RXL

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Corgi

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19/09/23

13:19

Post #: 69916101
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Originally posted by ASXRod: ↑

We can assume that drilling is underway by now either at Currans or Paddy's Lode, perhaps both?
As posted before Currans looks to be a good first choice with its history of bonanza grade shallow hits.
Drilling there would be RC which is relatively cheap. Drilling costs have come down from a year ago and rig availability has improved.
This means that Rox doesn't have to keep drilling to hang onto a rig as was the case a couple of years ago so Travis Craig can thoroughly plan the holes.
Travis is probably drilling at Currans but would be keen to get back to Paddy's Lode to follow up some exceptional first hits.
A misconception about Paddy's Lode is that it can be ruled out as a significant find on the basis of some disappointing drill results. But these drill holes tested the shallow oxide zone which turned out to be depleted. Paddy's Lode at depth and along strike has very high potential as reinforced by the IP survey results.
So Paddy's Lode may have been written off by the market with a 50% fall in the share price but industry geos remain of the view that it could still be a major discovery and probably will be. As these Youanmi Shear high grade finds go 200K ozs of gold is ballpark eg just up the road RMS has Penny Gold with well over that resource metric. A significant discovery at Paddy's Lode would be a game changer that would multiply the share price.
Rox announced that they are running more surveys at Linda Gossan to establish the potential there after the spectacular first shallow hit.
Linda Gossan will also be in the drilling queue.
In Q4 Rox will have about $7m in cash to drill these targets with a possible cash injection from the sale of Fisher Gold and Eureka (or they could IPO these prospects).
We can look forward to the results of drilling targets that have already had spectacular hits.

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RXL Price at posting: 21.0¢ Sentiment: Sell Disclosure: Not Held
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