With $12 million in the bank after the sale of its stake in the Reward zinc-lead project, Australia-focused gold and nickel explorer Rox Resources (ASX: RXL) is now cashed-up and on the hunt to acquire a new project.
Speaking to delegates on the third day of the RIU Explorers Conference in Fremantle, Rox Resources managing director Ian Mulholland said it was focused on identifying and acquiring gold, silver, copper and zinc projects with near-term commercialisation potential.
“We are looking mainly at Australia, but also any jurisdiction with security and continuity of title,” he said.
Mr Mulholland said the project needs to be at advanced exploration stage (i.e. mineral resource) through to feasibility/production stage.
Rox received close to $16 million from the sale of its interest in the Reward Zinc-Lead project with Teck Australia Pty Ltd last year.
As well as finding an advanced project, Rox is also seeking to advance its existing suite of base and precious metals exploration projects including the Mt Fisher Gold, Fisher East Nickel, and Collurabbie Nickel – Gold Projects (Western Australia), and the Bonya Copper Project (Northern Territory).
Because we are cashed-up we can afford to explorer our projects so the nickel projects offer leverage from an improved price and we continue to grow our resources there and continue to assess development options.
“We are going to explore our gold projects with the aim is to establish at least 500,000 ounce resource.”
Shares in Rox were last trading at 1.5c.