THE BOURSE WHISPERER: Rox Resources (ASX: RXL) exercised an option to purchase two tenements at the company’s Fisher East nickel and Mt Fisher gold projects, located 500 kilometres north of Kalgoorlie in Western Australia.
Rox Resources explained the tenements, situated along strike to the south of known nickel and gold zones on existing Rox tenements, were subject to an Option to Purchase Agreement struck in 2014.
“These two tenements are key strategic assets to our nickel and gold projects at Fisher East and Mt Fisher respectively,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.
“They represent highly-prospective areas where we have identified strong indications of mineralization, and I am confident that we will make further discoveries, which will allow mineral resources to be defined.”
The Fisher East nickel project hosts a Mineral Resource of 2 million tonnes at 2.5 per cent nickel for 50,600 tonnes of contained nickel at Camelwood, Cannonball and Musket, with a fourth deposit, Sabre, yet to be drilled out.
The first of the new tenements, E53/1802, is located along strike to the south of Rox’s existing Sabre nickel sulphide discovery and covers 10km of the prospective ultramafic horizon, now providing Rox with a total 40km strike length of that favourable stratigraphy.
Work since the option by Rox was announced has identified nickel and copper geochemical anomalies on E53/1802, with fresh nickel sulphides intersected in aircore drilling at the Mt Tate prospect coincident with an EM anomaly.
Further drilling at Mt Tate, and other prospects within E53/1802 is planned over the coming months.
The second tenement, E53/1788, is located along strike to the south of a 7km long gold-in-regolith anomaly currently held by Rox at the Dam and Dirks prospects, which also hosts the Shiva gold prospect, where a recent aircore drilling program identified a 500m long continuous zone of gold anomalism, extending the potential gold-bearing corridor to more than 10km.
Under the terms of the Option the exercise price is $600,000 cash.