Venus Metals Corporation (ASX: VMC), together with joint venture partner Rox Resources (ASX: RXL), has identified a potential new parallel lode during drilling at the Youanmi gold mine in Western Australia.
The company intersected high-grade mineralisation in a newly-defined position in the hanging wall, in an area between the Bunker pit and the Youanmi main lode.
Drilling intersected 4 metres at 45.5 grams per tonne gold from 341m and is believed to have highlighted the “significant potential” for further discoveries of economic mineralisation in the area.
Further high-grade gold intercepts were received from infill and extension drilling at the project’s Junction prospect, over untested areas at depth.
Best results were 16m at 4.22g/t gold from 56m, including 3m at 16.4g/t from 66m and 3m at 4.1g/t from 203m; 3m at 15.17g/t gold from 108m; and 3m at 3.35g/t gold from 204m.
Two step-out holes approximately 100m from historical drilling returned results of 0.51m at 15.93g/t gold from 381.09m; 4.63m at 3.7g/t gold from 549m; 3.1m at 1.9g/t gold from 624.9m; 0.87m at 15.4g/t gold from 596m; and 2.72m at 2.61g/t gold from 278.32m.
Continuity of main lode
Rox Resources managing director Alex Passmore said the results were “encouraging” and confirm continuity of the Youanmi main lode structure at depth.
“We are very pleased to report strongly mineralised intersections in a newly-identified structure near the Youanmi mine and up-sequence from the main lode ore body [which is an] exciting development as it lies within a previously untested area,” he said.
“In addition, extension and infill drilling at Junction continues to deliver high-grade results that will contribute to resource growth at Youanmi and is likely to add ounces in crucial areas that will improve project economics.”
Drilling along strike
Future drilling will test along strike, targeting areas where north-south trending conjugate structures intersect the Youanmi main lode that will likely result in thickening of mineralised zones.
The intersection of these structures is believed to be the location where major accumulations of gold are found at Youanmi.
“Our drilling remains on track to deliver further increases in the Youanmi gold resource,” Mr Passmore said.
“The identification of high-grade mineralisation at Junction and the new hanging wall zone demonstrate the potential for new discoveries at Youanmi and continue to build confidence in [the joint venture’s] exploration strategy.”