Rox extends Mt Fisher option

THE BOURSE WHISPERER: Rox Resources has extended its Option to acquire the Mt Fisher gold mine and associated tenements at the Mt Fisher gold project, located 220 kilometres north of Leonora in Western Australia for a further year to 30 June 2013.

 

Mt Fisher project location. Source: Company announcement

 

The company’s decision comes on the back of a successful exploration campaign it carried out at Mt Fisher during 2011.

“During 2011 we completed over 3,000 metres of RC drilling in 14 holes on the Option tenements, flew airborne VTEM and magnetics, and defined a JORC-compliant Mineral Resource of 215,200 tonnes grading 3.57 grams per tonne gold (Measured 119,600 tonnes at 3.60 grams per tonne gold, Indicated 56,700 tonnes at 3.62 grams per tonne gold, Inferred 38,900 tonnes at 3.41 grams per tonne gold) underneath the old Mt Fisher open pit,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

The Option tenements cover an area of 170 square kilometres and are adjacent to the company’s 485sqkm wholly-owned tenements.

The resource is still open down plunge and down dip beneath the open pit and is just a portion of the overall Mineral Resource defined on the project of 973,000 tonnes grading 2.75g/t gold.

“This year we have completed a detailed structural analysis of the area which has produced a number of targets on other parts of the Option tenements away from the mine that we plan to drill test soon,” Mulholland said.