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Rox Resources (ASX:RXL) - Managing Director, Alex Passmore - The Market Herald
Managing Director, Alex Passmore
Source: HotCopper
  • Rox Resources (RXL) and its joint venture partner Venus Metals (VMC) have provided updates for the Youanmi Gold Mine in WA
  • Reverse circulation (RC) drilling is ongoing and results have so far peaked at 13.96g/t gold
  • Aircore drilling is continuing and work is already supporting the discovery of a new gold zone three kilometres north of Youanmi
  • The first phase of diamond drilling is complete and despite pending results, logging indicates that gold is hosted within a west-dipping zone of altered granite
  • Results from the RC and diamond drilling are expected to be used for the definition of a maiden mineral resource for the Grace Prospect
  • Both Rox and Venus are steady in early morning trade with shares trading for 5.7 cents and 27 cents, respectively

Rox Resources (RXL) and its joint venture (JV) partner Venus Metals (VMC) have provided updates for the Youanmi Gold Mine.

Youanmi lies 480 kilometres northeast of Perth and the area has produced an estimated 667,000 ounces of gold since it was discovered in 1901.

Rox has a 70 per cent interest in the project, while Venus has the remaining 30 per cent.

Reverse circulation drilling

Reverse circulation (RC) drilling began in late May with the companies focusing on the Grace Prospect.

The entire program will cover 126 holes and extend 20 previously drilled holes.

To date, results for 89 holes have been announced with a best result of two metres at 13.96g/t gold from 114 metres being encountered.

Results from RC drilling, along with diamond drilling, are expected to be used for the definition of a maiden mineral resource for Grace.

Aircore drilling

Aircore drilling is ongoing to test new targets to the north of Youanmi with the first phase consisting of 251 holes.

Results have been received for the first 25 holes, with best results including four metres at 15.95g/t gold from 36 metres.

Work is already supporting the discovery of a new gold zone three kilometres north of Youanmi.

Diamond drilling

The first phase of diamond drilling is complete which aimed to obtain gravity data for resource estimation, determine structural controls of the mineralisation, and extend previous RC holes that failed to reach target depth.

Results are pending, however, logging of mineralised core indicate that gold is hosted within a west-dipping zone of altered granite.

Further, visible gold is present in several of the mineralised zones.

"We are pleased to report ongoing strong results from our Youanmi exploration efforts which are continuing at pace," Managing Director Alex Passmore said.

"Of particular interest is the newly discovered gold zone three kilometres north of the Youanmi main mine / historical plant. This may be indicative of a new mineralised structure in the Youanmi granite," he added.

Both Rox and Venus are steady in early morning trade with shares respectively trading for 5.7 cents and 27 cents at 10:41 am AEDT.


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