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Rox Resources Propelled Onto Investors' Radars With 519% Share Price Spike

Rox Resources (ASX: RXL) has certainly hit the heights since December, its share price has gained a massive 519%, when shares were trading at $0.016, after hitting an intra-day high of $0.099 today.

The company received a share price query from the ASX after shares rose 51% to an intra-day high of $0.098 today, up from a closing price of $0.065 on Friday 4 January.

Rox said today it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.

Just prior to Christmas, Rox revealed it had discovered sulphide mineralisation coincident with electromagnetic conductors through reverse circulation drilling on the Fisher East nickel prospect.

At the time of the announcement, Proactive Investors said: "Although only early days for Rox at Fisher East, these initial discoveries of semi-massive nickel sulphides have the potential to be a "game changer" for the company."

The prospect forms part of the Mt Fisher Project, 450 kilometres north of Kalgoorlie, where Rox has previously focused on gold exploration.

Mineralisation has been encountered over a 300 metre strike length along a previously identified electromagnetic conductor, and down to a depth of 200 metres, and remains open at depth and along strike in both directions.

The drilling program consisted of five reverse circulation holes, all of which encountered nickel sulphide mineralisation.

There has been no prior systematic exploration for nickel in the tenement area, and the system appears to be big.

There are other untested conductors Rox needs to investigate, which will require more detailed drilling to fully evaluate the size and grade distribution of the mineralisation.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.