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Roscan Gold Corporation(TSXV: ROS) (FSE: 2OJ) (OTCQB: RCGCF) ("Roscan" or the "Company") is pleased to announce additional exploration results from 12 Reverse Circulation ("RC") holes totaling 1,963 meters at Kabaya (KB3).
These step-out RC holes have expanded the strike length of mineralization at KB3 to 600 meters from 300m (Figure 1), with a width of 100 meters. It remains open at depth and laterally with a plunging angle of approximately 10° towards south. Additionally, these results indicate an increase in mineralization of about 70 meters below the existing 1,500-dollar pit shell. To fully capture the potential of the KB3 extensions of the gold mineralization, further infill and deeper drilling is required to enhance the resource estimation.
The cumulative gold strike length at KB1-KB2 and KB3 currently spans 1,800 meters, with a width ranging from 150 meters (KB1-2) to 100 meters (KB3). The mineralization extends to a depth of 150 meters to 250 meters at KB2.
A 500-meter gap exists between KB3 and KB1-2, and the primary gold mineralization in this area has not been thoroughly explored or tested to its full extent.
Drilling Highlights: KB3 Reverse Circulation Drill Holes
- 1.62 gpt gold over 24 m from drill hole RCDBS22-0134b from 26m
- Including 3.36 gpt gold over 5m from 28m
- 2.27 gpt gold over 7m from drill hole RCDBS22-0136 from 27m
- Including 7.12 gpt gold over 1m from 32m
- Including 3.96 gpt gold over 1m from 161m
- Including 3.18 gpt gold over 1m from 169m
And 1.47 gpt gold over 15m from 160m.
- 1.13 gpt gold over 7m from drill hole RCDBS23- 0146 from 133m
And 6.04 gpt gold over 2m from 152m
- 31.37 gpt gold over 1m from drill hole RCDBS23-0147 from 137m
Notes: 1: True width yet to be determined; 2: Table 1 – Assay Highlights, 3: 0.5gpt used as cut-off with 2m internal dilution, 4: No top-cut.
Nana Sangmuah, President and CEO, stated, "As part of our 2023 work program, we have completed approximately 17,000 meters of drilling in the main resource areas, as well as tested new targets outside the current resource footprint. These results should be available in the coming weeks.
Drilling at Kabaya continues to expand the footprint of the gold mineralization, which bodes well for further resource growth. The positive results obtained beneath the existing K3 pit shell, within the fresh rock, are particularly encouraging as they suggest the presence of a larger mineralized system. This development strengthens our confidence in the untapped potential of the area."
Figure 1: Kabaya gold deposit, KB3 drilling plan view, gold contouring envelopes projected to the surface and drill hole locations.
The Kabaya gold mineralization is disseminated and associated with a strong kaolinization. The gold host rock alternates between tuffaceous and greywacke facies crosscut by younger dolerite sills and dykes (Figures 2 and 3). At KB3, the higher-grade zone does not appear at the surface and, from the longitudinal section, the mineralization is plunging around 10-15° to the South. This relatively higher grade has not been captured in our resource estimation (Press Release June 8th, 2022).
Figure 2: Kabaya gold deposit, KB3 satellite North, section A 1390700N
Figure 3: Kabaya gold deposit, KB3 satellite North, section A 1390600N
The Kabaya mineralization is part of the prolific regional Siribaya-Mankouke-Seko structural corridor (Figure 4). It is located on the Eastern edge of this major structure as well as Mankouke South gold body. Roscan's large land package has a strategic position covering a substantial portion of this significant structural corridor by over 25km, including the splays around the intrusive pluton of Disse, where several mineralized bodies were discovered.
