Venus Metals Corporation

Youanmi Continues To Deliver Strong High-Grade Assay Results From In-Fill And Exploration Drilling

Resource development drilling at Link supports resource update; More high-grade hits at Midway and Paddy’s Lode

West Australian gold exploration and development company Rox Resources Limited (“Rox” or “the Company”) (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation (ASX: VMC), is pleased to report further significant assay results from the ongoing resource development program at the 3.2Moz Youanmi Gold Project (OYG JV), located near Mt Magnet in WA.

  • Further assays received from Youanmi resource development drilling at Link. Results include:
    • RXDD090: 5.86m @ 2.87g/t Au from 393.83m, incl: 2.87m @ 4.80g/t Au from 394.70m, and: 5.12m @ 4.46g/t Au from 479.33m, incl: 2.72m @ 6.81g/t Au from 480.12m
    • RXDD094: 1.12m @ 13.07g/t Au from 434.88m
  • Drilling at Link has been targeting an upgrade in Resource category over a 460m strike length between 230m and 475m below surface. The consistency of the high-grade results received to date bodes well for future Resource updates as well as for potential depth extensions.
  • Further drilling results received from near-mine exploration at Midway, including:
    • RXDD073: 0.54m @ 16.17g/t Au from 290.65m
    • RXDD074: 7.00m @ 5.95g/t Au from 87.00m
    • RXDD085: 1.37m @ 21.89g/t Au from 354.69m
    • RXRC462: 2.00m @ 7.93g/t Au from 142.00m
  • Drilling completed at Midway has returned several high- grade results which continue to define the developing high-grade lode structure.
  • Initial RC drilling to test potential supergene mineralisation and up-dip extensions at the Paddy’s Lode discovery has returned the following assays:
    • RXRC481: 16.00m @ 1.38g/t Au from 56.00m
    • RXRC483: 4.00m @ 5.33g/t from 202m
  • Targeted geophysical survey (IP) has commenced at the Youanmi South area and Midway to identify potential high grade, dilatational zones along the mineralised structural corridor to be targeted in the next phase of drilling.
The assays are from a recently completed 28,507m (increased from 23,000m) resource development and near- mine exploration drilling program. Resource development drilling, which was focused on the high-priority Link and Kathleen areas of the project, was designed to convert Inferred Resources to the higher confidence Indicated Resource classification.

Drilling at Link was designed to target an upgrade of the Inferred Resource over a strike length of 460m and between 230m and 475m below surface. Assays received to date at Link have provided confidence in the geological interpretation and bode well for improving resource confidence as part of future resource updates, while also highlighting the down-dip potential of the ore zone.

Near-mine exploration drilling was focused on further evaluating the Midway exploration target identified in 2021, as well as the more recent Paddy’s Lode discovery in the Youanmi South Project area identified in early 2023.

Both prospects continue to demonstrate significant upside potential for the Youanmi Gold Project which will be an important focus for ongoing exploration. A geophysical survey has commenced recently to help further define the high-grade dilatational zones for the next phase of drill targeting.

Managing Director Comments

Rox Resources’ Managing Director, Mr Robert Ryan, said the latest drilling results continued to improve confidence in the Resource at Link while also reinforcing the exciting upside potential at both Midway and Paddy’s Lode.

“The latest two holes from Link continue to confirm the current geological interpretations and will improve the confidence in the Inferred Mineral Resources. Assays are outstanding for the four remaining diamond holes, which we expect will further increase confidence in the Resource and set the foundation for the Mineral Resource update targeted for later this year.

“Results from the near-mine discovery at Midway also continue to impress with high-grade results returned at excellent underground mining widths. The high-grade zone at Midway has been intersected over a 150m strike and 200m vertical extent and is still open along strike and down plunge.

“Meanwhile RC drilling at Paddy’s Lode targeting the potential for shallow high-grade material up-dip of the discovery holes has returned a broad zone of lower grade mineralisation close to the east-west offsetting fault.

“Our interpretation is that high-grade mineralisation appears to be constrained within 80m to 100m of the E-W fault, but remains open down-plunge. Similar to the Youanmi Main Lode and Link, further dilatations of the mineralised structure will yield further high-grade exploration targets and the geophysical survey currently underway will provide valuable information to target these high-grade zones both to the north, and stepping along strike to the south.

