Rox soars +33pc as Amazing Grace delivers with 25m grading ~34g/t gold
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Special Report: Drilling at Rox’s Youanmi project is revealing a pretty picture with the deepest-ever hole also returning one of the best gold intercepts so far.
The hole, drilled to test depth extensions to the ‘Grace’ prospect, returned a wide 25m interval grading 34.79 grams per tonne (g/t) gold from 143m including 6m at 140.7g/t from 150m.
That equals more than 4.5 ounces of gold per tonne of dirt.
Rox Resources (ASX:RXL) says this is the deepest intercept to date and extends mineralisation both along strike and down-dip.
There could be more to come, with another hole intersecting visible gold in reverse circulation chips about 20m ‘downdip’ of this monster intercept.
Assays from this and other holes in the 3,000m drill program will continue to flow through, Rox says.
The company added that the recent step out (down plunge) results show the continuation of a second high-grade zone beneath the discovery zone, provide important geological information, and demonstrate the perspectivity of the Youanmi granite margin.
In addition, the new intercepts open up significant target zones for gold mineralisation at Grace along strike and down-dip from the initial discovery zone.
Grace prospect long section Pic: Supplied
Other recent hits include 3m at 7.41g/t gold from 109m and 2m at 7.34g/t gold from 34m.
“These very impressive results are the best we’ve seen and significantly, are from the deepest drilling at Grace to date,” managing director Alex Passmore says.
“The exploration model we are applying at Grace is continuing to work well, delivering what is shaping up to be a substantial high-grade deposit.”
Panned visible gold from RXRC287 at 151m Pic: Supplied
Grace is located within a north-northwest trending corridor, which includes the Airstrip and Youanmi South prospects, adjacent to historically mined Youanmi shear zone-hosted deposits.
It is interpreted to comprise a series of north-plunging, high-grade, stacked lodes within the Youanmi granite and exhibits a ladder vein array geometry that is a feature of other massive, granite-hosted gold deposits in the Yilgarn Craton such as Granny Smith and King of the Hills.
Rox is currently planning to expand its drilling program to follow-up on the ongoing high-grade results it has received to date.
Meanwhile, the company is adding another $4m to its war chest after closing its oversubscribed share purchase plan priced at 2.4c per share.
Proceeds from the share purchase plan and earlier $8.74m share placement will be used to accelerate drilling and carry out additional studies at Youanmi and accelerate drilling at Rox’s Fisher East nickel project.
It was also used to increase its stake in the Youanmi OYG joint venture by 20 per cent to 70 per cent.