Venus Metals and Rox Resources have commenced a 5,000m aircore drilling program at their Venus joint venture project near Spectrum Metals topical Penny West gold mine in the Youanmi region of WA.
that targets a prominent magnetic low identified by an airborne survey.
The companies are targeting a prominent magnetic low identified by an airborne survey that looks like it includes the historical Penny West gold mine, the historical Magenta and Columbia prospects and Spectrum Metals’ recent Penny North discovery.
Historical drilling in the target area is very limited and transported soil cover has rendered historical surface exploration mostly ineffective.
Management said the target presents a prospective setting for high-grade gold mineralisation of the Penny West and Penny North type.
Two electromagnetic anomalies that were identified by Venus in 2018 within the target areas are considered to be high-priority drill targets and Venus expects to complete aircore drilling by late August.
Spectrum recently returned a high-grade intercept of 5m @ 24.4g/t gold from 241m down-hole that included 3m @ 40.2g/t gold from the same depth from its Phase II drilling program at Penny North.
Venus and Rox have an equal stake in the Venus JV, which is one of three regional exploration joint ventures that the two companies have formed that Venus is managing.
The duo has also formed an equal joint venture led by Rox over the historic Youanmi gold mine that was closed in 1997 when the gold price was hovering at around AUD$400 – AUD$450 an ounce.
Youanmi hosts a mineral resource of 12.4 million tonnes grading 2.97g/t gold for 1.19 million ounces of contained gold.
It also contains a mothballed 600,000 tonne per annum gold processing facility.
Rox recently started a 14,000 metre reverse circulation drilling program aimed at newly developed high-grade targets and extensions to known mineralisation at the Youanmi gold mine.
