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Rox Resources Encounters High-Grades at Collurabbie

THE DRILL SERGEANT: Rox Resources (ASX: RXL) released high-grade assay results from a recently completed diamond drilling campaign at the company’s Collurabbie nickel project, located 230km north of Laverton in Western Australia.

Rox Resources explained the overall aim of the diamond drilling program was to obtain samples of mineralisation from the Olympia deposit for metallurgical test work, and to test RC and aircore anomalies at the Olympia North prospect.

Results received from Olympia included hole CXDD004:

1.8 metres at 1.27 per cent nickel, 2.81 per cent copper, 0.09 per cent cobalt, 5.97 grams per tonne platinum and palladium (Pt+Pd) from 90.4m; and

6.05m at 1.31 per cent nickel, 1.06 per cent copper, 0.12 per cent cobalt, 2.25g/t Pt+Pd from 97.95m, including 1.9m at 2.25 per cent nickel, 2.02 per cent copper, 0.07 per cent cobalt, 3.21g/t Pt+Pd from 97.95m.

Another 2.1m interval of massive sulphides was also intersected in hole CXDD001 at Olympia from 203.2m depth.

Rox indicated the whole sample will be used for a metallurgical test, so the assay from this interval will be determined during that test work.

“These results from Olympia add to our understanding of the mineralogy and type of sulphide material present,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“With nickel, copper, cobalt and platinum group elements (Pt and Pd) all being present it is important to know the metallurgical recovery characteristics of these valuable metals.”

A further two diamond holes were drilled at the Olympia North prospect, co-funded by the Western Australian Government.

Rox noted that the target ultramafic unit seems to have thinned at depth below the aircore and RC drilling anomalies.

In hole CXDD002 immediately above the mineralised ultramafic unit, a thick porphyry unit was intersected and may be associated with potential remobilisation of nickel-copper sulphides.

Downhole electromagnetic surveys are expected to commence shortly.

Best results were:

CXDD002
0.2 metres at 0.48 per cent nickel, 0.25 per cent copper, 0.02 per cent cobalt, 0.53g/t Pt+Pd from 167.3m; and

CXDD003
0.2m at 0.91 per cent nickel, 0.81 per cent copper, 0.03 per cent cobalt, 0.62g/t Pt+Pd from 202.9m.

Current JORC 2012 Mineral Resources at Collurabbie total 573,000 tonnes at 1.6 per cent nickel, 1.2 per cent copper, 0.082 per cent cobalt and 2.3g/t Pt+Pd, for contained tonnes of 9,170 nickel, 6,880 tonnes of copper, 470 tonnes of cobalt, 42,400 ounces Pt+Pd.

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

 

Rox Resources Pleased by Collurabbie Drilling

THE DRILL SERGEANT: Rox Resources (ASX: RXL) received assay results from a recent aircore drilling program completed at the company’s Collurabbie project, 250 kilometres north of Laverton in Western Australia.

Rox Resources completed the program, which consisted 109 holes for 3,910 metres, testing several targets within its tenements.

Stand out results came from the Troy, Olympia North and Zeus South prospects, including:

TROY

CXAC123
12 metres at 0.8 per cent nickel, 0.03 per cent copper, 0.06 per cent cobalt from 8m; and

CXAC124
24m at 0.47 per cent nickel, 0.01 per cent copper, 0.02 per cent cobalt from 28m.

OLYMPIA NORTH

CXAC156
4m at 0.24 per cent nickel, 0.01 per cent copper, 0.02 per cent cobalt from 4m.

ZEUS SOUTH

CXAC187
28m at 0.48 per cent nickel, 0.00 per cent copper, 0.03 per cent cobalt from 8m; and

CXAC186
20m at 0.33 per cent nickel, 0.00 per cent copper, 0.02 per cent cobalt from 8m.

Rox explained the Troy prospect lies along the north trending ultramafic Beta Sill where previous diamond drilling intersected 0.6m at 2.2 per cent nickel, 1 per cent cobalt.

The company has follow-up drilling planned for the next quarter.

