Sydney, Australia (ABN Newswire) - Advanced Australian minerals exploration company, Rox Resources (ASX:RXL), has announced a maiden mineral resource for the Musket deposit which has boosted the total nickel inventory at Rox Resources' Fisher East project in Western Australia by more than 100%.
With about two thirds of the resource sitting in the indicated category, Musket has an indicated and inferred resource of 2.1 million tonnes at 1.8% nickel for 37,500 tonnes of contained nickel, increasing the total project resource to 72,100 tonnes of nickel.
Rox managing director Ian Mulholland said the resource upgrade at Fisher East demonstrates the continued prospectively of the Fisher East nickel sulphide belt and that the company was very close to the critical mass required for development.
"Our next step is to do a high level scoping study where we'll start to look at our mining and processing options as well as costs," he said.
"Musket contains a very high grade core of approximately 100,000 tonnes grading 10.1 per cent nickel which lies close to surface; this would be an obvious economic driver for any planned development."
Mr Mulholland said he believes the project, which remains open at depth and along strike, has the potential to grow and that Rox will continue to explore its prospectively.
"More resources gives you more options, especially if you can prove up a number of deposits with different metallurgical and grade characteristics. We think that there's very strong potential to double the resources again, even on what we've got now."
Rox recently announced three new nickel targets at Fisher East - Cutlass, Fisher South and Jims and planning has commenced for a ground electro-magnetic survey to better define the anomalies before RC drilling would be carried out.
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About Rox Resources Limited:
Rox Resources (ASX:RXL) is an emerging Australian exploration company focussing on zinc-lead deposits, particularly deposits of the Mississippi Valley Type (MVT) and edimentary Exhalative Type (SEDEX). Rox continues to actively review potential new opportunities, particularly in Australia and South East Asia.
Contact:
Belinda Newman
Senior Consultant
Investor Relations
T+61 8 9388 0944
M+61 401 802 210
belinda.newman@ppr.com.au
www.ppr.com.au
