Roscan Gold Significantly Increases Depth and Continuity of Mineralization Along Strike of 600m at Kabaya; All 52 Holes Drilled since Acquisition Intersect Gold Mineralization
Toronto, Ontario--(Newsfile Corp. - May 4, 2021) - Roscan Gold Corporation (TSXV: ROS) (FSE: 2OJ) (OTC Pink: RCGCF) ("Roscan" or the "Company") is pleased to announce positive DD/RC/AC drill results (Figure 1) from an additional 42 holes (29 DD and RC for 5,799m) totaling 6,500 meters (m) (Figure 1) at its Kabaya Target with all holes hitting gold mineralization (Table 1).
At the time of acquisition on July 3, 2020, Kabaya's NI43-101 resource was pit-constrained to a depth of 58m. Since the acquisition, all 52 holes DD/RC drilled by Roscan have intersected gold mineralization showing the remarkable continuity and consistency of the deposit. Our January 2021 drilling update (see News Release 19th Jan. 2021) reported an increase of the depth potential of Kabaya (KB1) to 196 meters (Figure 2).
Subsequent drilling outlined in this release has now confirmed the continuity of the mineralization to a depth of 232 meters (KB1) over a strike length of 600 meters (KB1 and KB2) and it remains open. The recent drilling outlined below has dramatically increased the volume of the prospective deposit and has major positive implications for future resource growth. In addition, at the East Limb (KB2), the mineralization has now been extended down to 150m in Fresh Rock from prior depth of 65m (Figure 2 and Figure 3) and remains open at depth.
There were multiple holes intersecting high gold grades (Table 1 and Figure 1), such as Drill hole RCDBS21-016 which intersected 17.66 gpt over 3.0m. While several holes showcased the broad consistency of the mineralization with intercepts such as 2.49 gpt gold over 19.0m from drill hole RCDBS21-022. 2.29 gpt gold over 19.0m from drill hole RCDBS21-016, 1.31 gpt gold over 21.0m from drill hole RCDBS21-024 and 1.21 gpt gold over 30.0m from drill hole RCDBS21-012. Grade continuity and mineralization consistency reinforces our expectation for a robust new resource estimate at Kabaya by year end.
In addition, shallow regional step-out drilling has also revealed 2 newly discovered areas of high perspectivity, KB3 with 3.65gpt over 4.0m & KB4 with 3gpt over 16.0m, located respectively 1.0km North and 1.5km South from the current resource footprint (Figure 1). It should be noted that KB4 lies on the magnetic trend that extends from Mankouke West into Kabaya (Figure 4) over a 15km strike which has already yielding multiple high- grade intersections from earlier stage regional drilling such as our KN2 and MS2 discoveries announced over the last few months (Figure 3).
Kabaya - DD + RC Drilling Highlights (KB1 and KB2)
- 17.66 gpt gold over 3.0m from drill hole RCDBS21-016 from 16.0m
- Including 26.00 gpt gold over 2.0m from 16.0m
- And 14.33 gpt gold over 2.0m from drill hole RCDBS21-016 from 74.0m
- Including 28.00 gpt gold over 1.0m from 74.0m
- And 2.29 gpt gold over 19.0m from drill hole RCDBS21-016 from 23.0m
- Including 10.47 gpt gold over 2.0m from 39.0m
- 3.21 gpt gold over 8.0m from drill hole DDDBS21-22 from 46.6m
- Including 16.10 gpt gold over 1.0m from 47.6m
- 3.09 gpt gold over 9.3m from drill hole DDDBS20-15 from 0.0m
- Including 8.73 gpt gold over 2.0m from 4.3m
- 2.49 gpt gold over 19.0m from drill hole RCDBS21-022 from 26.0m
- Including 5.20 gpt gold over 6.0m from 35.0m
- 1.72 gpt gold over 12.0m from drill hole RCDBS21-021 from 2.0m
- Including 4.68 gpt gold over 3.0m from 9.0m
- 1.31 gpt gold over 21.0m from drill hole RCDBS21-024 from 35.0m
- Including 4.40 gpt gold over 1.0m from 37.0m
- 1.23 gpt gold over 17.0m from drill hole RCDBS21-018 from 65.0m
- Including 7.40 gpt gold over 1.0m from 75.0m
- 1.21 gpt gold over 30.0m from drill hole RCDBS21-012 from 27.0m
- Including 3.38 gpt gold over 3.0m from 39.0m
Kabaya - AC Drilling (KB3 and KB4)
- 3.06 gpt gold over 16.0m from drill hole ACDBS21-1514 from 30m
- Including 6.53 gpt gold over 6m from 34m
- 1.38 gpt gold over 12.0m from drill hole ACDBS21-1515 from Surface
- Including 3.25 gpt gold over 4m from 8m
Notes: 1: True width yet to be determined, 2: Table 1 - Assay Highlights, 3: 0.5gpt used as cut-off with 2m internal dilution for drill holes, 4: No top-cut.
Nana Sangmuah, President and CEO, stated, "Since the acquisition in July 2020, Drilling at Kabaya has proven quite valuable as we have dramatically increased the continuity of the mineralization at depth over a strike length of 600m and have identified the potential to tap into a deeper feeder system with both KB1 and KB2 open at depth.
Kabaya has the potential to be a major contributor to our expected maiden resource update by the end of year. We have been very encouraged by our ability to more than triple the vertical extent of the deposit and show its robust continuity along strike. Newly discovered KB3 and KB4 zones could further expand the resource growth potential of Kabaya, and we will follow up with additional drilling in the weeks ahead."
