Perth-based explorer Venus Metals Corporation (ASX:VMC) and joint venture partner Rox Resources (ASX:RXL) have announced a 156% increase in the mineral resource estimate of the Youanmi Deeps prospect at the gold project. Younami in Western Australia.
The new estimate (including Indicated and Inferred categories) is 9.9 million tonnes grading 6.89 grams per tonne gold for 2.19 million ounces of contained gold and compares to the previous Deeps resource published in June of 3.37 Mt at 7.89 g/t for 856,300 ounces.
It brings the total resource of the Youanmi project to 24.6Mt at 3.78g/t for 2.99Moz.
While the new cut-off grade was reduced from 4g/t to 3g/t gold based on recent mine planning assumptions, Venus said the comparison still showed a 128% increase in the metal .
All-in exploration costs for Youanmi show a discovery cost of $7 per ounce, which the company says is “an outstanding result.”
The increase in high-grade material follows seven months of intensive diamond infill and step-out drilling at Youanmi Deeps for approximately 35,000m.
The drilling defined new areas such as the Link and Junction prospects, as well as hanging veins parallel to the mineralization.
The partners also reported an average of 2,900 oz per vertical meter between the surface and 750 m below the surface, which could pave the way for a robust design economy.
These will be based on the Albion processing method (developed by Australian mineral processing specialist Glencore Technology) which has demonstrated metallurgical recoveries of up to 95%.
Rox chief executive Alex Passmore said Youanmi Deeps’ estimate – which reflects a tripling of June’s figures – is expected to rise further when drilling results from the final months of 2021 are factored in.
“We have made the decision to provide an updated interim resource estimate given the very long turnaround times for assays of up to 14 weeks in some cases,” he said.
“The new estimate follows the execution of a targeted infill, step-out and discovery drilling strategy [and] our geology team is to be commended for discovering new gold bearing structures [which have] showed demonstrable returns.
Drilling and exploration work in the project’s OYG joint venture area (where Venus has a 30% equity interest) has resulted in substantial increases in known and defined tonnages and ounces since acquisition and commencement of drilling in mid -2019.