“We continue to generate highly anomalous aircore results at Collurabbie, and it appears to be a significant province for nickel sulphides,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“We will undertake further exploration drilling to better define and understand this mineralisation as soon as possible.”

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

 

Rox Resources Nickel Projects Take Poll Position

THE INSIDE STORY: A shopping expedition at the start of the year reinforced the quality of Rox Resources’ (ASX: RXL) portfolio of nickel projects.

Rox Resources’ financial position is one many of its junior exploration company peers would relish.

Thanks to some judicious project divestment strategies in 2017, Rox currently boasts a war chest of around $14 million in cash and receivables.

Such a strong financial position means the company can carry out extensive exploration programs while scanning the market for suitable new asset opportunities to build shareholder value.

However, kicking the tyres on a few possible project acquisitions revealed plenty about the projects it already owned outright – that they were as good, if not better than what was on offer.

“We spent a considerable amount of time looking at projects and we looked seriously at two or three projects that didn’t come up to scratch,” Rox Resources managing director Ian Mulholland told The Resources Roadhouse.

“The question we had to ask was would we spend money on that project versus spending money on what we already had, and the answer was, no.

“That’s not to say that something fantastic may not come up in the future – there’s just nothing worthwhile around at the current point in time.

“That’s why we have decided to increase our focus on our nickel projects.”

Rox Resources has two nickel sulphide projects in the Northern Goldfields region of Western Australia.

Rox discovered the Fisher East nickel province in December 2012 and has since made further open-ended nickel sulphide discoveries.

Mineral resources have been defined over the Camelwood, Cannonball and Musket deposits totalling 2 million tonnes at 2.5 percent nickel containing 50,000 tonnes of contained nickel with Indicated Resources accounting for 95 per cent of the total resource.

The company has completed a Scoping Study on this mineral resource, which concluded the project as being low technical risk and financially viable at ‘normal’ nickel prices.

Since completion of the study the ‘normal’ nickel price has enjoyed a ‘supernormal’ run from around US$4 per pound a year ago to currently hover around US$7 per pound at time of writing.

The second project is the advanced Collurabbie nickel-gold exploration project, also located Northern Goldfields and situated just 70 kilometres due east of the Fisher East project.

The Collurabbie project hosts the Olympia nickel sulphide deposit, with a JORC 2012 Inferred Mineral Resource of 573,000 tonnes at 1.6 per cent nickel, 1.2 per cent copper, 0.08 per cent cobalt, 1.5 grams per tonne palladium, 0.85g/t platinum.

The two projects offer attractive synergies as should both projects come into production, ore from Collurabbie and Fisher East could potentially be treated at the same plant.

“We are now focusing on our two nickel projects with the goal of increasing the Resource, while the nickel price is continuing to go up, to the point where we can make a decision on commencing a Pre-Feasibility Study over the next 12 to 24 months,” Mulholland said.

Rox has launched into a program of work at both projects designed to both discover new deposits and increase existing resources.

At Fisher East 2,100m of diamond drilling has been drilled to extend the Musket and Camelwood deposits by testing previously defined strong downhole EM anomalies, and at Corktree to test a very strong one-kilometre long EM conductor, detected from surface.

Additional aircore drilling at Collurabbie (5,000m) and Fisher East (1,200m) is continuing to define geochemical trends, from which the company will target deeper drilling to discover new nickel sulphide orebodies.

“We did a diamond drilling program at Fisher East during April/May this year, with the outcome of extending two of the project ore bodies by 150m in depth, but more importantly, we demonstrated that the systems continue,” Mulholland explained.

“While we are not necessarily proposing to drill those out as Resources, because they are quite deep, it does mean that once we can get into production we have an open system, at depth, which we will be able to access from underground.

“Our focus is going to be on doubling the Resource within the top 500 metres.”

Results received from this drilling were highly encouraging, including:

MFED080 at Musket
4.3 metres at 2 per cent nickel Ni from 701.7m, including 0.3m of massive sulphides grading 8.1 per cent nickel from 701.7m;

MFED076W1 at Camelwood
2.4m at 2.4 per cent nickel from 718.3m, including 0.2m of massive sulphides grading 5.2 per cent nickel from 718.9m; and

MFED081 at Camelwood
0.3m at 7.5 per cent nickel of massive sulphides from 288.8m.

