Rox Resources Limited (ASX: RXL) (“Rox”) is pleased to announce that it has reached an agreement with IMI Zinc Exploration Pty Ltd (“IMI”) for the settlement of any and all claims in connection with an offer made by IMI on 18 July 2016 to acquire Rox’s interest in the Reward Zinc Project (“IMI Offer”). Under the settlement agreement, Rox will pay to IMI a total sum of $220,000 for IMI’s reasonable expenses in respect of the IMI Offer. The payment comprises $20,000 cash payable immediately and $200,000 cash payable either on settlement by Rox of the sale of its interest in the Reward Zinc Project, or when a significant (>$500,000) capital raising is completed, whichever occurs first.
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Rox Resources Limited (ASX: RXL) (“Rox” or “the Company”) is pleased to announce it has been awarded a further grant under the WA Government’s Exploration Incentive Scheme (EIS), for $119,200 to support exploration at the Company’s 100% owned Fisher East nickel project, located 450km north of Kalgoorlie in Western Australia (Figure 1).
The co-funding will be allocated to deep drilling at the Camelwood deposit which is one of several nickel sulphide deposits at the Fisher East nickel project (Figures 1 & 2). Under the EIS guidelines, the funding covers direct drilling costs which Rox is required to match.
On 15 November 2016 Rox Resources Limited (ASX: RXL) (Rox or the Company) advised that it had received correspondence from legal representatives acting on behalf of Marindi Metals Limited (ASX:MZN) (Marindi) in which Marindi has alleged that it considers the Company remains bound to complete the sale of its interest in the Reward Zinc Project to Marindi, notwithstanding the exercise by the Company’s joint venture partner, Teck Australia Pty Ltd (Teck), of its pre-emptive right over the project.
Rox Resources Limited (ASX: RXL) (“Rox” or “the Company”) is pleased to announce that it has reached agreement with Falcon Minerals Limited (ASX:FCN) to acquire 100% of the Collurabbie project tenements, located 500km north of Kalgoorlie, Western Australia and 70km due east of Rox’s Fisher East nickel sulphide and Mt Fisher gold projects (Figure 1).
The tenements comprise E38/2009 and E38/2912, covering 63.1 km2 with most of the known nickel sulphide mineralisation located on E38/2009. In addition Rox has applied for adjoining tenement areas covering over 59 km2, giving a total project area of 122.5 km2.
Rox Resources Limited (ASX:RXL) (“Rox” or “the Company”) wishes to announce that Teck Australia Pty Ltd (“Teck”) has advised Rox that it has exercised its pre-emptive right to match the offer previously received from Marindi Metals Limited (“Marindi”) (“Marindi Offer”) (ASX:RXL 17 August 2016) for the purchase of Rox’s minority interest in the Reward Zinc Project ( the “Reward Project” or the “Project”) in the Northern Territory.
Pursuant to the Earn-in and Joint Venture Agreement (“JVA”) between Rox and Teck, Teck retained a pre-emptive right over Rox’s interest in the Project. Rox was obliged to offer to sell its interest in the Reward Project to Teck under the pre-emptive right.
Rox Resources Limited (ASX: RXL) (“Rox” or “the Company”) is pleased to announce recent aircore (AC) drilling results from the Fisher East nickel sulphide project 500km north of Kalgoorlie, Western Australia (Figure 1).
The program of 2,540 metres consisting of 49 angled holes was designed to better define the target zones at the Mt Tate and Horatio prospects, and to test EM anomalies along strike to the south of Horatio. In addition an encouraging result north of the Sabre prospect has been received. Significant results were: