Receives Positive Assay Results From Ongoing Testing Near Grace Lode
Rox Resources Limited (ASX: RXL) and joint venture partner Venus Metals Corporation Limited have identified two high exciting targets at Youanmi in the OYG JV area (Rox 70% and Manager, VMC 30%) in Western Australia.
The priority targets, “Link” and “Junction have been identified in data Rox continues to receive covering the northern extents of the Grace lode mineralisation at Youanmi from work undertaken in November and December.
Managing Director, Alex Passmore, said the favourable structure and lithology (green, sericitized quartz altered granite) continues although grades into less continuous zones along the Grace structure to the north. The Grace lode transitions into the wider lower grade open pit prospect Plant Zone.
Importantly, the southern extent of the Grace structure, and the structure at depth have emerged as compelling targets. Rox’s exploration model indicates that this zone has strong potential for significantly enhancing near mine gold inventory.
Mr Passmore said the southern part of the Grace structure likely intersects the Youanmi mine shear below and south of the historically mined Pollard lodes. These lodes were principally mined in the 1930’s with historical mine records indicating production of 260,000oz at 15 g/t Au mined grade. The modern era (1987 – 1993) open pit then mined out remnant mineralisation between surface and 120m below ground level.
This new target “Junction”is to be tested via drilling commencing in late January or early February 2021.
Elsewhere, Aircore drilling to test new targets to the north of the Youanmi mine area has identified extensive gold anomalism in the Youanmi Granite. Several zones greater than 250ppb Au have been delineated indicating gold bearing structures in the granite, that when traced back to intersecting positions in the mafic lithologies, present high priority drill targets.
Activities since the start of October 2020 also focused on identifying new high-grade, north-south trending structures (i.e. analogous to Grace) north of prospects Hill End, United North, Kathleen, and Rebel. RC drilling of 22 holes for 3,928m was completed.
Several new zones of mineralisation have been identified, which are expected to show similar metallurgical characteristics to Grace (i.e. free milling) and may present future opportunities for incorporation into shallow oxide resource inventory.
The intersection zones of these gold bearing structures with regional structures in mafic lithologies are key targets for further RC drilling to be undertaken in Q1 2021.
Priority diamond drilling has been planned at the Grace-Mine Shear Junction and is scheduled to commence in February 2021.
Mr Passmore said the company looks forward to updating the market on the further results of ongoing aircore, RC and diamond drill programs as results come to hand.
