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- Rox Resources (RXL) places its shares in a trading halt in regards to a capital raising announcement
- The company will remain in the halt until February 28 or when the announcement is released, whichever occurs first
- On February 22, Rox announced it has intersected further high-grade gold at the Youanmi Gold Project in Western Australia’s Murchison region
- Grades peaked at 48.01 g/t gold and the results add confidence to the three million ounce resource inventory
- Shares in Rox last traded at 42 cents
Rox Resources (RXL) has placed its shares in a trading halt in regards to a capital raising announcement.
The company will remain in the halt until February 28 or when the announcement is released, whichever occurs first.
Rox is yet to disclose how much it intends to raise or what it will use the funds for once received.
On February 22, Rox announced it had intersected further high-grade gold mineralisation from drilling at the joint-venture Youanmi Gold Project in Western Australia’s Murchison region.
The mineralisation was identified down-plunge of old underground workings where drilling was undertaken to test for extensions to the historically mined high-grade stopes.
A best result of 1.12 metres at 48.01 grams per tonne (g/t) gold from 299.78 metres was intersected with the assays pointing to a potentially significant source of material down-plunge to the north-west.
Drilling was also undertaken to assess the potential to extract the pillars left unmined during pre-1942 operations with up to 38.65 g/t intersected.
Additionally, a diamond hole was drilled at the Link Prospect with a focus on growing Youanmi’s resource inventory of three million ounces of contained gold.
Drilling identified a zone of high-grade mineralisation more than 200 metres from the resource envelope with extensive down-plunge continuity of the high-grade ore zones.
Grades peaked at 6.09 g/t gold and mineralisation at Link remains open down-plunge to the northwest and up-plunge to the southeast.
Shares in Rox last changed hands for 42 cents before the trading halt. The company has a $66.75 million market cap.
