Venus Metals and Rox Resources reveal growth in Youanmi near-surface gold resource
Rox Resources has entered a joint venture with Venus Metals to acquire up to a 70% stake in the Youanmi gold mine.
Venus Metals (ASX: VMC) and its joint venture partner Rox Resources (ASX: RXL) have revealed a 26% increase to the near-surface resource at the Youanmi gold project near Mt Magnet in Western Australia.
The Youanmi near-surface resource has risen by 204,000 ounces of gold to now exceed 1 million ounces.
Combined with underground resources at the project, Youanmi’s global estimate now stands at 27.9 million tonnes at 3.57 grams per tonne gold for almost 3.2Moz, which represents a 7% increase to global resources.
Rox managing director Alex Passmore said the joint venture was “very pleased” to unveil the resource upgrade, which includes new minerals zones from Link, Footwall Lodes and Hanging-wall Lodes.
The resource update is underpinned by 16,000m of reverse circulation drilling that was completed in the second half of 2021 and early this year.
“The substantial increase in both near surface and underground resources at Youanmi is testament to the strong geological understanding our exploration team has developed, allowing for precise and effective targeting of gold lodes that continues to deliver strong results.”
“The scale of Youanmi is starting to become more apparent and in line with our high level of confidence in the project.”
Advancing Youanmi gold project
Since June last year, the global mineral resource inventory for Youanmi has increased 93% from 1.7Moz to 3.2Moz.
Mr Passmore said the upgraded Youanmi resource will underpin the open pit component of a scoping study for the project, which is on-track for completion in the middle of the year.
With the scoping study nearing completion, the joint venture is continuing with drilling, which aims to uncover new zones, while converting resource confidence from inferred to indicated.
Other work comprises feasibility level underground and open pit metallurgical test work, along with mine design and environmental work.
Venus holds a 30% interest in the project’s OYG joint venture area, which is where most of the exploration and drilling has been completed.