Roxgold shares 3Q18 results

"We continue to see consistently solid operating performance at Yaramoko with gold production of 106 812 oz for the first nine months, positioning us well to meet the upper-end of our 2018 guidance range of producing between 120 000 to 130 000 oz. With ongoing optimisation activities at the plant, this quarter also saw record quarterly throughput representing 15% above nameplate capacity," stated John Dorward, President and CEO of Roxgold.  

"Our Bagassi South expansion project continues to make excellent progress as both the construction of the process plant expansion and mine development at Bagassi South, our second high-grade underground gold mine, continue to be on schedule with first ore expected by the end of the year."

Bagassi South expansion project update

During the quarter, the company continued to advance the Bagassi South expansion project. Highlights from the work plan of 3Q18 include:

• Receipt of all permits and decrees required for Bagassi South mining and the process plant expansion. 
• Development and construction progressing well with overall project completion currently at approximately 70%. 
• Commencement of mine development with approximately 258 m completed to date. 
• Mobilisation of contractor personnel and equipment for the construction of the ventilation shaft is well underway. 
• Completion of all structural steelwork and fabrication of CIL tanks. 
• Commencement of processing plant tie-ins which are expected to occur largely within planned maintenance stoppages in 4Q18. 
• Completion of overall project expected in the latter part of 4Q18; preliminary commissioning planning is underway.

Exploration update

Drilling activities continued on the 55 Zone during 3Q18. An 11 000 m underground diamond drilling infill programme is in progress at the 55 Zone between the 5151 and 4900 levels, with a single rig drilling from level 4947. 

In 3Q18, 3342 m were completed.  This drilling programme is planned to infill to an approximate 25 m by 25 m spacing and will continue into 4Q18. 

Surface drilling also continued at 55 Zone during the quarter with a total of six diamond rigs operating. This is part of a 24 000 m surface diamond drilling programme that commenced in 2Q18 focusing on infilling the current resource and targeting the eastern and western boundaries of the deeper 55 Zone.  15 315 m were completed during the quarter with completion of the programme scheduled for the middle of 4Q18. 

Bagassi South

Drilling activity also continued at Bagassi South. The programme at Bagassi South focused on extending the QV1 western shoot and upgrading inferred resources on the QV1 and QV Prime structures. The programme was completed in 3Q18 with 13 holes drilled for 2708 m.  Further follow on drilling is planned for 4Q18 to test for further down plunge extensions in the QV1 western shoot.

A total of 2098 m were drilled for regional exploration during 3Q18. This drilling was undertaken on structural targets south of Bagassi and completed the regional targeting programme for the quarter.  

A total of approximately 15 000 m of Auger drilling has been completed in 2018, around the Houko and Kaho prospects. Interpretations on the Houko Central and Kaho areas were undertaken in 3Q18 with drill planning underway to test multiple targets in 4Q18 including a recently identified 1.5 km northwest trending anomaly at Kaho.

The company plans to release its updated exploration results with its 3Q18 financial results, which are expected to be released after market hours on 13 November 2018. Conference call and webcast details for the third quarter financial results will be released closer to the date.

Read the article online at: https://www.globalminingreview.com/finance-business/17102018/roxgold-shares-3q18-results/