Gold exploration and development company Rox Resources (ASX:RXL) has intersected 3m @ 138.07g/t gold from initial drilling at the Youanmi Gold Project in Western Australia.
This result was returned from hole RXRC458 which is the first of a series of holes aiming to test the variety of structural trends emerging as ‘important’ gold hosts at the project.
Other intersections recorded in this hole include 28m @ 34.81g/t Au from 204m, including 18m @ 51.96g/t from 207m, and 10m @ 79.55g/t Au from 211m.
Rox Resources’ share price had skyrocketed more than 72% on the ASX to $0.250 as of 1.30pm AWST.
The company says its exploration team has identified a number of near-mine exploration targets, including new drill results from the Youanmi South prospect, and the ‘high-grade’ Midway structure which were both identified by Rox and its joint venture (JV) partner Venus Metals Corporation (ASX:VMC).
These ‘high-grade’ mineralised structures are both located nearby the Youanmi Main Pit and represent new exploration opportunities. Rox reports the interpretation of these mineralised structures is in its infancy, and the company is prioritising its understanding of splay structures off the Youanmi Main zone at Midway and Youanmi South with the aim of identifying new ‘high-grade’ zones with strike continuity.
Commenting on the results, Rox Resources Managing Director Robert Ryan says the result from the first hole at Youanmi South is an exciting development regardless of true lode widths as it opens up a new near-mine area for exploration and potential ‘high-grade’ resource growth.
“Youanmi South is just 250m from the Youanmi main open pit, yet historical drilling was largely restricted to the weathered zone so true geology has been unconstrained. The exceptional grade and continuous high-grade tenor of the intersection in the area previously untested by drilling is cause for cautious optimism whilst we determine orientation of the mineralised zone.
A core focus of our current exploration program is to test the splay structures off the historically mined zone structures along the granite margin. The results from Midway, and those reported here on Youanmi South emphasise that Youanmi has the potential to deliver extensive resource growth with quality ounces through near-mine discovery.
“Our confidence continues to increase that Youanmi is a large-scale, high-grade system that is still in the early stages of understanding and resource evaluation”
Our confidence continues to increase that Youanmi is a large-scale, high-grade system that is still in the early stages of understanding and resource evaluation. Our team is doing an excellent job in processing all available data, refining our targeting and delivering on efficient execution. We look forward to a steady stream of updates as the drill program continues.”
Rox reports the Youanmi South area is located 250m from the Youanmi pit and is a structurally complex zone south of the granite margin. Recent interpretations from magnetic data have highlighted a range of structural trends including the east-northeast trending Youanmi South Structure.
The company says the area has limited shallow historical drilling, which was completed primarily parallel to the 060-degree trending targeted structure. As hole RXRC458 is the first deep hole aiming to intersect more westerly orientated structures drilled across this broader mineralised zone, the OYG is yet to fully understand the true orientation and significance of this zone.
Rox reports a scissor hole was drilled to constrain this intercept, however the hole was abandoned due to bogged drill rods. Follow-up drilling is planned to constrain the orientation of this ‘high-grade’ zone.
The company says the discovery of mineralisation on the Midway and Youanmi South Structures is evidence that the renewed exploration efforts to understand the near-mine mineralised structures is delivering results, and there is more variability than has traditionally been thought, and therefore, more exploration upside.
The Midway structure has an interpreted strike length in excess of 1,000m of which only 100m of strike length has been drill tested to date. In addition to the additional strike length potential along the Midway structure, another new parallel structure has been interpreted about 100m south of Midway.
Rox reports an additional drill rig is being mobilised to site early in March to accelerate the current drill program focused on resource infill drilling to upgrade the inferred resource to indicated, and target drilling the near-mine exploration structures.
Rox Resources is a West Australian focused gold exploration and development company that holds a 70% interest in the Youanmi Gold Project, and wholly owns the Mt Fisher Gold Project.
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