Rox Resources repeats Teena drilling efforts
THE DRILL SERGEANT: Rox Resources (ASX: RXL) has reported the results of the second completed hole from a drilling program currently underway at the Teena prospect.
The Teena prospect forms part of the company’s Reward zinc project located in the Northern Territory.
Results included an intersection of:
– 20.1 metres at 15.0 per cent zinc and lead from 944.3m, including 12.5m at 19.5 per cent zinc and lead from 951.5 m, including 5m at 25.4 per cent zinc and lead from 954m.
“The results of this second hole confirm the lateral continuity of high grade mineralisation in what is turning out to be a major new zinc discovery at Teena,” Rox Resource managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.
Teena drill hole locations. Completed hole locations are shown in red with assay highlights. Source: Company announcement
Rox explained the main section of mineralisation above the 2.5 per cent zinc and lead lower cut-off occurs at a shallower depth than in the first hole, between 908 and 974.4m.
The company is still yet to receive complete assay results including minor elements such as silver.
Given structural measurements on the drill core and the down-hole surveys of the holes, the true thickness of mineralisation in each of the first two holes is similar, and the geological sequences can be closely correlated.
“We have a large, moderate to high-grade mineralised system here at Teena, probably extending for at least 1.3 kilometres in an east-west direction and at least 500 metres north-south,” Mulholland said.
“The 2013 drilling program is continuing with a third hole situated some 500 metres west of this second hole now underway.”
The drilling program is being managed by Teck Australia under an Earn-in Agreement with Rox, with Teck funding all drilling and other exploration costs.
Recently Teck met the requirements to earn a 51 per cent interest in the project by spending $5 million, and exercised its option to increase its interest to 70 per cent by expenditure of a further $10 million by 31 August 2018.