Something else to look forward to. At the RRS presentation RR...

Something else to look forward to.
At the RRS presentation RR flagged a Cannon 2, a second IPO following the very successful Cannon IPO of Rox's nickel resources. That IPO was for $6m, Rox holders received free shares plus priority shares at 20 cps. Cannon was taken over for $40m at a share price of 45 cents. This time 2 projects will be part of a new company, Eureka and Fisher Gold.
Eureka has 20km of the basal contact on strike from the Cannon nickel prospects. Chris Ringrose MD of Cullen Resources told me that Eureka is very under explored and some parts have not been explored at all.
Eureka is highly prospective for Nickel, Gold and VMS, first identified by Rox at Red Bluff.

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Eureka


The second project in the IPO will be Fisher Gold, located 40km east of the prolific Yandal greenstone belt, host of significant gold deposits including Jundee, Bronzewing and Mt McClure. Rox's tenure covers a huge area over the Mt Fisher greenstone belt (850km² in total). The NNW trending structure (Hootanui Shear) at Fisher is likely to host a deep-seated gold plumbing conduit linked to the occurrence of major nickel-sulphide and gold deposits. Fisher has a number of small but very high grade gold deposits such as the Wagtail prospect 5m @41 g/t, 3m @ 55g/t etc
Rox is 100% focussed on its Youanmi gold project and cannot afford to take on further drilling at these projects plus it costs money to retain them.
But expect Rox to run some aeromags to Id targets for IPO promotion.
An IPO is highly likely but right now Rox would be very busy working through the consolidation process with Venus so Q4 would be my guess on the timing.
The new company will have compelling Gold, Nickel and VMS prospects.
The IPO value?
$20 - $30m imo and Rox holders will be get about half that.

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