Roxgold Increases Indicated Mineral Resources At Séguéla

TORONTO - Roxgold Inc. reported an updated Mineral Resource Estimate for the Seguela Gold Project located in Cote d’Ivoire. The updated Seguela NI 43-101 Mineral Resource estimate includes an additional 56,600 m of Reverse Circulation (RC) and diamond core (DD) drilling since the completion of the Seguela PEA in April 2020. The drill program prioritized infill drilling of Antenna, Ancien, Boulder and Agouti to increase resource confidence, while rapidly advancing the high grade Koula discovery to its maiden Inferred Resource.

Total Indicated Mineral Resources increased 97% to 1,044,000 ounces (oz) of gold grading 2.5 grams per tonne (g/t) since the Preliminary Economic Assessment (PEA) was released in April 2020. Total Inferred Mineral Resources are estimated at 370,000 oz at 4.8 g/t, due to the contribution of a maiden Mineral Resource estimate from the recently discovered high grade Koula prospect, which returned Inferred Mineral Resources of 281,000oz at 8.1 g/t.

Highlights: Total Indicated Mineral Resources: Increased by 97% to 1,044,000 oz at 2.5 g/t from 529,000 oz at 2.3 g/t previously; Koula deposit: Maiden Inferred Mineral Resource of 281,000 oz at 8.1g/t; Antenna deposit: Increase in Indicated Mineral Resource to 586,000 oz at 2.2 g/t and an Inferred Mineral Resource of 69,000 oz at 1.9g/t. This compares with the previous estimate carrying an Indicated Mineral Resource of 529,000 oz at 2.3 g/t and Inferred Mineral Resource of 64,000 oz at 2.2 g/t; Ancien deposit: Upgraded Mineral Resource with an initial Indicated Mineral Resource of 250,000 oz at 5.4g/t and an Inferred Mineral Resource of 11,000 oz at 10.6g/t. This compares with the previous estimate carrying an Inferred Mineral Resource of 261,000 oz at 6.1 g/t; Agouti deposit: Upgraded Mineral Resource with an initial Indicated Mineral Resource of 111,000 oz at 2.4g/t and an Inferred Mineral Resource of 6,000 oz at 1.8g/t. This compares with the previous estimate carrying an Inferred Mineral Resource of 110,000 oz at 2.6 g/t; and Boulder deposit: Upgraded Mineral Resource with an initial Indicated Mineral Resource of 97,000 oz at 1.7g/t and an Inferred Mineral Resource of 3,000 oz at 1.2g/t. This compares with the previous estimate carrying an Inferred Mineral Resource of 72,000 oz at 1.2 g/t.

“It has been an exceptional year at Seguela as we have continued to demonstrate the potential for the project to grow in quality and scale,” said, John Dorward, President and CEO. “The significant increase in Indicated Mineral Resources to over one million ounces provides the foundation for a robust Feasibility Study which will also include the very high grade Koula deposit with a maiden inferred resource of 281,000 ounces at a remarkable 8.1 g/t giving it the potential to be one of the highest grade open pits in west Africa. We currently have 4 rigs at Koula undertaking infill drilling and exploration drilling as the deposit remains open along strike and at depth. Since acquiring Seguela in April 2019, we have seen the project grow at a rapid pace from the 430,000 ounces of inferred Mineral Resources at acquisition to over a million ounces of Indicated and an additional 370,000 ounces of Inferred Mineral Resources today. We continue to believe we have only begun to tap the ultimate potential of the Seguela Project and are eager to continue to uncover and test the wealth of additional targets present on the property. While our accomplished exploration team continues their work at Seguela, the critical path for the Seguela project plan is on track with the Feasibility Study scheduled for the first half of next year, followed soon thereafter by a construction decision towards the goal of achieving first gold pour at Seguela in 2022.”