ROX Resources and Venus Metals Share Price Higher on Big Gold Hits
The share prices of ROX Resources Ltd [ASX:RXL] and Venus Metals Corp Ltd [ASX:VMC] are trading higher today thanks to some high-grade gold hits at their joint venture project.
The RXL share price spiked at the beginning of the month when it rose to 7.4 cents.
But has since found the 6-cent level it had been tracking for the past two months.
The share price action today has been less dramatic.
At time of writing RXL shares are 1.64% higher to trade at 6.2 cents per share.
While VMS shares have pushed 6% higher to 26.5 cents per share.
A Penny West lookalike?
The latest drilling results from the Youanmi gold project joint venture are a nod to the large producing mines nearby.
Source: Venus Metals Corp.
Results from the Taylor’s Reef Prospect located on the Currans Find tenements (Currans and Pincher on the map) intersected further shallow high‐grade gold mineralisation.
Following up on previous drilling completed in April 2019, the explorers targeted beneath the known mineralisation.
These holes have now confirmed the extension of the mineralisation at depth, according to VMC.
Highlights from the drilling include:
- 3m at 19.58 grams of gold per tonne (g/t) from 21m, including 1m at 55.81g/t from 23m, and 3m at 14.30g/t from 73m
- 2m at 6.67 g/t from 57m, including 1m at 12.27g/t from 58m
This latest discovery at Taylor’s Reef Prospect is interpreted as a continuation of high‐grade gold lodes at Currans North Prospect.
And is thought to form an approximately 900m long northeast-trending zone for further exploration.
While there has been only a small scope of work at Currans Find, the share prices of RXL and VMS may have reacted the way they did because of its shared geology with the Penny West mine to the south.
Penny West was scooped up by Ramelius Resources Ltd [ASX:RMS] at the beginning of the year via its acquisition of Spectrum Metals Ltd [ASX:SPX].
The project has a maiden resource of 355,500oz at 13.8g/t with a higher-grade component of 16.8g/t for 306,800oz.
The explorers plan to continue drilling along the strike of Taylor’s Reef Prospect and beneath the recent high‐grade gold intersections to explore the potential depth extension.
However, exploration is in its infancy.
But as the gold price continues to heat up RXL and VMC could be stocks to watch, particularly as it develops its other gold project. Our resident gold expert Shae Russell reckons other Aussie gold stocks could be set to spike as Australia becomes the next ‘gold epicentre’. If you want to learn more, download your free report here.
For The Daily Reckoning Australia