Rox up on maiden Myrtle resource

Shares in Subiaco-based Rox Resources Ltd have risen 13 per cent on news that its Myrtle zinc-lead project contains over $4 billion of zinc and lead.

Rox was a rare shining light in a sea of red today, with its shares up 0.5 cents to 4c or 12.5 per cent at 13:17 AEST.

The share price jump was prompted by the release of the maiden resource at Myrtle, located in the Northern Territory, of 38 million tonnes graded 4.2 per cent zinc and 1 per cent lead.

Out of that resource figure, Rox said there was 1.6 million tonnes of in-situ zinc and 400,000 tonnes of in-situ lead.

Going by today's spot prices for zinc ($US1530 per tonne) and lead ($US1615/t), the in-ground value of the resource fetches $US3.1 billion ($A4.3 billion).

This mineral resource at Myrtle is significant in anyone's terms, and confirms our stated belief that Rox has identified a very large zinc and lead deposit just 20km south of the world class McArthur zinc-lead mine," managing director Ian Mulholland said.

"To date, we have only drilled a small portion of the prospective area, and are extremely confident the resource will continue to grow with further drilling."