- Rox Resources (RXL) strikes “bonanza”-grade gold from recent reverse circulation (RC) and diamond drilling work at its Youanmi gold joint venture (JV) in WA
- The first of a series of new holes in the Youanmi South area returned up to 138.07 grams per tonne (g/t) gold over a three-metre stretch from a depth of 218 metres
- Rox says the true widths of the intersection are “unconstrained”, and the company is now planning to kick off follow-up drilling in the area
- Alongside JV partner Venus Metals (VMC), RXL plans to prioritise further drilling in newly-identified near-mine exploration targets to test new structural trends
- RXL shares skyrocket 48.28 per cent to 21.5 cents at midday AEDT
Shares in Rox Resources (RXL) have skyrocketed after the company reported “bonanza”-grade gold from recent reverse circulation (RC) and diamond drilling work at its Youanmi gold joint venture (JV) in WA.
The company said the first of a series of holes in the Youanmi South area returned 34.81 grams per tonne (g/t) gold over 28 metres from 204 metres deep. Within this intersection, Rox found three more high-grade intercepts peaking at 138.07 g/t gold over three metres.
Alongside JV partner Venus Metals (VMC), Rox has uncovered multiple exploration targets at the Youanmi South prospect and the ‘Midway’ structure, both part of the wide Youanmi gold project.
Rox Managing Director Robert Ryan said these results from the first hole at Youanmi South were an “exciting development” for the company.
“A core focus of our current exploration program is to test the splay structures off the historically-mined zone structures along the granite margin,” Mr Ryan said.
“The results from Midway, and those reported here on Youanmi South, emphasize that Youanmi has the potential to deliver extensive resource growth with quality ounces through near-mine discovery.”
The Youanmi South prospect has been subject to limited shallow drilling, but Rox has identified a number of structural trends within the area from recent interpretations of magnetic data.
RXL hopes to expand the discoveries by prioritising the understanding of splay structures of the Youanmi main zone both to the west (Midway) and east (Youanmi South).
Shares in Rox Resources soared 48.28 per cent to trade at 21.5 cents at midday AEDT. Venus shares are up 11.11 per cent to 15 cents.