Seems like market has overlooked RXL in-specie distribution for an IPO spin-off .
Those who remembered FFR spin-off into Firebird would know the upside potential from such exercise.
Even without the spin-off, RXL is potentially worth 10c in the longer term.
High Grade Intercepts Continue at Link Highlights:
• Assays received for a further 8 holes.
• All holes received intersected gold mineralisation.
• High-grade mineralisation extended down plunge at Link. RXRC369: 4m @ 7.2g/t Au from 131m RXRC368: 4m @ 2.7g/t Au from 164m RXRC365: 1m @ 5.2g/t Au from 220m RXRC367: 4m @ 2.2g/t Au from 151m • RC drilling continues at new high priority targets, Grace South, Link and Junction. • Assays pending for 13 holes. __________________________________________________ Australian gold and nickel company, Rox Resources Limited (“Rox” or “the Company” (ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation Limited (ASX: VMC) is pleased to provide an update on exploration activities at Youanmi Gold Project near Mt Magnet, WA, in the OYG JV area (Rox 70% and Manager, VMC 30%). RC drilling at Youanmi continues to yield high grade results building on the known extent of mineralisation at Link. Assay results have been received for further 8 holes from the current RC program, results are awaited for 13 holes. Pleasingly, all holes received intersected gold mineralisation (refer to Table 1 for significant intersections) The Company notes assay turnaround times are running at approximately 5- 6 weeks. Encouragingly, recently returned drill results have extended the known area of high-grade mineralisation at Link by 100m beneath the historically mined high-grade United North Pit. The highlight of this round of results being 4m @ 7.2g/t Au from 131m, including 2m @ 12.6g/t Au from 131m intersected in RXRC369 (Table 1, Figures 1 and 2). These results also define a zone of high-grade mineralisation within 150m of existing underground development. RC drilling remains ongoing. The current program has been designed to follow up recent high-grade results at Link, Junction and the Grace deposit. Managing Director Alex Passmore commented: “We are pleased to report these near mine extensional drill results from Youanmi. The structural targets down plunge of historic pits that comprise Link are close to historic mine development and have the potential to add to mineable inventory for relatively low cost. We look forward to updating the market as more results come to hand.”
Highlights: • Fisher East and Collurabbie nickel and base metal assets to be spun out (via a demerger) into a new company “Cannon Resources Limited”. • Eligible Rox shareholders to receive new Cannon Resources shares via an in-specie distribution, subject to Rox shareholder approval. • 1 for 15 consolidation of the equity securities in Rox to be completed prior to demerger, subject to Rox shareholder approval. • Rox shareholders are expected to receive 1 ordinary share in Cannon Resources Limited for every 4.3 shares (approximately) held in Rox on a post-consolidation basis
(ASX: RXL), in conjunction with its joint venture partner Venus Metals Corporation Limited (ASX: VMC) is pleased to provide an update on exploration activities at Youanmi Gold Project near Mt Magnet, WA, in the OYG JV area (Rox 70% and Manager, VMC 30%). RC drilling at Youanmi continues to yield high grade results building on the known extent of mineralisation at Link. Assay results have been received for further 8 holes from the current RC program, results are awaited for 13 holes. Pleasingly, all holes received intersected gold mineralisation (refer to Table 1 for significant intersections) The Company notes assay turnaround times are running at approximately 5- 6 weeks. Encouragingly, recently returned drill results have extended the known area of high-grade mineralisation at Link by 100m beneath the historically mined high-grade United North Pit. The highlight of this round of results being 4m @ 7.2g/t Au from 131m, including 2m @ 12.6g/t Au from 131m intersected in RXRC369 (Table 1, Figures 1 and 2). These results also define a zone of high-grade mineralisation within 150m of existing underground development. RC drilling remains ongoing. The current program has been designed to follow up recent high-grade results at Link, Junction and the Grace deposit. Managing Director Alex Passmore commented: “We are pleased to report these near mine extensional drill results from Youanmi. The structural targets down plunge of historic pits that comprise Link are close to historic mine development and have the potential to add to mineable inventory for relatively low cost. We look forward to updating the market as more results come to hand.”
