Rox Resources and Venus Metals strike more high-grade gold at Youanmi

Rox Resources ASX RXL Youanmi Gold Project gold drilling Venus Metals VMC
Rox Resources and Venus Metals intersected 12m at 12.7g/t gold from 80m at Youanmi South.

Rox Resources (ASX: RXL) and joint venture partner Venus Metals Corporation (ASX: VMC) have struck high-grade gold while drilling at the Youanmi gold project in Western Australia.

More than 9,000m has been drilled at the project with the duo receiving results for about 75% of this amount.

Drilling at the Youanmi South prospect produced notable results of 12m at 12.7 grams per tonne gold from 80m, 12m at 8.5g/t gold from 44m, and 4m at 11.2g/t gold from 110m.

According to Rox, the latest Youanmi South drill results include some of the highest gold grades intersected at the project so far.

Rox managing director Alex Passmore said today’s results follow on from ones received earlier this month and “confirm” the new zone of mineralisation at Youanmi South as potentially “substantial”.

“We are continuing to delineate this zone with reverse circulation drilling and look forward to updating the market as further results are available,” he added.

Meanwhile, drilling at the Plant Zone has continued to uncover shallow “base load mill feed” with better assays including 4m at 5.6g/t gold from 24m, 30m at 1g/t gold from 96m and 14m at 1.7g/t gold from 70m.

Mr Passmore said this style of mineralisation at Plant Zone continued to “add scale” to the project’s overall resource.

Exploring Youanmi

The reverse circulation program at Youanmi is expected to continue into October followed by resource calculation.

Rox is testing new targets and firming up current known deposits at the project.

To assist with generating targets, Rox is acquiring high quality magnetic data and ground penetrating radar data.

Youanmi joint venture

Earlier this year, Rox acquired an initial 50% interest in the Youanmi gold mine within the Youanmi project from Venus Metals for $2.8 million. Rox has also issued Venus Metals $200,000 in scrip and will spend $2 million on exploration over the next two years.

Rox has the right to increase its stake to 70% by handing over an additional $3 million in cash and shares.

Regarding the regional tenements at Youanmi, Rox can also earn up to 45% or 50% in the gold rights of the regional tenements by funding the first $1 million of exploration.

During its operation, the Youanmi gold mine produced 670oz gold at an average grade of 5.4g/t.

The project also has 1.19 million ounces in contained gold resources.

By midday, shares in Rox were up 8% to $0.027, while Venus’ shares lifted 2.63% to trade at $0.195.

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