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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	RXL
Latest Price:	0.02 (-8.70% )
52-week High:	0.04
52-week Low:	0.02
Market Cap:	8.37M

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Rox Resources Full Rox Resources profile here

Rox Resources (ASX: RXL) is an exploration company with three key projects; the Mt Fisher Gold Project in Western Australia, the Myrtle Zinc-Lead Project in the Northern Territory; and the Marqua Phosphate Project in the Northern Territory.

Rox has a joint venture agreement with Teck Australia, the Australian subsidiary of Canadian mining giant Teck Resources (NYSE: TCK), to progress its Myrtle project.

Rox Resources achieves maiden gold JORC Resource milestone for Mt Fisher Project

Friday, February 10, 2012 by Christine Feary

Establishing a maiden JORC Resource within twelve months of acquiring the Mt Fisher gold and nickel project is a major milestone for Rox Resources, managing director Ian Mulholland told Proactive Investors today.

Rox Resources (ASX: RXL) has defined a maiden gold JORC Resource for the company’s flagship Mt Fisher Gold Nickel Project in Western Australia, just one year after acquiring the project.

Drilling at the Damsel, Moray Reef and Mt Fisher prospects has established a total Resource at Mt Fisher of 973,800 tonnes at 2.75 grams per tonne (g/t) gold for 86,080 ounces of contained gold, comprising:

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

Rox managing director Ian Mulholland said the Resource was a major milestone for the company, with further work planned to define the resource and conduct pit optimisation and metallurgical test work.

“In just 12 months we have established a maiden resource of almost 1 million tonnes and added considerable value to the Company through exploration,” Mulholland said.

With the initial resource under its belt, Mulholland told Proactive Investors today that the company can now evaluate possible treatment options.

“There are four gold treatment plants within 150 kilometres of us and that’s not that far in the gold fields,” he said.

One option is to start treatment of ore from the Moray Reef, which Mulholland described as “small but quite high grade”, at 7.5g/t gold.

“That could be quite profitable on a very small scale, and that would generate some cash flow for us to move the project forward and keep exploring for bigger and better resources.”

Further exploration is planned at Mt Fisher to increase the Resource, with the Mt Fisher and Damsel prospects remaining open at depth.

With more drilling, Mulholland said Rox is confident of increasing those resources and proving up new targets.

The company is also planning test work and pit optimisation to assess the economics of the project.

Mt Fisher acquisition

Rox signed a binding letter of intent to acquire the Mt Fisher Project from Avoca Resources, now Alacer Gold Corporation (ASX: AQG, TSE: ASR), in February 2011.

The acquisition allowed Rox to secure 100% of all the mineral rights to the entire southern portion of the Mt. Fisher greenstone belt, which includes three major gold prospects.

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