- Rox Resources (RXL) and its joint venture partner Venus Metals Corporation (VMC) have updated the market on its Youanmi Gold Project
- A ripping trial was conducted at the Grace deposit’s to find out whether the material will be a free dig or require blasting in an early mining scenario
- Results from the trial show that Grace will not require drilling and blasting, representing a significant cost saving
- Four drill rigs remain on the site continuing both resource and exploration drilling
- Just before the market opens this morning, Rox Resources shares are trading at 38 cents, while Venus is trading at 18 cents per share
Rox Resources (RXL) and its joint venture partner Venus Metals Corporation (VMC) have updated the market on its Youanmi Gold Project in Western Australia.
The companies are currently aiming to deliver a feasibility study on the restart of mining at Youanmi.
Currently, Rox has been focused on evaluating early-stage mining opportunities at the Grace deposit.
A ripping trial was conducted on Grace mineralisation and surrounding material to find out whether the material will be a free dig or require blasting in an early mining scenario.
Results from the trial show that Grace will not require drilling and blasting, representing a significant cost saving.
Rox Managing Director Alex Passmore is pleased with the progress at Youanmi.
“We are very pleased to provide this update on some of the many ancillary exploration and development activities that are happening at Youanmi and to report that the organisation is building out a highly capable team to deliver feasibility studies on the restart of mining at Youanmi, and ultimately transitioning into development,” Mr Passmore said.
“The Grace orebody has been confirmed as shallow and free-digging in nature. These results support the concept that Grace will be an early contributor to production and cash flow upon the development of the Youanmi project.”
Four drill rigs remain on the site continuing both resource and exploration drilling.
Just before the market opens this morning, Rox Resources were trading at 38 cents, while Venus was trading at 18 cents per share.