's Yaramoko permit and adds approximately 30km2 of prospective Boni Shear exposure to Roxgold's portfolio; and
Additional ground brings Roxgold's Hounde land position to approximately 196km2
Geological Setting
The Houko permit lies to the south of the western arm of the Yaramoko permit and adjacent to the western border of the permit (Figure 1). The underlying geology of the Houko permit represents the contact between the Boni Shear Zone and the Birimain volcanic and intrusive suites, which Roxgold has been exploring on the adjacent Yaramoko permit. Roxgold defined and eight kilometre long geochemical trend along the Boni shear, in 2013, to the north of the Houko permit and this geochemical anomalism is thought to persist south along this trend. The permit is mainly overlain by loosely consolidated surficial material and laterite, making it an ideal target for mineralization under this cover.
"We are delighted to be able to bolster our position on the Hounde Belt with an additional 29 km2 of exposure along the regionally important Boni Shear Zone", commented Ben Pullinger, Roxgold's Vice President of Exploration. "The Houko Permit's proximity to the high grade 55 Zone makes it an ideal candidate for fieldwork later this year."
Transaction Details
The terms of the Houko acquisition by Roxgold includes the payment to Daritos SARL of 60,000 Euros upon transfer of the permit, with a further 25,000 Euros payable upon the third anniversary of transfer. In addition, a once off payment of 15,000 Euros, along with €1.25 per ounce is payable upon the announcement of a maiden resource on the Houko Permit.
Qualified Person
Ben Pullinger, P.Geo is the designated Qualified Persons within the meaning of National Instrument 43-101, and has verified and approved the technical data disclosed in this press release.
Photo Gallery
Shareholders are encouraged to follow the progress of the Yaramoko Gold Project in our Photo Gallery on our website at www.roxgold.com
About Roxgold
Roxgold is a gold exploration and development company with its key asset, the high grade Yaramoko Gold Project, located in the Houndé greenstone region of Burkina Faso, West Africa. The Company is currently in construction and expects to be producing gold by Q2, 2016. Roxgold trades on the TSX Venture Exchange under the symbol ROG and as part of the Nasdaq International Designation program with the symbol OTC: ROGFF.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
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