New nickel hope for Rox

New nickel hope for Rox

Shares in Rox Resources climbed 6.2 per cent yesterday after announcing two new nickel sulphide discoveries in the Northern Goldfields.

The Cannonball and Musket prospects follow Rox’s Camelwood discovery last December at the explorer’s Fisher East project near Wiluna.

A portable XRF analyser returned readings of 5m at 2.7 per cent nickel from 114m at Cannonball, but laboratory assay results will not confirm the grades until early in the New Year.

“These outstanding results of two more nickel sulphide discoveries confirm our belief that we are dealing with a whole new mineral field and not just an isolated deposit at Fisher East, ” Rox managing director Ian Mulholland said.

The Camelwood discovery propelled Rox’s market capitalisation from $7 million to $58m in February when its shares hit a 12-month high of 11 cents. Rox changed hands for 3.4 cents yesterday, with the company valued at $22m according to Bloomberg data.

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