Fires Up on New Nickel Discovery
The Company recently released a very positive scoping study on its flagship Fisher East Nickel Sulphide Project in the Western Australian goldfields region, and also announced a new nickel sulphide discovery at its Sabre Project.
The Sabre discovery, lying 6 km along strike of the known Camelwood and Musket Projects, demonstrates the exploration potential of the region, and the potential for further discoveries to be made along the Mount Fisher Greenstone Belt, which is almost entirely controlled by Rox Resources.
The scoping study outlined two financially robust development options for the development of a box cut decline and underground mining operation at Fisher East.
The first option is to develop a 500,000 tonnes per annum processing plant at Fisher East to produce nickel concentrates for a capital cost of approximately $85 million.
The second option involves toll milling ore and selling it to a third party for processing into nickel concentrates for a capital cost of approximately $21 million.
Both options have demonstrated a robust economic return based on current nickel prices, exchange rates and Mineral Resources, and the economics are expected to improve significantly as further drilling defines additional sources of nickel sulphide mineralisation and increases the mine life of the project. Rox has committed to completing a Pre-Feasibility Study on the Fisher East Nickel Sulphide Project.
In addition to its WA nickel project, Rox also has a significant investment in a joint venture with Teck Australia to explore one of Australia's largest undeveloped zinc projects at Teena/ Reward, located next to the McArthur River Zinc Project in the Northern Territory.
Rox also owns 100% of a copper play at Bonya in the Northern Territory, which lies in the heart of a known copper producing region and adjacent to the Jervois Copper project.
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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.
Rox Resources Limited
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