10/01/2014 - 15:33

Rox Resources gains on nickel finds

10/01/2014 - 15:33

Bookmark

Save articles for future reference.

Rox Resources shares have soared after the minerals explorer announced new nickel sulphide discoveries at its Fisher East project in the Goldfields.

Rox Resources gains on nickel finds

Rox Resources shares have soared after the minerals explorer announced new nickel sulphide discoveries at its Fisher East project in the Goldfields.

Rox said an 18-hole RC drilling program had intersected nickel sulphide mineralisation at shallow depths at the project's Cannonball and Musket prospects.

The company says the strike length of the mineralised zones indicates a continuation of mineralisation at its Camelwood prospect, where a mineral resource of 1.6Mt at 2.2 per cent nickel has been defined.

"These results extend the strike length of potential mineralisation up to 3 kilometres in a north-south direction, with mineralisation remaining open at depth and largely unexplored," Rox managing director Ian Mulholland said.

"This demonstrates to us that we are dealing with a whole new regional-scale mineral field at Fisher East and not just one isolated deposit."

Rox has an option agreement to purchase the E53/1318 tenement, which contains the Cannonball and Musket prospects, as well as other tenements for an exercise price of $3.5 million by 30 June this year.

Rox shares rose more than 39 per cent on the back of the results to close the day's trade at 4.6 cents.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options