17 February 2009
ASX / Media Announcement
ASSAY RESULTS FROM RADIO HILL
Pilbara-based nickel developer, Fox Resources (ASX: FXR), has today announced more encouraging assay results from its Radio Hill project near Karratha.
The latest results are from a near mine sampling program at Radio Hill, which is testing unsampled mineralisation as part of Fox?s strategy to increase the resource base at the project.
Fox Resources Managing Director Bruno Seneque said the majority of drill holes have returned variable to significant intervals of nickel and copper.
?The programme, which is now complete, consisted of geological re-logging and sampling of underground drill holes above and down plunge of the existing mine.? Mr Seneque said.
?The results from these early holes confirm the presence of extensive nickel and copper disseminated mineralisation, and will be used to construct an updated resource model of the deposit.?
The full assay results are tabulated below, and include underground drill hole UGD130 which intersected 6 metres @ 1.27% Ni and 1.82% Cu.
Fox has also commenced a similar geological re-logging and sampling program of surface drill holes down plunge of the mine.
As part of Fox?s exploration strategy, a drilling program has commenced to delineate coherent higher grade zones immediately down plunge of Radio Hill within the mineralised trend previously reported. The drilling program is being managed by Newexco Services utilising premier drilling company DDH1.
Fox is aiming to resume concentrate production at Radio Hill, subject to market conditions, by the end of 2009.
-ENDS-
For further details please contact:
Bruno Seneque, Managing Director +61 8 9318 5600
Ryan McKinlay ? Purple Communications +61 8 6314 6300
Table 1: Underground Drill Hole Intersections
Hole_ID | From (m) | To (m) | Interval1 (m) | Ni2 (%) | Cu (%) |
UGD024 | 25.0 | 31.0 | 6.0 | 0.57 | 0.60 |
UGD031 | 81.0 | 81.6 | 0.6 | 1.26 | 0.35 |
UGD033 | No Significant Interval |
UGD035 | No Significant Interval |
UGD038 | No Significant Interval |
UGD039 | No Significant Interval |
UGD075 | No Significant Interval |
UGD078 | No Significant Interval |
UGD079 | No Significant Interval |
UGD130 | 0.0 | 17.0 | 17.0 | 0.84 | 1.30 |
Incl. | 3.0 | 9.0 | 6.0 | 1.27 | 1.82 |
UGD130 | 20.0 | 22.0 | 2.0 | 0.65 | 1.11 |
UGD130 | 25.0 | 27.6 | 2.6 | 0.58 | 0.81 |
UGD132 | 0.0 | 13.0 | 13.0 | 0.70 | 1.40 |
UGD171 | No Significant Interval |
UGD175 | No Significant Interval |
UGD178 | 45.0 | 58.0 | 13.0 | 0.65 | 0.88 |
UGD179 | No Significant Interval |
UGD194 | 0.0 | 18.0 | 18.0 | 0.84 | 1.47 |
UGD194 | 23.0 | 26.0 | 3.0 | 0.74 | 1.08 |
UGD197 | 8.0 | 13.0 | 5.0 | 0.79 | 1.54 |
UGD198 | 0.0 | 29.38 | 29.38 | 0.82 | 1.27 |
UGD198 | 38.5 | 50.0 | 11.5 | 0.71 | 1.05 |
UGD198 | 54.0 | 59.0 | 5.0 | 0.84 | 1.17 |
UGD198 | 62.0 | 77.0 | 15.0 | 0.87 | 0.80 |
UGD198 | 83.0 | 84.0 | 20.15 | 0.84 | 1.01 |
UGD201 | 0.0 | 24.5 | 24.5 | 0.77 | 1.43 |
UGD201 | 38.19 | 46.3 | 8.11 | 0.58 | 0.89 |
UGD202 | 0.0 | 42.0 | 42.0 | 0.86 | 1.38 |
UGD203 | 0.0 | 10.89 | 10.89 | 0.89 | 1.41 |
UGD203 | 11.69 | 31.73 | 20.04 | 0.74 | 1.24 |
UGD203 | 36.0 | 39.0 | 3.0 | 0.67 | 1.47 |
UGD209 | No Significant Interval |
UGD216 | 99.0 | 104.0 | 5.0 | 0.59 | 0.73 |
UGD216 | 108.0 | 120.2 | 12.2 | 0.71 | 0.97 |
UGD223 | 0.0 | 31.73 | 31.73 | 0.77 | 1.31 |
UGD223 | 36.0 | 39.0 | 3.0 | 0.67 | 1.47 |
UGD224 | 13.75 | 25.4 | 11.65 | 0.63 | 1.44 |
