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Rox Resources Limited (ASX: RXL) announced on 15th April 2019 that the company entered a purchase agreement with Mr Doug Taylor and Murchison Earthmoving & Rehabilitation Pty Ltd (MER) to acquire jointly with Venus Metals Corporation Limited (ASX: VMC) a combined 90% interest in the tenement of Currans Find, which consists of Mining Lease ML 57/641, and a combined 90% interest in the tenement of Pinchers, which consists of Mining Lease ML 57/642. The company previously decided to take a majority share in Youanmi Gold Mine.
Both Rox and Venus will share the 90% interest in each property equally, and Mr. Tylor will hold the rest 10% of each tenement. Venus will manage the joint venture (JV) and act as a manager.
The considerations for the acquisition are as follows:
Rox will pay $75,000 cash and will issue 7,500,000 of the companyâs ordinary shares to Mr. Tylor at an issue price of $0.01 per share.
Venus will pay $75,000 cash and issue 450,000 of the companyâs ordinary shares to Mr. Tylor at an issue price of $0.17 per share.
Both the parties, i.e., Rox and Venus, have each paid a deposit of $5,000.
As per the company, the completion of the purchase agreement is subjective to mineral title transfer and various other conditions typically associated with the transaction of this nature (DMIRS/Ministerial consent).
Mining Leases Track Records:
The Currans Find, which consists of the Mining Lease ML 57/641 is a historical high-grade gold producer. As per the cancelled records of GML, 6,874 tonnes were treated at the Red White and Blue Battery on site, which resulted in an average grade of 13g/t of gold. As per the Venus Metals, the Mining Lease ML57/641 is the site of all previous past production at Currans Find including a gold rush of the year 1908.
Location, Geology and Gold Mineralization:
The Currans Find (57/641) is at the central part of the Youanmi Project and is surrounded by Venus Metalsâ JV tenements and contains numerous further targets. The tenement is 5km NNW along strike from the high-grade Penny West deposit; whereas, the tenement ML 57/642 is 5km north of Currans at Pincher Hill.
Multiple ENE-trending quartz veins with mafic and ultramafic rocks host the gold mineralization at Currans Find, and the same rocks also host the Penny West and Columbia -Magenta deposits, south of Currans Find.
As per the Venus Metals, there are about eleven historically known quartz reefs that strike at 040 deg to 0.90, and all are mineralized with a significant amount of gold. As per the Rox Limited, airborne magnetic imagery revelled evident cross-cutting structures and demonstrated a demagnetised zone over the main mineralised zone.
Venus Metals is collecting data from, surface rock chip sampling, underground sampling, and limited RAB and RC drilling done by previous tenement holders prior to planning the first drilling campaign.
The shares of Rox Resources closed the dayâs trade at A$0.010 (as on 15th April), down by 9.091 percent as compared to its previous close, and share of Venus Metals closed the dayâs trade at A$0.165 (as on 15th April), down by 2.941% as compared to its previous close.
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