Venus and Rox identify further high-grade gold at Youanmi
Joint venture partners Venus Metals Corporation (ASX:VMC) and Rox Resources Limited (ASX:RXL) have released further promising results from their ongoing drilling campaign at the OYG JV which forms part of the wider Youanmi Gold Project.
Rox has drilled over 11,000 metres and has received results for around 80% of this amount.
The drill program total meterage will be in the order of 16,500 metres.
Recent drilling has been focused on the Plant Zone (potentially base load mill feed) and the high-grade Commonwealth Prospect.
The focus will move to the Youanmi South Prospect next week following completion of geophysical surveying.
The Youanmi South Prospect has previously returned some of the best drill intersections of the current drill program, including 12 metres at 12.7 g/t gold from 80 metres, 12 metres at 8.5 g/t gold from 44 metres and 4 metres at 11.2 g/t gold from 110 metres.
Upcoming resource estimate represents pivotal milestone
Reverse circulation drilling will continue through November, leading to resource estimation thereafter.
Consequently, there are several share price catalysts in the mix, something that Venus shareholders appear to have have latched onto since June as the company’s shares increased nearly three-fold.
With few dry holes and some stunning grades identified across the extensive exploration program, one would expect that there is the potential for this share price momentum to be sustained, particularly with a maiden resource estimate imminent.