Rox closes off 2015 with impressive zinc intersection at Teena
THE DRILL SERGEANT: Rox Resources (ASX: RXL) has finished 2015 with a bang by reporting another big result from diamond drilling being carried out at the Teena zinc prospect, which forms part of the company’s Reward project in the Northern Territory.
Hole TNDD022 was the fourth and final hole drilled at Teena this year, producing a strong intercept of high-grade zinc and lead sulphide mineralisation in both defined lenses:
Lens 2:
20.8 metres at 12.8 per cent zinc plus lead (Zn+Pb) from 849.7m, including 15.1m at 16.4 per cent Zn+Pb from 855.4m, and
Lens 1:
5.1m at 9 per cent Zn+Pb from 892.2m, including 3.8m at 11 per cent Zn+Pb from 892.2m.
“The drilling program is now complete at Teena for 4,949 metres and the four drill holes completed during 2015 have all returned results well above our expectations,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.
“They have confirmed the continuity of mineralisation in both east-west and north-south directions, and the grades have been appreciably higher as well.”
Based on the results Rox has achieved at Teena it has revised the prospect’s conceptual Exploration Target to 70 to 80 million tonnes grading 11 to 13 per cent Zn+Pb (10 to 12 per cenr zinc, 1 to 2 per cent lead) for 7.7 to 10.1 million tonnes of contained Zn+Pb.
The Reward project is subject to an option/joint venture (JV) agreement between Rox (49%) and Teck Australia (51%), a subsidiary of Teck Resources Limited.
Teck has elected to exercise the option to increase their JV interest to 70 per cent by spending up to $15 million in total by August 2018.
As at 30 September 2015 Teck had spent approximately $12.4 million.
Rox has made it known it is seeking to commercialise its interest in the project either by way of outright sale to a third party, or by a spin-off into a dedicated zinc company.
The company is continuing to actively explore these options.
Email: admin@roxresources.com.au
Website: www.roxresources.com.au