Venus Metals and Rox Resources report ‘exceptional’ drill results at Youanmi
Drilling at Sovereign has extended gold mineralisation down dip with a best intercept of 8m at 5.03g/t gold.
Known high-grade mineralisation at the Link prospect has been extended by what gold exploration partners Rox Resources (ASX: RXL) and 30%-holding joint venture partner Venus Metals (ASX: VMC) describe as “exceptional drilling results”.
Link is part of the large historic Youanmi project in Western Australia being explored by the two companies.
The new intercepts were reported from 120m down plunge of the existing resource envelope.
The companies said the latest step-out hole at Link returned one of the best intersections to date, assaying over 7.25m at 15.02 grams per tonne gold, including 2.9m at 22.37g/t.
In July the two companies identified the Link prospect at Youanmi as the ‘key’ gold project.
‘Strong potential’ for mineral resource increase
The Link target is situated within the northern mineralised envelope that hosted the high-grade United North, Kathleen and Rebel-Kurrajong open pits and Hill End underground mine.
Additional high-grade gold intercepts received from extension drilling at Link include 12m at 4.46g/t (including 3m at 7.73g/t), 7m at 3.56g/t (including 3m at 6.45g/t and 4m at 6.24g/t).
The companies say these results demonstrate ‘strong potential’ for the Youanmi mineral resource estimate which now stands at 1.7 million ounces at 2.85g/t.
Rox managing director Alex Passmore described the latest results as “excellent”.
“These results from the Link prospect come from well outside the existing resource envelope, but importantly demonstrate the downward continuity of existing ore zones,” he added.
Drilling continues at several JV programs
He said they added “further confidence to the potential for resource additions in this key area of focus that is located in proximity to existing underground workings”.
“We are confident of being able to report solid resource additions to underpin the economics of Youanmi.”
Meanwhile, drilling continues at Youanmi with both diamond and reverse circulation rigs operating at the joint venture, while air-core drilling continues at other regional joint ventures at Youanmi owned 50-50 by Venus and Rox.
The Youanmi mining centre has produced an estimated 667,000oz of gold (at an average 5.47g/t) since its discovery in 1901. It has been mined over three periods: 1908-21, 1937-42 and 1987-97.
Most of that gold was produced from the Youanmi mine itself, with 96,000oz produced from various satellite prospects.
Henderson gold-nickel project
This wasn’t the only positive news for Venus today, with the company also revealing encouraging phase one drilling results at the Henderson gold-nickel project near Menzies in WA’s eastern goldfields.
The phase one reconnaissance aircore drilling program identified new gold zones at the Emerald South and Henderson Bore prospects.
Drilling comprised 61 holes for 2,006m.
Notable results were: 7m at 1.13g/t gold from 45m, including 1m at 4.57g/t gold; and 2m at 2.2g/t gold, including 1m at 4.09g/t gold.
Venus will complete a follow up reverse circulation program at Henderson targeting six main areas.