Roxgold Announces Further High Grade Drilling Results at S?(C)gu?(C)la and Boussoura

Roxgold Inc. (“Roxgold” or the “Company”) (TSX:ROXG) (OTCQX:ROGFF) is pleased to announce an update from the Company’s Séguéla Gold Project (“Séguéla”) located in Côte d’Ivoire, including additional high grade assay results from Agouti and positive metallurgical test results at key satellite deposits. In addition, the Company is also providing updated drilling results from its Boussoura Gold Project (“Boussoura”) in Burkina Faso.

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Séguéla Satellite Prospects (Graphic: Business Wire)

Séguéla Update Highlights:

Assay results from Reverse Circulation (“RC”) drilling at Agouti:

• 2 metres (“m”) at 30.6 grams per tonne gold (“g/t Au”) from 9m in drill hole SGRD553 and
• 16m at 13.5g/t Au in drill hole SGRD553 from 16m including
  • 1m at 19.3 g/t Au from 19m and
  • 1m at 56.1 g/t Au from 21m and
  • 1m at 109.0 g/t Au from 31m
• 8m at 23.9 g/t Au in drill hole SGRC605 from 91m including
  • 1m at 164.5 g/t Au from 94m
• 9m at 12.2 g/t Au in drill hole SGRC500 from 43m including
  • 1m at 94.8 g/t Au from 46m, and
  • 2m at 38.4 g/t Au in drill hole SGRC500 from 72m
• 14m at 6.2 g/t Au in drill hole SGRC551 from 67m including
  • 4m at 15.9 g/t Au from 67m
• 7m at 8.9 g/t Au in drill hole SGRC552 from 64m
• 11m at 2.7 g/t Au in drill hole SGRC566 from 33m
• 4m at 12.9 g/t Au in drill hole SGRC567 from 61m

Metallurgical highlights from Agouti, Boulder, and Ancien:

• Recovery rates of over 95% based on a conventional gravity/CIL flowsheet with short leachtime kinetics
• High gravity recoverable component with an average of 40% reporting to concentrate

Boussoura Drilling Highlights:

Assay results from Diamond Drilling (“DD”) drilling:

• 14.9m at 9.8 g/t Au in drill hole BSR-20-DD-FFR-016 from 67m including
  • 3.9m at 29.2 g/t Au from 75.8m
• 8.0m at 8.5 g/t Au in drill hole BSR-20-DD-FFR-019 from 25m including
  • 4.5m at 14.8 g/t Au from 25.5m
• 0.5m at 59.4 g/t Au in drill hole BSR-20-DD-FFR-015 from 70.9m

“Our exploration team continues to have great success highlighted by these very encouraging results at Agouti and Boussoura,” stated John Dorward, President & Chief Executive Officer. “The high grade results from infill and extension drilling at Agouti show the growth potential of the Séguéla Project. I am looking forward to the upcoming Preliminary Economic Assessment, which is on track for early in the second quarter. Meanwhile, at Boussoura, we are excited to see the drill program continue to successfully outline mineralization at what is shaping up to be a promising new asset for Roxgold.”

Paul Weedon, Vice President Exploration commented, “At Séguéla, we continue to advance our drilling program and have started drilling at Ancien to test the additional step-out drilling down plunge and along strike and will commence drilling in the Boulder-Agouti Corridor shortly. The exploration team at Boussoura continues to deliver exciting results and, with two rigs still drilling, we are looking forward to seeing this high grade project continue to emerge in a relatively short time.”

Séguéla – Exploration & Drilling

Exploration activities have continued to progress with the objective of infilling and extending the existing inferred mineral resources of the satellite deposits within close proximity to Antenna (for more information refer to the Company’s news release titled “Roxgold Announces a Significant Increase in Mineral Resources at the Séguéla Project” dated January 29^th 2020). The current targets, including Agouti, Boulder and Ancien, are within 10 kilometres of the Antenna deposit.

