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Fenix Resources Ltd.
Summary
| Project: | Iron Ridge | |
|---|---|---|
| Deposit: | Iron Ridge | |
| Location: | Australia | |
| Commodities: | Iron | |
| Date: | 2/5/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 5-2-2019: Fenix Resources Ltd. announces an Exploration/Drilling Update report for its Iron Ridge deposit at the Iron Ridge project. Drilling results incl. 70.0m @ 64.4% Fe from 91m. Directors of Fenix Resources Limited (ASX: FEX) (Fenix or the Company) a | |
| Resources: | x | |
| CP/QP: | [Overall Report]: James Potter (CSA Global Pty Ltd.) | |
| ABSTRACT: | Directors of Fenix Resources Limited (ASX: FEX) (Fenix or the Company) are pleased to announce that the Company has received the last of the assay results from its recently completed drilling program at its flagship Iron Ridge Project in the Mid-West region of Western Australia (Table 1 & Figure 1). Assay results from eight diamond holes for 1,210m of diamond core (Table 2 & Table 3) have been received. Interpretation of assay results in the vicinity of the current Inferred Mineral Resource (ASX announcements: Significant High-Grade Iron Ore Intersected at the Iron Ridge Project, 23 January 2019 and Drilling at Iron Ridge Project Provides Encouraging Initial Results, 17 January 2019) have confirmed the previous high-grade hematite zone results (64-67% Fe) in the Main BIF unit and the lower grade (57-63% Fe) Little BIF unit to the south (Table 2). The focus of the current drill program was the hematite zone in the Main BIF, targeting its high iron grades and low level of deleterious elements (Table 3). The latest results continue to display consistent high grades in the Main BIF unit with a further eight separate intercepts of between 16m and 70m grading >63.9% Fe. This is in addition to the nine significant intercepts previously reported. The Iron Ridge Project hosts an existing Inferred Mineral Resource of 5.0Mt at 64.1% Fe (Refer ASX announcement by Emergent Resources: Acquisition of High-Grade DSO Hematite Iron Project, 7 May 2018)1 , based on previous drilling conducted by Atlas Iron in 2008. The recent drill program was designed to improve the confidence level of the Mineral Resource to Indicated category, in addition to testing strike and depth extents to the mineralisation. Figures 2, 3, 4 and | |
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