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Rox Resources new MD acquires shares in on-market transaction

Alex Passmore last week acquired 1.75 million shares, bringing the total number held to 16 million.

Increasingly high stacks of coins
The company is seeking to acquire near-term mining development assets

Rox Resources Limited (ASX:RXL) newly appointed managing director Alex Passmore has shown his faith in the company’s strategy of seeking near-term development assets through acquiring shares on-market.

Passmore acquired 1.75 million shares in an on-market transaction on May 3 valued at $17,500 and now holds 16 million shares.

READ: Rox Resources appoints CEO Alex Passmore as managing director

Last week the company appointed the former CEO as its new managing director, replacing Ian Mulholland who has retired.

Passmore is an experienced corporate executive and since his recent appointment to Rox has sourced and negotiated the acquisition of the Youanmi Gold Project and surrounding joint ventures.

“New era for Rox”

Last week chairman Stephen Dennis said: “The appointment of Alex as managing director heralds the beginning of a new era for Rox and I am certain we have an exciting time ahead of us.

“Under Alex’s stewardship we have already taken a significant step with the acquisition at Youanmi and we are able to look to the future with confidence.”

READ: Rox Resources confirms 1.19 million ounce gold resource at Youanmi

The company recently confirmed a 1.19-million-ounce JORC-compliant resource grading 2.97 g/t gold at the Youanmi project in Western Australia.

Rox made a play for the project after it recently entered a binding term sheet with Venus Metals Corporation Ltd (ASX:VMC) that results in three JVs being formed around the historical Youanmi mine.

READ: Rox Resources discovers gold in reef at Currans Find

The partners also recently discovered a near-surface gold-mineralised quartz reef at the Taylor’s Reef prospect within the Currans Find JV Mining Lease.

Almost no historical drilling has taken place in the area of the discovery and it therefore forms a high-priority target for the upcoming drilling program.

This lease adjacent to Youanmi is one of those part of the recent agreement between Rox and Venus.  

An initial reverse circulation drilling program will test Taylor’s Reef as soon as approvals are in place.

Quick facts: Rox Resources Limited

Price: 0.022 AUD

ASX:RXL
Market: ASX
Market Cap: $32.07 m
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