Fox Resources Ltd

Published : May 26th, 2009

Radio Hill Exploration Update

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Keywords :   Nickel |

26 May 2009                                                                                                                                                                                       

ASX / Media Announcement

 

RADIO HILL EXPLORATION UPDATE

 

Pilbara-based nickel developer, Fox Resources Limited (ASX: FXR), is pleased to provide an update on exploration activity from its base metals projects near Karratha.

 

As part of its strategy to integrate all geological, geophysical, and geochemical data, Fox is currently reassessing airborne geophysical surveys across its large landholding in the Pilbara.

 

The aim is to identify long-wavelength anomalous responses which may have been missed by previous interpretations.  Several new anomalies have already been identified for further exploration activity.

 

The current work will complement recent near mine drilling and geophysics at the nearby Radio Hill project, where Fox is targeting an increase in disseminated resources to three million tonnes.

 

The review is focusing on surveys commissioned by Fox and flown by Geotech Airborne between 2006 and 2008 over the Balmoral (formally De Beers), Sholl-Radio Hill-Whundo, Ruth Well and Baynton Project areas (Figure 1).  Work to date has corroborated the earlier interpretations, but has identified additional areas of interest that require verification and follow up programmes of further geophysics, geochemistry or drilling.

 

A re-examination of the Baynton VTEM survey flown in 2008 has confirmed the earlier interpretation and identified seven new anomalies (Figure 2).

 

Ground truthing of the previously reported VTEM anomalies failed to identify their sources as the region is covered by thick alluvial overburden.   Follow up ground EM surveys have commenced to better define these anomalies, prior to drill testing.

 

The Whundo Regional VTEM survey flown in 2006, covered an extensive area from Sholl in the north to Bertram in the south, and includes Radio Hill and Whundo.  A review of the Whundo survey has again confirmed earlier interpretations and also identified several new anomalies that require ground truthing, together with establishment of their geological settings, prior to recommending further work.

 

Within the Whundo survey area, two large magnetic anomalies ?David? and ?Goliath?, close to the Radio Hill mine, had previously been identified (Figure 3).  It is believed that David and Goliath may represent repetitions of the highly prospective Radio Hill intrusion.  A 3D inversion of the aeromagnetic data over these areas indicates that the depths to the top of the magnetic sources at both anomalies are in excess of 150m below surface, meaning the prospective mine sequence is likely to be at a depth of 200m or more and therefore beyond the effective penetrative limits of the VTEM system in this terrain.

 

Consequently, as part of the current geophysical campaign, a moving loop EM (MLEM) survey using a fluxgate receiver is planned over the David anomoly.  The survey has the potential to detect a Radio Hill sized target up to 400m below surface.

 

The Balmoral and Ruth Well surveys are yet to be re-assessed.


 

-ENDS-

 

 

For further details please contact:
 
Bruno Seneque, Managing Director                                                      +61 8 9318 5600
Ryan McKinlay / Warrick Hazeldine ? Purple Communications           +61 8 6314 6300

 

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 delivered a maiden inferred resource during the first half of 2009.

 

COMPETENT PERSON STATEMENT

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.

 

Please follow the links below to view images:

 

Figure 1: Location of VTEM surveys with respect to the current Fox tenement

http://www..purplecom.com.au/_content/documents/1211.JPG

 

Figure 2: Anomalies identified from Baynton VTEM survey overlain on a TMI image with survey flight lines. Anomalies BC4-7 and BC11-13 are recently identified features. (Blue lines: initial follow-up survey lines).

http://www..purplecom.com.au/_content/documents/1212.JPG

 

Figure 3: Location of Goliath and David prospects with respect to Radio Hill

http://www..purplecom.com.au/_content/documents/1213.JPG

 

Issued by

 

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 6314 6300 Fax: 08 6314 6355

purple@purplecom.com.au

 

 

Fox Resources Ltd

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CODE : FXR.AX
ISIN : AU000000FXR8
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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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