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Source: MiningNews.net
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  • Rox Resources (RXL) and Venus Metals (VMC) have extended mineralisation at the Grace prospect within the Youanmi Gold Project
  • The 3000-metre drilling program was completed in the OGY joint venture area of the Western Australian project
  • Highlights include an intercept of 25 metres grading at 34.79 grams per tonne of gold from 150 metres
  • Rox Resources recently increased its stake in this joint venture area to 70 per cent, while the remaining 30 per cent is held by Venus Metal’s wholly-owned subsidiary Oz Youanmi Gold
  • Today, Oz Youanmi Gold elected for Rox Resources to pay its portion of costs and liabilities in the joint venture until a decision to mine is made
  • The loan is secured against Oz Youanmi’s interest in the OGY joint venture
  • Rox Resources is up 50 per cent to 3.6 cents per share, while Venus Metals is trading 17.7 per cent higher for 20 cents per share

Rox Resources (RXL) and Venus Metals (VMC) have extended mineralisation at the Grace prospect within the Youanmi Gold Project.

The 3000-metre drilling program is testing depth and strike extensions to the Grace prospect, as well as infilling areas of high-grade mineralisation. This prospect lies within the OGY joint venture area of the Youanmi Gold Project in Western Australia.

Only the first assay results have been received, but Rox Resources Managing Director Alex Passmore said these are already significant.

“These very impressive results are the best we’ve seen and significantly, are from the deepest drilling at Grace to date. The exploration model we are applying at Grace is continuing to work well, delivering what is shaping up to be a substantial high-grade deposit. We look forward to updating the market on further assays as they become available,” Alex said.

Highlights from the drilling campaign included an intercept of 25 metres, which graded at 34.79 grams per tonne of gold from 150 metres in hole RXRC287. This intercept successfully extended mineralisation along strike as well as down-dip.

Approximately 20 metres down dip from this intercept, hole RXRC287, intercepted visible gold in RC chips. Assay results from this hole are pending.

Last week, Rox Resources elected to increase its stake in the OGY JV to 70 per cent, Venus Metals holds the remaining 30 per cent through its wholly-owned subsidiary, Oz Youanmi Gold.

Today, Oz Youanmi Gold elected to have its 30 per cent proportion of costs and liabilities in the joint venture paid by Rox Resources up until a decision to mine. The interest-free limited-recourse loan is secured against Oz Youanmi’s interest in the OGY JV.

Rox Resources is up 50 per cent to 3.6 cents per share, while Venus Metals is trading 17.7 per cent higher for 20 cents per share at 1:00 pm AEST.

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