YOUANMI GOLD PROJECT

Four separate Joint Ventures in place between Venus and Rox. These are: OYG JV (Venus 30%; RXL 70%), VMC JV (Venus 50%; RXL 50%), Youanmi JV (Venus 45%; RXL 45%) and Currans Find JV (Venus 45%; RXL 45%) (refer ASX releases 21 June 2019 and 15 April 2019). Importantly, the Joint Venture (VMC JV and Youanmi JV) agreements only apply to the gold rights; all other commodities remain with Venus.

Younami Gold Map

OYG JV -YOUANMI GOLD MINE:

(30% Venus and 70% RXL)  

Drilling and exploration work at the Youanmi Gold Project (in the OYG JV area) has yielded substantial increases in known and defined tonnages and ounces. Mineral Resource Estimates for both Youanmi Near Surface and Youanmi Deeps Resources have realised significant increases with 48,000 metres of combined diamond and RC drilling completed and results incorporated into this estimate. Widenbar and Associates completed the Near Surface Resource calculation while CSA Global completed the Youanmi Deeps Resource Estimate. Youanmi Total Mineral Resources increased by 466 koz (+39%) to 1,656 koz of contained gold (Au) (refer RXL ASX release 23 June 2021)

Table 1. Summary of Youanmi Mineral Resource

Summary

Drilling continues at Youanmi, with diamond and RC rigs operating at the OYG JV. A high-grade intersection in untested hanging wall area reveals potential for new lode:

RXDD022: 4m @ 45.5g/t Au from 341m, including 1.33m @ 129.3g/t Au from 341.75m (new hanging wall zone at Junction). Further high-grade gold intercepts received from infill and extension drilling at Junction include RXDD024: 16m @ 4.22g/t Au from 56m, including 3m @ 16.4g/t Au from 66m and 3m @ 4.1g/t Au from 203m; RXRC398: 3m @ 15.17g/t Au from 108m and 3m @ 3.35g/t Au from 204m (RXL ASX release 6 September 2021).

Known high-grade mineralisation extended at Link Prospect with high-grade drill intercepts received from 120m down plunge of the existing resource envelope and the recent step out hole result is one of the best intersections at Link Prospect: RXDD026: 7.25m @ 15.02g/t Au from 315.8m, including 2.9m @ 22.37g/t Au from 320.1m. Additional high-grade gold intercepts at Link include: RXRC410: 3m @ 7.73g/t Au from 186m, within a broader zone of 12m @ 4.46g/t Au from 184m; RXRC409: 3m @ 6.45g/t Au from 236m, within a broader zone of 7m @ 3.56g/t Au from 234m; and RXRC408: 4m @ 6.24g/t Au from 239m (RXL ASX release 9 September 2021).

Latest high-grade gold intercepts received from resource drilling at Link include: RXRC412: 8m @ 6.24g/t Au from 249m, including 3m @ 12.1g/t Au from 250m; RXDD030: 0.5m @ 77.49g/t Au from 277.8m and 0.75m @ 19.66g/t Au from 270.9m; RXDD019: 1m @ 11.05g/t Au from 389m; RXDD021: 0.7m @ 11.06g/t Au from 289.35m.

Mineralisation at Link continues to remain open down plunge to the northwest and up dip to the southeast. The identification of high-grade mineralisation in extensional drilling continues to demonstrate the potential for further resource growth (RXL ASX release 19 October 2021).

New high-grade parallel lode, continues to return exciting high-grade results include:

RXDD046: 3.87m @ 9.9g/t Au from 328.33m, including 2.45m @ 15.02 g/t Au from 328.8m

RXDD045: 3.62m @ 6.49g/t Au from 315.42m, including 0.86m @ 21.03g/t Au from 315.42m (RXL ASX release 18 November 2021).

 

The results confirm the discovery of a new high-grade lode in the historically untested hanging wall area 300m south of the Youanmi Mine.

Link target area

Link target area long section (source: RXL ASX release 19 October 2021).

Plan of Yoanmi

Plan view of Youanmi Mine Area with resource block model and Rox drill intercepts  (Source Rox ASX release 6 September 2021)

View Through

 

View through the Youanmi lode system looking north-west including drill intercepts, pits and underground development and June 2021 resource model

 

REGIONAL JV GOLD EXPLORATION

VMC JV (Venus 50%; RXL 50%), Youanmi JV (Venus 45%; RXL 45%)

Totally 424 aircore holes for 22,337m of exploration drilling has been completed on Regional Joint Venture tenements, targeting high-grade orogenic gold mineralisation within an 18.5km corridor between the Youanmi and Penny gold deposits that is underlain by sheared and faulted greenstone sequences, mostly under shallow cover. Assays are in progress.