UGD224 | 29.4 | 35 | 5.6 | 0.69 | 1.83 |
UGD230 | No Significant Interval |
UGD237 | 26.15 | 37.0 | 10.85 | 0.57 | 1.13 |
UGD260 | 19.0 | 25.0 | 6.0 | 0.52 | 0.89 |
UGD266 | 45.0 | 49.0 | 4.0 | 0.59 | 0.88 |
UGD266 | 51.0 | 54.0 | 3.0 | 0.57 | 0.97 |
UGD267 | 16.0 | 20.0 | 4.0 | 0.59 | 0.60 |
UGD267 | 26.0 | 28.0 | 2.0 | 1.08 | 0.82 |
UGD267 | 33.0 | 35.0 | 2.0 | 0.82 | 0.51 |
UGD271 | 10.0 | 12.0 | 2.0 | 0.93 | 1.81 |
UGD272 | 11.5 | 11.8 | 0.3 | 3.3 | 0.69 |
UGD280 | 19.0 | 21.0 | 2.0 | 0.83 | 0.84 |
UGD292 | No Significant Interval |
UGD294 | 0.0 | 12.88 | 12.88 | 0.69 | 1.29 |
UGD295 | 0.0 | 17.0 | 17.0 | 0.77 | 1.27 |
UGD296 | No Significant Interval |
UGD298 | No Significant Interval |
UGD300 | 0.0 | 15.2 | 15.2 | 0.77 | 1.24 |
UGD333 | 12.0 | 13.0 | 1.0 | 0.89 | 0.48 |
UGD334 | 30.0 | 31.0 | 1.0 | 0.79 | 1.32 |
UGD364 | 4.0 | 5.0 | 1.0 | 0.96 | 052 |
UGD390 | 24.0 | 25.0 | 1.0 | 0.54 | 0.99 |
1 Underground intersections do not necessarily represent true thickness
2 0.5% Ni cut-off
About Fox Resources
Fox Resources is a nickel focused metals developer, with a substantial resource footprint in the world-renowned Pilbara region.
Fox?s Radio Hill project has been producing and shipping nickel and copper concentrate for more than four years. It was placed on care and maintenance during 2008 following adverse movements in nickel prices.
The project offers the advantages of established infrastructure, including a new 84 man village, a 425,000 tonne per annum nickel processing plant, a fully developed underground mine at Radio Hill and concentrate storage facilities at the Port of Dampier, 40km from the Radio Hill Mine. The concentrates produced at Radio Hill are also high value due to their low levels of magnesium oxide and arsenic.
Fox Resources has an off-take arrangement in place with marketing partner Jinchuan Group Limited - China's largest producer of nickel, and a major Fox Resources shareholder. The Company has also the benefit of a highly experienced Board and management team, with particular expertise in the development of major nickel projects.
The Company is also advancing its substantial Mount Oscar magnetite project in the Pilbara, where it is working to deliver an initial JORC resource estimate during the first half of 2009.
COMPETENT PERSON STATEMENT
The information within this report as it relates to mineral resources is based on information compiled by Fox Resources Ltd and Adrian Black of Newexco Services Pty Ltd. Adrian Black is a member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to this style of mineralisation and deposit under consideration to qualify as a Competent Person as defined in the 2004 Edition of the ?Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves?. Adrian Black consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.
The information within this report as it relates to mineral exploration and geophysics is based on information compiled by Fox Resources Ltd and William Amann of Newexco Services Pty. Ltd. William Amann is a member of the Australian Institute of Geoscientists and has sufficient experience which is relevant to this style of mineralisation and deposit under consideration to qualify as a Competent Person as defined in the 2004 Edition of the ?Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves?. William Amann consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.
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