Rox Resources (ASX: RXL) has intersected significant gold from reverse circulation (RC) drilling at its recently acquired highly prospective Mt Fisher gold project, confirming potential for multiple high-grade gold deposits.
Highlights include:
- 8 metres at 3.08 grams per tonne (g/t) gold from the Dam prospect;
- 9 metres at 4.43 g/t gold, including 3 metres at 8.31 g/t gold from the Damsel prospect; and
- 2 metres at 5.44 g/t gold from the Mt Fisher mine area.
The sizeable gold mineralised systems indicated at these three prospects underpin the prospectivity of the project which is located about 250 kilometres north of Leonora in Western Australia’s Goldfields region.
Ian Mulholland, managing director, said “our first drilling campaign at Mt Fisher has been highly successful.
"We’ve confirmed the potential of Mt Fisher to host multiple shallow high-grade gold deposits and the continuation of high-grade gold mineralisation at depth. We are well advanced in our planning to conduct follow up drilling at Mt Fisher in the near future.”
The Mt Fisher Gold Mine was first discovered in 1937 and produced about 27,000 ounces of gold from open pit and underground mining, and is open at depth and down plunge.
Rox conducted the 3,000 metre program of RC drilling at Mt Fisher during July 2011 where previous RAB and aircore drilling at the Damsel prospect indicated the presence of a continuous zone of gold in the regolith, including some high grade intercepts.
Interpretation of dip and strike indicated the potential for a zone of gold mineralisation dipping about 45 degrees to the west. Today's results indicate that a high-grade oxide zone is present within about 50 metre of surface at Damsel.
Drilling at the Dam prospect, south west of Damsel, has also indicated that a sizeable gold mineralised system is present.
Drilling at the Dam South and Dam South East prospects was designed to test beneath respective gold-in-regolith anomalies and confirmed the continuation of the gold mineralised system at depth. However, further drilling is required to properly evaluate these areas.
At the Mt Fisher Mine prospect, where Rox has an Option to Purchase a further area of 170 square kilometres, drilling confirmed the continuation of high-grade mineralisation at depth and down plunge from the previously mined gold mineralisation beneath the Mt Fisher open pit.
The company said this will now become a priority drill target for the next program of drilling which will continue along strike and down dip from the intersection in hole MRFC012 as well as further to the south.
In June Rox received shareholder approval for the purchase of the Mt Fisher gold nickel project from Avoca Resources (ASX: AVO).
The Mt Fisher project hasn’t seen serious exploration for over 10 years and with the gold price currently at nearly US$1900 an ounce, the acquisition could prove to be very astute.
Rox's landholding now comprises about 785 square kilometres of the Mt Fisher greenstone belt which includes the tenements purchased from Avoca plus the area recently optioned by the company.
Rox is expecting solid news flow between now and the end of the year.