Rox Resources Unveils High-Grade Gold Assay Results from Youanmi Project
RXL (RXL) Share Update December 2024 Wednesday 11th
Rox Resources Reports Promising High-Grade Gold Assay Results at Youanmi
Rox Resources Limited (ASX: RXL) has announced the latest batch of high-grade gold assay results from its ongoing drilling program at the Youanmi Gold Project in Western Australia, highlighting the project's potential for resource growth.
Instant Summary:
- Received final assays from 11,000m drilling program at Youanmi.
- Significant high-grade intercepts include 4.38m @ 19.07 g/t Au and 2.99m @ 21.11 g/t Au.
- 35,000m Step-up drill campaign underway to enhance resource and mine plan.
- Focus on converting Inferred stopes to Indicated classification.
Drilling Program Overview
Rox Resources has completed an 11,000-meter drilling program at the Youanmi Gold Project, located in Western Australia's prolific gold fields. The program included both diamond core and reverse circulation drilling, aiming to improve resource confidence and explore new corridors for resource growth. This initiative is a critical component of the Definitive Feasibility Study (DFS), slated for completion in the second half of 2025.
The latest assay results have returned significant high-grade gold intercepts, demonstrating the continuity of mineralization along the Youanmi greenstone belt. Notable results include 4.38 meters at 19.07 grams per tonne (g/t) of gold from drill hole RXDD131 and 2.99 meters at 21.11 g/t gold from RXDD115.
Resource Growth and Future Plans
The assay results have bolstered Rox Resources' confidence in the Youanmi project's potential for resource expansion both at depth and along strike. The ongoing 35,000-meter Step-up drill campaign is designed to accelerate resource growth and enhance the mine plan by converting Inferred stopes to a higher-confidence Indicated classification.
Rox Resources' CEO, Phillip Wilding, expressed enthusiasm about the results, noting the significant improvement in understanding the Youanmi ore system and its open mineralization at depth. The company is also focused on finalizing key intercepts for metallurgical test work to support the DFS.
The positive assay results are likely to boost investor confidence in Rox Resources, potentially increasing the company's stock value. The high-grade findings underscore the Youanmi project's viability and could attract further investment. The ongoing Step-up drill program aims to enhance the project's resource base, which may positively influence market perceptions and long-term stock performance.
Investor Reaction:
Analysts have responded positively to the high-grade assay results, highlighting the potential for significant resource expansion at Youanmi. The market may view these findings as a strong indicator of the project's future success, although some caution remains due to the inherent uncertainties in exploration.
Conclusion:
Investors should keep a close eye on the progress of the Step-up drill campaign and the forthcoming DFS. Rox Resources' strategic efforts to advance the Youanmi project could yield substantial returns, making it a compelling opportunity for those interested in the gold sector.