Advanced minerals explorer Rox Resources (ASX: RXL) and joint venture partner Venus Metals Corporation (ASX: VMC) have reported a significant increase to the mineral resource estimate for the shared Youanmi gold project near Mt Magnet in Western Australia.
Drilling and exploration work has focused on the OYG joint venture area (where Rox is manager with 70% equity) and has yielded substantial increases in known and defined tonnages and ounces since its acquisition in mid-2019.
The project’s total mineral resource now sits at almost 1.7 million ounces of contained gold, representing an increase of 39% (or 466,000oz) on the previous estimate.
It does not include mineralisation from the Junction and Link prospects.
Estimates for the Youanmi Near Surface and Deeps resources have also realised significant increases, with 48,000m of combined diamond and reverse circulation drilling completed and results incorporated into the new estimate.
Near Surface has increased by 50% to a total 800,000oz gold, while Deeps has seen a 30% increase to 856,000oz gold with high grades preserved (averaging 7.9 grams per tonne at the Grace target).
Rox managing director Alex Passmore said the updated figures represent strong potential for further growth in Youanmi’s high-grade gold resources.
“We are very pleased with the expansion of the Deeps resource and the achievement of a considerable increase in inventory at Near Surface,” he said.
“This work includes some spectacular results at Grace which contains 109,000oz at an average grade of 7g/t at shallow depths … an overall increase of 39% is a great result.”
Mr Passmore said drilling would continue at the project with a focus on the ongoing conversion of inferred material into indicated categories at Near Surface and Deeps, as well as an extension of Youanmi Deeps along strike and down dip.
In addition, grass roots exploration drilling across the company’s extensive tenement holding would provide the opportunity to make new discoveries in the area.
The joint venture will commence studies on optimal production scenarios for the Youanmi project, incorporating metallurgical test work, development of a geo-metallurgical model, processing plant design, open pit and underground mine optimisation, waste rock characterisation and environmental baseline testing.
The results will feed into a feasibility study for the project, due in late 2022.