Drilling at the Youanmi gold project located 480 kilometres north-east of Perth has unearthed new high-grade gold results for joint venture partners Rox Resources (ASX: RXL) and Venus Metals Corporation (ASX: VMC).
Assays received from drilling along strike to the north and down-dip of initial disovery holes at the Grace prospect returned 8 metres at 37.25 grams per tonne gold from 44m, including 4m at 73.81g/t gold from 48m and 4m at 9.96g/t gold from 4m.
Other results were 4m at 18.06g/t gold from 16m; 4m at 11.02g/t gold from 48m; and 4m at 5.13g/t gold from 12m.
The grades are believed to be high relative to historical mining results and have been interpreted to be close to true width.
They define a series of moderate west-dipping quartz-hosted gold lodes in granite which remain open at depth and along strike.
Rox managing director Alex Passmore said the drilling intersected new gold-bearing veins which are yet to be tested above and below the Grace lode identified in earlier exploration.
“The results demonstrate the high prospectivity of the Youanmi project area beyond previously-identified ore zones,” he said.
Mr Passmore said a reverse circulation rig and crew would return to Youanmi to commence another 5,000m campaign at Grace with a view to providing sufficient detail to facilitiate resource definition.
Around 2,000m of diamond drilling has also been planned to characterise wider gold-bearing veins and allow better correlation between drill sections.
Rox and Venus joined forces in April to unlock the potential of the historic Youanmi mine.
Last month, the partners intersected a series of “spectacular grades” within a southerly plunging lode system on a steep westerly dipping structure which is broadly along strike from Youanmi’s Peru and Airstrip lodes.
While interpretation of those results is ongoing, Mr Passmore said the tenor of the intercepts was encouraging and follow-up drilling would take place in the coming months.
At mid-morning, shares in Rox were up 12% to $0.028, while Venus increased 5.88% to $0.18.