Rox increases Fisher East by 100% and some

THE DRILL SERGEANT: Rox Resources (ASX: RXL) has completed a maiden Mineral Resource estimate for the Musket nickel sulphide deposit, which has substantially increased the company’s Fisher East nickel sulphide project mineral resource inventory by over 100 per cent.

The Musket mineral resource estimate comprises 2.1 million tonnes at 1.8 per cent nickel containing 37,500 tonnes of contained nickel.

Of particular note is 64 per cent of the Musket resource estimate is in the Indicated Mineral Resource category, using a one per cent nickel lower cut-off.

At a higher cut-off grade of 2.5 per cent nickel the Mineral Resource contains 10,100 tonnes of nickel with approximately 75 per cent Indicated.

The resource at this higher cut-off grade is 100,000 tonnes at 10.1 per cent nickel.

Total Fisher East project resources (Musket + Camelwood) now stand at 3.6 million tonnes at 2 per cent nickel containing 72,100 tonnes of contained nickel.

Indicated resources account for 52 per cent of the total resource.

 

Camelwood-Musket long section showing Mineral Resource outlines. Source: Company announcement

 

“This maiden resource estimate for Musket demonstrates the continued prospectivity of the Fisher East nickel sulphide belt, and now builds the overall project resources to a total of more than 72,000 tonnes of contained nickel at a grade of 2 per cent nickel,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“Musket contains a very high grade core of approximately 100,000 tonnes grading 10.1 per cent nickel which lies close to surface and would be an obvious economic driver for any planned development.

“The high percentage of the resource in the Indicated category is indicative of the good continuity of the mineralisation.

“We previously stated that deposits of the style of Camelwood do not typically occur in isolation, and we proved that by discovering Musket.

“We have a strong ground position with the potential to discover a lot more nickel and continue to significantly grow the project resource base.

“Our discovery cost so far has been around 4.2 cents per pound of nickel, which is one of the lowest in the world.”

Email: admin@roxresources.com.au

Website: www.roxresources.com.au