Roxgold and Riverstone hit high grade in Burkina

High grade intercepts at Roxgold (ROG-V) and Riverstone Resources (RVS-V) Yaramoko gold concession in western Burkina Faso attracted a lot of attention but did little to raise the company’s fortunes on the market.

The companies released assays from the project highlighted by 16 metres grading 226.89 grams. The bulk of the grade, however, came out of a 3 metres section that graded 226.89 grams gold.

The companies reported another highlight hole of 12 metres grading 17.16 grams gold including 32.34 grams gold over 6 metres.

The results came out of the Bagassi central area of the concession, an area that it now refers to as “Zone 55”.

Roxgold says visible gold was present in most of the intercepts which represented 13 of the 44 diamond drill holes drilled in June.

The companies also announced a new discovery at what it is calling Zone 35, which sits 300 metres west of the discovery hole at Zone 55.

“The Zone 35 discovery encountered mineralization similar to Zone 55 with visible gold evident. The potential exists that the veins in Zone 35 may be a continuation of the gold-bearing structures in Zone 55,” Roxgold’s president Robert Sibthorpe said in a statement.

The companies have drilled 10 holes at zone 35 and says assays are pending. They report that Zone 55 remains open in all directions with assays pending on 17 holes drilled there.

Mineralization at Zones 55 and 35 are hosted in quartz veins and silicified zones in east west striking structures and dilation zones with granitic intrusives and mafic volcanics as the main host rocks. Minor pyrite and arsenopyrite is associated with the gold.

Roxgold can earn a 60% interest in  Yaramoko property by spending $1.5 million and issuing 360,000 Roxgold shares and  $100,000 in cash to Riverstone over the three years..

At midday in Toronto on Sept. 7 Roxgold shares were off 2¢ or 2% to 89¢ on 3.7 million shares traded, while Riverstone shares were off 3¢ or 5% to 59¢ on 2.8 million shares traded.