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  • Rox Resources Extends Nickel Sulphide Mineralisation At Camelwood 0 comments
    Feb 21, 2013 10:47 PM

    Rox Resources (ASX:RXL) has extended mineralisation at its Fisher East Nickel Sulphide project in Western Australia with a drill hole intersecting 3 metres of semi massive sulphides.

    This semi-massive sulphides are followed by 6 metres of strongly disseminated sulphides from 119 metres depth.

    The reverse circulation hole MFEC010 has extended nickel sulphide mineralisation for a further 100 metres north along strike from previous hole MFEC007, now giving a 600 metres strike length which is still open and being further drill tested.

    The second diamond drill hole, MFED002 drilled 100 metres south of the first diamond hole interesected 0.4 metres of semi-massive sulphides followed by 5 metres of strongly disseminated sulphides.

    Rox's managing director Ian Mulholand said," We continue to be surprised by how laterally extensive the mineralised system is at Camelwood. It's still very early days in our understanding of the deposit, but we continue to have a 100% success rate in intersecting nickel sulphides in all holes drilled so far."

    Diamond drilling is continuing at Camelwood with a third hole underway a further 100 metres south of the second diamond hole, drilling beneath hole MFEC003.

    RC drilling is also progressing at Camelwood with a further two holes planned north of MFEC010.

    Rox had earlier delineated massive nickel sulphide deposits following a five hole reverse ciruclation drilling program carreid out last year at Fisher East, where it had been prospecting for gold.

    This drill work had returned assays with widths of up to 20 metres and grades up to 3% nickel.

    Rox finished last quarter with a cash position of $1.883 million having raised $1.495 million via a placement and share purchase plan and spending $294,000 in exploration and evaluation.

    More recently it raised $4.95 million through a placement of 90 million shares at $0.055 a piece with sophisticated investors of Patersons Securities.

    The Mt Fisher project is located 450 kilometres north of Kalgoorlie and remains well endowed with gold.

    Rox wholly owns 485 square kilometres and holds an option to purchase 100% of a further 170 square kilometres.

    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.

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