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Rox Resources and Venus Metals reveal more high-grade gold results from Grace Prospect

Rox shares have been up as much as 16% to an intra-day high of 2.9 cents while Venus shares are up more than 8% to 18.5 cents.

Rox Resources Limited - Rox Resources and Venus Metals reveal more high-grade gold results from Grace Prospect
Further exceptional gold results confirm new discovery

Rox Resources Limited (ASX:RXL) and joint venture partner Venus Metals Corporation Limited (ASX:VMC) have intersected more exceptional gold grades from drilling at Grace Prospect.

Grace Prospect is within the OYG JV which forms part of the wider Youanmi Gold Project in Western Australia.

Results received from drilling along strike to the north and down dip of the initial discovery holes at Grace Prospect has returned results including:

  • RXRC135: 8 metres at 37.25 g/t gold from 44 metres (Grace) including: 4 metres at 73.81 g/t gold from 48 metres (Grace);
  • RXRC133: 4 metres at 18.06 g/t gold from 16 metres (Grace);
  • RXRC132: 4 metres at 11.02 g/t gold from 48 metres (new FW zone); and
  • RXRC132: 4 metres at 5.13 g/t gold from 12 metres (new FW zone).

Aerial photo with drill collars and intersections overlayed

Rox managing director Alex Passmore said: “We are very pleased to report these follow on high-grade results from Grace Prospect.

“RC Drilling is set to recommence by the end of this week with a diamond drilling crew heading to site shortly thereafter.

“The results demonstrate the high prospectivity of the Youanmi Project area beyond previously identified ore zones.”

Cross Section through Main Pit and Grace Prospect showing depth extension and new mineralisation

Importantly, the drilling has identified new gold-bearing veins which are yet to be tested both above and below the Grace Lode previously identified in recent drilling.

Gold mineralisation at the Grace Prospect is interpreted to be shear/fracture zone related occurring in the granite footwall rocks adjacent to the historically mined Youanmi gold mine sequence.

Grades seen at Grace Prospect are high relative to historical mining grades and given the quartz hosted nature ore is likely to be free milling in nature.

Next steps

An RC (reverse circulation) drilling rig and crew are redeploying to Youanmi immediately to commence a drill out of the Grace Prospect in sufficient detail to facilitate resource definition.

Additionally, several diamond holes are planned to characterise the wider gold-bearing veins to allow better correlation between drill sections.

Initially, 5000 metres of RC and 2000 metres of diamond drilling is planned.

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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