More gold hits for Youanmi partners

ROX Resources and JV partner Venus Metals Corp are continuing to hit gold in drilling at the Youanmi mine camp area, 480km northeast of Perth.
More gold hits for Youanmi partners More gold hits for Youanmi partners More gold hits for Youanmi partners More gold hits for Youanmi partners More gold hits for Youanmi partners

State of play at Youanmi

Latest hits have included a headline result of 4m grading 11.23 grams per tonne from 92m at Youanmi South.

The partners are nearly 70% of the way through a planned 16,500m drill campaign, with a resource estimate to follow drill completion.

The Youanmi project includes a previously operated mill that would require extensive refurbishment in any reboot scenario.

The project was closed in 1997 when the gold price was A$400-450/oz, versus recent levels around $2000/oz.

Rox and Venus have a 50:50 interest in the project with the former having the option to move to 70% by payment of $3 million by mid-2021.

Shares in Rox were up 5% to 2c capitalising the company at $29 million, while Venus was unchanged at 18.5c at which price the stock is capitalised at $22 million.

Venus had $1.6 million at the start of the current quarter, while Rox had cash and receivables (plus securities) of just over $9 million.