Venus Metals and Rox Resources confirm continuity of Midway lode within Youanmi gold project
Rox Resources has entered a joint venture with Venus Metals to acquire up to a 70% stake in the Youanmi gold mine.
Drilling at the recently-discovered Midway hanging-wall lode within the Youanmi gold project in Western Australia has confirmed at least 160 metres of up-plunge continuity for joint venture partners Venus Metals Corporation (ASX: VMC) and Rox Resources (ASX: RXL).
Highlights from the latest round of results were 8m at 5.1 grams per tonne gold from 212m, including 4m at 9.45g/t from 212m, and 4m at 6.03g/t from 140m; and 0.78m at 32.98g/t gold from 256.3m.
The results continue to define the continuity of the high-grade Midway lode, which is located in the historically underexplored hanging-wall area 300m south of the Youanmi underground mine, between the Bunker pit and the Youanmi main pit.
Second lode
Venus confirmed that sampling of shear zones identified in earlier drill holes had identified a second lode at Midway, with new assays including 0.78m at 32.98g/t gold from 256.3m and 1.76m at 3.63g/t gold from 307m; and 2m at 3.85g/t gold from 307m.
The results demonstrate the Midway area has “strong potential” to host a significant mineralised system with evidence for multiple lodes.
It is expected to contribute additional ounces to the overall resource at Youanmi and highlights the possible presence of new high-grade lodes in a previously-untested area.
Midway geology
Gold mineralisation at Midway is believed to be shear zone hosted within highly-altered tholeiitic and komatiitic basaltic rocks.
The alteration assemblages comprise sericite, quartz, carbonate and biotite, with gold occurring in association with pyrite and lesser arsenopyrite.
The lode remains open along strike and down dip.
Structural analysis of the mineralised zones indicates the two new gold lodes are dipping steeply towards the southwest and show a high-grade component plunging at 50 degrees to the west-northwest.
Venus said the orientation of the new lodes is different to previously-identified lodes at Youanmi and opens up several new exploration targets at the project.