Rox confirms new high-grade gold discovery, shares leap +21pc

Special Report: Drilling right next to the historic Youanmi open pit has intersected remarkable grades including 3m at 123.66 grams per tonne (g/t) gold — just 2m from surface.

The Youanmi gold mine, 480km to the northeast of Perth, produced ~667,000oz of gold (at 5.47g/t) during three main periods: 1908-1921, 1937-1942, and 1987-1997.

Recently, the Rox Resources (ASX:RXL)-managed Youanmi gold project JV drilled a series of follow-up holes near drill hole MLRC020, which returned an exceptional 5m at 125.68g/t intercept from surface last month.

This area, right next to the historic open pit, had never been drilled.

Success has been immediate. Drilling at this new zone of mineralisation — now called the Grace prospect — has intersected spectacular grades and defined a southerly plunging ‘lode’ system that is broadly along strike (and between) the historic Peru and Airstrip lodes:

It is still early days, Rox says, but these drilling results are very encouraging.

“In historical mine records there is reportedly free-milling (easy to process) gold mineralisation present within the Youanmi granite to the east of the Main Lode Shear Zone,” the explorer says.

“Rox and [JV partner] Venus are highly encouraged by the tenor of these intercepts and the JV will be undertaking follow on drilling in 2020.”

This story was developed in collaboration with Rox Resources, a Stockhead advertiser at the time of publishing.

This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.