RXL (ASX) Cannon IPO steak and sizzle

Originally posted by m0ngy: ↑

I’ve been trying to make sense of a discussion with Alex where he spruikied the benefits of further drilling atCamelwood, Cannonball and Musket.My skepticalresponse was that Rox has held the tenement for a decade and completed additional drilling during that time. In the23/10/18 investor presentation further drilling was estimated to increase the resource by 1/3.That would increase the resource atCamelwood, Cannonball and Musketby 26,000t to a total of 104,000t of nickel.

But Cannon is focused on far more than these pits. Sabre is also a Fisher target. Sabre was discovered in 2015 with promising high grade hits.An Exploration Target at Sabre of 2.0 – 2.5 Mt at 1.5 - 2.5% Nickel has been identified based on RC and diamond drilling and geophysics (EM). The second major target of Cannon is Collurabbie where the Olympia project has a 13,500t of high grade nickel with significant regional expansion possible on the 123 square km tenement.Collurabbie is also the most likely tenement to have a major newnickel, copper and platinum group discovery. Olympia already contains 9,300 tonnes of nickel, 6,800 tonnes of copper, 470 tonnes of cobalt and 43,000 ounces of platinum + palladium.

A few years back Rox proposed trucking Collurabbie ore to Fisher East to combine these resources. These are 70K apart and of sufficiently high grade to transport. The strategy of Cannon is now to combine regional nickel projects.

Fisher has a $2.9m planned expenditure and Collurabie$1.8m.

Camelwood Cannonball and Musket plus Collurabbie currently have 91,500t of high grade nickel. The near term and likely expansion is hoped to increase this to around 130,000t Ni. Chances of finding a major Ni, Cu, Co, Pt, Pd resource are considered very good.

Prices of all these metals are exceptional.

The steak in Cannon is the high grade JORC with a strong possibility that existing resources will be expanded, combined and commercialised.

The Cannon sizzle is finding a new nickel resource or more Ni, Cu, Co, Pt, Pd at Collurabbie.

A solid investment with sizzle imo

Note the following from DM1, a junior with a lot of sizzle (colourful pics of EM conductors and drill cores without assays) but no steak.

Desert Metals Limited (‘DM1’): Price and Volume Query

ASX refers to the following:

1.The change in the price of DM1’s securities from a low of $0.40 yesterday to an intraday high of $0.64 today.

The increase in the volume of DM1’s securities traded today

Expand

@Mongy

As for Rox's gold deposit, highly unlikely as well to access funding to build the Youanme gold mine with the current resource and grade.

You can see below Mongy all the high-grade gold 5+g/t was mined out in the early 1900s.

1.19million ounces of gold, will need a lot more drilling and increase in JORC resource before any funding can be secured, hence the recent JV with Venus metals to keep the lights on.

GLTA.

Youanmi Gold, WA | Rox Resources

Youanmi, Western Australia
Gold

Highlights:
Confirmed Mineral Resource Estimate of 1.19Moz AuDatabase of circa 550,000m of drilling has been analysed and confirmedDatabase indicates significant opportunities that are to be followed up in upcoming drilling program
The Youanmi Gold Mine
The Youanmi Gold Mine is located 480 km to the northeast of Perth, Western Australia.
The area has produced an estimated 667,000 oz of gold (at 5.47 g/t Au) since discovery in 1901 with most of the gold produced from the Youanmi Mine with additional gold sourced from Youangarra, Penny West, Columbia – Magenta and Currans.
Rox, through two additional joint ventures holds large landholdings throughout the Youanmi Mining Centre.
A joint venture with Oz Youanmi Pty Ltd (“OYG”), covering 65km2, and ~ 10km x 7km wide, and surrounds the Youanmi Gold Mine and nearby extensions.A joint venture with Venus Metals Corporation (“VMC”), which covers 302km2. The Youanmi joint venture covers 270km2 of this venture, which includes 40km of strike along the Youanmi Shear Zone.
Geology
The project is situated in the Youanmi Greenstone Belt, within the Southern Cross Province of the Archaean Yilgarn Craton in Western Australia. The structure of the Youanmi Project is dominated by the north-trending Youanmi Fault Zone, which traverses the eastern margin of all Project tenements and locally separates the greenstone stratigraphy to the west from the basement granitoids and gneisses to the east.
Most of the gold mineralisation seen at the project is hosted within north-northwest splays off the north-northeast trending Youanmi Fault. The splays diverge from the Youanmi Fault to the south of the informally named Youanmi Granite and trend sub-parallel with the granite-greenstone contact (Figure 1).
Locally near the Youanmi Mine, gold mineralisation occurs within lode structures contained by shears in close proximity to the greenstone-granite contact. Gold is distributed within these lodes in a series of steeply plunging shoots. Away from the contact gold mineralisation also occurs within structures in granite, basalt-BIF sequences and felsic volcanic rocks.
Site Infrastructure
The project comes complete with comprehensive site infrastructure including a CIP process plant (requiring significant refurbishment) which was designed to treat 600,000tpa of oxide ore, a tailings disposal facility, mine offices, combined core shed and workshop, mine village, access roads and airstrip.
Facilities at the village will ultimately require varying degrees of refurbishment to accommodate a full-time work force. However, for the purposes of exploration crews, the village is well equipped.

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(20min delay)
Last 15.0¢		Change -0.010(6.25%)		Mkt cap ! $61.58M

Open	High	Low	Value	Volume
16.0¢	16.0¢	15.0¢	$181.7K	1.175M

Cannon IPO steak and sizzle, page-66

Youanmi, Western Australia

Highlights:

The Youanmi Gold Mine

Geology

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Cannon IPO steak and sizzle, page-66

Youanmi, Western Australia

Highlights:

The Youanmi Gold Mine

Geology

Site Infrastructure

Top Stories

Blue Star Helium sees approval for five more wells at 'Galactica/Pegasus' project in Colorado

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Week 46 Wrap: Copper hits 2mth low as Trump threatens net zero pace; US rally fades; HotCopper’s picks

Cyclone signs MOU with Vale for development of Iron Bear play

CuFe sells its Crossroads gold royalty to Northern Star for $4M cash; says better than waiting for mine launch

Featured News

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Sellers (Offers)

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