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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
- 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
- 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.
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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.
VMC:AU
Red Mountain Lithium Discovery Bolstered with More Outstanding Thick Intersections
Key Highlights
- Multiple lithium intersections reported in assay results for the next four holes, RMRC004-007, with intersections up to +80m thickness, including:
- RMRC004: 83.8m @ 1,230ppm Li from 16.8m.
- RMRC005: 80.8m @ 1,270ppm Li from 56.4m
- RMRC006: 62.5m @ 1,070ppm Li from 6.1m and 70.1m @ 1,090ppm Li from 89.9m
- RMRC007: 74.7m @ 1,160ppm Li from 18.3m
- Intersections sit mid-project within 4.6km of strike length drilled to date at Red Mountain.
- Assay results for the remaining four drill holes expected in late July.
Assay results from the second batch of samples include the following drill intersections:
- RMRC004 : 13.7m @ 1,070ppm Li / 0.57% Lithium Carbonate Equivalent1 (LCE) from surface
- 83.8m @ 1,230ppm Li / 0.65% LCE from 16.8m
- RMRC005 : 26.0m @ 656ppm Li / 0.35% LCE from 3.0m
- 80.8m @ 1,270ppm Li / 0.68% LCE from 56.4m to End of Hole
- RMRC006 : 62.5m @ 1,070ppm Li / 0.57% LCE from 6.1m
- 15.3m @ 896ppm Li / 0.48% LCE from 71.6m 70.1m @ 1,090ppm Li / 0.58% LCE from 89.9m
- RMRC007 : 74.7m @ 1,160ppm Li / 0.61% LCE from 18.3m
- 25.9m @ 1,580ppm Li / 0.84% LCE from 115.8m
This second batch of assays, from drill holes located centrally within the group drilled so far (Figure 1), demonstrate thicker intersections than those previously announced, with all four holes intersecting +70m zones grading over 1,000ppm lithium. These outstanding results indicate the scale and grade potential at Red Mountain, as it continues to emerge as a project of significance in North America. Assays for the final four holes from the campaign are expected to be received later this month, which, along with other results, will allow the Company to determine the next steps at this highly prospective Project.
Astute Chairman, Tony Leibowitz, said:
“Our confidence in the scale and significance of this discovery continues to increase with each successful drill-hole at Red Mountain. Assays from the latest four holes have exceeded expectations and returned some very thick, high-grade intercepts which have confirmed robust lithium mineralisation in the middle of the project, between intersections from the discovery holes.
“With final assay results expected for the remaining four holes shortly, data from all holes will then be integrated into an updated geological model for Red Mountain with a view to expediting the process to achieving a maiden Mineral Resource Estimate.”
Figure 1. Drill-hole locations and intersections, and gridded soil sample geochemistry over aerial image.
About Lithium Carbonate Equivalent (LCE)
Unlike spodumene concentrate, which is a feedstock for a value-added battery product, Lithium Carbonate is a principal lithium-ion battery product, which may be used directly in battery production or converted to other battery products such as lithium hydroxide. The Benchmark Mineral Intelligence Lithium Carbonate China Index priced lithium carbonate product at US$13,710/t6 as of 12 June 2024.
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This article includes content from Astute Metals NL, 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.
Exploration Program Underway at Corvette River Lithium, Gold, Copper & Silver Project in Quebec
The Project consists of several claim areas, including Felicie on the Corvette Lithium Trend which hosts Patriot Battery Metals’ world-class Corvette Lithium Project2 and the West Eade and East Eade claims on the parallel Corvette South Trend, approximately 12 km to the south. Both trends are on the prolific Lac Guyer greenstone belt in the tier-one global mining jurisdiction of Quebec, Canada (see Figure 1).
Phase 1 of the program will investigate and prioritise zones across the extensive claims areas for further work and follow up drilling. The program will include extensive geological mapping, excavator trenching and channel sampling, for multi-element assaying, using a team of geologists, support staff, excavators and an air support team. Field logistics are supported by helicopters, including heavy lift helicopters, to move excavators, required equipment and personnel. The program is being phased, given the limited access to heavy lift helicopters during this period. The program is sequential, initially focussed in the Felicie area (see Figure 1), to be followed by the East Eade and then the West Eade claim areas.
The primary objectives of the program are to investigate identified target locations through field mapping of structures and outcrops, extensive excavator trenching and channel sampling to finalise planning positions and the priority of follow-on drill targets in the following project locations:
- Felicie Project – Field map, trench and sample structures and outcrops associated with previous rock chip sampling that included grades of up to 4.16 g/t Au, 44.1 g/t Ag and 0.23% Cu3 from a zone of 180m strike-length open in all direction.
- East Eade – Extensive investigation of an approximately 300m wide complex fold-closure, which included previous assays of up to 29.7 g/t Au and 12 g/t Au3 See photographs of East Eade below.
- West Eade – Further investigate areas around historical sample sites with assays of up to 11.45g/t Au3 and more recent rock chip sampling results including 3.37 g/t Au over 3m3.
- Lithium Targets – Follow up on Lithium bearing pegmatite targets that have been previously reported, including CR1 (mapped over 1.6 km4) at Felicie and CS15 at West Eade (see Figure 1)
Figure 1: MLS’s Corvette River Project – Felicie, East Eade & West Eade Phase 1 Field Exploration sites, includingtrenching target locations for key gold, Silver & lithium targets outlined with geology and magnetics
Metals Australia CEO Paul Ferguson commented:
“It’s pleasing to be under way with phase 1 of our field exploration program at Corvette River. The commencement of this program is a result of a lot of great work by our team and our contractor, Magnor Exploration. We have developed a detailed and prioritised exploration program targeting lithium as well as gold, silver and copper and put in place a contract to allow this important work to be completed during the summer field season, when ground truthing is possible in Quebec. Importantly the program phasing recognises the challenges associated with accessing heavy lift helicopters during the peak summer period.
We are now on the ground with a dedicated team of geologists and field staff, including excavators. The team will be able to follow up on the targets, associated structures and outcrops that have been identified from previous sampling. This will allow accurate positioning of trenching and channel sampling. The outcomes of this work will result in a well-defined and prioritised list of drill targets – which will be the subject of phase 2 of the program.
This program will follow up on the highly prospective lithium pegmatite targets as well as high-grade gold and silver target zones we have communicated previously. I look forward to communicating the results of phase 1 when they are available.
We continue to aggressively progress all our high-quality projects on their pathway through exploration and, when results warrant, into development. Four of our projects are now pending government approval for their next phase of exploration, including Lac Carheil, which also has active prefeasibility study work underway. It’s been an incredibly active period of planning, permit applications and work-program contracting. We are now seeing the field exploration stages starting to emerge – with Corvette River now fully permitted for advanced exploration target testing.
We are only able to advance this work because we have a very supportive board, a dedicated and driven team and the financial capacity to fund the programs we have planned. Currently, there is no value ascribed to our projects by the market and we have a market capitalisation well below cash backing, which is highly unusual. Given the high-quality pipeline of projects we are progressing and the opportunities they represent, I expect the balance of 2024 and beyond to represent exciting times for the Company.”
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This article includes content from Metals Australia Ltd, 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.