Toronto, Ontario. – June 8, 2022 – Roscan Gold Corporation (“Roscan” or the “Company”) (TSX-V: ROS; FSE:2OJ; OTCQB:RCGCF) is pleased to present its ongoing exploration activities and potential resource growth beyond the recently announced first mineral resource estimate (“MRE”).
The ongoing exploration activities have been focused on two key areas: 1) The expansion of the maiden resource within the MRE areas, which it is estimated to currently comprise a potential additional resource in the range of 8Mt at 1.0 g/t Au to 30Mt at 0.8 g/t Au and; 2) outside the MRE, which has seen substantial positive exploration results but has not yet been captured in the reported MRE.
- 17,890 meters (m) out of the 20,000 m ongoing drilling program have been completed beyond the drilling data included in the MRE. 8,050 m are infill drilling in the resources areas focuses under the 1,500 USD pit shell and 5,500 m of step out drilling program in the vicinity of the resource zones (figures 5,6 and 7).
- Drilling prioritization to favor areas of immediate upside potential such as the Exploration Target areas at Mankouke South, Kabaya and Kandiole KN1 resource areas, including the oxide and sulphide mineralization, their satellites and extensions.
- Additional areas of prioritization outside the MRE area includes the discoveries at Disse and Walia, and Mankouke West along with the strong potential of Bantanko East and Segondo West and several other targets in in the Siribaya-Mankouke-Seko structural corridor.
- Further potential to increase the resource estimates with LeachWELL assay process:
- Only 18% of current drilling has now been assayed by LeachWELL which thus far has shown substantial improvements in areas tested; increasing between 10% and 40 %.
- Roscan plans to expand the use of LeachWELL on its existing resource base and to use it extensively for all future drilling.
Nana Sangmuah, President & CEO, stated, “We are extremely excited by our MRE that suggests a stand-alone potential operation with over a million ounces delineated in the indicated category at a very conservative gold price of $1500/oz.
We are even more excited by the growth potential to be unlocked with over 5,500 meters of drilling completed in our expanded resource target areas and newer discoveries like Disse. Our goal is to continue to explore and to convert these potential growth areas into additional ounces in constrained pits in the coming months.”
Exploration Target – Potential Resource Growth
As reported on Roscan’s MRE press release, the grade-tonnage model used to define the mineral resource included estimates in areas with low confidence that do not meet the company’s criteria for defining a mineral resource. The ongoing exploration activities undertaken by the Company include additional drilling in these areas and designed to bring additional tonnages and gold grades that were not included in the reported MRE’s pit shells.
Table 1 below demonstrate the reported Exploration Target using a cut-off grade of 0.3 g/t Au for the Upper Tonnage Range of the estimates and 0.5 g/t for the Lower Tonnage Range estimates. The 0.3 g/t report includes lower confidence estimates than those for the 0.5 g/t cut-off.
Table 1: Exploration Target
(*) Upper range from 0.3/0.42 cut-off includes lowest confidence estimates
(**) Lower range from 0.5/0.5 cut-off
Note: the disclosure of the aforementioned “Exploration Target” as a range of quantities and grades are conceptual in nature and there has not been sufficient exploration to define a mineral resource. It is uncertain if future exploration will result in the target being delineated as a mineral resource.
In section below, additional ounces are expected in the Mankouke MS1, under the resource 1,500 USD pit shell (Figure 1). The hole DDMan21-104b on this section has already returned 2.02 g/t over 25 meters from 329.3 m (Roscan Press Release July 6, 2021). Infill drilling on this area is underway with 4 DD holes, totalizing 1,350 m.
Figure 1: Mankouke South Section 1375700 with block model 5m x 5mx 5m
The Kabaya ongoing drilling program with 20 RC holes for 3,200 m is focused below the 1,500 USD pit shell (Figure 2), where previous drilling outside the MRE has already returned 1.46 g/t over 31 m from drill hole RCDBS22-0061 from 117m (Roscan Press Release March 23rd, 2022). The gold mineralization expected is outside the current resource estimate and the block model is already interpolated.
Figure 2: Kabaya Section 13789400 with block model 5m x 5mx 5m
At Kandiole, the potential additional ounces outlined in the Exploration Target are mostly sourced from the deeper zone underneath the 1,500 USD pit shell (Figure 3), where some DD holes have already demonstrated the gold mineralization extension. The current drilling program contemplates 7 RC and 10 DD holes totalizing 3,500m.
Figure 3: Kandiole 1 Section 1386595 with block model 5m x 5mx 5m
Growth Opportunities from Areas Not Yet Captured in the Interim MRE and outside the reported Exploration Targets
The current drilling program also includes several areas outside of the MRE and outside the defined exploration targets, such as Disse, Walia, Mankouke West, Bantanko East and Segundo West.
At Disse, the high grade (7.29 g/t over 6 m from drill hole RCDBS21-0049 – Roscan Press Release February 23rd, 2022) gold mineralization continues to be explored with possible expansion toward the West.
Walia, in the NW corner of the Dabia South permit, is another key target to develop with a gold strike length of 2 km from the previous reconnaissance Air Core holes results in the saprolite. At Bantanko East and Segondo West, the assays are pending from the infill termite mound geochemistry to confirm and delineate the targets for follow-up drilling.
In Mankouke West, the pending saprolite gold results from the Air Core fence lines (84 holes 5,620 m) should provide a good indication to define mineralization not far from the Mankouke South resource area. Several other targets on the large Roscan land package, both on the main Siribaya-Mankouke-Seko structural corridor, as well as additional targets off this key corridor, remain to be explored at different levels, from grassroots stage to development targets.
In order to complete the geochemistry survey, the termite mound sample collection has covered the NE corner of the Dabia South permit and the West part of Segondo South permits, two non-explored zones.
Figure 4 sets out Roscan’s exploration prioritization target pyramid and regional locations
Figure 4: Roscan’s Mineral Resource Areas and Growth Opportunities in Areas Not Yet Captured in the Interim MRE
Figure 5: Mankouke South Upside resource targets
Figure 6: Kabaya KB3 Upside resources toward the South and open at depth
Figure 7: Kandiole KN1 Ongoing drilling program, gold mineralization in the fresh rock
Potential Upside Using LeachWELL Analytical Method
Roscan’s has compared the analytical methods between 50g Fire Assay and the larger samples using one-kilogram LeachWELL with atomic absorption finish including tail analysis. The results showed that the grade of mineralized samples with an initial fire assay grade of less than 1.5 g/t Au increased, on average, between 10% and 40%.
The technical aims of the current drilling program included not only expansion of the potential resource but continue to evaluate the LeachWELL and test some interpretations with respect to the framework of the mineralization.
From the grade growth using the LeachWELL analytical method, Roscan will prioritize the LeachWELL method for future analysis of the resources drilling samples.
Pascal van Osta, P. Geo., Vice President of Exploration 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:
President & CEO
Tel: (902) 832-5555
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