Venus Metals has revealed what it believes could be “game-changing” high-grade drill results in its joint venture (JV) with Rox Resources after uncovering the faulted extension – now known as Paddy’s Lode –of the 4-million-ounce Youanmi gold deposit.
The initial JV discovery hole returned a bonanza 28m at 34.81 grams per tonne gold and further diamond drilling has now intersected a high-grade lode 200m further south. New results include 5.7m at 8.26g/t gold from 233.3m, 5.08m grading 9.56g/t from 225.8m and 3.32m going 8.29g/t gold from 200.05m.
Paddy’s Lode sits 250m south of the hulking Youanmi resource and the JV says its prospect is a faulted offset. Paddy’s Lode had been previously known as Youanmi South.
Venus expects to conclude a deal with Rox in July that will see 100 per cent of gold rights at Youanmi handed over to the latter. In return, Venus will receive 110 million Rox shares and a relinquishment of debt.