The result at Musket held some significance in that it broadened the prospective area for drilling and indicated that mineralisation extends to at least 700 metres depth.

Added to this, the two drill holes at Camelwood indicated that target’s nickel sulphide system to be more extensive than currently contained in the existing resource.

“The drilling at Fisher East moved us another step closer to our continuing overall aim of making a new game changing massive nickel sulphide discovery through exploration, while we increase resources at known deposits and continue to assess development options,” Mulholland enthused.

“We now know that the nickel sulphide systems at Musket and Camelwood are extensive and offer significant potential to develop a large resource base.”

Rox firmly stamped its nickel focus by announcing its intention to spin out its Mt Fisher gold project into a newly established, 100 per cent-owned subsidiary, Helios Gold Limited via an Initial Public Offering.

The Mt Fisher gold project is located 270km north of Leonora, adjacent to the Fisher East nickel project, and contains a mineral resource of 973,000 tonnes grading 2.75g/t gold for 86,000 ounces of gold.

Ironically, Rox originally acquired the Mt Fisher tenements in 2011 for the gold potential the project area offered, however the discovery of nickel at Fisher East since that time has made it difficult for the company to give the gold assets the proper focus they merited.

“The IPO is basically a new set of funds dedicated to that project,” Mulholland said.

“It means we can use our substantial bank balance to focus on our nickel projects while we have new funds and a new team taking the gold project in a new direction.

“Trying to do both would ultimately mean that we would not give either the full attention they both deserve.”

Mulholland believes expanding the company’s nickel presence, with the commodity trending the way it currently is, is an ideal approach for it to take, especially given the quality of the projects it already has in its portfolio.

“Further expansion of our current portfolio really depends on whether we are able to locate projects that we consider good enough to spend our money on.

“Our strategy is to increase our nickel Resources to take advantage of the nickel price upswing, to get to the point where we can be making some development decisions.

“If other opportunities emerge along the way, we’ll look at them, but they are going to have to be a lot better than the projects we currently have.”

 

Rox Resources Limited (ASX: RXL)
…The Short Story

HEAD OFFICE
Level 1, 34 Colin Street
West Perth WA 6005

Ph: +61 8 9226 0044

Email: admin@roxresources.com.au
Web: www.roxresources.com.au

DIRECTORS
Stephen Dennis, Ian Mulholland, Brett Dickson

 

Rox Resources Exercises Gold and Nickel Tenement Options

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.

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

 

Rox Resources Working up Nickel and Gold Resources

INSIDE UPDATE: Rox Resources (ASX: RXL) is putting its well-funded war chest to work across its portfolio of Western Australia nickel projects.

Rox Resources is currently sitting on a healthy bank balance of approximately $12 million due to finalising sale of the Reward zinc project in the Northern Territory in 2017.

Rox recently dipped into these funds commencing a 2,500 metres diamond drilling program at the company’s Fisher East nickel project, located 500 kilometres north of Kalgoorlie in Western Australia.

Five holes are to be drilled into three highly-prospective targets at the project’s Musket and Camelwood deposits and the Corktree prospect.

The overall aim of the diamond program is to extend the Musket and Camelwood deposits by testing strong downhole EM anomalies, and to test a very strong one-kilometre long EM conductor at Corktree detected from surface, but not previously effectively drill tested.

“The downhole EM target at Musket is the strongest anomaly we’ve encountered on the project,” Rox Resources managing director Ian Mulholland said.

“Extensional drilling at Camelwood will indicate the strength of the nickel sulphide system below the current level of our defined resource.

“The target at Corktree is also very attractive, as it represents a very strong, 400 to 500 metres deep, over one-kilometre long, EM conductor detected from surface.

“At Fisher East our overall aim is to make a new game changing massive nickel sulphide discovery, while at the same time increasing resources and continuing to assess development options.”

Mulholland boasted that Rox is only one of a very few junior companies not currently in production that has defined JORC nickel sulphide resources in Western Australia.

