Rox Resources Ltd

Rox Resources CEO and MD buys 10 million shares on-market

The company is entering into joint ventures to explore the broader Youanmi shear zone.

Youanmi project overview
The Youanmi transaction is set for completion by late June

Rox Resources Limited (ASX:RXL) managing director and CEO Alex Passmore continues to show his confidence in the company's gold strategy with on-market share transactions.

On Wednesday Passmore purchased a further 10 million shares with a total value of $100,120, increasing his holding to 29 million fully paid shares.

READ: Rox Resources CEO and MD buys 3 million shares on market

This marks Passmore’s third purchase this month after acquiring 3 million shares valued at $30,036 earlier this week as well as 1.75 million shares at the beginning of the month.

Following the retirement of Rox’s inaugural managing director Ian Mulholland, Passmore was appointed as managing director of the company.

Since his appointment he has negotiated the recent acquisition of the Youanmi Gold Project and surrounding joint ventures.

READ: Rox Resources appoints CEO Alex Passmore as managing director

The Youanmi Gold Project, which hosts a 1.19 million-ounce JORC-compliant resource grading 2.97 g/t gold, is in the Murchison region of Western Australia and comes with a historical database of 550,000 metres of drilling.

The mine ceased operation in 1997 when the gold price was just above $400 per ounce.

Quick facts: Rox Resources Ltd

Price: $0.03

Market: ASX
Market Cap: $37.45 m

2 min read