THE BOURSE WHISPERER: Rox Resources (ASX: RXL) informed the market that plaint brought by Baracus Pty Ltd over one of the tenements comprising the Collurabbie project has been dismissed.
Rox Resources said the decision allows the 100 per cent acquisition of the project tenements to proceed.
Rox will pay a purchase price of $25,000 cash and issue 7.5 million shares in Rox to Robo 3D Limited (ASX: RBO) (previously Falcon Minerals Limited).
The Collurabbie project is located 500 kilometres north of Kalgoorlie in Western Australia and 70km due east of Rox’s Fisher East nickel sulphide and Mt Fisher gold projects.
Rox has applied for adjoining tenement areas covering approximately 105 square kilometres, giving a total project area of around 168sqkm.
In addition to the Olympia Prospect, the Project hosts other prospects including Agora, Leros, Paros and Rhodes (East and West), where exploration by previous owners identified mineralisation.
Much of this exploration activity has not been followed up with the project area undergoing sporadic exploration, with a concentrated effort from 2004-2005 and moderate activity from 2010-2011, but no exploration of substance since 2011.
“We plan to apply the same successful exploration techniques at Collurabbie that we have used at Fisher East,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.
“With the last phase of exploration being some five to six years ago, there is considerable scope for new discoveries.”
Rox indicated that the majority of previous work at Collurabbie has consisted deep RC and diamond drilling at the Olympia prospect, with only broadly spaced drilling outside of that prospect area.
The company considers any regional coverage conducted up until now, albeit with effective geochemistry, to have been poor, and that a concise exploration program presents a further opportunity.