Rox Resources (ASX:RXL) is spending the first week of July firing up RC drills at the Damsel Prospect, chasing more thick intersections of gold.
The Northern Goldfields acreage, 120km east of Wiluna, straddles the Mt Fisher greenstone belt.
Rox holds the rights to explore some 850km2 across the Mt Fisher belt.
500km2 is 100% owned by Rox, and the remaining area is held under a JV with Cullen Resources (ASX:CUL).
Rox’s geos aren’t necessarily flying blind, with an existing estimate at the Damsel Prospect reflecting 55,400oz of gold.
This estimate, from 2018, will be the same resource the company updates in the coming months.
Further discoveries at Damsel were made back in December when geos identified what they believe is a shallow high-grade ore shoot.
If the geos are right, this will be used to boost the grade and ounce profile of the Damsel resource, and thereby the total for the Mt Fisher project.
For now, the company will oversee the RC follow up drill run at Damsel, testing strike length dimensions.
The company hopes to pull up more high-grade assay results. To get an idea of what Rox has found at site before, check out the highlight box below.
Once drilling winds up, the company will launch a desktop economics study for the Damsel target.
Rox Resources has lost 30% year to date, but it’s not all bad news. Declines in its share price appear to be more influenced by 2022 sell-off season.
The company held $6.9m in cash as at March 31 and spent $2.42m over the first calendar quarter.
Get the latest news and media direct to your inbox