Figure 1. Séguéla Satellite Prospects

Agouti

An infill RC and diamond drilling program is underway to upgrade the resource confidence at Agouti to Indicated status from the recently released 110,000oz maiden Inferred Resource (refer to the Company release on January 29^th 2020). Results from the infill drilling program have supported the higher grades and continuity between sections and individual holes. This program will also test the potential for down plunge extensions of the high grade mineralization intersected beyond the base of the conceptual pit shells used to constrain the Inferred Resource estimate.

Highlights from the most recent drilling at Agouti include:

• 16 metres (“m”) at 13.5 grams per tonne gold (“g/t Au”) in drill hole SGRD553 from 16m including
  • 1m at 19.3 g/t Au from 19m and
  • 1m at 56.1 g/t Au from 21m and
  • 1m at 109.0 g/t Au from 31m
• 8m at 23.9 g/t Au in drill hole SGRC605 from 91m including
  • 1m at 164.5 g/t Au from 94m
• 9m at 12.2 g/t Au in drill hole SGRC500 from 43m including
  • 1m at 94.8 g/t Au from 46m, and
  • 2m at 38.4 g/t Au in drill hole SGRC500 from 72m
• 14m at 6.2 g/t Au in drill hole SGRC551 from 67m including
  • 4m at 15.9 g/t Au from 67m
• 7m at 8.9 g/t Au in drill hole SGRC552 from 64m
• 11m at 2.7 g/t Au in drill hole SGRC566 from 33m
• 11m at 3.0 g/t Au in drill hole SGRC559 from 13m
• 10m at 1.9 g/t Au in drill hole SGRC585 from 0m and
• 4m at 12.9 g/t Au in drill hole SGRC567 from 61m

Figure 2. Agouti Plan View

Séguéla – Metallurgy

A comprehensive testwork program targeting recovery variability on the Seguela satellite deposits was conducted by ALS Ammtec in Western Australia. ALS Ammtec is independent of the Company. This program tested samples from Agouti, Ancien, and Boulder, and complement the July 2019 program completed for Antenna (for more information refer to the Company’s news release dated July 29, 2019).

The results of the program are very encouraging. With the satellite deposits averaging 24hr recoveries in excess of 95% at a 75 micron grind, with significant gravity recovery contributions averaging 40%. Like the Antenna program, where the average recovery observed was 94.5%, it indicates high global recoveries can be expected, utilising conventional milling and gold recovery circuits with low cyanide consumption. Samples demonstrated excellent overall extractions and leach kinetics, with over 90% of gold extraction occurring four hours leaching across the tested grade spectrum.

Key results are summarized in the table below:

Boussoura – Exploration & Drilling

The drill program at Boussoura is continuing, with two RC/DD rigs testing for strike and depth extensions as well as infill drilling to assist with further enhancing the understanding of the structural controls on the high grade vein hosted mineralization.

Figure 3. Boussoura Prospects

In the northern portion of Boussoura (Fofora), the drill program has returned results from five diamond drill holes, extending the down plunge footprint of the mineralized envelope to over 450m where it remains open. Drilling has also identified a separate, high grade, footwall structure parallel to the main lode.

Highlights of the most recent drilling include:

• 14.9m at 9.8g/t Au in drill hole BSR-20-DD-FFR-016 from 67m including
  • 3.9m at 29.2g/t Au from 75.8m
• 8.0m at 8.5g/t Au in drill hole BSR-20-DD-FFR-019 from 25m including
  • 4.5m at 14.8g/t Au from 25.5m
• 0.5m at 59.4g/t Au in drill hole BSR-20-DD-FFR-015 from 70.9m (Footwall structure)

Figure 4. Fofora Plan View

Click here to view the complete listing of drill results from the recent drilling program at the Séguéla Gold Project, and here for the summary of drill results at the Boussoura Gold Project.

