Rox Resources Ltd (ASX:RXL) has hit 7 metres at 54.6 g/t gold from 8 metres in drilling this year at Grace prospect within the Youanmi Gold Project joint venture with Venus Metals Corporation Ltd (ASX:VMC) in Western Australia.
The company’s drilling program has defined a very high-grade zone of mineralisation of greater than 30-gram metres extending from surface, open to the north and which lies within a broader wide zone of mineralisation.
To date, assay results have been received for 31 reverse circulation (RC) holes at Grace with results for 78 RC holes remaining outstanding.
Other strong results:
- 1-metre at 29.7 g/t from 23 metres;
- 6 metres at 5.7 g/t from 24 metres;
- 4 metres at 4.5 g/t from 9 metres; and
- 3 metres at 5.32 g/t from 53 metres.
“Exciting high-grade deposit”
Managing director Alex Passmore said: “The Grace prospect is emerging as an exciting high-grade deposit with one of the better recent intersections returned from hole RXRC151 being a spectacular 7 metres at 54.6 g/t gold from 8 metres.
“This newly discovered mineralisation has all the hallmarks needed to bring it into early production - it is close to surface, lies near to existing pits and sits within a granted mining lease which already has substantial infrastructure.”
Shares are more than 12% higher at 1.8 cents in response to the news, up from 1.4 cents on March 23.
Drilling program paused
As a result of the evolving COVID-19 pandemic and to ensure the health and safety of employees and contractors, the drilling program has paused.
While field programs have had to be curtailed, preliminary mineralisation and resource modelling has commenced and will be ongoing.
The company will utilise the hiatus in drilling to interrogate data received from the airborne magnetic survey completed in January this year, 250 holes drilled since July last year and as well as the extensive inherited data base.
This is part of the search for and delineation of high-grade near-surface deposits at Youanmi.