The Kayaba deposit (see Disclosures below1) has a pit-constrained mineral resource to a depth of 58m, which contains 105,000 ounces of Indicated Resource and 35,000 ounces of Inferred Resource. We have now established mineralization to a depth of 232m at KB1 which remains open. (Figure 2)
Kabaya Project (Source Komet's NI 43-101)
The mineral resource is based on optimized pit shells using a gold price of US$1,350 and a presumed heap leach gold recovery of saprolite material.
|Classification||Tonnage (Mt)||Au (g/t)||Ounces (koz)|
Pit Constraint Mineral Resource
1. Effective date for resources is January 7, 2019. (Source Komet's NI43-101)
2. The independent QP for this resources estimate is Yann Camus, Eng., SGS Canada Inc.
3. The mineral resources are presented at a 0.4 g/t Au cut-off grade in pits.
4. The resources are presented without dilution.
5. Whittle pits have been utilized based on a gold value of US$1,350/oz.
6. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
7. No economic evaluation of the resources has been produced.
8. This Resource Estimate has been prepared in accordance with CIM definition (2014).
9. Density used is of 1.7 based on measurements and similar projects.
10. Capping grade is of 30 g/t Au on original assays.
Based on the Disclosure of NI43-101, Section 2.4
a) The source is Komet's NI43-101 that is effective January,7, 2019
b) We consider the reliably and relevance to be reasonable
c) The key assumptions are listed above (1-10) Above
d) The categories are similar
e) There are no recent estimates
Technical Report (NI43-101) dated March 5, 2019 (Effective Date: January 7, 2019) with Title Page, "Dabia Sud Property, Kabaya Resource, NI 43-101 Technical Report, Mali", prepared by Yann Camus, P. Eng. And Didier Ouedraogo, P. Geo., SGS Geological Services, and filed on SEDAR on March 5, 2019.
Figure 1: Plan View delineating the new holes drilled at Kabaya Deposit
To view an enhanced version of Figure 1, please visit:
Figure 2: Section depicting Depth Continuity down to 232m at KB1 and 150m at KB2 and Remains Open
To view an enhanced version of Figure 2, please visit:
Figure 3: Cross Section depicting High-Grade Continuity on KB2
To view an enhanced version of Figure 3, please visit:
Figure 4: Plan View of Kabaya Deposit with Magnetic Signature on the entire Property
To view an enhanced version of Figure 4, please visit:
The gold mineralization at Kabaya (Figure 4) is associated with albite-dolomite-pyrite alteration in greywackes and diamictites of the Kofi Formation. The alteration observed in the core indicates a strong hydrothermal system commonly associated with gold deposits in West Africa.
Roscan believes that the Kabaya Deposit is part of a significant structural corridor which spans from Oklo Resources' discoveries of Seko and Disse, to the North East of our land package and then extends southerly for 15km on our property, from Kabaya to our recent Kandiole North (KN2) and MS2 discoveries and continues onto recently acquired Mankouke West Land Package, which shows a strong magnetic signature similar to the other discoveries on this corridor. (Figure 3 and news releases 11th January 2021). Much of this corridor has yet to be tested and thus, Roscan feels that the potential for new discoveries in this corridor is excellent and connecting these multiple targets with drilling will be a key priority in 2021.
Figure 5: Hole DDDBS21-023 at Kabaya: Gold Mineralization showing 1.8gpt over 7m
To view an enhanced version of Figure 5, please visit:
Figure 6: Hole DDDBS21-025 at Kabaya: Showing high grade Intersects.
To view an enhanced version of Figure 6, please visit:
Drilling and Analytical Protocol
Roscan uses Air Core, Reverse Circulation and Diamond types of drilling in the Kandiole Project. The Air Core drilling is mainly focused on drilling exploration targets.
The samples are sent for preparation to Bureau Veritas Mineral Laboratories in Bamako, Mali and assayed at their analytical facilities in Bamako for fire assay with atomic absorption finish and by gravimetric finish for grades above 10gpt Au.
Roscan applied industry-standard QA/QC procedures to the program using reference materials, blanks, standards, and duplicates.
Table 1: Drillhole Highlights at Kabaya Target (May 4th, 2021)
|Hole ID||From (m)||To (m)||Interval (m)||gpt Au||Comment|
|DDDBS21-17||136.1||148.1||12.0||0.78||Saprock - Fresh rock|
|216.6||226.6||10.0||1.00||Saprock - Saprolite|
|RCDBS21-017||1.0||10.0||9.0||1.62||Mottled zone - Saprolite|
|RCDBS21-018||0.0||6.0||6.0||1.07||Laterite - Saprolite|
|RCDBS21-021||2.0||14.0||12.0||1.72||Mottled zone - Saprolite|
|RCDBS21-023||95.0||102.0||7.0||0.69||Saprock - Saprolite|
Table 2: Drillhole ID Kabaya Target (May 4th, 2021)
|Hole ID||X Collar||Y Collar||Zcolar||Section||AZM||DIP|
Qualified Person (QP) and NI43-101 Disclosure
Greg Isenor, P. Geo., Executive Vice-Chairman 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.
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:
Dr. Andrew J. Ramcharan, P.Eng
Executive Vice President - Corporate Development
Tel: (416) 572-2295
Greg Isenor, P.Geo
Tel: (902) 902-221-2329
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/82734