Australian gold company, Rox Resources (ASX: RXL) today announced it has met its earn-in requirements at the Youanmi Regional Gold Project held in joint venture with Venus Metals Corporation Limited (ASX: VMC).
Rox earns interests in the VMC and Youanmi JV’s.
Rox to assume management of all Youanmi Gold Project regional projects.
Youanmi Gold Project
The Youanmi Gold Project is located 480 km to the northeast of Perth, Western Australia, accessed by the sealed Great Northern Highway for a distance of 418 km from Perth to Paynes Find and then for 150 km by the unsealed Paynes Find to Sandstone Road.
The Youanmi Gold Project consists of four joint ventures with Venus Metals Corporation Limited (VMC) and tenements 100% owned by Rox. The joint ventures are:
The OYG JV (Rox 70% all minerals) – covers 65km2, is circa 10km x 7km wide, and surrounds the Youanmi Gold Mine and nearby extensions.
the Currans Find JV (Rox 45%, all minerals) – covers 4km2.
the VMC JV (Rox 50% gold rights) – covers 302km2.
the Youanmi JV (Rox 45% gold rights) – covers 270km2.
In 2019, Rox acquired interests in the OYG JV and the Currans Find JV (refer ASX releases 10 & 15 April 2019) and entered into earn-in arrangements on the other two JV’s. Under the terms of the VMC JV, Rox was required to spend $800,000 on exploration to earn a 50% interest in the gold rights of the VMC JV, and under the terms of the Youanmi JV, was required to spend $200,000 on exploration to earn a 45% interest in the gold rights of the Youanmi JV. These expenditure commitments have now been met.
In addition, having earned its interest in all joint ventures, Rox has assumed operational management of all regional joint ventures from VMC.