The Youanmi is offering up its gold riches for Rox in maiden drilling
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Special Report: Could Rox be about to witness even more share price appreciation thanks to its continued run of success in the new extremely hot, underexplored Younami province in Western Australia?
Shares were again on the move today after Rox (ASX:RXL) revealed that it and joint venture partner Venus Metals (ASX:VMC) had uncovered new high-grade gold at the Youanmi gold project.
And it’s only the first drilling program undertaken by the pair so far at the project. It is also the first major and systematic exploration program carried out at the site since 1997.
Rox may not yetbe up the 2,000-plus per cent that Spectrum Metals (ASX:SPX) is, but it has rallied 233 per cent in the past four months after gaining a further 11 per cent this morning.
That was thanks to hits of 2m at 23.67 grams per tonne (g/t) gold from 76m, 4m at 6.57g/t from 64m and 4m at 8.17g/t from 96m recorded at the Youanmi South and Commonwealth prospects.
High-grade gold is anything over about 5g/t.
Managing director Alex Passmore said the high-grade results from the Youanmi South prospect were a “very positive surprise”.
“This prospect is interpreted to be a new zone of mineralisation at the southern end of the Younami granite which opens up a large new area for exploration.
“Drilling at Commonwealth Prospect (a previously untested historical gold occurrence) has started to delineate a high-grade plunging shoot which is open to along strike and down plunge to the south.”
Rox and Venus also delivered extensions to the near-mine mineralisation, with new zones uncovered along the Youanmi Main lode Shear Zone.
Best hits included 5m at 5.59g/t from 81m, including 1m at 23g/t, and 9m at 3.77g/t from 58m, including 5m at 5.93g/t.
The JV has drilled over 7,000m and has received results for around half of that.
The reverse circulation drilling program will continue through September and has been extended into October.