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Rox Resources managing director shows faith in company with on-market share purchase

The company and joint venture partner Venus Metals have received high-grade drill results from Currans Find of up to 9.82 g/t gold.

Increasing stacks of coins
The Youanmi Gold Project hosts a 1.19 million ounce JORC compliant resource grading 2.97 g/t

Rox Resources Ltd (ASX:RXL) managing director Alexander Passmore has shown confidence in the company with the purchase of shares in an on-market transaction.

Passmore acquired 3 million shares on June 27 for total consideration of $42,000 bringing the total number of shares held to 32 million.

The company's shares traded up to 1.5 cents today.

READ: Rox Resources completes series of Youanmi Gold Project transactions

Earlier this week the company completed a series of transactions relating to the Youanmi Gold Project in Western Australia and took over management of the Youanmi mine site.

Rox now plans to start drilling immediately in the vicinity of the mine targeting extensions of known oxide gold mineralisation.

Drilling programs are aimed at building the current gold in resource inventory from 12.4 million tonnes at 2.97 g/t gold for more than 1.19 million ounces.

READ: Rox Resources and partner Venus Metals complete Youanmi settlement

The transactions include four separate joint ventures established between Rox and Venus Metals Corporation (ASX:VMC) – the OYG JV, Venus JV, Youanmi JV and Currans Find & Pincher JV.

Last month Passmore made three purchases of Rox shares.

At the beginning of May he acquired 1.75 million shares with a subsequent purchase of another 3 million shares valued at $30,036.

He followed this up with a further 10 million shares with a total value of $100,120.

Quick facts: Rox Resources Limited

Price: 0.023 AUD

ASX:RXL
Market: ASX
Market Cap: $33.53 m
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Rox Resources continues drilling at Youanmi Gold Project

Rox Resources (ASX:RXL) chief executive officer Alex Passmore updates Proactive Investors on progress at the Youanmi Gold Project in WA. Passmore says the company, which has been drilling at the project for the last couple of weeks, is set to continue drilling until September. “The Youanmi...

on 13/8/19

2 min read