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Daily Resources Bulletin by Gavin Wendt

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Trading Below $19M Cash Backing – Portfolio Stock (coverage initiated @ $0.019 in Sep 2015) Rox Resources (ASX: RXL, Share Price: $0.014, Market Cap: $17m) is one of our most respected exploration plays, with a trifecta of promising Western Australian projects – its Fisher East nickel sulphide project, its Fisher gold project and also its Collurabbie nickel-gold project. The company is extremely well funded, with $19m in cash and receivables following the sale of its Reward zinc project sale to Teck.

Having finalised an agreement that allowed Teck to exercising its pre-emptive right to acquire Rox’s stake in the Reward Zinc Project in the NT, Rox received cash proceeds of $16m (with a further $3.75m receivable) – leaving it cashed-up to fund exploration activity and examine new project opportunities.

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Quarterly Report – March 2017

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• Fisher East Nickel Project, WA
o RC drilling commenced to test targets at Cutlass, Sabre North, Mt Tate, Tomahawk, Horatio and Claymore
o Diamond drilling at Sabre, Musket and Camelwood scheduled for May
• Mt Fisher Gold Project, WA
o Aircore drilling program by farm-in partner Doray completed, assays pending
• Collurabbie Nickel-Copper-PGE-Gold Project, WA
o Aircore drilling planned for 3rd quarter
• Reward Zinc-Lead Project, NT
o Sale of interest for $16.0 million cash plus a deferred payment of $3.75 million
• Bonya Copper Project, NT
o Project under review
• New project opportunities being actively reviewed

 

• Cash on hand at end of quarter was $15.0 million

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Drilling Commences at Fisher East

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Rox Resources Limited (ASX: RXL) (“Rox” or “the Company”) is pleased to provide an update on its exploration activities previously reported (ASX:RXL 10 April 2017).
Mt Fisher Gold Project
The aircore drilling program at Mt Fisher (by farm-in partner Doray Minerals) of 12,052m in 254 holes has been completed. The program targeted structural positions for gold mineralisation. Assay results are expected in 4-6 week’s time.

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Exploration Update

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Rox Resources Limited (ASX: RXL) (“Rox” or “the Company”) is pleased to provide an update on its exploration activities previously reported (ASX:RXL 22 February 2017) following completion of the sale of its interest in the Reward Zinc-Lead project for a total $19,727,273.

The aircore drilling program at Mt Fisher (by farm-in partner Doray Minerals) and the planned RC and diamond drilling programs at Fisher East have been delayed by unseasonal wet weather in the WA Goldfields. This has resulted in road closures by the local shires, so it is not expected that access will be possible until after Easter.

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Aircore Drilling Commences at Mt Fisher

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Rox Resources Limited (ASX: RXL) (“Rox” or “the Company”) is pleased to advise that an aircore drilling program of approximately 16,000 metres has been commenced at the Mt Fisher project (Figure 1) under the Farmin Agreement with Doray Minerals limited (ASX:DRM) (“Doray”).

The drilling is targeting interpreted zones of possible gold mineralisation located in favourable structural positions. These targets were developed by Doray following a gravity survey undertaken last year as well as a structural analysis of geophysical and geological data.

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Company Update

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Rox Resources Limited (ASX: RXL) (“Rox” or “the Company”) is pleased to update its  corporate objectives following completion of the sale of its interest in the Reward Zinc-Lead project.

The proceeds from the sale of Reward total $19,727,273 are comprised as follows:

  • a cash payment of $15,827,273 recently received (refer ASX release 16 February 2017)
  • a $150,000 deposit (previously received); and
  • a deferred cash payment of $3,750,000 (due at the earlier of a Bankable Feasibility Study being completed on the project, or 6 years).

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Rox Signs Reward Sale Agreement

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Rox Resources Limited (ASX: RXL) (“Rox” or “the Company”) wishes to advise that it has signed the definitive Sale and Purchase Agreement with Teck Australia Pty Ltd (“Teck”) pursuant to which Teck will acquire Rox’s interest in the Reward Zinc Project as previously announced (ASX:RXL 19 October 2016).

Completion of the transaction is anticipated by mid-February 2017.

The funds received from the sale of the Reward project interest will allow Rox to pursue its Fisher East nickel and Collurabbie* gold-nickel projects, and also to consider other mineral opportunities that may be of value to shareholders.

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