Rox Resources to Explore Hard Over Promising Portfolio
THE INSIDE STORY: Rox Resources (ASX: RXL) is looking forward to spending its $13.9 million war chest to deliver further success across its diverse portfolio of exploration projects.
Rox Resources has been busy of late, completing several drilling programs across the company’s portfolio and has further programs planned soon.
Rox is keen to continue to explore its nickel projects, but is doing so with a prudent approach given the current nickel market and outlook.
The company has also initiated a search for project opportunities in other commodities, including copper, zinc, gold and silver.
An RC drilling program was carried out at the Fisher East gold-nickel project in Western Australia.
The Fisher East drilling produced encouraging results, including the generation of the first ever intersection of massive and disseminated nickel sulphides at the Mt Tate prospect.
Drilling highlights from Mt Tate included:
MFEC127
1m at 0.88 per cent nickel from 121m, within semi-massive sulphides;
MFEC128
2m at 1.45 per cent nickel from 94m, transitional disseminated nickel sulphide;
MFEC135
4m at 0.57 per cent nickel from 141m, disseminated sulphides;
MFEC136
2m at 1.42 per cent nickel from 146m, disseminated sulphides;
MFEC137
1m at 0.81 per cent nickel from 196m, disseminated sulphides; and
MFEC140
1m at 0.85 per cent nickel from 125m, within massive sulphide.
Other results from drilling at the Cutlass prospect, included:
MFEC132
4m at 0.43 per cent nickel from 108m, and 4m at 0.35 per cent nickel from 134m, two zones of low grade disseminated nickel sulphides.
While at Sabre North:
MFEC133
5m at 0.67 per cent nickel from 115m, disseminated sulphides.
The earlier discovery of, and drilling at the Camelwood, Cannonball and Musket nickel prospects within Mt Fisher has defined a JORC 2012 Mineral Resource of 4.2 million tonnes at 1.9 per cent nickel (Indicated Mineral Resource: 3.7 million tonnes at 1.9 per cent nickel, Inferred Mineral Resource: 0.5 million tonnes at 1.5 per cent nickel) comprising massive and disseminated nickel sulphide mineralisation, and containing 78,000 tonnes of nickel.
Diamond drilling was recently undertaken to test for further massive nickel sulphide potential at Sabre, extend the Camelwood massive sulphides at depth, and to test a downhole EM conductor along strike at Musket.
Drilling at Camelwood demonstrated high-grade nickel sulphide mineralisation continues at least 100m deeper than the previous drilling had indicated with DHEM results indicating the possibility of mineralisation extending down dip to the south.
Assay results were:
MFED076
7.7m at 1.4 per cent nickel from 693.3m, within semi-massive and disseminated sulphides, including 1.4m at 2.9 per cent nickel from 693.3m.
Drilling at Musket intersected a brecciated and faulted zone where an intrusive porphyry may have disrupted the mineralised zone with a strong off hole DHEM conductor showing a new mineralised zone that warrants drill testing.
Assay results were:
MFED079
0.13m at 2.3 per cent nickel from 519m, within a nickel sulphide stringer;
0.5m at 4.7 per cent nickel from 522.5m, within matrix sulphides;
0.1m at 2.6 per cent nickel from 606.1m, within a nickel sulphide stringer; and
0.2m at 2.6 per cent nickel from 607.1m, within a nickel sulphide stringer.
Drilling at Sabre was designed to test the deeper portions of a conductive EM plate defined from ground surveys about 100m below previous RC drill intercepts.
The drill holes interested a mineralised zone of variable thickness, containing semi-massive and disseminated nickel sulphides.
Assay Results were:
MFED075
2m at 1.0 per cent nickel from 315.5m, within semi-massive and disseminated sulphides.
MFED077
4.8m at 1.2 per cent nickel from 330m, within semi-massive and disseminated sulphides.
MFED078
2.3m at 2.4 per cent nickel from 337.3m, within semi-massive and disseminated sulphides, including 0.7m at 3.7 per cent nickel from 338.2m.
Rox has completed its acquisition of 100 per cent ownership of the Collurabbie project, which the company considers to be a strategic opportunity that fits within its current portfolio.
The Collurabbie area has not had any exploration of substance since 2011 and Rox plans to apply the exploration techniques that have proven successful at Fisher East.
The first stage will be a 6,000m aircore drilling program to be undertaken during the third quarter of 2017.
Historic core will also be re-logged while a mineral resource estimate for the Olympia deposit is due for completion during the quarter.
Rox Resources Limited (ASX: RXL)
…The Short Story
HEAD OFFICE
Level 1, 34 Colin Street
West Perth WA 6005
Ph: +61 8 9226 0044
Email: admin@roxresources.com.au
Web: www.roxresources.com.au
DIRECTORS
Stephen Dennis, Ian Mulholland, Brett Dickson