Venus Metals Corporation and Rox Resources are headed for a mineral resource upgrade at their Youanmi gold project after impressive results from resource development drilling, including a 4m hit at 14.85 grams per tonne gold from 298m.
The joint venture partners say the high-grade results confirm significant gold endowment at the project that sits about 480km north-east of Perth.
The latest assays are from an ongoing 23,000m campaign at the operation that is now more than 50 per cent complete, with additional results showing 4m going 7.6g/t gold from 311m and 6.53m grading 10.31g/t gold from 339.47m.
More drilling is now focused on the high-priority Link and Kathleen areas and is designed to convert the inferred category of the JV’s resources into the indicated classification for inclusion in an upcoming prefeasibility study.
At Link, assays have highlighted gold intercepts above the average Youanmi underground grade of 6.89g/t gold and confirmed a zone of high-grade mineralisation about 200m from historical underground and open-pit workings. The mineralisation at Link remains open down-plunge to the north-west and up-plunge to the south-east, confirming robust mineralised lodes that include zones of thicker mineralisation, along with areas of higher gold grades.
Youanmi sits in the central part of the Youanmi greenstone belt, within the Southern Cross province of the Archean Yilgarn Craton. Neighbouring mines include Agnew with its two million ounces, Golden Grove holding one million ounces and Kirkalock containing one million ounces.
The mine itself boasts historical production from 1918 through to 1997 for a total of 667,000 ounces going 5.42g/t gold from both open-pit and underground operations. Its total resource currently stands just under 30 million tonnes grading 3.5g/t for 3.2 million ounces of contained gold.
The two companies joined forces to acquire the Youanmi gold mine from Oz Youanmi in April 2019, with Rox having the ability to raise its share in the JV from an initial 50 per cent to 70 per cent - a feat it has since achieved. The mine is one of several ventures the two companies share in the Youanmi shear zone.
An extensive exploration campaign throughout 2021 and early last year by the new owners saw big jumps in Youanmi’s resources. Near-surface resource increased by 204,000 ounces to break through the magical one million ounces barrier.
Just last week, Venus revealed it would become a major shareholder in Rox after the companies agreed to consolidate their ownership interests in the greater Youanmi project. Under the latest agreement, Venus will receive 110 million shares in Rox and in return, the latter will pick up Venus’ gold interests in each of their Youanmi JVs. That part of the deal includes 45 per cent in the Youanmi and Currans Find JVs and 50 per cent of the Venus Metals JV.
Importantly, Rox is acquiring the remaining 30 per cent of the OYG JV that includes all mineral interests at the site.
The 3.2-million-ounce project’s schedule has a prefeasibility study targeted for this year and a definitive feasibility study slated for next year, before a final investment decision in 2025.
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By Michael Philipps
