Investing News NetworkAUSTRALIA

Venus Metals Corporation

Youanmi Continues To Deliver Strong High-Grade Assay Results From In-Fill And Exploration Drilling

Resource development drilling at Link supports resource update; More high-grade hits at Midway and Paddy’s Lode

West Australian gold exploration and development company Rox Resources Limited (“Rox” or “the Company”) (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation (ASX: VMC), is pleased to report further significant assay results from the ongoing resource development program at the 3.2Moz Youanmi Gold Project (OYG JV), located near Mt Magnet in WA.

  • Further assays received from Youanmi resource development drilling at Link. Results include:
    • RXDD090: 5.86m @ 2.87g/t Au from 393.83m, incl: 2.87m @ 4.80g/t Au from 394.70m, and: 5.12m @ 4.46g/t Au from 479.33m, incl: 2.72m @ 6.81g/t Au from 480.12m
    • RXDD094: 1.12m @ 13.07g/t Au from 434.88m
  • Drilling at Link has been targeting an upgrade in Resource category over a 460m strike length between 230m and 475m below surface. The consistency of the high-grade results received to date bodes well for future Resource updates as well as for potential depth extensions.
  • Further drilling results received from near-mine exploration at Midway, including:
    • RXDD073: 0.54m @ 16.17g/t Au from 290.65m
    • RXDD074: 7.00m @ 5.95g/t Au from 87.00m
    • RXDD085: 1.37m @ 21.89g/t Au from 354.69m
    • RXRC462: 2.00m @ 7.93g/t Au from 142.00m
  • Drilling completed at Midway has returned several high- grade results which continue to define the developing high-grade lode structure.
  • Initial RC drilling to test potential supergene mineralisation and up-dip extensions at the Paddy’s Lode discovery has returned the following assays:
    • RXRC481: 16.00m @ 1.38g/t Au from 56.00m
    • RXRC483: 4.00m @ 5.33g/t from 202m
  • Targeted geophysical survey (IP) has commenced at the Youanmi South area and Midway to identify potential high grade, dilatational zones along the mineralised structural corridor to be targeted in the next phase of drilling.
The assays are from a recently completed 28,507m (increased from 23,000m) resource development and near- mine exploration drilling program. Resource development drilling, which was focused on the high-priority Link and Kathleen areas of the project, was designed to convert Inferred Resources to the higher confidence Indicated Resource classification.

Drilling at Link was designed to target an upgrade of the Inferred Resource over a strike length of 460m and between 230m and 475m below surface. Assays received to date at Link have provided confidence in the geological interpretation and bode well for improving resource confidence as part of future resource updates, while also highlighting the down-dip potential of the ore zone.

Near-mine exploration drilling was focused on further evaluating the Midway exploration target identified in 2021, as well as the more recent Paddy’s Lode discovery in the Youanmi South Project area identified in early 2023.

Both prospects continue to demonstrate significant upside potential for the Youanmi Gold Project which will be an important focus for ongoing exploration. A geophysical survey has commenced recently to help further define the high-grade dilatational zones for the next phase of drill targeting.

Managing Director Comments

Rox Resources’ Managing Director, Mr Robert Ryan, said the latest drilling results continued to improve confidence in the Resource at Link while also reinforcing the exciting upside potential at both Midway and Paddy’s Lode.

“The latest two holes from Link continue to confirm the current geological interpretations and will improve the confidence in the Inferred Mineral Resources. Assays are outstanding for the four remaining diamond holes, which we expect will further increase confidence in the Resource and set the foundation for the Mineral Resource update targeted for later this year.

“Results from the near-mine discovery at Midway also continue to impress with high-grade results returned at excellent underground mining widths. The high-grade zone at Midway has been intersected over a 150m strike and 200m vertical extent and is still open along strike and down plunge.

“Meanwhile RC drilling at Paddy’s Lode targeting the potential for shallow high-grade material up-dip of the discovery holes has returned a broad zone of lower grade mineralisation close to the east-west offsetting fault.

“Our interpretation is that high-grade mineralisation appears to be constrained within 80m to 100m of the E-W fault, but remains open down-plunge. Similar to the Youanmi Main Lode and Link, further dilatations of the mineralised structure will yield further high-grade exploration targets and the geophysical survey currently underway will provide valuable information to target these high-grade zones both to the north, and stepping along strike to the south.

“We are still a long way from unravelling the potential of this emerging Paddy’s Lode area and we remain confident in the potential of this area to host a significant zone of high-grade mineralisation. With the help of the current geophysical survey, we look forward to getting rigs back on the ground for the next phase of exploration.”

Figure 1. Drilling in progress at the Youanmi Gold Project.

Resource Drilling Results

The diamond and Reverse Circulation (RC) drilling program at the Youanmi Project was completed on 11 June 2023 with a total of 28,507 metres drilled.

The resource development drilling focused on converting Inferred Resources to the Indicated Resources classification at the high-priority Link and Kathleen areas (Figure 2). This drilling is targeting high-grade mineralisation over a 460m strike length and to a depth of 475m below surface. The drilling was designed to delineate sufficient Indicated Resources for future feasibility studies, as well as to confirm the continuity of gold grades proximal to the current Indicated Resources.

Click here for the full ASX Release

This article includes content from Venus Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.


Top News

Galan Lithium

Related News

Galan Lithium