(MENAFN- ProactiveInvestors - Australia) Rox Resources (ASX: RXL) has begun ground electromagnetic surveys at its Fisher East prospect, which forms part of the Mt Fisher project in the North Eastern Goldfields region of Western Australia, where several anomalies have been identified.
The ground electromagnetic survey is using fixed and moving loops to better define the targets at Fisher East before drilling.
A versatile time electromagnetic (VTEM) survey commissioned by Rox in 2011 identified several anomalies along the Fisher East ultramafic belt.
Initial rotary air blast drilling over one anomaly intersected anomalous nickel geochemistry, returning 12 metres at 0.12% nickel from 32 metres.
Subsequent rotary air blast drilling over another anomaly defined a significant nickel geochemical anomaly over a 200 metre strike, with peak values of 0.5% nickel, 500 parts per million copper and elevated platinum group elements â€" gold + platinum + palladium â€" values, up to 100 parts per billion.
The coincident VTEM and geochemical anomalies suggest a probable sulphide origin for the anomalies.
Examination of the geology intersected in rotary air blast drilling suggests the sequence may be overturned, with a felsic metasediment footwall and the basal cumulate zone of the ultramafic â€"which is usually where nickel sulphide mineralisation occurs â€" lying on the east side.
Mt Fisher potential
Highlighting the potential of Rox's Mt Fisher project, previous drilling results indicate the Greenstone belt could host over a million ounces of gold.
The Mt Fisher gold project, which covers 655 square kilometres, is well endowed with gold, as well as showing strong potential for nickel.
Rox wholly owns 485 square kilometres and holds an option to purchase 100% of a further 170 square kilometres.
The Mt Fisher Mine Area is a large mineralised system with a similar geological sequence to Navigator Resources' (ASX: NAV) 3.6 million ounce Bronzewing Gold Project.
The Mt Fisher project hosts a JORC Resource of 973,000 tonnes at 2.75g/t for 86,080 gold ounces and is strategically located within 150 kilometres of four treatment plants.
Capital raising
Earlier this month Rox launched a share purchase plan to raise around A$1.8 million to advance the Mt Fisher gold and nickel project and the newly acquired Bonya copper project, where high grade rock chips of up to 30.7% copper have been confirmed.
The company is offering up to 119.5 million shares at $0.015 each to eligible shareholders, who can subscribe for up to $15,000 worth of shares.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.