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Rox Resources has news pending on a capital raising

The company is in a trading halt until Friday, September 20, or when an announcement is released to the market.

Rox Resources Limited - Rox Resources has news pending on a capital raising
A price target of 7.2 cents has been set by Taylor Collison

Rox Resources Limited (ASX:RXL) has capital raising news pending and has been granted a trading halt by the ASX.

This halt will remain in place until the start of normal trading on Friday, September 20, 2019, or when the announcement is released to the market, whichever occurs earliest.

The securities of Rox, which has an extensive exploration package for gold and nickel in WA, last traded at 2.6 cents.

Speculative buy recommendation

Taylor Collison recently initiated coverage on Rox with a speculative buy recommendation and a price target of 7.2 cents.

In a research report, Taylor Collison said it believed there was further upside to the 7.2 cents price target, with numerous exploration targets yet to be sufficiently tested.

Strong Youanmi results

There has been a strong flow of positive results from the Youanmi Gold Project in which Rox is earning up to 70% from partner Venus Metals Ltd (ASX:VMC).

Highlights of the latest results from the Commonwealth prospect are 2 metres at 23.67 g/t from 76 metres and 4 metres at 6.57 g/t gold from 64 metres.

Best result from Youanmi South prospect is 4 metres at 8.17 g/t gold from 96 metres.

Ongoing RC program

The ongoing RC drill program has drilled over 7,000 metres to date and has been extended to continue into October.

Drilling is testing new conceptual targets that have the potential to open up new areas of mineralisation and known Youanmi gold deposits or areas where there is potential for repeats.

Rox and Venus plan to acquire high-quality magnetic data and also to use ground-penetrating radar in the coming weeks to further assist the targeting process.

Quick facts: Rox Resources Limited

Price: 0.023 AUD

ASX:RXL
Market: ASX
Market Cap: $33.53 m
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