Figure 4: Roscan permit map showing Airborne Magnetic geophysics, the resources zones, targets under development and nearby gold deposits
Drilling and Analytical Protocol
Roscan uses Geodrill Reverse Circulation (RC) to drill until maximum 170m to reach the target. In 2021, (holes RCDBS21-026 to RCDBS21-048), the samples were sent for preparation and 50g fire assays to Bureau Veritas Bamako laboratory and since January 2022, the samples are sent to the ALS Laboratories in Bamako, Mali and assayed at their analytical facilities to Ouagadougou for 2 kg Bottle Roll with atomic absorption finish including tail analysis by fire assays for results more than 0.05ppm. Roscan applied industry-standard QA/QC procedures to the program using reference materials, blanks, standards, and duplicates.
Table 1: Drillhole Highlights at Kabaya KB3 (Dabia South)
Table 2: Drillhole ID of Kabaya KB3 (Dabia South)
Qualified Person (QP) and NI 43-101 Disclosure
Greg Isenor, P. Geo., Director for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
About Roscan
Roscan Gold Corporation is a Canadian gold exploration company focused on the exploration and acquisition of gold properties in West Africa. The Company has assembled a significant land position of 100%-owned permits in an area of producing gold mines (including B2 Gold's Fekola Mine which lies in a contiguous property to the west of Kandiole), and major gold deposits, located both north and south of its Kandiole Project in West Mali.
For further information, please contact:
Nana Sangmuah
President & CEO
Tel: (902) 832-5555
Email: info@Roscan.ca
Forward-Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ROS:CA
Development Contract for Underground Exploration Drill Drive Awarded to Barminco
Highlights:
- Development contract for the underground exploration drill drive at the Dalgaranga Gold Project awarded to Barminco Limited.
- The contract, which is valued at ~$18.3 million, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in- fill and extend mineralisation within the Never Never, Pepper, Four Pillars and West Winds areas.
- The drill drive has also been designed to support future mine production activities.
- All regulatory mining approvals are now in place and all major support services have been engaged to facilitate the commencement of construction in the current quarter.
- Surface exploration drilling at Dalgaranga will shortly re-commence, with rigs arriving on site later this month.
Figure 1: Long Section of the Never Never Gold Deposit and the Pepper, Four Pillars and West Winds Gold Prospects looking east. Proposed exploration drill drive design in black.
The contract, which is valued at ~$18.3 million including an allowance for fuel and contingencies, provides for 2,350m of development to deliver twin decline access for the establishment of underground drilling platforms to in-fill and extend mineralisation across the Never Never, Pepper, Four Pillars and West Winds deposits.
All of these steeply-plunging, high-grade gold zones are located along a single 800m-long, semi- continuously mineralised north-south stratigraphic horizon (see Figure 1). The exploration drill drive has been designed to run parallel and adjacent to this horizon to provide underground drill platforms to more effectively define these existing deposits and prospects, as well as explore for further high-grade shoots and provide critical underground infrastructure as Spartan develops its future mine plan.
Construction of the drill drive is on-track to commence in the September Quarter, with all regulatory mining approvals and support services in place. In addition, the Company has established an experienced on- site project team to manage and oversee the development and construction process. Establishment of the drill drive, and an initial underground drilling programme, is fully funded from the Company’s existing cash reserves.
Management Comment
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said: “We are delighted to have Barminco on board to complete the construction of this new drill drive, which represents a very exciting initiative that will enable us to drill from platforms located right alongside our high-grade deposits and targets. This will provide for cheaper, more accurate and quicker drilling to continue to accelerate our Resource growth and conversion to Ore Reserves.
“All of the high-grade deposits and prospects discovered at Dalgaranga over the past two years remain open at depth – with mineralisation at the Never Never deposit now defined to beyond 1km below surface – and we’re very excited to get the underground rigs in place to help determine just how deep this high- grade mineralisation extends.
“Importantly, the drill drive is being constructed using the same dimensions as a standard underground mine development, ensuring it can be incorporated into our infrastructure planning for the future re- commencement of mining operations.
“Construction of the drill drive is set to kick-off later this Quarter and is expected to take approximately 10 months to complete. In addition, we will also shortly re-commence surface drilling programs, targeting the Pepper, Four Pillars, West Winds and other near-surface anomalies, ensuring plenty of exciting news- flow for shareholders in the months ahead.”
Click here for the full ASX Release
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