June 2022 Quarterly Report
Perth, July 25, 2022 AEST (ABN Newswire) - Belararox Limited (ASX:BRX), an advanced mineral explorer focused on high value clean energy metals, is pleased to report on its Quarterly activities for the period ending 30 June 2022. During the June 2022 quarter, the Company's focus was on advancing its maiden drill campaign in preparation to deliver a JORC compliant resource at the Belara Project.
- First diamond drill hole completed at the Belara Project intersected massive sulphide mineralisation in a previously untested zone.
- Second diamond drill hole at Belara intersected 19m downhole of visible copper and zinc sulphides in an untested area 200m up dip from deeper historic drill intersections and confirmed continuity of the massive sulphide mineralisation closer to surface (around 167m depth).
- Prospectivity modelling using Machine Learning techniques revealed significant resource area expansion potential at Belara, not only in the known mine areas but also regionally.
- Belararox bolstered its drilling capacity during the quarter by introducing an additional multi purpose rig for core and RC drilling and a diamond drilling rig.
- First assay results from Phase One RC resource drilling confirmed massive sulphide mineralisation in previously undrilled areas. In particular, two holes (BLRC009 and BLRC011) confirmed the continuity of the grade and width of mineralisation in gaps where the historic resource model interprets mineralisation to continue.
- The Company conducted a non-renounceable entitlement issue of Loyalty Options to eligible shareholders.
- Belararox appointed Mr Simon Robertson and Mr John Traicos to the Board of Belararox as non-executive Directors. Mr Traicos also assumed the role of Company Secretary following the resignation of Ms Susan Park. Mr Stephen Lowe resigned from the Board as a non-executive director.
- The Company had $2.96m cash at bank as at 30 June 2022.
Belararox continued to advance activities at its high priority Belara Project this quarter. Significant progress was made including the development of prospectivity modelling, which revealed significant resource and development area expansion potential at Belara, and the release of initial assay results from the Company's maiden drill campaign. 1,551 assay results are still pending and are expected to be announced over the next six weeks.
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About Belararox Limited
Belararox Limited (ASX:BRX) is a mineral explorer focused on securing and developing resources to meet the surge in demand from the technology, battery and renewable energy markets. Our projects currently include the potential for zinc, copper, gold, silver, nickel and lead resources.