More high-grade gold hits at Rox’s Sovereign prospect
Special Report: Rox Resources (ASX:RXL) and its joint venture partner have hit more high-grade gold at the Sovereign prospect within the Youanmi gold project.
While Sovereign is located within one of the three regional JVs that are managed by its partner, Rox’s decision in June to increase its stake in the Younami mine area (OYG JV) up to 70 per cent sets the stage for the company to take over operatorship in the coming months.
Given this development, the news that the recent reverse circulation drilling hit a 2m zone grading 15.83 grams per tonne gold within a broader intercept of 8m at 5.03g/t gold from 160m is encouraging for Rox’s future plans.
Previous RC drilling had hit 1m at 11.61g/t gold from 79m within 3m at 6.61g/t gold from 78m and a hole with two zones of 7m at 3.97g/t gold from 59m and 10m at 3.64gt gold from 79m.
Anything above 5g/t is generally considered high grade.
The most recent results indicate that gold grades at Sovereign are increasing with depth and are hosted in multiple lodes.
Additionally, ground magnetic surveys have also identified six priority targets along northeast trends in the eastern part of the survey area, one of which is immediately west of Sovereign.
Further RC drilling is planned to test the depth extent of the high-grade mineralisation at Sovereign and the newly interpreted trend with mineralisation that is potentially open to the west and southwest.
Rox has a 50 per cent interest in the gold rights at the VMC JV, which hosts the Sovereign gold discovery.
Sovereign is not the only success that regional exploration has turned up.
At the Currans Find JV (Rox 45 per cent), recent drilling has intersected some intriguing results including 55.81g/t gold from 23m within a broader zone of 3m at 19.58gt gold from 21m, with the same hole having a deeper gold zone of 3m at 14.3g/t gold from 73m at the Taylor’s Reef prospect.
Taylor’s Reef is a new unworked zone where high-grade gold was recovered from surface workings just last year.
This new gold find is interpreted as a continuation of high-grade gold lodes at the Currans North prospect, offset by a north-northeast trending fault.
Exploration at the OYG JV has also been encouraging with drilling at the Grace prospect continuing to return high-grade gold.
This article was developed in collaboration with Rox Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.