“This puts us in a unique, and advantageous position when it comes to development opportunities in this commodity as the price continues to appreciate”, he said.

JORC Code-2012 Mineral Resources at Fisher East total 2 million tonnes at 2.5 per cent nickel for 50,000 tonnes contained nickel.

In addition, mineral resources at Collurabbie total 573,000 tonnes at 2.3 per cent nickel equivalent for 13,500 tonnes contained nickel equivalent.

Earlier this year, Rox sold its Bonya tenement interests to Thor Mining (ASX: THR) for a total of $550,000 to be received in Thor shares.

Rox, as operator of an earn-in and Joint Venture agreement with Arafura Resources, discovered copper at the Bonya Mine prospect.

The tenements are also prospective for tungsten and molybdenum.

Rox and Arafura recently restructured the JV resulting in a 40 per cent ownership for Rox of all minerals on EL29701.

In addition, EL29599, wholly-owned by Rox was included in the sale.

“Rox will retain a significant exposure to any future developments at Bonya and Molyhil through its shareholding in Thor and will allow the company to place a clear focus on its other projects in Western Australia,” Mulholland said.

 

Rox Resources Limited (ASX: RXL)
…The Short Story

HEAD OFFICE
Level 1, 34 Colin Street
West Perth WA 6005

Ph: +61 8 9226 0044

Email: admin@roxresources.com.au
Web: www.roxresources.com.au

DIRECTORS
Stephen Dennis, Ian Mulholland, Brett Dickson

 

 

Rox Resources Reports Strong Nickel Hits at Mt Fisher

THE DRILL SERGEANT: Rox Resources (ASX: RXL) reported assay results from a recently completed diamond drilling campaign at the company’s Fisher East nickel project, located 500km north of Kalgoorlie in Western Australia.

Rox Resources explained the overall aim of the diamond drill program was:

To extend the Musket and Camelwood deposits by testing strong downhole EM anomalies; and

To test a very strong one-kilometre-long EM conductor at Corktree, detected from surface, but not previously effectively drill tested.

Results received include:

MUSKET

MFED080
4.3 metres at 2 per cent nickel from 701.7m, including 0.3m of massive sulphides grading 8.1per cent nickel from 701.7m

CAMELWOOD

MFED076W1
2.4m at 2.4 per cent nickel from 718.3m, including 0.2m of massive sulphides grading 5.2 per cent nickel from 718.9m, and

MFED081
0.3m at 7.5 per cent nickel of massive sulphides from 288.8m.

“We are very pleased with the results from this Fisher East diamond drilling program,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“The result at Musket broadens the prospective area for drilling and indicates that mineralisation extends to at least 700 metres depth.

“In addition, the two drill holes at Camelwood have also indicated that the nickel sulphide system at Camelwood is more extensive than that currently contained in our existing resource.

“At Fisher East our continuing overall aim is to make a new game changing massive nickel sulphide discovery through exploration, while at the same time increasing resources at known deposits and continuing to assess development options.

“This latest drilling program has moved that goal forward, and we now know that the nickel sulphide systems at Musket and Camelwood are extensive and offer significant potential to develop a large resource base.

“Furthermore, we are encouraged by recent positive moves in the nickel price and the realisation that demand for electric vehicles and other batteries is going to put a lot of pressure on the class 1 nickel supply in the years ahead.

“Rox continues to position itself strongly by holding highly prospective nickel sulphides projects, and an extremely healthy cash balance.”

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

 

Rox Resources to IPO Mt Fisher Gold Project

THE BOURSE WHISPERER: Rox Resources (ASX: RXL) announced plans to spin out the company’s Mt Fisher gold project in Western Australia into a newly established, 100 per cent-owned subsidiary, Helios Gold Limited.

Rox Resources intends listing this company on the Australian Stock Exchange via an Initial Public Offering.

The 219 square kilometre Mt Fisher gold project is located 270km north of Leonora, adjacent to the company’s Fisher East nickel project.

Mt Fisher contains a mineral resource of 973,000 tonnes at 2.75 grams per tonne gold for 86,000 ounces of gold.

