you're right mongy the MRE is likely to be underwhelming...

First 12 Last

Share
Profile

Follow
CashedUpBogun

8,132 Posts.

825

24/01/24

16:03

Post #: 72046819
Share
Originally posted by Sumit000: ↑

Read this ann in conjunction with the Venus Metals ann of 18^th Sept 2023 regarding their Deep South project at the tenement adjoining Rox’s.
Lithium-rich pegmatite was first identified in two outcrops at North Zone (Figure 1) returning samples with 4.6 %Li2O and 3.26 %Li2O respectively (ASX release 24 August 2023).
Geological mapping shows three main zones of outcropping Lithium-rich pegmatite over a 300m x 200m area. Referred to as Central Zone (up to 4.5 %Li2O), East Zone (up to 4.6 %Li2O), and North Zone (up to 4.6 %Li2O), common areas of high lithium grade are associated with coarse grained Petalite (LiAlSi4O10), a lithium mineral with similar composition to Spodumene (LiAl(SiO3)2) and known to occur with Spodumene in other Lithium deposits in the region (e.g. Mt Holland).
The northerly trending Central Zone is interpreted to dip gently towards east with the orientation of the other two zones yet to be determined.
The mapped LCT pegmatites correlate with broad geochemical anomalies for caesium (up to 10,591 ppm Cs) and tin (up to 473 ppm Sn), consistent with an extensive intrusive system.
Exploration at Deep South is at a very early stage and currently known outcropping Lithium pegmatites in this poorly exposed area potentially may only represent a relatively small part of the mineralized system.
If this lithium discovery shapes up a JV with Venus is inevitable to share costs.
Re the MRE news: So last year Rob Ryan said the MRE resource was almost complete. Now he says it will be delivered in this Quarter. Rox has chosen their words carefully. The MRE is not imminent or coming in the next few weeks and it will not be featured in the RRS presentation imo. When Rox crunched the resource JORC numbers they didn’t quite get what they hoped for. Rox doesn’t care whether we retailers are pleased or not but this MRE has to raise money for Rox from instos. So from the beginning of January Rox has been infill drilling at Link, drilling the new high grade lode at Currans and following up nearby hits from the recent regional drilling campaign. Perhaps a Greenfield target? The targets Rox is drilling now are very high confidence and it’s likely that they will add significantly more gold to the MRE but we have to be patient.

Expand

you're right mongy the MRE is likely to be underwhelming despite the drilling plowed into it. partly because the previous md cooked the last MRE especially grace, partly because on the gram x metre basis the results were lacklustre imo. Paddy's was a duster, currans looks bony around small scale old workings.

pivoting this late in the piece to lithium, which has completely dive bombed points towards inexperience and desperation on the md's part.

money has dried up. RXL has no leverage to raise so expect a huge discount meanwhile the can will be kicked down the road again. its going to be tough keeping the lights on
1 Upvote

0 Great analysis

Reply