Western Australia-focused Rox Resources has updated the mineral resource estimate (MRE) of the Youanmi project, confirming it as one of the highest-grade emerging gold projects in Australia.
The company on Tuesday said Youanmi had a total resource of 2.3-million ounces at 4.4 g/t gold.
The new estimate delivered a 20% increase in the overall indicated resource to 1.56-million ounces at 4.5 g/t gold and a 48% increase in the underground indicated resource to 1.1-million ounces at 6.1 g/t gold.
"The substantial upgrade in the quality of the Youanmi mineral resource, in particular the underground indicated resource, as part of this landmark MRE update has exceeded our expectations. Internally, we targeted a conversion of 200 000 oz to 300 000 oz of inferred to indicated resources and this update has delivered an increase in the underground indicated resource of 359 000 oz, providing an exceptional foundation for the upcoming prefeasibility study (PFS),” said MD Robert Ryan.
He reported that studies were well under way and that the PFS would be completed in June 2024.