- Venus Metals (VMC) and Rox Resources (RXL) have received additional results from the Sovereign Prospect which is situated within the Youanmi Gold Project
- Reverse circulation drilling followed up on previous results while aircore drilling extended the recently discovered gold mineralisation
- Gold grading up to 11 grammes per tonne was intersected
- Venus’ share price is currently down 2.56 per cent and trading for 19 cents while Rox is up 4.76 per cent and trading for 2.2 cents
Venus Metals (VMC) and Rox Resources (RXL) have received additional results from the Sovereign Prospect within the Youanmi Gold Project.
Reverse circulation (RC) drilling followed up on previous results and aircore (AC) drilling extended the recently discovered gold mineralisation along strike to the south.
The RC drilling confirmed the gold mineralisation with best results of 1 metre at 11.61g/t gold from 79 metres, and 3 metres at 6.61g/t gold from 78 metres.
Additional AC drilling confirms the extension of gold mineralisation to the south with a best result of 8 metres at 1.92g/t gold from 28 metres.
The discovery of shallow gold mineralisation, as well as associated base metals, is very encouraging and deeper RC drilling is planned to further explore the new gold-mineralised zone.
To find Sovereign, Venus and Rox used old airborne magnetic data that showed magnetic lows near the Penny West gold deposit and the Columbia-Magenta prospects.
An initial AC drilling program targeted thesis highly prospective aeromagnetic trends and generated geochemical anomalies for lead and other base metals.
Follow-up AC drilling that was completed in October intersected significant gold mineralisation of 4 metres at 7.02g/t gold from 24 metres and 5 metres at 2.41g/t gold from 60 metres to end of hole.
Immediate follow-up drilling began in early November to verify gold mineralisation encountered in VRAC151 and VRAC161.
The drilling program comprised of three RC holes for 310 metres and results from YSRC05 confirm the presence of significant gold mineralisation of 3 metres at 6.61g/t gold from 78 metres, and 1 metre at 11.62g/t gold from 79 metres.
For the AC drilling program 10 holes, for 716 metres, were completed along lines 50 metres to the south and north of thee initial hole VRAC151 to determine the potential strike extent and direction of the mineralised zone.
Along the south a best intercept of 8 metres at 1.92g/t gold from 28 metres was uncovered.
The newly discovered gold mineralisation is associated with quartz veining in dominantly mafic and ultramafic rocks.
The gold mineralisation broadly corresponds with anomalous lead and other base metal concentrations.
This is considered significant as it resembles the association of gold with base metals observed at the Currans North and Red White and Blue Prospects.
At 2:05 pm AEDT, Venus’ share price is down 2.56 per cent and trading for 19 cents while Rox is up 4.76 per cent and trading for 2.2 cents.