Rox Resources (ASX:RXL) and Venus Metals (ASX:VMC) report “exceptional” results from Grace deposit – The Market Herald

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  • Rox Resources (RXL) and joint venture partner Venus Metals (VMC) receive “exceptional” drill results from the Grace deposit within the Youanmi gold project in WA
  • The results returned high grades of up to 35.32 g/t gold over seven metres and 15.23 g/t gold over five metres
  • The companies say the assays confirm the continuity of gold mineralisation in the area and de-risk the Grace deposit for future commercialisation
  • Rox MD Alex Passmore says the JV partners are assessing early development and cashflow generating opportunities for open-pit and underground development
  • RXL shares are up 10.42 per cent to 26 cents at 11:53 am AEST, with Venus shares trading gray at 16 cents at the same time.

Rox Resources (RXL) and joint venture partner Venus Metals (VMC) have received “exceptional” drill results from the Grace deposit within the Youanmi gold project in WA.

The results come from reverse circulation (RC) grade control drilling completed by Rox, which owns a 70 per cent interest in the project, to support previous resource definition drilling.

Rox said the latest results demonstrated the continuity of gold mineralisation in the area and have also de-risked the Grace deposit — an area that the joint venture partners believed represented an opportunity for early open-pit mining and underground development.

Some of the best results from the recent bout of drilling include seven meters at 35.32 grams per tonne (g/t) gold from 33 metres, six meters at 10.46 g/t gold from 17 metres, five meters at 15.23 g/t gold from three metres, and two metres at 22.69 g/t Au from 35 metres.

“RC drilling at Grace down to a minimum 40-metre vertical depth on a closely spaced drill pattern has further delineated high-grade, free-milling mineralisation close to surface and adjacent to historic mining operations,” Rox Managing Director Alex Passmore said.

“As part of development planning for the Youanmi gold project, we are looking at early development and cash flow generating opportunities including the Grace area where mineralisation starts from surface,” Mr Passmore said.

Looking ahead, the companies are focused on drilling at Youanmi to potentially convert the inferred resource to the indicated category, metallurgical testwork for underground and open-pit mining, scoping studies, and mine design and environmental work.

RXL shares were up 10.42 per cent to 26 cents at 11:53 am AEST, with Venus shares trading gray at 16 cents at the same time.