Rox Resources, Venus Metals lift Youanmi gold resource to 3Moz

Shares in Rox Resources hit an eight-month high after the WA mixed-metals explorer significantly lifted its mineral resource estimate for its Youanmi gold project near Sandstone.

Rox and its joint venture partner Venus Metals Corporation increased the MRA at the Youanmi Deeps prospect by 1.34 million ounces to 3Moz, sending shares in Rox up more than 47 per cent to 54¢ before falling back to close 40.3 per cent higher at 50.5¢. Venus Metals gained 11.1 per cent, or 2¢, to 20¢.

Rox said drilling and exploration work to the end of October at the Youanmi Deeps prospect within the Youanmi gold project delivered a 156 per cent increase in the Deeps resource contained gold.

The new estimate (comprising indicated and inferred categories) sits at 9.9 million tonnes grading 6.89 grams per tonne gold for 2.19Moz of contained gold. The last estimate in June was 3.37Mt at 7.89g/t for 856,300oz.

Rox said all-in exploration costs for the project indicate a $7 per ounce discovery cost, which it described as “an exceptional result”.

“The resource update sees a tripling of the 2018 Deeps Resource with more drilling from the last few months of 2021 still to be incorporated in the overall resource,” Rox managing director Alex Passmore said.

“Youanmi mine feasibility studies continue with early mine planning results feeding back into targeted infill drilling areas for continued conversion of inferred material into indicated categories.”