- Gold explorers Rox Resources (RXL) and Venus Metals (VMC) have found gold mineralisation in the OYG area at Youanmi
- The company has confirmed gold mineralisation along 2.5 kilometres of the strike in the Grace structural corridor
- Rox has also found a new shallow zone of mineralisation at Grace North
- Managing Director Alex Passmore said “Grace continues to deliver impressive, high-grade results”
- Despite the news, Rox resources is down eight per cent on the market this morning, trading for 6.9 cents per share
- Meanwhile, Venus is down 3.70 per cent, trading for 26 cents each
Gold explorers Rox Resources (RXL) and Venus Metals (VMC) have found gold mineralisation in the OYG area at Youanmi.
Last month, Rox increased its interest in the OYG area to 70 per cent.
Grace prospect
Reverse circulation drilling at the Grace prospect commenced in late May and planned to consist of 126 holes for 16,000 metres of drilling. Currently, 53 holes have been reported on.
Drilling at Grace has intersected impressive gold grades. Results include; two metres at 12.31g/t of gold from 195 metres, and four metres at 5.01g/t of gold from 173 metres, within an impressive broader 49 metres mineralised zone comprising 25 metres at 2.39g/t of gold and 24 metres at 1.04g/t of gold.
The drilling at depth has encountered the widest zones of mineralisation to date.
Grace North
At Grace North, one-metre samples — sourced from four-metre composite samples — have confirmed a new zone of mineralisation.
Results include one metre at 63.68g/t of gold from 49 metres to end of hole.
Rox Managing Director Alex Passmore is pleased with the results at Grace.
“Grace continues to deliver impressive, high-grade results,” he said.
“I am particularly excited by the extent of mineralisation encountered in drill hole RXRC292, which demonstrates that not only does Grace carry very high gold grades, with 49 metres of mineralisation intersected there is potential for significant tonnages to be delineated,” Alex added.
Rox has now defined a mineralised corridor within the Youanmi granite up to 1.5 kilometres north of historical mine infrastructure. Key areas in this corridor include Grace, Grace North and Plant Zone.
What’s next?
The company is now planning a diamond drilling program at Grace to better characterise the prospect. The program has been expanded to include targeting mineralisation at depth.
Despite the news, Rox resources is down eight per cent on the market this morning, trading for 6.9 cents per share, while Venus is down 3.70 per cent, trading for 26 cents each at 10:50 am AEST.