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West Australian focused gold exploration and development 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 report a significant increase to the Mineral Resource Estimate (“MRE”) for the Youanmi Gold Project near Mt Magnet, WA.
- Youanmi Total Mineral Resource increased by 1.34 Moz Au to 3 Moz Au.
- Drilling results to the end of October 2021 included in this current resource update to deliver a 156% increase in the Deeps Resource contained gold.
- Youanmi Deeps very high-grade material increases following seven months of intensive infill and extensional diamond drilling for around 35,000 metres, as well as defining new areas such as Link, Junction, and mineralisation-parallel hanging-wall lodes.
- The Youanmi surface resource was not updated in this estimation round with further updates pending.
- All in exploration costs for the project indicate a $7 per ounce discovery cost – an exceptional result.
- Significant increase in Au metal ounces per vertical metre paves the way for expected robust conceptual economics, particularly with the recent determination of the Albion process as the preferred method for sulphide ore bodies at Youanmi (92.2% average gold extraction for underground). *
Drilling and exploration work at the Youanmi Gold Project in the OYG JV area (Rox 70% and Manager, VMC 30%) has yielded substantial increases in known and defined tonnages and ounces since the acquisition and commencement of drilling in mid-2019.
Rox has used in-house expertise to complete the Youanmi Deeps Resource update (Report Youanmi Deeps Mineral Resource Estimate January 2022 – refer Table 1) and engaged CSA Global (who completed the previous update in June 2021) to conduct independent checks of the modelling process. The previous resource for Youanmi Deeps and Near Surface was published in June 2021 (ASX announcement 23rd June 2021).
This article includes content from Rox Resources, 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.