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Rox Resources and Venus Metals intersect further high-grade gold at Youanmi

Rox shares are trading about 16% higher intra-day while Venus shares are up by about 9%.

Rox Resources Limited - Rox Resources and Venus Metals intersect further high-grade gold at Youanmi
The JV will be undertaking follow on drilling in CY2020

Rox Resources Limited (ASX:RXL) and joint venture partner Venus Metals Corporation Limited (ASX:VMC) have confirmed high-grade follow up drill results from the OYG JV which forms part of the wider Youanmi Gold Project in WA.

Results received from shallow drilling to the south of the Youanmi Plant include:

  • RXRC114: 14 metres at 31.31 g/t gold from 1 metre including 5 metres at 77.03 g/t gold from 1 metre and 3 metres at 123.66 g/t gold from 2 metres;
  • RXRC111: 4 metres at 32.51 g/t gold from 6 metres including 2 metres at 57.25 g/t gold from 7 metres.

Drilling finished on the 20th of December with a significant number of samples (about 1,500 metres) still in the process of being assayed.

Aerial photo with drill collars and intersections overlayed

The JV conducted a series of reverse circulation (RC) holes to the north of drill hole MLRC020 to test the continuity of a new zone of mineralisation intersected in that hole.

Drilling beneath and along strike from the new zone of mineralisation (now named Grace Prospect) has intersected spectacular grades and has defined a southerly plunging lode system on a steep westerly dipping structure that is broadly along strike from the historical Peru Lode and Airstrip Lode.

Interpretation is ongoing, however Rox and Venus are highly encouraged by the tenor of these intersections and the JV will be undertaking follow on drilling in CY2020.

Potential for free-milling gold mineralisation

Rox managing director Alex Passmore said: “We are very pleased to report these follow on high-grade results and look forward to providing further information once interpretation of the results has been completed”

While early stage, these results are considered highly encouraging.

In historical mine records there is reportedly free-milling gold mineralisation present within the Youanmi granite to the east of the Main Lode Shear Zone (i.e. away from the granite – greenstone contact).

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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