Total Nickel Inventory at Fisher East Project Increased By More Than 100%
Sydney, Sep 10, 2014 AEST (ABN Newswire) - Advanced Australian minerals exploration company, Rox Resources (
ASX:RXL), has announced a maiden mineral resource for the Musket deposit which has boosted the total nickel inventory at Rox Resources' Fisher East project in Western Australia by more than 100%.
With about two thirds of the resource sitting in the indicated category, Musket has an indicated and inferred resource of 2.1 million tonnes at 1.8% nickel for 37,500 tonnes of contained nickel, increasing the total project resource to 72,100 tonnes of nickel.
Rox managing director Ian Mulholland said the resource upgrade at Fisher East demonstrates the continued prospectively of the Fisher East nickel sulphide belt and that the company was very close to the critical mass required for development.
"Our next step is to do a high level scoping study where we'll start to look at our mining and processing options as well as costs," he said.
"Musket contains a very high grade core of approximately 100,000 tonnes grading 10.1 per cent nickel which lies close to surface; this would be an obvious economic driver for any planned development."
Mr Mulholland said he believes the project, which remains open at depth and along strike, has the potential to grow and that Rox will continue to explore its prospectively.
"More resources gives you more options, especially if you can prove up a number of deposits with different metallurgical and grade characteristics. We think that there's very strong potential to double the resources again, even on what we've got now."
Rox recently announced three new nickel targets at Fisher East - Cutlass, Fisher South and Jims and planning has commenced for a ground electro-magnetic survey to better define the anomalies before RC drilling would be carried out.
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About Rox Resources Limited
Rox Resources Limited (ASX:RXL) is an Australian listed company with advanced gold and nickel projects in Australia. Rox owns a 50% interest in the Youanmi Gold Mine, and wholly-owns the Mt Fisher Gold project and the Fisher East and Collurabbie Nickel Projects, all located in Western Australia.
The Youanmi Gold Mine is the company's flagship project and offers significant upside in both development and exploration potential. Rox co-owns the Youanmi Gold Mine with Venus Metals Corporation Limited (ASX:VMC) through a 50% ownership, with the ability to increase ownership in the mine to 70%. Rox is responsible for the management of the Youanmi Gold Mine.
The Youanmi Gold Mine has a JORC 2012 compliant Mineral Resource Estimate of 12.4Mt at 2.97g/t Au for 1,190,600 ounces of gold, including a 'near surface' portion of 10Mt at 1.65g/t Au for 532,000 ounces of gold.
The Company is well-funded to develop and explore the Youanmi Gold Mine with approximately $11.4 million in cash and receivables.
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