West Australian gold exploration and development company, Rox Resources Limited (ASX: RXL) has reported a significant increase to the Mineral Resource Estimate (MRE) for the Youanmi Gold Project near Mt Magnet, WA.
Highlights:
- Youanmi Near Surface Resource increased by 204Koz Au to 1,004Koz Au
- This resource upgrade incorporates 16,000m of additional RC drilling above 160m vertical depth and delivers a 26% increase in the Near Surface Resource contained gold.
- Youanmi Mineral Resource inventory has increased by 93% from 1.7 million ounces (June 2021) to 3.2 million ounces following an intensive exploration campaign throughout 2021 and early 2022.
- All in exploration costs on a rolling average basis for the project (Underground and Near Surface Resources) since project acquisition indicate an average $7 per ounce discovery cost (approximately $10 per ounce discovery cost for the Near Surface Resource in this update).
Drilling and exploration work at the Youanmi Gold Project predominantly in the OYG JV area (Rox 70% and Manager, VMC 30%) has yielded substantial increases in known and defined tonnages and ounces since acquisition and commencement of drilling in Mid-2019.
We are very pleased to announce this increase to the Near Surface Resource Estimate at Youanmi following the inclusion of newly delineated mineralised zones along the mine corridor including the Link, Footwall Lodes and Hanging-wall Lodes,” Managing Director, Alex Passmore, said.
“The lift in the Near Surface Resource incorporates data from 16,000m of RC drilling undertaken in the second half 2021 and early 2022.
“The substantial increase in both Near Surface and Underground resources at Youanmi is testament to the strong geological understanding our exploration team has developed, allowing for precise and effective targeting of gold lodes that continues to deliver strong results.
“The scale of Youanmi is starting to become more apparent and in line with our high level of confidence in the Project. This resource will underpin the open pit component of the company’s Scoping Study which is on track for completion in the middle of the year.”
