An excellent and timely MRE, I snapped up more at 17 cps. The...

An excellent and timely MRE, I snapped up more at 17 cps. The downward revision to a very large resource of 2.3M ozs @ 4.4g/t corrects an historical ‘anomaly’ so to speak. At this stage with feasibility studies ongoing it’s all about indicated or measured oz of gold and Rox has delivered well beyond market expectations.

The open pit shallow resource has been increased marginally to 458,000 ozs with a pleasing increase in grade to 2.8 g /t. This is oxide free milling gold that should deliver a free cash flow of $AU 1,000 oz.

The extra 359,000 ozs underground is a great result even though it has reduced the overall UG grade from 7.55 g/t to 6.1 g/t. That works out to close to 5g/t for the additional gold ozs. Boosted by the high price of gold mining the UG gold is likely to be very profitable.

Rox is now in a position to deliver the PFS as planned and it should have robust metrics.

Rox has included a strong exploration report to increase the MRE before the PFS ann in June and also to take the sting out of the Quarterly tomorrow that will finally reveal a host of dusters from IP based drilling.

Interesting to see that Paddy’s Lode is now considered to be in the 73,000 to 135,000 oz au range. Not another Youanmi but a significant addition to the final MRE. Midway may also deliver additional high grade ozs.

But the exploration projected targets on page 14 are unrealistic. Based on previous drilling, Kathleen for example, is highly unlikely to deliver 193K to 355K ozs @ 5.3 g/t to 8g/t. Nevertheless, there remains plenty of potential to convert infill to indicated ozs.

Rox will be AC and RC drilling rather than expensive DD targeting the edges of shallow indicated resources to increase the MRE. This is a sound strategy for increasing the MRE cheaply.

Also of note Venus is up almost 10% today following their Youanmi Lithium update. The lithium resource extends into Rox’s tenement. Venus is going to drill the resource (thanks Matty).