Australian gold and nickel company, Rox Resources Limited (“Rox” or “the Company”) (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation Limited (ASX: VMC) is pleased to provide an update on exploration activities at Youanmi Gold Project near Mt Magnet, WA, in the OYG JV area (Rox 70% and Manager, VMC 30%).
HIGHLIGHTS:
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High-grade mineralisation extended by 100m to the south at Grace:
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Assays received for 3 holes, pending for 15 holes.
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RXRC363: 8m @ 19.9g/t Au from 68m, including 4m @ 38.3g/t Au from 68m. Shallow high-grade mineralisation in Granite at Grace South.
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RXRC362: 4m @ 5g/t Au from 40m in Granite at Grace South.
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RXRC361: 4m @ 6g/t Au from 84m and 8m @ 4.1g/t Au from 112m at Junction.
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• RC drilling continues at new high priority targets, Grace South, Link and Junction.
Assay results from the current drill program, which commenced in early February 2021, have now started to flow in. Results have been received for three holes, results are awaited for 15 holes. The Company notes assay turnaround times are running at approximately 5-6 weeks due to increased activity across the sector.
We are pleased to report that recently returned drill results have extended the known area of high-grade mineralisation at Grace by 100m to the south of previously determined extent. The highlight of this round of drilling being 8m @ 19.9 g/t Au encountered in a shallow position in RXRC363.
The current RC drilling program has been designed to test the southern continuation of the Grace deposit and other high grade near mine targets including the recently identified high priority Junction and Link targets.
Managing Director Alex Passmore commented:
“We are pleased to report these latest strong drill results from Youanmi and the shallow strike extensions at Grace. We look forward to updating the market as more results come to hand.”
Following the extensive drilling campaign in 2020 a re-interpretation of structural controls on mineralisation at Youanmi was completed which identified underexplored high priority targets. This re-interpretation, a result interpretation of 2020 drilling results, structural relogging of historical diamond core and an audit of historical mining data, indicates that high-grade mineralisation along the Mine Shear Zone is strongly associated with shallow-plunging dilational shoots trending NNW.
The RC holes reported in this announcement (RXRC363: 8m @ 19.9g/t Au from 68m and RXRC362: 4m @ 5g/t Au from 40m at Grace South and RXRC361: 4m @ 6g/t Au from 84m and 8m @ 4.1g/t Au from 112m at Junction.) have confirmed the new interpretation is geologically robust and additional RC drilling has been planned.
This new geological model indicates these targets have strong potential to significantly enhance near mine gold inventory.
