Venus Metals Corporation Limited: Parallel Lode at Youanmi Continues to Emerge
Perth, Australia - West Australian focused gold exploration and development company, Rox Resources Ltd. (ASX:RXL), in conjunction with its joint venture partner Venus Metals Corporation Ltd. (ASX:VMC), is pleased to provide an update on drill results from the Youanmi Gold Project near Mt Magnet, WA, in the OYG JV area (Rox 70% and Manager, VMC 30%).The highlights of this round of results include 3.87m @ 9.9g/t Au from 328.33m, including 2.45m @ 15.02 g/t Au from 328.8m intersected in RXDD046 and 3.62m @ 6.49g/t Au from 315.42m, including 0.86m @ 21.03g/t Au from 315.42m intersected in RXDD046. The results confirm the discovery of a new high-grade lode in the historically untested hanging wall area 300m south of the Youanmi Mine (Table 1, Figure 1*).
Rox Managing Director Alex Passmore commented: "The hanging wall lode is emerging as a potential new ore body and is an exciting zone of mineralisation within a previously untested area. These results confirm the continuity of this zone which we now look forward to expanding with further step out drilling".
New High-Grade Hanging Wall Shoot Confirmed
Drilling results reported in September 2021 defined high-grade mineralisation in a newly delineated position in the hanging wall to the Youanmi Mine Lode. This zone of mineralisation is situated 300m south of the Youanmi underground mine between the Bunker Pit and the Youanmi Main Pit (Figure 1 and 2*).
Two additional diamond holes were completed to follow up on the previously reported intersection in hole RXDD022 (4m @ 45.5g/t Au from 341m, including 1.33m @ 129.3g/t Au from 341.75m) (ASX RXL 06/09/2021).
Follow up drilling was completed 40m up dip (RXDD045) and 40m up plunge (RXDD046) of RXDD022. Both holes intersected similar style high-grade mineralisation.
High-grade intersections include:
RXDD046: 3.87m @ 9.9g/t Au from 328.33m, including 2.45m @ 15.02 g/t Au from 328.8m
RXDD045: 3.62m @ 6.49g/t Au from 315.42m, including 0.86m @ 21.03g/t Au from 315.42m
The results define a WNW striking, SW dipping shear zone. Structural measurements within the mineralised zones (shear fabric and stretching mineral lineation) indicate the lode is dipping moderately towards the southwest and shows a high-grade component plunging at 10-20 degrees to the WNW. The orientation of the new lode is different to previously identified lodes at Youanmi, which characteristically strike at N and NNW orientations (Figure 1*).
Gold mineralisation is shear hosted within highly altered tholeiitic and komatiitic basaltic rocks. The alteration assemblages consist of sericite, quartz, carbonate and biotite. Gold occurs in association with pyrite and lesser arsenopyrite. The new hanging lode is open at depth and along strike and demonstrates the likelihood for economic mineralisation to be developed in this area. Follow up drilling is planned.
Resource Drilling Ongoing
Drilling remains on track to deliver further increases in the recently reported resource inventory at Youanmi of 1.7Moz at 2.85g/t Au (ASX RXL 23 June 2021) through resource extension and indicated resource conversion drilling in the Link, Junction and remanent pillar mine areas.
Results are pending for 25 RC and 15 diamond holes in addition to 22,000m of aircore drilling undertaken on regional prospects.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/RAOT1P54
About Venus Metals Corporation Limited:
Venus Metals Corporation Ltd. (ASX:VMC) is a West Australian based Company with a focus on gold and base metals exploration. The Company aims to increase shareholder value through targeted exploration success on its projects.
The Company's major gold project is the Youanmi Gold Mine, located 500km north east of Perth. The Youanmi Gold Mine is now jointly owned by Venus Metals (30%) and Rox Resources Limited (70%) (OYG JV); Indicated and Inferred Resources of the mine is 1.7 million ounces of gold.
Exciting new discoveries at the Youanmi Gold Mine have been made at the Grace prospect in footwall granites where very high grades of free milling gold have been intersected, including 25m @34.7g/t Au from 143m (RXRC 287) and 13m @60.49 g/t from 181m (RXRC 239). The Grace Prospect may substantially add to the Youanmi Gold Mine resources.
Source:
Venus Metals Corporation Ltd.
Contact:
Matt Hogan Managing Director Venus Metals Corporation Ltd. Tel: +61 8 9321 7541
