Hancox picked up an ankle injury after training on Thursday. This latest set-back for the young defender comes less than a week after his return to the first team, following his recovery from a previous ankle problem.
Blues will also be without the services of on-loan Manchester City midfielder Rusnak, who is nursing a groin strain.
"Unfortunately we’ve had a couple of set-backs in the last 24 hours," said Blues boss Lee Clark.
"Mitchell has an ankle injury which was done when he was doing extra work in the gymnasium. He was doing some weights and core work and he’s gone over on his ankle as he was walking around, which is unbelievable.
"Albert is reporting a little bit of tightness in his groin so those two won’t be available for Ipswich which is a blow because they are two young players that have done extremely well.
"In Mitchell’s case, he is someone who just seems to be in a team that gets positive results and he inspires everybody around him - maybe that's because he’s a big Bluenose and a born and bred Birmingham fan. He’s picked up a lot of injuries this season and he’s been a big miss to us."
Meanwhile Brian Howard is back in contention after being give additional time to recover from a fractured toe.
"Brian is back fit and in contention," confirmed Clark. "He's played through a few games with a fracture in his little toe, which shows me he’s got the commitment to play. We decided to give him a little bit of rest time to get that recovered and we're delighted to have him back because he's got a lot of Championship games under his belt."
Matt Green (knee), David Murphy (knee), Akwasi Asante (hamstring) and Neal Eardley (knee) remain sidelined.