Rox Resources Limited (ASX: RXL) has provided an update on its activities at the Youanmi Gold Project in Western Australia, highlighting significant progress in its Definitive Feasibility Study (DFS) and drilling campaign.
The company has successfully completed Tranche 1 and the Share Purchase Plan of its $27 million capital raise, with Tranche 2 set for approval at a General Meeting on January 20, 2025.
This funding boost positions Rox Resources to accelerate its development plans for the high-grade gold project.
A major 35,000-metre step-up drilling program is well underway, with contracts awarded to DDH1 and Strike Drilling.
The campaign, which began ahead of schedule, currently employs five rigs on-site, including four diamond and one reverse circulation rig.
Rox aims to expand this to six rigs in the coming months to drive substantial resource growth and increase confidence in the mineral resource estimate.
In preparation for potential production, Rox is advancing plans for dewatering the Youanmi open pit and underground mine.
The company is in the process of awarding contracts for the remediation of evaporation ponds and installation of pumping infrastructure.
Metallurgical testing is also progressing, with samples received by laboratories for comminution, flotation, and Albion process test work. These studies are crucial for optimising the project’s processing capabilities.
CEO Phillip Wilding expressed optimism about the company’s progress, stating: “Rox has hit the ground running in 2025 as we prepare for a transformational year.
“We are well-funded, our team has the experience and right skillsets and, with a clearly articulated pathway to production, we are well-positioned to deliver a Definitive Feasibility Study before the end of the calendar year.”
Wilding also highlighted the potential to utilise existing infrastructure and gain early access to old workings in the second half of 2025, which could accelerate the project’s development timeline.
With the Youanmi Gold Project boasting a total mineral resource of 16.2Mt at 4.4g/t for 2.3Moz of gold, and benefitting from record gold prices, Rox Resources is well-positioned to capitalise on its assets and progress towards becoming a significant gold producer in Western Australia.
