The potential of the regional tenements has been poorly explored...

The potential of the regional tenements has been poorly explored over the last decade, primarily due to a fractured ownership history that has limited the ability to apply a systematic regional exploration approach. Rox’s recent consolidation of the Youanmi joint venture has given the Company fresh impetus to explore the 60km strike extent of the Youanmi Shear Zone, putting Rox in a unique position to organically grow the Youanmi Gold Project by actively exploring and progressing its project pipeline.

This is an important statement that helps to explain the poor share price performance of Rox in the past and the transformation that is unfolding now.

When Rox and Venus joined forces in 2019 Venus insisted on being the regional exploration manager. The JV relationship was uneasy, note that it was Venus and not Rox that announced the spectacular first high grade gold hit at Linda Gossan even though Rox had the same gold stake in the tenement. Also, giving each company half or 45% each, depending on the tenement, did not encourage exploration. Raising cash was always difficult with the JV in place. Instos much prefer to invest in companies with 100% ownership of a project. That's especially significant now with cash drying up for ASX small cap companies .

The recent consolidation gave Venus a large stake in Rox but in exchange Rox took full ownership of the gold rights.

Although they will have about $7m at the end of this Quarter Rox will spend the money wisely. They certainly won't be embarking on an ill disciplined multi rig drilling program. They will drill with utmost attention to geological context and the advanced modelling of Youanmi. Rox has also brought in external consultants, probably sourced by Hawke's Point (as part of their substantial holding contract).

Rox would have been disappointed to have to raise cash at 20 cps recently after jumping to more than double that. Their current cash will likely be used to take them through Q4 this year and Q1 2024 at which point a CR at 40 cps + would be the target, but it could be a lot higher.

Starting with Currans it’s encouraging that this prospect is associated with elevated gold pathfinder lead and copper, which is a characteristic of the nearby Penny West gold mine. Penny West is famous for its 5m thick veins hosting bonanza grade gold. We can anticipate high grade intercepts from Currans within a few weeks along with a new resource model for what could be a significant discovery in its own right.

Change of mind here: Linda Gossan will likely be the next target after Currans imo.

9m @ 15.6g/t Au from the surface on a 2.5km mineralised trend is just too tempting to resist and gossans host some of the richest gold deposits worldwide. This will be oxide free milling gold and being shallow relatively cheap to punch a few AC and RC holes into the impressive aeromag defined anomaly there.

Drilling at near-mine IP targets including Paddy’s Lode, Bunker North and the Youanmi Shear Zone will come later imo. Paddy’s Lode, Midway and Bunker North are deeper more expensive to drill targets and Rox will want to get some runs on the board early in Q4.

We are now at the start of an exciting exploration phase targeting compelling targets with strong potential to grow the 3.2 m oz resource and move into production. Another Penny, 200K oz Au gold discovery is also very much on the cards. Of the current juniors under $100m market value Rox would have to be the most likely to surprise on the upside.