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Youanmi (Grace) exploration update

Figure 1 - Drill hole collars and intercepts over Aerial Photo

Australian gold and nickel company, Rox Resources Limited (“Rox” or “the Company”), in conjunction with its joint venture partner Venus Metals Corporation Limited is pleased to report further results (Figure 1) from the drilling program being undertaken at Youanmi in the OYG JV area. 

Deepest drilling completed at Grace has intersected impressive gold grades. Highlights include: 

  • RXRC287: 25m @ 34.79g/t Au from 143m (Grace) 
    • Including: 6m @ 140.7g/t Au from 150m 
    • Deepest intercept to date extending mineralisation both along strike, and down-dip 
  • RXRC291: Visible gold in RC chips approximately 20m down dip from RXRC287 intersection. Assays Pending.

Rox recently increased its interest in the OYG JV to 70% (ASX: 11th June 2020) with VMC holding the remaining 30%.

Assay results from the current drill program, which commenced in late May 2020, have now started to flow in.

Figure 2 – Grace Prospect Long Section 

This 3,000m drill program is testing depth and strike extensions to the Grace prospect together with infill on some sections where a higher drill density was required due to the very high gold grades received from earlier drilling. 

Pleasingly, and further to the Company’s ASX release of 6th May 2020, recent step out (i.e. down plunge) results received show the continuation of a second high-grade zone beneath the discovery zone (Figure 2). In addition to the impressive grades and intercept widths, the result provides important geological information, and is a clear demonstration of the rich prospectivity of the Youanmi granite margin. These new intercepts open up significant target zones for gold mineralisation at Grace along strike and down-dip from the initial discovery zone. 

Managing Director Alex Passmore commented: “These very impressive results are the best we’ve seen and significantly, are from the deepest drilling at Grace to date. The exploration model we are applying at Grace is continuing to work well, delivering what is shaping up to be a substantial high-grade deposit. We look forward to updating the market on further assays as they become available.”

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