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Rox Resources halted ahead of capital raising news

Recent high-grade drilling results confirm that the Youanmi Granite is highly prospective for gold mineralisation.

Rox Resources Limited - Rox Resources halted ahead of a capital raising through a share placement and SPP
A program to further explore regional targets at Youanmi is being planned

Rox Resources Ltd (ASX:RXL) has been granted a trading halt ahead of an announcement in regard to a capital raising through a share placement and share purchase plan (SPP).

The trading halt will remain in place until the beginning of regular ASX trade on Wednesday, May 27, or when an announcement is released to the market, whichever occurs earliest.

Shares in the gold and nickel-gold explorer last traded at 2.7 cents and have been climbing from 1.4 cents at close on March 23.

High-grade gold results

Rox and its JV partner Venus Metals Corporation Limited (ASX:VMC) received further impressive gold results at the Youanmi Gold Project earlier this month.

Drilling in March focused on the Grace prospect and tested several nearby regional targets in similar structural settings with results of up to 3 metres at 7.41 g/t gold from 109 metres at Grace.

Other strong results from the drilling are:

  • 2 metres at 7.34 g/t from 34 metres (Grace prospect);
  • 12 metres at 1.16 g/t from 59 metres (Grace);  
  • 2 metres at 18.96 g/t from 48 metres to end of hole (Grace North); 
  • 4 metres at 1.6 g/t from 56 metres to end of hole (Hill End East); and
  • 12 metres at 1.12 g/t from 48 metres (Plant Zone West).

Quick facts: Rox Resources Limited

Price: 0.081 AUD

ASX:RXL
Market: ASX
Market Cap: $161.12 m
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