Search

Venus/Rox Graced with gold

Venus Metals and its joint venture partner Rox Resources have produced some exceptional gold grades from the Grace prospect at the Youanmi project in Western Australia including a 7-metre drill hit grading 54.6 grams per tonne gold from just 8 metres downhole.

The Grace prospect sits neatly between the historically mined Youanmi pit and the historical mothballed mill and is shaping up as a standalone deposit in its own right. Additional exceptional results tabled this week include 6m grading 5.7g/t from 24m and 1m grading 29.7g/t gold from 23m.

With labs across WA inundated with samples, mostly due to the Coronavirus crisis, Venus and Rox said that there are still 78 RC holes with outstanding results and a total of 31 received so far.

The JV partners said the rocks that host the Grace gold mineralisation are similar to the sequences found at the historical Youanmi mine.

The spectacular grades at Grace are part of a northerly plunging lode network and importantly, the prospect is still open along strike and also at depth. It is part of a NNW/SSE trend of gold shoots that also includes the Airstrip and Youanmi South prospects.

Recent drilling to the south uncovered outstanding intersections with the best of them grading a bonanza 311.46g/t over 2m from 2.5m downhole and another 1m intersection going a ridiculous 591.89g/t from just 3m downhole.

Venus said that the latest resource estimate for the Youanmi gold mine now stands at nearly 1.12M ounces of gold, making Venus’ 50% JV share quite lucrative. 

As exploration and mining companies grapple with the effects of Coronavirus, Venus and Rox have put a pause on site work for the moment.

With a large suite of assay results still outstanding and a new airborne magnetic survey across the project to interrogate, there is still a lot of work to carry on with and plenty of news flow to come.

 

Is your ASX-listed company doing something interesting? Contact : matt.birney@businessnews.com.au

Share Price

Closing price for the last 90 trading days
Powered by Morningstar ®

Top 10 Shareholders

Substantial shareholders as published in the annual report.
Powered by Morningstar ®