Rox Resources Ltd. (RXRS.PK) explores for copper, zinc, gold and other valuable metals. The company also acquires mining properties in Canada, with its principal mine being the Fox Mine in the Canadian province of Manitoba.
The Fox Mine covers an area of 8.2 square miles (2,110 hectares) with an abundant amount of copper and zinc deposits in past extractions. The Company believes that the Fox Mine contains five million tons of copper and/or zinc ore and 10 million tons of extractable copper and zinc ore. The untapped mineral deposits in the mine are estimated to exceed $6 million.
The copper, zinc, and other precious metals demand has been increasing around the world. Although the demand has risen and is continuing rise, the availability is still at low levels. The world gold demand alone rose from 3,188 tons in 2003 to 3,729 tons in 2005.
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Beacon Equity Research Features Rox Resources Ltd. (RXRS.PK) with Rating of “Speculative Buy”; as Company Signs Letter of Intent. The Rox Resources Ltd. corporate mission is to acquire land claims with superior exploration potential and or past producing mining camps with above average economics.
Rox Resources Ltd. (RXRS.PK) recently reported that the Company has signed a Letter of Intent to acquire a 100% interest in The Fox Mine, located 44 kilometers southwest of the town of Lynn Lake, Manitoba at the terminus of highway PR391. The Fox Mine was in production during the period 1970-1985 (11 936 479 tonnes grading 1.82% copper and 1.78% zinc were milled).
Rox Resources Ltd. will initially acquire 9 claims or Fox 1 to 9 inclusive. This acquisition would represent a land package of approximately 8.2 square miles or 2,110 hectares.
The Fox Mine property is contained within the south limb of the Aphebian age Lynn Lake greenstone belt and is regionally metamorphosed to amphibolite facies.
The Fox ore body is a volcanogenic massive sulphide deposit, and is comprised of two discrete lenses-each within its own stockwork zone.
The ore lenses show conventional metal zonation with zinc sulphides lying stratigraphically above copper sylphides. Proximity to ore is indicated by pronounced geochemical enrichment and depletion trends. Little drilling has ever been done at depth and represents potential.
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Rox Resources is focused on acquiring Canadian mining properties and plans to explore for copper, zinc, gold and other valuable metals. The company’s main mineral property is the Fox Mine which is located in the Canadian province of Manitoba.
Nearly 12 million tons grading 1.82% copper and 1.78% zinc were extracted from the Fox Mine between 1970 and 1985. Beacon Equity believes that the value of untapped mineral deposits associated with the Fox Mine could easily exceed $6 million and may approach $12 million.
The government of Manitoba has issued legislation in the past which encourages the exploration and development of its mineral deposits. According to a Fraser Institute survey, Manitoba is the world’s most favorable regulatory environment for mining investments.
The demand for copper, zinc and other metals has increased on a global scale while supply remains at low levels. This situation creates an excellent business opportunity for Rox Resources to produce large revenues and become a leader in the industry.
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