Rox Resources' (ASX:RXL) Managing Director Phillip Wilding is "wasting no time" in bringing confidence into the company with his "aggressive" approach to exploration and mine development, said Euroz Hartleys in a Monday note.
The company's recent step-drilling yielded significant intercepts including 5.72 meters at 10.9 grams per tonnes grade of gold from 285.4 meters, 9.74 meters at 6.75 g/t grade of gold from 466.8 meters, and 0.94 meters at 6.14 g/t grade of gold from 463.3 meters.
The research firm believes there could be sufficient mineralisation in these discrete lodes to link the Youanmi Main and Pollard deposits of the company which positions it well for a faster ramp-up in ounces and extensions at depth could support a 100,000 to 150,000 ounces per annum outcome in the definitive feasibility study.
Euroz Hartleys maintained its speculative buy recommendation for Rox Resources and increased the price target to AU$0.38 from AU$0.32.
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