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Rox Resources starts aircore drilling in highly gold prospective area at Youanmi JV project

The initial program is expected to be completed by late August.

Rox Resources Ltd - Rox Resources starts aircore drilling in highly gold prospective area at Youanmi JV project
Rox shares were up more than 11.5% in intra-day trade

Rox Resources Ltd (ASX:RXL) has begun an aircore drilling program at its jointly held Youanmi Gold Project in Western Australia.

The drilling will target an area a short distance north of the historical Penny West Gold Mine, the historical Magenta and Columbia gold prospects and the recent Penny North gold discovery.

READ: Rox Resources has drill spinning in 14,000-metre program at Youanmi Gold Project

Aeromagnetic data shows a prominent magnetic low in the area which covers the historical deposits as well as recent discoveries.                                                                                                                                                                                                                                                                                                                                                                                                            The magnetic feature extends north into the Venus Metals joint venture tenement which presents a prospective setting for high-grade gold mineralisation of the Penny West and Penny North type.

READ: Rox Resources embarks on new era in gold

The targeted prospect has had limited historical drilling and transported soil cover has rendered historical surface exploration mostly ineffective.
A HEM survey conducted by Venus in 2018 identified several HEM anomalies along the Youanmi Shear zone, with two in the area and high-priority drill targets.

READ: Rox Resources extends shallow gold mineralisation in first-phase drilling at Mt Fisher Gold Project

Rox and partner Venus Metals also have an ongoing reverse circulation program which is testing new high-grade targets as well as extensions to known mineralisation.

Key focus areas are the high-grade Commonwealth prospect and areas adjacent to existing pits where there are likely extensions or repeats of mineralisation not mined in a $400-an-ounce mining scenario.

This work is targeting a super pit as well as a series of shallow historical open pits at Youanmi that were mined more than 20 years ago, in a much lower gold price environment.

Quick facts: Rox Resources Limited

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Market: ASX
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Rox Resources continues drilling at Youanmi Gold Project

Rox Resources (ASX:RXL) chief executive officer Alex Passmore updates Proactive Investors on progress at the Youanmi Gold Project in WA. Passmore says the company, which has been drilling at the project for the last couple of weeks, is set to continue drilling until September. “The Youanmi...

on 13/8/19

2 min read