Under the terms of the transaction, Helios will issue fully paid ordinary shares to Rox as consideration for the Mt Fisher gold assets.

Existing Rox shareholders will be given a priority offer to subscribe for shares in the Helios IPO.

It is expected that Rox will initially hold an interest of approximately 33 per cent in Helios, which will boast a separate management team and board.

The directors of Rox declared their confidence that vending Mt Fisher into Helios and floating the company will be of benefit to the project, bringing an increased focus and dedicated funding.

Rox said its shareholders will retain exposure to the upside potential of Mt Fisher, while allowing the company to focus its advancing nickel and base metals interests.

“We originally acquired the Mt Fisher tenements in 2011 for the outstanding gold potential the project area offered, but the discovery of nickel at Fisher East since that time has made it difficult to give the gold assets the proper focus they required,” Rox Resources managing director Ian Mulholland said in the company’s announcement to the Australian Securities Exchange.

“For some time now, the market has not attributed any value to Mt Fisher, and we believe this is the most efficient and effective way for our shareholders to realise the full potential and unlock the inherent value.”

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

 

Rox Resources Brings Fisher East Resource to JORC 2012 Compliancy

THE DRILL SERGEANT: Rox Resources (ASX: RXL) released an updated version of the gold resource at the company’s Mt Fisher gold project in Western Australia.

Rox Resources explained the update now complies with the 2012 version of the JORC Code.

“There is no difference between the figures in the 2004 JORC Code resource estimate and this updated one,” Rox Resources said in its ASX announcement.

“However, the current updated version now has additional background information and disclosure as required by the 2012 JORC Code.”

Mt Fisher comprises three separate gold deposits at Moray Reef, Mt Fisher and Damsel.

The current JORC 2012-compliant Resource stands at:

973,000 tonnes at 2.75 grams per tonne gold for 86,080 ounces of gold, comprising:

Measured: 171,900 tonnes at 4.11g/t gold for 22,712 ounces;
Indicated: 204,900 tonnes at 2.82g/t gold for 18,548 ounces; and
Inferred: 596,200 tonnes at 2.34g/t gold for 44,821 ounces.

“With outstanding results from recent aircore drilling, a number of strong targets for gold mineralisation and increased resources have been identified,” Rox said.

“A 3,600 metre program of RC drilling has been designed to test these targets at Dam, Dam North, Damsel, Damsel South, Dirks and Shiva.”

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au

 

Rox Resources and Arafura Resources Restructure Bonya JV

THE BOURSE WHISPERER: Rox Resources (ASX: RXL) has restructured its Bonya Joint Venture with Arafura Resources (ASX: ARU) in the Northern Territory.

Rox Resources explained the JV has been restructured to simplify the current arrangements between both parties.

Back in 2014, Rox earned a 51 per cent interest in certain minerals, (copper, lead, zinc, silver, gold, bismuth and PGE’s), collectively known as the ‘JV Minerals’ on the joint venture tenement.

Arafura held 49 per cent of these minerals plus 100 per cent of other minerals, including the highly prospective tungsten and molybdenum mineralisation known to outcrop -referred to as ‘Other Minerals’.

The restructure of the joint venture interests has resulted in Rox divesting 11 per cent of its interest in the JV Minerals to Arafura, with Arafura to transfer 40 per cent of its interest in the Other Minerals to Rox.

“Each party will then own an interest in all of the minerals, with the percentage interests of the parties in the joint venture being Rox 40 per cent and Arafura 60 per cent,” Rox Resources said in its ASX announcement.

“This simplifies the structure and operation of the joint venture.

“Rox will continue to be operator of the joint venture.”

In 2014 Rox discovered high-grade copper mineralisation at the Bonya Mine prospect, including:

11 metres at 4.4 per cent copper from 30m, and
38m at 4.4 per cent copper from 60m.

Recent exploration has outlined a gravity anomaly at the northern end of the Jervois line of mineralisation, which has been interpreted to suggest that the Jervois copper-silver-zinc-lead system may extend into the joint venture tenement.

Further exploration is planned this year to define suitable targets for drilling.

 

Email: admin@roxresources.com.au

Website: www.roxresources.com.au