RXL: New Exceptional Drilling Results at Link Prospect
RXL: New Exceptional Drilling Results at Link Prospect
Perth, Sep 9, 2021 AEST (ABN Newswire) - West Australian focused gold exploration and development company, Rox Resources Limited (ASX:RXL), in conjunction with its joint venture partner Venus Metals Corporation Limited (ASX:VMC), is pleased to provide an update on drill results from the Youanmi Gold Project near Mt Magnet, WA, in the OYG JV area (Rox 70% and Manager, VMC 30%).

Drilling continues at Youanmi, with diamond and RC rigs operating at the OYG JV and regional aircore drilling progressing on the Regional Joint Ventures (Rox 50% and Manager, VMC 50%).

Highlights of this round of results include 7.25m @ 15.02g/t Au from 315.8m, including 2.9m @ 22.37g/t Au from 320.1m intersected in RXDD026, 12m @ 4.46g/t Au from 184m, including 3m @ 7.73g/t Au from 186m intersected in RXRC410 and 7m @ 3.56g/t Au from 234m, including 3m @ 6.45g/t Au from 236m intersected in RXRC409. (Table 1, Figure 1*).

RXDD026 extends a zone of high-grade mineralisation more than 120m from the current resource and highlights the down-plunge extension of defined high-grade ore zones.

RXRC408, RXRC409 and RXRC410 which are located close to existing underground development (Figure 1) extend known mineralisation from the boundary of the existing resource envelope and improve the confidence of the down plunge trend in this area.

ROX Managing Director Alex Passmore commented: "It is pleasing that we continue to get excellent drilling results from the current program at Youanmi. These results at the Link Prospect come from well outside the existing resource envelope, but importantly demonstrate the downward continuity of existing ore zones adding further confidence to the potential for resource additions in this key area of focus that is located in close proximity to existing underground workings.

In conjunction with new thick and relatively coherent mineralisation encountered in a parallel lode at Youanmi (see ASX 05 September 2021) we are confident of being able to report solid resource additions to underpin the economics of Youanmi in due course."

Resource Growth at Link Prospect

The Company recently reported an upgrade to the resource inventory at Youanmi to 1.7Moz at 2.85g/t Au (ASX RXL 23 June 2021). This resource reflected all data that was available (in the Youanmi drilling database as of 3 March 2021 (i.e. 2021 drilling is not reflected in this resource). Drilling is now focussed on resource extension and Indicated Resource conversion around the near mine areas (Link and Junction).

Recent drilling at Link was focussed on indicated and inferred resource extension.

Step out hole RXDD026 has returned one of the best results from Link to date; the intersection of 7.25m @ 15.02g/t Au from 315.8m, including 2.9m @ 22.37g/t Au from 320.1m demonstrates continuity of high-grade mineralisation 120m from the existing resource and 80m down plunge of previously reported diamond hole RXDD018: 6.8m @ 11.98g/t Au from 264m, including 2m @ 37.65g/t Au from 269m and 4.9m @ 6.51g/t Au from 250m (ASX RXL 22 July 2021).

The results from RXDD018 and RXDD026 provide strong confidence in the ability to add significant ounces to the resource inventory in this area.

Additional closer spaced (indicated) resource extension drilling was completed 40m from the current resource at Link with all holes intersecting high-grade mineralisation.

The results include:

- RXRC410: 12m @ 4.46g/t Au from 184m, including 3m @ 7.73g/t Au from 186m.

- RXRC409: 7m @ 3.56g/t Au from 234m, including 3m @ 6.45g/t Au from 236m.

- RXRC408: 4m @ 6.24g/t Au from 239m

These results will likely add both tonnes and grade of indicated resource material in this area, and focus ongoing resource development drilling

Mineralisation at Link is open down plunge to the north and up dip to the south (Figure 1 & 2*). The identification of high-grade mineralisation in extensional drilling continues to demonstrate the potential for further increases in the Resource.

Results are pending for 9 RC and 10 diamond holes in addition to 15,000m of aircore undertaken on regional prospects. Drilling is ongoing.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/4254H2M5


About Venus Metals Corporation Limited

Venus Metals ASX:VMC

Venus Metals Corporation Limited (ASX:VMC) is a West Australian based Company with a focus on gold and base metals exploration. The Company aims to increase shareholder value through targeted exploration success on its projects.

The Company's major gold project is the Youanmi Gold Mine, located 500km north east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%) (OYG JV); Indicated and Inferred Resources of the mine is 1.7 million ounces of gold.

Exciting new discoveries at the Youanmi Gold Mine have been made at the Grace prospect in footwall granites where very high grades of free milling gold have been intersected, including 25m @34.7g/t Au from 143m (RXRC 287) and 13m @60.49 g/t from 181m (RXRC 239). The Grace Prospect may substantially add to the Youanmi Gold Mine resources.

 


Contact

Matt Hogan
Managing Director
Venus Metals Corporation Limited
Tel: +61 8 9321 7541



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