Best Results To Date At Grace Prospect
Australian gold and nickel company, Rox Resources Limited (ASX: RXL) has reported further exploration success at the Youanmi in the OYG JV area in Western Australia, confirming a new high-grade zone.
The company’s ongoing 3,000m drill programme 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.
Managing Director Alex Passmore, said that pleasingly, recent step out (i.e. down plunge) results received show the continuation of a second high-grade zone beneath the discovery zone.
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.
“These very impressive results are the best we’ve seen and significantly, are from the deepest drilling at Grace to date,” Mr Passmore said.
“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.”
Grace is interpreted to comprise a series of north-plunging, high grade, stacked-lodes within the Youanmi granite. Grace is located adjacent to the historically-mined Youanmi shear zone hosted deposits located within the adjacent greenstone sequences.
Mr Passmore said the Grace Prospect exhibits a ladder vein array geometry – a feature of other granite-hosted gold deposits of the Yilgarn Craton such as Granny Smith and King of the Hills. This style of mineralisation was not recognised at Youanmi by previous explorers.
This phase of Grace drilling of around 3,000m is to augment the work already done by the company and its JV partner and to facilitate resource estimation work. Given receipt of ongoing high-grade results we are planning to expand the drilling program in parallel to these work streams.