Gold

Rox Resources launches follow-up drilling at Mt Fisher gold project

Mon 04 Jul 22, 11:13am (AEST)
Gold ingots are laid out in a square with two ingots placed diagonally on top
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Key Points

  • Rox Resources’ Mt. Fisher gold project has seen RC drills go live again at the Damsel Prospect
  • Early month drilling program following up on previous strong core results
  • Drilling to form updated mineral resource estimate for project

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)

A map locating previously completed drillholes on-site, as well as the expanse of two gold targets thought to be 5km, and 7km respectively
A map locating previously completed drillholes on-site, as well as the expanse of two gold targets thought to be 5km, and 7km respectively

Existing estimate for Damsel at 55.4k oz 

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. 

Damsel economics study to precede MRE 

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. 

Keep an eye out for EOFY results 

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. 

RXL's three month charts
RXL's three month charts

 

What has Rox previously found at Mt Fisher?

Rox Resources is today reporting a number of strong core results it has picked up from drillholes at Mt. FIsher. 

Undervalued Equity states high-grade gold is above 4.5 grams per tonne (g/t) to 5g/t. 

Investors should keep note on how long core sections are, to get an idea of how far anomalous grades extend. 

Rox highlights:

  • 18m @ 6.99g/t gold from 69m depth (MFRC081)

  • 10m @ 10.27g/t gold from 74m depth 

  • 24m @ 1.22g/t gold from 112m depth (MFRC079)

  • 13m @ 1.08g/t from 136m depth (MFRC077)

 

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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