Rox Resources (ASX:RXL) along with its joint venture (JV) partner Venus Metals (ASX:VMC) confirms a ‘significant’ endowment following return of initial ‘high-grade’ gold results from ongoing resource development program at its Youanmi Gold Project in WA.
The results, generated from an ongoing 23,000m diamond drilling (DD) exploration program, represent the first batch of assays received from drilling and confirm gold grades up to 14.85g/t Au.
Rox reports at the Link prospect assays have identified numerous gold intercepts greater than the average Youanmi underground grade of 6.89g/t, and also confirm a zone of ‘high-grade’ mineralisation with ‘extensive’ down-plunge continuity about 200m from historical underground and open pit workings.
The company notes mineralisation at Link remains open down-plunge to the northwest and up-plunge to the southeast, confirming the presence of ‘extremely robust’ mineralised lodes, which include zones of ‘thicker’ mineralisation along with zones of higher gold grades.
Key results include hole RXDD049 with 4m @ 7.60g/t Au from 311m; hole RXDD052 with 4m @ 14.85g/t Au from 298m; and hole RXDD058 with 6.53m @ 10.31g/t Au from 339.47m and 7.61m @ 8.20g/t Au from 356.39m.
Drilling is being undertaken to focus on both the ‘high priority’ Link and Kathleen areas of the project, and has been designed to convert inferred resources to the higher confidence indicated classification for inclusion within a Prefeasibility Study (PFS).
Speaking on the results, Rox Resources Managing Director, Robert Ryan, says: “Our confidence that Youanmi is a large-scale, high-grade gold system with enormous upside continues to grow with each drill result that we receive.
“Our confidence that Youanmi is a large-scale, high-grade gold system with enormous upside continues to grow with each drill result that we receive”
The first results from Link show a higher-grade tenor of gold mineralisation than our geological models indicated, suggesting that this sector of the deposit will contribute positively to the planned Mineral Resource review and update later this year to be included in the Feasibility Study.
The numerous wide intercepts of high-grade mineralisation at Link have exceeded our expectations and, together with the exciting recent results from exploration drilling at Midway and Youanmi South, highlight Youanmi’s potential to deliver quality ounces and extensive resource growth.”
The company also notes results to date comprise 7 RC holes, 13 RC pre-collars, and 10 diamond tails, with about half of the resource definition drilling program now complete.
Additionally, Rox reports about 4,000m of near mine exploration will also be undertaken in conjunction with resource development drilling.
With 50% of current drilling now complete, Rox Resources announces it has moved forward with follow-up drilling at Youanmi South with results expected in the coming weeks.
Further exploration activities being undertaken by Rox include the continuation of resource definition at Link, start of Midway extensional drilling after Youanmi South, and a review of a regional exploration program.
As of 1pm AWST Rox Resources share price had increased by 25.45%.
Rox Resources is an Western Australian-focused gold explorer and developer working to progress studies into the redevelopment of the Youanmi project, as well as explore other assets in Western Australia. The company’s Youanmi project is located near Mt Magnet about 480km northeast of Perth, and currently holds a total mineral resource of 3.2Moz with potential for further expansion with integration of existing prospects.
The project represents a ‘high-grade’ gold mine which produced 667,000oz of gold before closing in 1997.
Images: Rox Resources Ltd
