- Rox Resources (RXL) has completed its earn-in requirements for the Youanmi gold project held in a joint venture with Venus Metals (VMC)
- The project consists of four tenements which span some 80 kilometres of strike and tout a confirmed mineral resource of 1.19 million ounces gold
- Today, Rox announced it had met the $1 million of required exploration spending across the tenements, to earn 50 per cent and 45 per cent of gold rights for two of the prospects
- It means the explorer has also assumed operational management across all the regional joint ventures
- Rox acquired interests in the remaining tenements back in 2019
- Rox Resources and Venus Metals have both closed the day down at 3.7 cents and 18.5 cents, respectively
Rox Resources (RXL) has completed its earn-in requirements for the Youanmi gold project held in a joint venture with Venus Metals (VMC).
The Youanmi Gold Project consists of four joint ventures held with Venus Metals, namely the OYG JV, the Currans Find JV, the VMC JV and the Youanmi JV.
Rox acquired interests in the OYG and the Currans Find and entered earn-in arrangements for the remaining two tenements back in 2019.
Today, Rox announced it had met exploration spending requirements at Youanmi and VMC, which consisted of $800,000 to earn 50 per cent of gold rights at VMC and $200,00 to earn 45 per cent of gold rights for Youanmi.
Having earned interest in all concurrent joint ventures, Rox has also assumed operational management of all regional joint ventures with Venus Metals.
The Youanmi joint venture tenements cover approximately 80 kilometres of strike of the highly prospective Youanmi shear zone, roughly 480 kilometres northeast of Perth, Western Australia.
The prospects tout a confirmed mineral resource estimate of 1.19 million ounces gold.
After assuming management, Rox said it is undertaking a comprehensive review of the tenement’s historical dataset in a bid to identify target regions with free milling gold mineralisation.
Rox Resources has closed the day down 2.63 per cent at 3.7 cents per share.
Meanwhile, Venus Metals also closed the day down 7.50 per cent at 18.5 cents per share.