Rox Resources Limited (ASX: RXL) (“Rox” or “the Company”) is pleased to report it has earned a 51% interest in the Bonya copper project, located 350km east of Alice Springs in the Northern Territory.
Under the terms of an agreement entered into with Arafura Resources Limited (“Arafura”) (ASX: ARU) in October 2012, Rox was required to spend $500,000 by 10 December 2014 to earn a 51% interest in the copper, lead, zinc, silver, gold, bismuth and PGE mineral rights over tenement EL29701.
Following the recently completed reverse circulation (RC) drilling program at the Bonya Mine prospect, that initial expenditure requirement was met and as a result Rox has earned a 51% joint venture interest.
In addition, given the high grade nature of the drilling results (see below), Rox has elected to earn a further 19% (for 70% in total) interest by spending a further $1 million by 10 December 2016. Once Rox has earned a 70% interest a joint venture with Arafura will be formed to further explore and develop the area.