Proactive Investor's  Instablog

Rox Resources (ASX: ROX) will soon update the market on a capital raising and has placed its shares into an ASX trading halt.

The company is currently carrying out a ground electromagnetic (EM) survey at the Fisher East Nickel Sulphide Project in Western Australia, which has returned encouraging initial results.

This will be followed by deeper diamond core drilling once ground clearances have been received.

Reverse circulation drilling carried out earlier had produced generally higher grade and thicker nickel intercepts than previously logged, with widths of up to 20 metres and grades up to 3% nickel.

Notable results consist of a thick intersection of 20 metres at 1.1% nickel from 159 metres, including 6 metres at 1.4% nickel and 5 metres at 1.5% nickel; 4 metres at 2% nickel from 212 metres; and 3 metres at 1.7% nickel from 152 metres, including 2 metres at 2.2% nickel.

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

The halt will be in place until the earlier of the announcement being made or Tuesday, 12 February 2013.

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