YOUANMI GOLD PROJECT(Four JVs with Rox Resources Ltd‐RXL) (Figure 1)YOUANMI GOLD MINE ‐ OYG JOINT VENTURE
The total JORC 2012 compliant resource estimate for the Youanmi Gold Mine stands at 1,190,600 ounces of gold (refer ASX release 29 June 2018). In addition to the above resources, considerable potential remains within the Youanmi Project to define additional gold resources, both near surface and underground. Five separate open pits occur over a 2km strike length. Significant drill intersections from some 200m below the defined underground resources indicate that the main ore shoots remain open at depth.
Widenbar and Associates estimate a near‐surface exploration target* of 2.0 to 2.6 million tonnes at 1.05 to 1.30 g/t Au and a Deeps exploration target* of 135,000 to 200,000 tonnes at 10 to 15 g/t Au. Importantly, these targets are in addition to the JORC 2012 Resource Estimates already provided (ASX release 29 June 2018).
* An estimate of the exploration target potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade, relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.
Youanmi Gold Mine ‐ OYG Joint Venture is owned 50% by Venus and 50% by Rox (manager of the JV) (refer ASX Release 10 April 2019). Rox has drilled 270 RC holes for 23,471m and for 78 holes assays are pending.
Recent drilling at the Youanmi Gold Project(by Rox Resources Limited)has delivered more impressive gold grades. The results received from recent drilling (January 2020) at Grace Prospect and also other prospects (December 2019 drilling) include:
RXRC158:4m @ 69.5 g/t Aufrom 28m(Grace)RXRC151:7m @ 54.6g/t Aufrom 8m
RXRC152:1m @ 29.7g/t Aufrom 23m
RXRC153:6m @ 5.7g/t Aufrom 24m
RXRC154:4m @ 4.5g/t Aufrom 9m, and3m @ 5.32g/t Aufrom 53m
RXRC137:4m @ 7.4 g/t Aufrom 60m(Youanmi South)RXRC140:24m @ 1.5 g/t Aufrom 56m(United NE)
(refer RXL ASX releases 18 February 2020 and 2 April 2020)
Drilling in the latter part of the 2019 program tested conceptual targets to the north and south of the Youanmi gold mine. Encouragingly new zones of mineralisation were encountered by (1) RXRC140 ‐ to the east of the United North Pit and (2) RXRC137 at Youanmi South (Figures 2a & 2b) (refer RXL ASX release 18 February 2020).
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