Rox Resources Ltd Share Price Up on High Gold Recoveries (ASX:RXL)

Rox Resources Ltd Share Price Up on High Gold Recoveries (ASX:RXL)

The Rox Resources Ltd’s [ASX:RXL] share price is up close to 5% today at time of writing, with shares trading at $8.8 cents.

Rox Resources is an emerging Australian mineral explorer. Their most advanced projects are the Youanmi Gold Project and the Fisher East Nickel Project, both located in Western Australia.

In the last couple of weeks the RXL share price has seen an increase by a whopping 267%. You can read more on what’s been pushing shares higher here.

Metallurgical tests show high gold recoveries

Today, Rox Resources, together with their joint venture partner Venus Metals Corp Ltd  [ASX:VMC] released the preliminary metallurgical test work results for the Youanmi Gold Project.

Youanmi is located 480km northeast of Perth and has delivered an estimated 667,000 ounces of gold at 5.47 grams/tonne of gold since its discovery in 1901.

Youanmi has several types of mineralisation. It’s why for the metallurgical testing, the company chose 81 samples from 32 reverse circulation (RC) drill holes to make sure that different styles of mineralisation were represented.

They analysed the samples using the LeachWELL Accelerated Cyanide Leach technique to determine the cyanide extractable gold.

The company confirmed high gold recoveries averaging 96% in oxide mineralisation throughout the project area.

Here are some the results:

ASX RXL Share Price - Rox Resources Gold Test Results

Source: Rox Resources

According to the company, Grace’s results were ‘exceptionally encouraging’. As you can see in the table above, gold recoveries for Grace averaged 97% from oxide, 94% transitional and 95% fresh zone.

Rox Resource’s Managing Director Alex Passmore said:

We are very pleased with these results, which are in line with our expectations.

This first-pass metallurgical test work demonstrates that different primary mineralisation styles within the Youanmi project area such as the granite-hosted gold at Grace are clearly non-refractory, delivering excellent recoveries with conventional methods.

What next for RXL?

The company is still running metallurgical test works and are also drilling the Grace prospect with two RC drill rigs on site.

All this helps give Rox Resources a better understanding of Youanmi.

One way to get exposure to the rising gold price is through gold stocks. Another is to buy gold directly.

To find out more about the ‘Best Way to Buy, Sell and Store Gold’ check out our free step-by-step guide.

To read the report, click here.

Best,  

Selva Freigedo