Quality Assurance/Quality Control

All drilling data completed by Roxgold utilized the following procedures and methodologies. All drilling was carried out under the supervision of Roxgold personnel.

RC drilling used a 5.25 inch face sampling pneumatic hammer with samples collected into 60 litre plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Aircore (“AC”) drilling was collected in one metre intervals and sampled in a similar fashion to RC methods. Once collected, RC and AC samples were riffle split through a three-tier splitter to yield a 12.5% representative sample for submission to the analytical laboratory. The residual 87.5% sample were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the Company controlled core yard.

DD drill holes were drilled with HQ sized diamond drill bits. The core was logged, marked up for sampling using standard lengths of one metre. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Company core yard at Séguéla or Yaramoko. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until shipment.

All Seguela RC, AC and DD core samples were shipped to ALS Laboratories preparation laboratory in Yamassoukro for preparation. Samples were dried and crushed by the Lab and a 250-gram split prepared from the coarse crushed material, prior to pulverization and preparation of a 200g sample. Samples are then shipped via commercial courier to ALS’s analytical facility in Ouagadougou, Burkina Faso where routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the Lab inserted its own quality control samples.

All Boussoura RC and diamond core samples were shipped to Act Laboratories in Ouagadougou for preparation. Samples were dried and crushed by the Lab and a 250-gram split prepared from the coarse crushed material, prior to pulverization and preparation of a 200g sample. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish is then completed. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the Lab inserted its own quality control samples.

Qualified Persons

Paul Weedon, MAIG, Vice-President, Exploration for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release pertaining to drilling and exploration, including the QA/QC, sampling, analytical and test data underlying this information. Mr Weedon verified the information in the news release by reviewing the drill logs, geological interpretations and supporting analytical data. No limitations were imposed on Mr Weedon’s verification process. For more information on the Company’s QA/QC and sampling procedures, please refer to the Company’s Annual Information Form dated December 31, 2018, available on the Company’s website at www.roxgold.com and on SEDAR at www.sedar.com.

Paul Criddle, FAusIMM, Chief Development Officer for Roxgold Inc., a Qualified Person within the meaning of National Instrument 43-101, has reviewed, verified and approved the metallurgical technical disclosure contained in this news release.

About Roxgold

Roxgold is a Canadian-based gold mining company with assets located in West Africa. The Company owns and operates the high-grade Yaramoko Gold Mine located on the Houndé greenstone belt in Burkina Faso and is also advancing the development and exploration of the Séguéla Gold Project located in Côte d’Ivoire. Roxgold trades on the TSX under the symbol ROXG and as ROGFF on OTCQX.

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws (“forward-looking statements”). Such forward-looking statements include, without limitation: statements with respect to Mineral Reserves and Mineral Resource estimates (including proposals for the potential growth, extension and/or upgrade thereof and any future economic benefits which may be derived therefrom) and expansion and development plans including with respect certain maiden Mineral Resource Estimates, proposed exploration plans, and sufficiency of future funding. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of Mineral Resources and Mineral Reserves, the realization of resource estimates and reserve estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the availability of necessary financing and materials to continue to explore and develop the Séguéla Gold Project in the short and long-term, the progress of exploration and development activities as currently proposed and anticipated, the receipt of necessary regulatory approvals and permits, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters, as well as assumptions set forth in the Company’s technical report prepared for the Séguéla Gold Project entitled “NI 43-101 Technical Report, Séguéla Project, Worodougou Region, Cote d’Ivoire” dated July 23, 2019 available on the Company’s website at www.roxgold.com and SEDAR at www.sedar.com. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include: changes in market conditions, unsuccessful exploration results, possibility of project cost overruns or unanticipated costs and expenses, changes in the costs and timing of the development of new deposits, inaccurate mineral reserve and resource estimates, changes in the price of gold, unanticipated changes in key management personnel, failure to obtain permits as anticipated or at all, failure of exploration and/or development activities to progress as currently anticipated or at all, and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

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