Rox raises cash for Youanmi work
PERTH (miningweekly.com) – Junior Rox Resources will raise A$7-million to fund exploration at its Youanmi gold project, in Western Australia.
The company on Wednesday said it had received binding commitments for the placement of 35-million new shares at a price of 20c each, with the shares to be placed under Rox’s existing placement capacity.
Both of Rox’s major shareholders have participated in the placement, with Hawke’s Point and Venus Metals Corporation subscribing for A$1.49-million and A$0.25-million in new shares respectively, subject to shareholder approval at a meeting scheduled for late November.
“This is testament to the quality and significant potential of our key asset, the Youanmi gold project, and reflects the excellent work we have completed this year,” said Rox MD Robert Ryan.
“Consolidating the ownership over the Youanmi gold project and regional tenure position places Rox in a highly-strategic position. An in-depth targeting process is underway over the consolidated regional tenure that incorporates all available geochemical data and new geophysical targets that extend from north of the Youanmi mine area to well south of the high-grade Penny West gold mine.
“With the in-fill drilling already conducted this year, we’re well positioned to update the mineral resources estimate, which will provide the basis for the prefeasibility study of a mine restart.”
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