Youanmi Gold Project

GOLD PROJECT   •  WESTERN AUSTRALIA

Highlights

Confirmed Mineral Resource Estimate of 1.7Moz Au at 2.85 g/t

Exploration is ongoing with resource growth likely to continue

Studies advancing into the restart of Youanmi

Existing decline in place – to about 600 metres below ground

Background

Rox Resources Limited (Rox) holds a 70% interest in the OYG Joint Venture and is the manager at the historic Youanmi mining centre.  Venus Metals Corporation Limited (ASX:VMC) (“Venus” or “VMC”) retains a 30% interest.

The Youanmi Gold Project is located 480km NE of Perth and 400km inland and to the east of Geraldton.  The Youanmi Gold Mine located near the centre of the project tenement package has historic production of 667,000 ounces of gold grading 5.42g/t from open pit (1987 – 1993) and underground operations.  The operation was closed in 1997 when the gold price was approximately $400 per ounce with the last parcel of ore mined underground at 14.6 g/t Au grade.

Rox and its JV partner, Venus, are parties to three joint ventures covering regional exploration at Youanmi.

  1. The high-grade historic Currans Find JV located in the centre of the Youanmi Gold Project where each hold a 45% interest in all minerals (ASX: 10 April 2019);
  2. The VMC JV where Rox has earned a 50% interest in the gold rights; and
  3. The Youanmi JV where Rox has earned a 45% interest in the gold rights.

Rox is the manager of all regional joint ventures.

The Youanmi Project Mineral Resource Estimate of 18.1Mt at 2.85 g/t Au for 1.7Moz of gold  can be categorised into a near surface portion of 14.7Mt at 1.69 g/t Au for 0.8M ounces of gold and the Youanmi deeps of 3.4Mt at 7.9 g/t Au for 0.9M ounces of gold.  (ASX: 23 June 2021)

Youanmi Gold Project, Rox Resources Western Australia

Geology

The project is situated in the Youanmi Greenstone Belt, within the Southern Cross Province of the Archaean Yilgarn Craton in Western Australia.  The structure of the Youanmi Project is dominated by the north-trending Youanmi Fault Zone, which traverses the eastern margin of all Project tenements and locally separates the greenstone stratigraphy to the west from the basement granitoids and gneisses to the east.

Most of the gold mineralisation seen at the project is hosted within north-northwest splays off the north-northeast trending Youanmi Fault. The splays diverge from the Youanmi Fault to the south of the informally named Youanmi Granite and trend sub-parallel with the granite-greenstone contact.

Locally near the Youanmi Mine, gold mineralisation occurs within lode structures contained by shears in close proximity to the greenstone-granite contact.  Gold is distributed within these lodes in a series of steeply plunging shoots.  Away from the contact gold mineralisation also occurs within structures in granite, basalt-BIF sequences and felsic volcanic rocks.

Infrastructure

The project comes complete with comprehensive site infrastructure including a CIP process plant (requiring significant refurbishment) which was designed to treat 600,000tpa of oxide ore, a tailings disposal facility, mine offices, combined core shed and workshop, mine village, access roads and airstrip.

Facilities at the village will ultimately require varying degrees of refurbishment to accommodate a full-time work force.  However, for the purposes of exploration crews, the village is well equipped.

Youanmi Gold Project Infrastructure