Rox Resources returns more encouraging zinc results from Teena drilling

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THE DRILL SERGEANT: Rox Resources (ASX: RXL) has reported a further first-rate drill result from diamond drilling being undertaken at the Teena zinc prospect, which forms part of the Reward project in the Northern Territory.

Hole TNDD020 was recently drilled on the same north-south section as earlier holes TNDD021 and TNDD014.

TNDD020 intersected further high-grade zinc and lead sulphide mineralisation in both defined lenses:

Lens 2:
35.4 metres at 13.2 per cent zinc-lead (Zn+Pb) from 817m, including 21.2m at 18.6 per cent Zn+Pb from 831.2m; and

Lens 1:
12.8m at 9.4 per cent Zn+Pb from 895.2m, including 6.8m at 12.5 per cent Zn+Pb from 895.2m.

“We continue to receive outstanding drilling results from the Teena prospect,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“This latest hole was targeted close to the keel position of the synclinal basin between previous drill holes and suggests good continuity of mineralisation in this area, as well as confirmation of very high-grade mineralisation in the keel position.”

Rox is currently waiting on assays for one more hole, TNDD022, located between holes TNDD011 and TNDD017.

“Each drill hole this season has made an important contribution to the growing definition of a significant body of high-grade zinc-lead mineralisation,” Mulholland continued.

“The intercepts from drilling this year have been some of the best received, which demonstrates our increased understanding and the strong potential of this project.”

The Reward project is subject to an option/joint venture (JV) agreement between Rox (49%) and Teck Australia Pty Ltd (51%), a subsidiary of Teck Resources Limited.

Teck has elected to exercise the option to increase their JV interest to 70 per cent by expending up to $15 million in total by 31 August 2018.

As at 30 September 2015 Teck had spent approximately $12.4 million.

Rox has announced it is seeking to commercialise its interest in the project either by way of outright sale to a third party, or by a spin-off into a dedicated zinc company.

The company is continuing to actively explore these options.

Email: admin@roxresources.com.au

Website: www.roxresources.com.au