Mineral Resource
Rox has recently announced a raised JORC compliant Indicated and Inferred mineral resource estimate for the Myrtle zinc-lead deposit, located approximately 20km south of the McArthur River zinc-lead mine in the Northern Territory, of:
- 43.6 Million Tonnes grading 4.09% Zn, 0.95% Pb (5.03% combined Zn+Pb)
The resource is estimated at a 3% Zn+Pb cut-off.
The mineral resource contains significant quantities of metal:
- 1.78 million tonnes of insitu zinc,
- 0.41 million tonnes of insitu lead,
- 2.19 million tonnes of combined insitu zinc and lead.
At a higher cut-off grade of 5% Zn+Pb the resource includes a higher grade core, with a grade of 7% Zn+Pb:
- 15.3 Million Tonnes grading 5.45% Zn, 1.40% Pb (6.84% combined Zn+Pb).
|
Cut-off
Zn+Pb%
|
Category
|
Tonnes
(Mt)
|
Zn %
|
Pb %
|
Zn+Pb %
|
Zn
kt
|
Pb
kt
|
Zn+Pb
kt
|
|
3
|
Indicated
|
5.8
|
3.56
|
0.90
|
4.45
|
205
|
52
|
257
|
|
3
|
Inferred
|
37.8
|
4.17
|
0.95
|
5.12
|
1,575
|
361
|
1,936
|
|
TOTAL
|
|
43.6
|
4.09
|
0.95
|
5.03
|
1,780
|
412
|
2,193
|
|
Previous
|
|
36.8
|
4.19
|
1.01
|
5.20
|
1,541
|
372
|
1,912
|
|
|
|
|
|
|
|
|
|
|
|
5
|
Indicated
|
1.2
|
5.38
|
1.42
|
6.80
|
64
|
17
|
81
|
|
5
|
Inferred
|
14.1
|
5.45
|
1.39
|
6.85
|
768
|
196
|
965
|
|
TOTAL
|
|
15.3
|
5.45
|
1.40
|
6.84
|
833
|
213
|
1,046
|
|
Previous
|
|
15.1
|
5.49
|
1.46
|
6.95
|
831
|
221
|
1,051
|
A higher grade continuous core of 8.2 Million Tonnes grading 6.4% Zn, 1.9% Pb (8.3% combined Zn + Pb) is present at a cut-off grade of 6% Zn + Pb.
Silver grades are low (about 1 g/t) and have not been included in the mineral resource estimate.
The mineral resource was estimated using the cross sectional polygonal method, the most appropriate estimation technique at this stage of the project.
Drilling to date, which is wide spaced but over an extensive area, has shown that the Myrtle deposit has the potential to be very large.
The Myrtle prospect is shaping into what could become a very significant zinc deposit, just 20km south of the world class McArthur River zinc-lead deposit. On a regional scale, the Myrtle prospect is one of a number of known base-metal occurrences on the Reward tenement, with a number of other prospects such as Barney Creek Sub-Basin, Buffalo Lagoon and Berjaya having similar potential to Myrtle.
Tenement and Legal Information
The Reward EL 10316 was granted to North Mining Limited on 22 July 2002 and transferred to Rox Resources Limited (100%) on 8 January 2009. It is current to 21 July 2010 and is renewable after that date.
Rox was also awarded a new Exploration Licence EL27541 (Myrtle Extended) immediately north of EL10316 on 24 March 2010.
A Native Title Agreement, dated 29 October 2002, was entered into between North, Local Aboriginal Groups, and the Northern Land Council, and was fully assigned to Rox on 19 May 2008. It provides a process for work program approvals.
The Agreement between Rox and North entails:
- An acquisition payment of A$1/tonne (indexed for CPI) of the Mineral Resource - defined in a BFS, payable upon decision to mine.
- A 2% Net Smelter Royalty to North.