Venus Metals Corporation Ltd (ASX:VMC) and joint venture partner Rox Resources (ASX:RXL) have received high-grade reverse circulation (RC) drill results which have expanded the Sovereign discovery within the wider Youanmi Gold Project in WA.
Drilling followed up on 2018 and 2019 aircore results and tested beneath gold intersections with best results of 2 metres at 10.64 g/t from 82 metres and 1-metre at 8.19 g/t from 64 metres.
Investors have responded positively with VMC shares more than 7% higher to 29 cents and are up from 16 cents at the close on June 16.
Hole YSRC10 returned 10 metres at 3.64 g/t from 79 metres, including 2 metres at 10.64 g/t from 82 metres; 7 metres at 3.97 g/t from 59 metres, including 1-metre at 8.19 g/t from 64 metres; 4 metres at 1.86 g/t from 18 metres and 3 metres 1.98 g/t from 24 metres.
Two other holes, YSRC09 and YSRC11, returned 4 metres at 2.68 g/t from 116 metres, including 1-metre at 5.43 g/t from 118 metres, and 3 metres at 1.24 g/t from 56 metres.
Further RC drilling planned
This gold mineralised zone appears to trend south-southeast and is open at depth and along strike, coinciding with an aeromagnetic low.
The continuation of gold mineralisation at depth is highly encouraging and further RC drilling is planned.
Venus and Rox are completing a high-resolution ground magnetic survey covering the Sovereign prospect area to delineate potential structural controls of the gold mineralisation.