Rox adds ounces to Youanmi
PERTH (miningweekly.com) – Junior Rox Resources has reported a 39% increasing in the resource estimate at its Youanmi gold project, in Western Australia.
The total mineral resource at Youanmi has now increased by 466 000 oz, to 1.65-million ounces of contained gold, with drilling yielding substantial increases in known and defined tonnages and ounces since the project was acquired in mid-2019.
“The release of the updated Youanmi resource is a milestone for the company and demonstrates the strong potential to continue to grow high-grade gold resources at the Youanmi deposit,” said Rox MD Alex Passmore.
“The company is very pleased with both the expansion of the deeps resource as well as achieving a considerate increase in inventory to the near surface resource areas, including some spectacular results at Grace, which contains 109 000 oz at an average gold grade of 7 g/t gold at shallow depth.
“An overall increase in gold resources of 39% is a great result, as is the A$16/oz discovery cost realised to achieved these results.”
Passmore said that the resource update also highlighted Rox’s low enterprise value per attributable resource ounce, which is based on the company’s last reported cash balance and the current market capitalisation, which is calculated at A$45/oz.
“On the back of the resource upgrade, we will be commencing the Youanmi mine feasibility study. Drilling will continue at Youanmi with a focus on the ongoing conversion of inferred material into indicated categories for both the deeps and near surface resources and extensions of the Youanmi deeps along strike and down dip. In addition, regional grass roots exploration drilling will continue on our extensive tenement interest with the intent of making new discoveries in the area.”
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