Rox Resources (ASX:RXL) has launched a 5,000m reverse circulation (RC) drill program at its Youanmi Gold Project in Western Australia.
The $77.40 million market capitalisation company has designed a ‘dynamic, multi-pronged’ exploration strategy to progress the existing ‘strong’ project pipeline across its ‘dominant’ tenure position over the Youanmi greenstone belt.
During the past 12 months, Rox has focused on drilling the Link and Kathleen areas of the Youanmi deposit, aimed at diverting a ‘significant’ portion of the inferred resource to an indicated category.
Exploration activities also aimed to advance the definition of the near-mine Midway lodes and discover ‘significant’ mineralisation directly to the south of the Youanmi deposit at Paddy’s lode.
Rox says these developments have demonstrated that ‘significant’ mineralisation exists in the near-mine area, presenting the opportunity for further resource growth.
Commenting on ongoing activities, Rox Resources Managing Director Robert Ryan says: “One of these key regional targets is the Penny North Project, which offers several high-priority prospects, most notably Currans Find, located 20km south of Youanmi, where previous drilling intersected multiple high-grade lodes with assays of up to 32.58g/t.
“Drilling has now commenced, with newsflow expected to increase over the coming weeks as we seek to unlock the vast potential of the under-explored Youanmi Greenstone Belt”
The Youanmi South area also continues to be a primary focus, with Paddy’s lode and potential parallel structures scheduled to be tested.
Testing strong chargeability anomalies identified in the recent IP geophysics survey, including a previously unknown structure on the southern granite contact and on the edge of the regional Youanmi Shear Zone, will also form part of this regional program, and importantly provide information on the forward use of IP to identify corridors of mineralisation under cover.
Drilling has now commenced, with newsflow expected to increase over the coming weeks as we seek to unlock the vast potential of the under-explored Youanmi Greenstone Belt.”
Rox Resources is a Western Australian gold explorer and developer that wholly owns the historical Youanmi project, located 480km northeast of Perth.
On 29 August 2023, the company completed tranche one of a $7 million placement, receiving $5.13 million. On 30 June, Rox had $3.57 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Rox Resources