The upcoming JORC (reserve estimate) is the most important...

The upcoming JORC (reserve estimate) is the most important near-term milestone for Rox. It is a company maker that could double the share price and trigger a TO by Ramelius.

Mr Passmore has delayed the Grace JORC 3 times. IMO the current plan is for March but officially its June.

Rox have the software to roughly estimate the JORC and of course, they are periodically upgrading it.

IMO as the Xmas JORC deadline approached, they crunched the numbers and decided the JORC wasn’t big enough and there was poor repeatability of assay beyond the southern part of the Grace deposit.

The inconsistent results produce Inferred ounces rather than Indicated under the JORC Code. Inferred have a lower level of confidence and can’t be used in Pre Feasibility or Feasibility studies. A credible JORC needs to have the majority of its ounces in the Indicated category. Here is Ramelius’s Penny JORC with a very good ratio of Indicated to Inferred.

Alex is obviously very focussed on delivering the JORC and he worked 24/7 to achieve that. IMO much of his time spent at Youanmi has been to contribute to the geos work in their progress towards a JORC.

In the last Quarter, Rox thought there was a good chance to increase the JORC with a drilling blitz. IMO the enthusiastic drilling, much of it unguided by drill results because of laboratory delays, is an indicator of their determination to deliver for shareholders. They had their eye on the main game as opposed to many of the issues complained about here. The SP was smashed because it did not produce many long intersections of high grade au (made worse by the delay in announcing results) but in terms of the main game which is the JORC it was successful. Had Rox focussed on infill drilling near known high grade hits the SP would probably have gone up even though the JORC would not be substantially increased.

The drilling campaign looks wasteful but was it? Only gold that can be mined economically should be included in a JORC so it is possible some of scattered low grade hits won’t count towards the calculation (A JORC is not an inventory of gold hits). IMO Alex might say that because of the inconsistent nature of gold lodes inn the granite strike zone you have to drill the hell out of it to find high grade gold and potentially another Grace. With the granite you can’t avoid lots of dusters.

Looking at the main game, Rox has identified some highly compelling new targets that are very likely to bolster the JORC in the next few months. In the Webinar Alex says that the Q1 activities were necessary. Investors that are focussed on the JORC and the long-term future of the company as a significant mid-tier gold miner will see past the short term annoyances and failures and agree with him.