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Rox Resources managing director shows support for company with on-market purchase

Alex Passmore has acquired 4 million shares with a total value of almost $88,000 and now holds a total of 36 million shares.

Rox Resources Limited - Rox Resources managing director shows support for company with on-market purchase
The company has gold and gold-nickel interests in Western Australia

Rox Resources Limited (ASX:RXL) managing director Alex Passmore has shown his support for the company’s gold and nickel strategy with an on-market share transaction valued at almost $88,000.

On March 2 Passmore acquired 4 million shares in an indirect interest and now holds a total of 36 million shares in the WA-based explorer, with 32 million held in a direct interest.

WA interests

Rox has a 50:50 joint venture with Venus Metals Corporation Limited (ASX:VMC) covering the Youanmi Gold Project and manages this operation.

It also has a JV with Cullen Resources Limited (ASX:CUL) over the Mt Eureka Gold-Nickel Project and holds 100% of the Mt Fisher project which is prospective for gold and nickel.

Resource estimate for Grace

The company plans to start a gold resource estimate this month at Grace prospect within the Youanmi JV, which hosts a JORC 2012-compliant resource estimate of 12.4 million tonnes at 2.97 g/t gold for 1.19 million ounces.

Drilling programs at Youanmi are ongoing, with assays on samples from the 6,500 metres of drilling at the Grace prospect expected soon.

Fieldwork underway

Rox is also set to begin fieldwork targeting gold and nickel at Mt Fisher and at the Mt Eureka JV.

At the former, a field camp has been established on-site with initial work to comprise VTEM surveying in the northern and southern-most parts of the tenement package, aircore drilling of previously identified EM anomalies, as well as RC drilling of new targets identified from EM and structural geological reviews.

Fieldwork targeting gold and nickel is also underway at Mt Eureka.

Last year the company entered a binding terms sheet with Cullen Resources allowing it to earn up to a 75% interest in the 290 square kilometre tenement package bordering the Mt Fisher project.

Quick facts: Rox Resources Limited

Price: 0.054 AUD

ASX:RXL
Market: ASX
Market Cap: $110.47 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