Perth, Australia - West Australian focused gold exploration and development company,
Rox Resources Ltd. (ASX:RXL), in conjunction with its joint venture partner
Venus Metals Corporation Ltd. (ASX:VMC), is pleased to provide an update on drill results from the Youanmi Gold Project near Mt Magnet, WA, in the OYG JV area (Rox 70% and Manager, VMC 30%).
Results reported in this release are from shallower drilling up-plunge at the Link Prospect in an area previously untested by drilling, between the base of historic open pits and underground development. Gold mineralisation intersected by this drilling is at 110m depth, beneath the base of the Hill End open pit, a small historically mined (10m-15m depth) pit at Youanmi. This mineralisation also lies in a gap between the shallow and deeps resource envelopes, and hence is likely to contribute to additional ounces to the resource inventory.
Rox Managing Director Alex Passmore commented: "These shallow intercepts at Link prospect demonstrate good up-plunge continuity of gold mineralisation and add further confidence that we will be able to add to the shallow resource inventory in this area. As part of the ongoing Youanmi development studies being undertaken we are looking at various mining scenarios, which may include open pit mining in the vicinity of these intersections."
Resource Growth at Link Prospect
The results reported in this announcement demonstrate strong continuity of high-grade mineralisation at Link Prospect (Figure 1*) which augurs well for increases to the overall mineral resource.
The results (Table 1, Figure 1*) include:
- RXRC437: 3m @ 7.23g/t Au from 131m, within 9m @ 4.27g/t Au from 128m
- RXRC436: 2m @ 8.16g/t Au from 183m, within 8m @ 4.17g/t Au from 178m
- RXRC438: 2m @ 6.78g/t Au from 127m, within 5m @ 4.33g/t Au from 122m
These results define a zone of high-grade mineralisation between the base of historic open pits and underground development (Figure 1*). The results highlight the prospectivity of shallow untested areas with the mine development area that have been overlooked historically. Infill drilling in this zone is expected to add inventory to the Youanmi indicated resource category in an area with near-term production potential.
Drilling to date at Link has defined a zone of high-grade mineralisation more than 200m from the current resource envelope with extensive down-plunge continuity of high-grade ore zones.
Mineralisation at Link is open down plunge to the northwest and up dip to the southeast.
Results are pending for 28 RC and 14 diamond holes undertaken in the OYG JV area.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/0B62VAEO
About Venus Metals Corporation Limited:
Venus Metals Corporation Ltd. (ASX:VMC) is a West Australian based Company with a focus on gold and base metals exploration. The Company aims to increase shareholder value through targeted exploration success on its projects.
The Company's major gold project is the Youanmi Gold Mine, located 500km north east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%) (OYG JV); Indicated and Inferred Resources of the mine is 1.7 million ounces of gold.
Exciting new discoveries at the Youanmi Gold Mine have been made at the Grace prospect in footwall granites where very high grades of free milling gold have been intersected, including 25m @34.7g/t Au from 143m (RXRC 287) and 13m @60.49 g/t from 181m (RXRC 239). The Grace Prospect may substantially add to the Youanmi Gold Mine resources.
Source:
Venus Metals Corporation Ltd.
Contact:
Matt Hogan Managing Director Venus Metals Corporation Ltd. Tel: +61 8 9321 7541
