Rox Resources Pursues Funding Ahead of Maiden Ore Reserve for Youanmi Gold Project

Rox Resources Ltd (ASX: RXL) is conducting a capital raising by way of an entitlements issue.

The company’s shares are currently in a trading halt to complete.

Rox is also currently assessing pathways to monetise the Mt Fisher-Mt Eureka Project.

Pre-Feasibility on-track

The Pre-Feasibility Study (PFS) and maiden ore reserve for the wholly-owned Youanmi Gold Project is progressing well and on-track for delivery in June 2024.

Youanmi is one of the highest-grade emerging gold projects in Australia, with a total resource of 2.3 million ounces at 4.4g/t gold.

A recently updated resource delivered a 20% increase in the Indicated Resource to 1.56 million ounces at 4.5g/t gold, and a 48% increase in the underground Indicated Resource to 1.10 million ounces at 6.1g/t gold.

These metrics provide a strong platform for the upcoming PFS and maiden ore reserve.

Added to this are substantial near-mine exploration targets, highlighting the opportunity for future resource growth.

Multi-million ounce location

Youanmi is located 480 kilometres north-east of Perth in the central part of the Youanmi Greenstone Belt.

The project is situated in the Southern Cross Province of the Archaean Yilgarn Craton in Western Australia.

Historical production includes 667,000 ounces at 5.42g/t gold from open pit and underground operations.

Rox will be able to leverage off existing site infrastructure and decline, with the project surrounded by million-ounce mines and major gold producers.

Lithium potential

Youanmi has multi-commodity potential with initial work highlighting a compelling lithium anomaly.

The anomaly covers over 10 kilometres, and is located along strike from the high-grade Deep South lithium discovery made by neighbour Venus Metals Corporation Ltd (ASX: VMC).

Deep South delivered intersections up to 24 metres at 1.7% lithium.

Venus Metals holds a 16.67% stake in Rox.

 

 

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