Junior explorer Venus Metals Corporation and its joint venture partner ASX-listed Rox Resources have encountered more high-grade gold results ahead of a near-surface resource update at the Youanmi gold project near Mount Magnet in Western Australia.
Results from the latest drilling include significant hits up to 1m running 13.44 grams per tonne gold which will feed into a near-surface mineral resource update expected in the next two weeks.
The significant intersections come from RC and diamond drilling into the Link and Mine Lode prospects where the company has been targeting both resource extensions and infill.
Management believes the high-grade results from the Link area will contribute to the upcoming resource update that currently stands at 3 million ounces grading a respectable 3.78 g/t gold.
Holes drilled into Link yielded solid intercepts including a 4 metre hit going 4.43 grams per tonne gold from 52m downhole and 1m grading 13.44 g/t gold from 384m downhole.
Nearby, intercepts from drilling close to historical underground workings include a 3m hit going 15.86 g/t gold within a 5m section going 9.82 g/t gold from 198m and a 2m strike grading 11.8 g/t gold from 109m.
The results build on the previous drilling announced on February 22, where an array of high-grade gold was intersected across the project. A 1.12m hit of 48.01 g/t gold was encountered down plunge of the historical workings at a depth of 299.78m, in addition to a 3m strike running 6.09 g/t gold from 348m at the Link prospect. The Junction prospect also turned up a 2.33m hit going 17.38 g/t gold from 247.93m.
Rox says that in addition to de-risking the project, the results show mineralisation at Link remains open down plunge to the northwest and up plunge to the southeast.
Assay results are pending for seven RC holes drilled in near mine areas and the bit is still spinning.
Rox says it will continue its approach of exploring in tandem with conducting mining studies. It is planning to convert more resources to the indicated category in addition to drilling explorative holes. The company’s agenda also contains feasibility test work, a scoping study into processing plant design and costings, mine design and environmental work.
The Youanmi gold project is located on a 36 kilometre strike length of the Youanmi greenstone belt near the Ramelius-owned Mount Magnet gold mine. Rox holds 70 per cent and Venus 30 per cent of the near-mine Youanmi gold project joint venture.
Having already increased its resource by 1.34 million ounces of gold on January 20, interest is sure to be mounting in how the latest hits will stack up in the upcoming resource update.
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By Matt Birney
