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Venus Metals and joint venture partner Rox Resources have grown resources at their Youanmi gold project near Mt Magnet in Western Australia’s Murchison district by a whopping 39 per cent. Nearly 1.7 million ounces have now been defined with 800,000 ounces near surface and a further 856,000 high-grade ounces at depth. Resource drilling continues with a feasibility study on the cards.
Junior partner Venus surged more than 8 per cent on the market early today on the news, taking its market capitalisation to $28.7 million.
Rox, which is operator and has 70 per cent of Youanmi, is funding all of Venus’ ongoing exploration costs up to any decision to mine by way of a limited-recourse interest-free loan to Venus. The loan is secured against Venus’ 30 per cent stake in the JV and can only be repaid from proceeds of a sale of Youanmi JV assets.
Venus also retains a 0.7 per cent net smelter royalty on gold and other minerals produced from the JV tenements.
Advanced minerals explorer Rox Resources and joint venture partner Venus Metals Corporation have reported a significant increase to the mineral resource estimate for the shared Youanmi gold project near Mt Magnet in Western Australia.
Drilling and exploration work has focused on the OYG joint venture area (where Rox is manager with 70% equity) and has yielded substantial increases in known and defined tonnages and ounces since its acquisition in mid-2019.
The project’s total mineral resource now sits at almost 1.7 million ounces of contained gold, representing an increase of 39% (or 466,000oz) on the previous estimate.
ASX-listed Venus Metals and joint venture partner Rox Resources are extending deep drilling at their Youanmi gold project near Mt Magnet in Western Australia. The pair have added 2,000m of diamond drilling to a program targeting depth extensions to high-grade gold shoots and new shoots.
Recent stellar gold hits are expected to feed into an upcoming resource update with the partners looking to add to the deposit’s 1.19 million ounces.
Youanmi historically produced 667,000 ounces at an impressive 5.47 grams per tonne gold from several open pits and underground mines until its closure in the 1990s.
A third drilling rig is being brought in by Rox, which has 70 per cent of Youanmi, and Venus, which owns the balance.
Joint venture partners Rox Resources and Venus Metals Corporation continue to drill test extensions of their Youanmi gold project in Western Australia with an updated mineral resource estimate expected this month.
This latest phase involves more than 2,000m of diamond core drilling to test depth extensions to high-grade ore shoots down plunge at Junction and Link.
Step-out drilling will also test Rox’s exploration model with the aim of identifying recurring northwest-plunging ore shoots within southwest-plunging mineralised envelopes.
Venus Metals has jumped into drilling at its Vidure South prospect in Western Australia, as it targets a pair of electromagnetic, or “EM” anomalies south-west of the Youanmi gold mine. The company’s potential nickel-PGE targets were identified on the back of historical drill results and a recent high-powered, ground electromagnetic survey.
The three-square kilometre EM survey lit up a total of five conductors across the Vidure prospect area, with the two targets being drilled looking the goods and showing a geophysical signature the company says is typical of a covered sulphide body.
Venus Metals has unearthed five new electromagnetic targets following its recent high-powered geophysical survey as the company steps up its nickel-PGE hunt in the mineral rich Youanmi terrane. The anomalies were spotted at Venus’ new Vidure South prospect where historical drilling has returned tantalising grades of nickel and platinum group elements with the company yet to tap into the deeper source of this elusive sulphide mineralisation.