“We are still a long way from unravelling the potential of this emerging Paddy’s Lode area and we remain confident in the potential of this area to host a significant zone of high-grade mineralisation. With the help of the current geophysical survey, we look forward to getting rigs back on the ground for the next phase of exploration.”

Figure 1. Drilling in progress at the Youanmi Gold Project.

Resource Drilling Results

The diamond and Reverse Circulation (RC) drilling program at the Youanmi Project was completed on 11 June 2023 with a total of 28,507 metres drilled.

The resource development drilling focused on converting Inferred Resources to the Indicated Resources classification at the high-priority Link and Kathleen areas (Figure 2). This drilling is targeting high-grade mineralisation over a 460m strike length and to a depth of 475m below surface. The drilling was designed to delineate sufficient Indicated Resources for future feasibility studies, as well as to confirm the continuity of gold grades proximal to the current Indicated Resources.

Click here for the full ASX Release

This article includes content from Venus Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

The Conversation (0)
A battery on a blue background.

Lithium Supply Chain Conference to Bring Industry Leaders to Las Vegas

Fastmarkets' first Lithium Supply and Battery Raw Materials Conference was held in 2009 in Santiago, Chile, emerging amid the financial crisis and providing vital insights into the booming lithium market.

Now in its 16th year, the event has consistently attracted influential figures from the battery raw materials industry, offering excellent networking opportunities while maintaining a global perspective.

Held in cities such as Toronto, Buenos Aires, Shanghai, Montreal and Las Vegas, the conference has evolved to enhance the delegate experience, featuring visits to mines and lithium facilities, along with roundtable discussions, masterclasses, Q&As and other formats, allowing attendees to gain insights in various ways.

Keep reading...Show less
Astute Metals NL

Significant Lithium Discovery in Inaugural Drill Campaign at Red Mountain Project, USA

Assays from first three holes intersect high-grade lithium mineralisation

Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that assays results from the first three holes of the maiden RC drilling campaign at its 100%-owned Red Mountain Lithium Project in Nevada, USA have returned high-grade mineralisation, indicating the potential discovery of a significant lithium deposit.

Keep reading...Show less
Lightning Minerals

Deal Completion on Acquisition of Bengal Mining and Brazilian Lithium Projects

Lightning Minerals(L1M or the Company) is pleased to announce completion of the acquisition of Bengal Mining (Bengal). Bengal holds, via its wholly owned subsidiary Tigre Mineracao Ltda (Tigre) option agreements over two lithium projects, Caraíbas and Sidrônio (the Projects). The Projects are located in Brazil’s prolific Lithium Valley district in the state of Minas Gerais in proximity to Latin Resources’ (ASX: LRS) Colina project1 hosting 70.9Mt @ 1.25% Li20 and Sigma Lithium’s (NASDAQ: SGML) Grota do Cirilo project2 hosting 108.9Mt @ 1.41% Li20.

Keep reading...Show less
QX Resources

Large Basin Confirmed in Drillholes with Multiple Brine Horizon Targets - Liberty Lithium Brine Project USA

QX Resources Limited (ASX: QXR, ‘QXR’) can confirm that the Liberty Lithium brine project in California, USA, is a large brine basin with numerous brine aquifers, shown in downhole sampling and geophysics in the second hole of the Company’s two-hole diamond drill program (Table 1).

Keep reading...Show less
Chariot Corporation

Wyoming Summer Exploration Programs

Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) through a U.S. subsidiary will recommence exploration activities at its Black Mountain project and also engage in exploration activities at its six other lithium-caesium-tantalite (“LCT”) pegmatite projects in Wyoming during the 2024 North American summer season (“Summer Exploration”).

Keep reading...Show less
Recycling Key to Closing Supply/Demand Gap for EV Battery Materials

Recycling Key to Closing Supply/Demand Gap for EV Battery Materials

The global market share for electric car sales is expected to rise to 35 percent by 2030, up from less than 25 percent in previous forecasts, according to the International Energy Agency's 2023 Global EV Outlook Report.

However, the supply of electric battery materials can’t keep up with this exploding level of demand. Analysts say that EV production is pulling ahead of mine production for critical battery materials such as cobalt, manganese, lithium and nickel.

This is having a serious impact on prices. If the EV industry wants to overtake the internal combustion engine (ICE) sector, it will need to manage material prices by curbing supply imbalances. Advancement in battery recycling technology may be the answer.

Keep reading...Show less

Latest Press Releases

Related News