Fox Resources Ltd

Published : February 17th, 2009

Assay Results from Radio Hill

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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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Ph: 08 6314 6300 Fax: 08 6314 6355

purple@purplecom.com.au

 



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Fox Resources Ltd

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Fox Res. is a silver and gold producing company based in Australia.

Fox Res. develops silver, gold, cobalt, copper, nickel and palladium in Australia, and holds various exploration projects in Australia.

Its main asset in development is RADIO HILL (FOX) in Australia and its main exploration properties are ASHBURTON, RUTH WELL, WHUNDO and MT REGAL in Australia.

Fox Res. is listed in Australia. Its market capitalisation is AU$ 1.7 millions as of today (US$ 1.3 millions, € 1.1 millions).

Its stock quote reached its highest recent level on November 10, 2006 at AU$ 1.88, and its lowest recent point on March 24, 2016 at AU$ 0.00.

Fox Res. has 847 800 000 shares outstanding.

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