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Rox Resources and partner Venus Metals complete Youanmi settlement

The joint venture partners are set to begin regional exploration drilling in early July.

Rox and Venus seal the Youanmi transaction
Settlement of the Youanmi Gold Mine acquisition today at the Venus Metals office in Perth

Rox Resources Limited (ASX:RXL) and partner Venus Metals Corporation Limited (ASX:VMC) have completed settlement of the Youanmi Gold Mine (OYG JV) in Western Australia.

Venus Metals has received $2.55 million from Rox Resources and has been issued 25 million ordinary fully paid shares.

Venus has exercised two options to complete the acquisition of the Youanmi Gold Mine.

After the settlement of the acquisition of Youanmi, four separate JVs have been formally formed in various ways between Venus Metals and Rox Resources.

READ: Rox Resources drills high-grade gold in first program at Currans Find

Venus Metals managing director Matthew Hogan said: “We are very pleased to complete settlement of the Youanmi Gold Mine option.

“The gold mine itself with its substantial gold resources and infrastructure was the last major piece needed to complete our tenement consolidation over the Youanmi greenstone belt.

“With our new joint venture partner in place the necessary drilling and exploration to advance the project is set for the next two years.”

READ: Rox Resources spins drill bit for gold at Mt Fisher

Rox has the obligation to spend $2 million on drilling and ground exploration expenditure within two years to complete its 50% ownernship.

The company can increase its stake in the OYG JV on or before June 30, 2021, after the obligation to spend has been met by acquiring an additional 20% from Venus for a further payment of $3 million in cash.

A 14,500-metre reverse circulation drilling program is expected to begin in early July with multiple targets having been identified to confirm and expand near-surface oxide resources.

Settlement of the Youanmi Gold Mine acquisition also initiates the formal formation of three regional exploration joint ventures - the Venus JV, Youanmi JV and Currans Find JV.

READ: Rox Resources commences drilling at Currans Find

In the Youanmi and Currans Find JVs Rox is earning a 45% gold rights interest on tenements with Venus being manager of the two projects.

Once Rox has earned its 45% interest, Venus and Rox contribute equally to the Youanmi JV and there is no option to increase the stake.

Quick facts: Rox Resources Limited

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on 13/8/19

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