Rox Resources Limited (ASX:RXL) Youanmi Activities Update
Youanmi Gold Project Progress
Rox Resources Limited (ASX: RXL) has provided an update on its Youanmi Gold Project, detailing the progress of its Definitive Feasibility Study (DFS). The company successfully completed Tranche 1 of its $27 million capital raise, with Tranche 2 set for approval on January 20, 2025. The drilling campaign currently encompasses a substantial 35,000 metres, utilising multiple rigs awarded to DDH1 and Strike Drilling.
Drilling Campaign and Infrastructure Improvements
As part of the campaign, three drill rigs were operational before the Christmas break, with five now onsite. The company aims to continue expanding its drilling efforts to achieve significant resource growth. Additionally, minor camp works are being undertaken to enhance site facilities in anticipation of a growing workforce.
Dewatering and Metallurgical Activities
The dewatering operations at the Youanmi open pit are progressing, with plans to award contracts for infrastructure installation. Metallurgical test work is already underway, with test samples delivered to labs for processing. The results are expected mid-year, which will support further plant design.
CEO Comments
Chief Executive Officer Phillip Wilding stated, “Rox has hit the ground running in 2025 as we prepare for a transformational year. Our team is well-funded and skilled, aiming to deliver the DFS by year-end. We are targeting substantial resource growth at Youanmi and look forward to updating our investors on the first results.” Next steps include continued drilling, metallurgical testing, and enhancements to their environmental strategy as the pathway to production solidifies.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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