TORONTO--(BUSINESS WIRE)-- Roxgold Inc. (“Roxgold” or the “Company”) (TSX: ROXG) (OTCQX: ROGFF) is pleased to report its 2019 third quarter (“Q3”) and first nine month ended September 30, 2019 (“YTD 2019”) production results from the Company’s Yaramoko Gold Mine located in Burkina Faso (“Yaramoko”).
• Produced 33,036 ounces of gold in Q3 for a total of 101,041 ounces YTD 2019
• Realized a record quarterly plant throughput of 114,036 tonnes which exceeded increased nameplate capacity of 1,100 tonnes per day (“tpd”) by approximately 13%
• Commercial production achieved at Bagassi South in September 2019
• Cash balance has increased to $29 million at the end of September 2019
John Dorward, President and CEO commented, “We continue to see solid operating performance at Yaramoko with gold production of 101,041 ounces through the first nine months of 2019 driven by consistent outperformance at our processing plant where we achieved record throughput and operated approximately 13% above nameplate capacity in Q3. Over the course of Q3, Roxgold reached a cash inflection point with cash added to the balance sheet following the investment in Bagassi South and the acquisition of our first growth project, Séguéla, earlier in the year. During September, we also achieved commercial production at Bagassi South, our second high grade gold mine at Yaramoko. Increased stoping activity at Bagassi South and higher mined grades are expected to drive a strong fourth quarter of operations with forecast production at the low end of our 2019 guidance.”
At the 55 Zone, 90,311 tonnes of ore were mined at 9.25 grams per tonne (“g/t Au”) and 1,484 metres (“m”) of development were completed. During the quarter, approximately 76% of ore mined came from stoping activities with five open stopes available at the end of the quarter. During the quarter, decline development reached the 4811 level, approximately 511 metres below surface.
At Bagassi South, commercial production was achieved in September. During the quarter, 41,055 tonnes of ore were mined and 1,679 m of development were completed at Bagassi South. Yaramoko is expected to produce a strong Q4 due to increased stoping operations mining higher grade ore at Bagassi South with forecast production at the low end of our 2019 guidance.
The plant processed a record 114,036 tonnes at an average head grade of 9.1 g/t Au for the quarter. Plant availability was 93.2% and overall recovery remained high at 98.0%. The plant throughput rate has consistently exceeded the nameplate capacity of 1,100 tpd following the completion of the Bagassi South expansion resulting in throughput rates exceeding nameplate capacity by approximately 13% during Q3.
Yaramoko Production Metrics
Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018
Total Development (metres) 3,163 2,926 2,264 1,785 1,479
Ore mined (tonnes) 131,366 109,840 98,140 88,277 87,975
Ore processed (tonnes) 114,036 113,866 106,816 82,241 78,357
Head grade (g/t) 9.1 9.0 10.0 10.8 12.3
Recovery (%) 98.0 98.2 98.3 98.2 98.5
Gold ounces produced 33,036 34,354 33,652 25,844 30,532
Q4 – Further exploration results from Séguéla
Q4 - Yaramoko regional exploration results
Q4 - Results of Séguéla Preliminary Economic Assessment (“PEA”)
2019 Third Quarter Financial Results and Conference Call
The Company will release its 2019 third quarter financial results after market hours on Tuesday, November 12, 2019.
A webcast and conference call to discuss these results will be held on Wednesday, November 13, 2019, at 8:00AM Eastern time. Listeners may access a live webcast of the conference call from the events section of the Company’s website at www.roxgold.comor by dialing toll free 1-844-607-4367 within North America or 1-825-312-2266 from international locations and entering passcode 5083935.
An online archive of the webcast will be available by accessing the Company’s website at www.roxgold.com. A telephone replay will be available for two weeks after the call by dialing toll free 1-800-585-8367 and entering passcode 5083935.
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 scientific and technical disclosure contained in this news release.