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Rox Resources Limited

Rox Resources establishing gold subsidiary and strategically focusing on nickel

Rox Resources Ltd (ASX:RXL) managing director Ian Mulholland speaks to Proactive Investors about the exploration company’s strategic pivot to nickel, and plans to spin out its West Australian Mt Fisher Gold Project into a 100%-owned subsidiary, to be named Helios Gold Limited and floated on the Australian Stock Exchange.

Mulholland explains, "with the upsurge in the market at the moment, it was a great opportunity to bring new money and new energy into the gold project at Mt Fisher. It will have its own separate management team, it will be independently funded... that's a good outcome for both the project and Rox shareholders, who will benefit."

At the flagship Fisher East Nickel Project, a four-hole diamond drilling program underneath known deposits has recently wrapped, with assay results set to be announced in the coming weeks. "We've got three defined deposits at Fisher East. In total, 2 million tonnes at 2.5% nickel for about 50,000 tonnes of contained nickel. We've got a number of exploration targets along strike from those deposits,” says Mulholland.

Exploration in the area is ongoing, with 1,200 meters of air core drilling planned on the southern end. The Sabre prospect shows promise of converting into a resource.

A 5,000 meter air core drilling program will be deployed at the nearby Collurabbie Project next month.

Quick facts: Rox Resources Limited

Price: $0.03

Market: ASX
Market Cap: $33.57 m
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