Rox Resources (ASX:RXL) increases Youanmi resource by 81pc

• Rox Resources (RXL) increases the Youanmi Gold Project Mineral Resource Estimate by 81 per cent
• The project’s indicated and inferred resource stands at 24.61 million tonnes at 3.78g/t gold for 2.99 million ounces and comprises the Youanmi Deeps and Near Surface areas
• The near surface portion stayed the same however the Youanmi Deeps resource increased by 156 per cent following months of intensive drilling and defining new areas
• While Rox is pleased to have updated the resource, it expects to update it further in the June quarter to incorporate drill results from November and December
• Company shares are up 30.6 per cent following today’s news to trade at 47 cents

Rox Resources (RXL) has announced an increase to the Youanmi gold project’s mineral resource which is located near Mt Magnet, Western Australia.

The Youanmi Gold Project is held in a joint venture with ASX-listed company Venus Metals (VMC).

Youanmi now has an indicated and inferred mineral resource estimate of 24.61 million tonnes at 3.78 grams of gold per tonne (g/t) for 2.99 million ounces of gold. This represents an 81 per cent increase on the previous estimate which was released in June last year.

The mineral resource comprises the Youanmi Deeps and Near Surface areas however the surface resource wasn’t updated in this estimation round.

The Youanmi Deeps resource on the other hand saw a material increase of 156 per cent following seven months of intensive infill and extensional diamond drilling for around 35,000 metres. Drilling also successfully defined new areas including Link, Junction, and hanging-wall lodes.

“We are delighted to announce this substantial upgrade to the Youanmi gold project mineral resource estimate following the successful execution of our targeted infill, extensional, and discovery drilling strategy,” Managing Director Alex Passmore said.

“This resource update sees a tripling of the 2018 Deeps Resource with more drilling from the last few months of 2021 still to be incorporated in the overall resource. We took the decision to provide an interim updated resource estimate given the very long assay turnaround times being experienced of up to 14 weeks in some cases,” he said.

Importantly, additional drilling results from November and December will be incorporated into the next resource estimate update which is expected in the June 2022 quarter.

Rox Resources said feasibility studies are continuing for the Youanmi mine and exploration work is ongoing to potentially make new discoveries.

Company shares were up 30.6 per cent following today’s news to trade at 47 cents at 11:44 am AEDT.