06/03/2014 - 11:43

Rox Resources shares soar

06/03/2014 - 11:43

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Rox Resources shares have soared after the exploration company confirmed the discovery of significant nickel resources. Managing director Ian Mulholland said drilling at its Fisher East nickel sulphide project 500 kilometres north of Kalgoorlie had shown there was potential for multiple deposits. 

Rox Resources managing director Ian Mulholland.

Rox Resources shares have soared after the exploration company confirmed the discovery of significant nickel resources.

Managing director Ian Mulholland said drilling at its Fisher East nickel sulphide project 500 kilometres north of Kalgoorlie had shown there was potential for multiple deposits. 

“These are terrific results with the thick, high-grade intersections from Musket particularly exciting,” Mr Mulholland said.

“The two metres grading over 8 per cent Nickel … is our best nickel hit yet.”

Rox Resources carried out a reverse circulation drilling program, which is cheaper than diamond drilling, to further define high-grade zones of two nickel sulphide discoveries it made earlier at Fisher East.

Rox shares previously spiked in January when it announced confirmed mineralisation at sites within Fisher East, in particular at Musket.

Mr Mulholland said Rox would start working with a diamond drill rig at the end of this month to recover higher quality samples, to follow up on the discovery.

Rox Resources had requested a suspension from trading on February 28 and resumed trading on March 3. 

Following today’s announcement its shares rose as high as 5.9 cents and at 12.49 WST were trading at 5.1 cents, 37.8 per cent higher than its last closing share price.

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