Rox Resources (ASX:RXL) has received recent drill results which support upgrading resources to the higher confidence category of indicated at the Link area within the Youanmi Gold Project in Western Australia.
The $81 million market capitalisation company notes that the results also support Feasibility Studies and demonstrate a ‘significant’ resource upside of the Link area.
Recent results at Link include drillhole RXDD088 with 24.43m @ 12.79g/t Au from 369m including 2.68m @ 36.51g/t Au from 390.75m; and drillhole RXDD093 with 3.89m @ 5.75g/t Au from 408m including 1.02m @ 29.88g/t Au from 425.45m.
Commenting on the recent assays, Rox Resources Managing Director Robert Ryan says: “The latest campaign has defined Link down to ~475m below surface, with the mineralisation remaining open and no deeper drilling completely beyond this depth.
“Given that the Youanmi main lode, which sits just next door, has been intersected at depth of up to 970m below surface, we believe there is immense potential for the mineralisation at Link to continue at depth“
Given that the Youanmi main lode, which sits just next door, has been intersected at depth of up to 970m below surface, we believe there is immense potential for the mineralisation at Link to continue at depth.
Following our recent consolidation of tenure ownership over the broader high-grade Youanmi belt, drilling is also underway on regional targets that extend from north of Youanmi to south of the Penny West mine.
Drilling is currently underway at Curran’s Find and our near-mine targets at Youanmi South, with assay results expected in the coming weeks.”
Further phases of reverse circulation (RC) drilling is currently underway to test near-mine targets and greenfield region targets.
Rox Resources is a Western Australian gold focused explorer and developer. The Youanmi project is Rox’s flagship project, which is located near Mt Magnet in Western Australia.
As of 30 June 2023, the company had $3.5 million cash at hand, according to its latest quarterly report. Subsequent to the quarter, Rox Resources completed the first tranche of the placement to raise $7 million, settling with $5.13 million proceeds received.
Write to Aaliyah Rogan at Mining.com.au
Images: Rox Resources
