Canadian resources giant Teck has exercised its right to earn an additional interest in Rox Resources’ Reward zinc project and will spend an additional $10 million on exploring the tenements.
Rox announced today that Teck would take its stake in the project to 70 per cent by investing the funds, after reaching a total of $5 million already spent on the project.
Teck and Rox are exploring the Reward project under an earn-in and joint venture agreement.
Rox managing director Ian Mulholland said the company was thrilled with Teck’s continued support.
“The Teena prospect is a new and exciting major zinc discovery located only 10km west of the world class McArthur River zinc mine,” Mr Mulholland said.
At close of trade today, Rox Resources shares were steady at 5.1 cents.