Venus Metals and Rox Resources hit thick gold intercepts at new Midway discovery
Venus Metals’ 30%-owned Youanmi gold project now has almost 1.7Moz in contained gold.
New drilling at the emerging Midway discovery within the Youanmi gold project has encountered thick high-grade intercepts for joint venture partners Venus Metals Corporation (ASX: VMC) and Rox Resources (ASX: RXL).
Drilling confirmed the continuity of the prospect which was identified in 2021 and is located adjacent to the historic Youanmi mine.
The multi-lode system is located 300 metres from the hanging wall of the Youanmi main lode and is believed to present an “excellent near mine exploration target” which is open in all directions.
Best intercepts were 6.76m at 15.4 grams per tonne gold from 169.13m, 3.73m at 10.25g/t gold from 405.8m, and 2.86m at 22.03g/t gold from 356.39m.
Approximately 4,726m of reverse circulation drilling and 1,708m of diamond drilling have been completed to date at Midway from a 23,000m campaign.
Drilling is expected to be completed in April.
Mineralisation assemblage
Gold mineralisation at Midway is reported to be shear-zone hosted within highly-altered tholeiitic and komatiitic basaltic rocks.
The alteration assemblage consists of sericite, quartz, carbonate, and biotite, while the gold occurs in association with pyrite and lesser arsenopyrite.
Venus said the results to date define at least two gold lodes striking west-northwest and dipping towards the southwest.
The orientation is different to previously identified lodes at Youanmi which strike northwest to north-northwest.
It is apparent in high-resolution drone magnetic imagery and has generated several exploration targets which will be the subject of follow-up drilling.
Valuable information
Rox managing director Robert Ryan said the drilling results, coupled with the detailed structural data, will provide valuable information to expand Midway.
“The high-grade tenor of the results to date show Midway has the potential to grow substantially in all directions in a previously untested corridor,” he said.
“We expect it will be of higher grade than the Youanmi main lode with potential to significantly contribute to the gold resource.”
He said the intercepts proved the exploration concept and follow-up drilling will be carried out in the coming weeks.