Category Archives: Announcements
• Fisher East and Collurabbie nickel and base metal assets to be spun out (via a demerger) into a new company “Cannon Resources Limited”.
• Eligible Rox shareholders to receive new Cannon Resources shares via an in-specie distribution, subject to Rox shareholder approval.
• 1 for 15 consolidation of the equity securities in Rox to be completed prior to demerger, subject to Rox shareholder approval.
• Rox shareholders are expected to receive 1 ordinary share in Cannon Resources Limited for every 4.3 shares (approximately) held in Rox on a post-consolidation basis.
Australian gold and nickel company, Rox Resources Limited (Rox or the Company) (ASX: RXL) is pleased to confirm that the share placement to Hawke’s Point has settled.
Hawke’s Point has subscribed for 314,285,714 ordinary shares at an issue price of $0.035 each, for a total of $11 million before expenses. In addition, 157,142,857 options exercisable at $0.07 each and which expire on 25 March 2025 have been issued to Hawke’s Point.
This issue of shares results in Hawke’s Point now holding 13.3% of the fully paid ordinary shares on issue.
- High-grade mineralisation extended by 100m to the south at Grace. Assays received for 3 holes, pending for 15 holes.
- RXRC363: 8m @ 19.9g/t Au from 68m, including 4m @ 38.3g/t Au from 68m. Shallow high-grade mineralisation in Granite at Grace South.
- RXRC362: 4m @ 5g/t Au from 40m in Granite at Grace South.
- RXRC361: 4m @ 6g/t Au from 84m and 8m @ 4.1g/t Au from 112m at Junction.
- RC drilling continues at new high priority targets, Grace South, Link and Junction.
• Rox to issue $11m in equity to highly regarded asset manager Hawke’s Point equating to a holding of 13% in the Company;
• Cornerstone investment by Hawke’s Point to support further exploration and transition to mining at Youanmi Gold project.
• Gravity and leach test work confirm excellent total gold recoveries at Grace of up to 99.8% in fresh rock and 98.7% in oxide mineralisation
• Results confirm that new zones of gold mineralisation discovered through late 2019 and 2020 within granite are likely to be amenable to conventional gravity and cyanide processing
• Complements extensive new geological understanding resulting from 2020 drilling and geophysics to positively reset perspectives on the Youanmi Belt