Has Rox just made a new ‘frontier-type’ nickel discovery?
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Special Report: Rox could be onto another company-making, ‘frontier-type’ mineral discovery after uncovering five new nickel targets in a previously unexplored belt parallel to the highly prospective Yilgarn Craton.
Rox Resources (ASX:RXL) has identified several substantial new nickel sulphide targets from its recent regional exploration program at the Mt Fisher project in WA.
This new, completely untested belt has been discovered parallel to the Yilgarn Craton, a large mineral-rich region around 400km east of Perth in WA that has spawned numerous major mines over the past few centuries and has been described as “Australia’s premier gold and nickel province”.
This belt sits adjacent to Rox’s nickel rich Mt Fisher belt and its joint venture ground with Cullen Resources’ (ASX:CUV), located in the Northern Goldfields, about 600km northeast of Kalgoorlie.
Until now, the northern part of the Mt Fisher greenstone belt was interpreted by the Geological Survey of Western Australia to abut the margin of the Yilgarn Craton with a northerly strike bound by granite to the west and east.
However, recent exploration by Rox has uncovered prospective greenstone lithologies exhibiting favourable geochemistry and geophysics striking parallel to the craton margin.
Rox conducted aircore drilling along the northern part of the Mt Fisher greenstone belt earlier in 2020 to test regolith geochemistry ahead of a targeted reverse circulation (RC) program.
The company also conducted a VTEM survey, which provides detailed magnetics and delineates electromagnetic (EM) conductors that may be present.
This exploration effort has uncovered five key locations where there are coincident EM conductors with nickel indicator geochemistry — such as anomalous platinum and palladium — in the regolith.
Rox says the correlation between nickel sulphide pathfinder geochemistry and EM conductors means the EM conductors are unlikely to be related to other conductive bodies.
“The company’s previous experience at Fisher East shows that spikes in these elements in the regolith have consistently been associated with nickel mineralisation in this belt,” Rox said.
Rox now plans to undertake RC drilling to test these targets from 15 June.
The company is well funded, having recently topped up the coffers following an $8.7m placement to institutional and sophisticated investors.