Rox Resources (ASX:ROX) - Managing Director, Alex Passmore
Managing Director, Alex Passmore
Source: ASX Investor
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  • Australian gold and nickel company Rox Resources (RXL) and its joint venture partner, Venus Metals (VMS), has found “impressive gold grades” at the Youanmi Gold Project
  • The companies have now received all assay results from the March drilling program, which focused on the Grace Prospect
  • Crucially, the recent drilling has confirmed a second high-grade zone of mineralisation below the discovery zone
  • The most prolific results from Grace include three metres at 7.41g/t of gold from 109 metres and two metres at 7.34g/t of gold from 34 metres
  • Additionally, drilling at a hole 300 metres from Grace uncovered a new high-grade gold zone, with mineralisation returning two metres at 18.96g/t of gold from 48 metres
  • Following the discovery, Rox says further drilling at Youanmi will commence soon
  • On the market today, Rox Resources is down 3.85 per cent on the market and is trading for 2.5 cents per share, while Venus remains steady, selling shares for 16.5 cents each

Australian gold and nickel company, Rox Resources (RXL) and its joint venture partner, Venus Metals (VMS), has found “impressive gold grades” at Youanmi Gold Project.

The companies have now received all of the assay results from the March drilling program, which focused on the Grace Prospect.

Youanmi is located 480 kilometres northeast of Perth, Western Australia.

Grace Prospect

At Grace, drilling indicated the existence of a very high-grade zone of mineralisation within a broader zone of mineralisation. Crucially, however, the recent drilling also confirmed a second high-grade zone of mineralisation below the discovery zone.

The most prolific results from Grace include three metres at 7.41g/t of gold from 109 metres and two metres at 7.34g/t of gold from 34 metres.

“Results of the 2020 drilling continue to rapidly advance our understanding of mineralisation at the Grace Prospect, with the increasing definition of a pattern of multiple high-grade loses,” Managing Director Alex Passmore said.

“It’s highly encouraging to see step out drilling identify the same style of mineralisation 300 metres to the north,” he added.

Additionally, drilling at a hole 300 metres from Grace uncovered a new high-grade gold zone, with mineralisation returning two metres at 18.96g/t of gold from 48 metres.

What’s next?

Western Australia has relaxed some of its COVID-19 restrictions, meaning Rox can start to recommence drilling at Grace very soon. The planned drilling will add on to the exploration work that has already been done.

However, with these new results, Rox says there is a separate drilling program being planned to further investigate any more regional targets.

On the market today, Rox Resources is down 3.85 per cent on the market and is trading for 2.5 cents per share, while Venus remains steady, selling shares for 16.5 cents each.

RXL by the numbers
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