Did the participants in the recent cash raise buying at 20 cps do so because of the regional or near mine exploration?
Absolutely not.
If you asked the Rox team about the real prospects of exploration targets and they gave you a straight answer it would be “It’s just exploration. Who knows?”
Are the insider buyers and instos that paid 20 cps concerned that their investment value has fallen 20%.
Not at all and nor is the Rox Board concerned. The share price fall based on exploration results is purely a retail holder phenomenon. The gamblers are disappointed Alex Passmore would quip.
Hawke’s Point, a top insto, directors and shrewd Matty Hogan paid 20 cps because Rox has nearly completed a mineral resource update (MRE) that will drive positive feasibility studies culminating in an FID and a restart of the Youanmi mine.
Right now, and from the beginning of the year, Rox is 100% focussed on the forthcoming MRE. This is building resource confidence rather than Greenfields exploration.
They are drilling to add more indicated gold to the MRE, by infill drilling high confidence targets identified by previous drilling last year.
That includes more drilling at the Currans new discovery 6m @ 5.22g/t Au from 29m from the first hit with good width to the lode and at nearby targets that had high grade hits in the first round of drilling. After closely examining the positive Link results Rox would be drilling a few more high confidence infill holes to add additional indicated ounces.
Rox may not have all indicated ounces from these targets by the time they announce the MRE but certainly strongly inferred ones by JORC standards. They will be converted to indicated before the PFS so the MRE that informs the PFS due in June will be substantially larger.
Paddy’s Lode and Midway are deep and expensive to drill targets and are probably on hold until the MRE is announced.
I topped up this morning at a 20% discount to the insiders.
(20min delay)