Companies:

 

Articles:

 
Mining

Venus Metals and Rox Resources confirm ‘game-changing’ discovery at Youanmi gold project

Go to Colin Hay author's page
By Colin Hay - 
Venus Metals VMC ASX Rox Resources ASX Youanmi gold project drilling
Copied

Venus Metals (ASX: VMC) and JV partner Rox Resources (ASX: RXL) have drilled a promising high-grade mineralised discovery at the Youanmi gold project (OYG JV) located near Mt Magnet in Western Australia.

Initial results from the first follow-up diamond holes include hole RXDD080 with 5.70m @ 8.26g/t gold from 233.30m, hole RXDD095 5.08m @ 9.56g/t gold from 225.80m and RXDD098 3.32m @ 8.29g/t gold from 200.05m.

Significantly, the new Paddy’s Lode find was intersected immediately south of the 3.2 million ounce Youanmi Main Lode and approximately 200m south of a very high-grade 28m @ 34.81g/t gold hit in hole RXRC458 announced earlier this year.

Significant upside

The companies believe this high-grade, mineralised structure, being located immediately south of the Youanmi Main Pit, represents an extremely exciting opportunity for the Youanmi gold project (OYG JV).

Rox Resources managing director, Robert Ryan, said assay results have helped confirm Paddy’s Lode as a significant new Younami gold field discovery.

“Put simply, Paddy’s Lode is emerging as a likely game-changing discovery which has now been defined over a strike length of 200m and has the potential to extend significantly further to the south,” he said.

Venus management added that the new find provides significant upside as the mineralised structure remains open along strike and is largely untested up-dip and at depth.

RC drilling program planned

The OYG JV is now preparing to undertake a new reverse circulation (RC) drilling campaign of approximately 3,000m to follow-up the new high-grade structure discovery.

This RC drilling will look to test for a potential supergene mineralised zone in the oxide zone, which will assist in future exploration targeting.

The JV believes the newly discovered mineralised lode may represent the southern offset of the Youanmi Main Lode.

Assays have identified that the gold intercepts show similar mineralised widths to the Youanmi Main Lode, and notably the gold grades returned to date are generally of a higher tenor compared to the Youanmi Main Lode.