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Fenix Resources Ltd.
Summary
| Project: | Iron Ridge | |
|---|---|---|
| Deposit: | Iron Ridge | |
| Location: | Australia | |
| Commodities: | Iron | |
| Date: | 1/17/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 17-1-2019: Fenix Resources Ltd. announces an Exploration/Drilling Update report for its Iron Ridge deposit at the Iron Ridge project. Drilling results incl. 16.0m @ 62.4% Fe from 78m. The Directors of Fenix Resources Limited (ASX: FEX) are pleased to anno | |
| Resources: | x | |
| CP/QP: | [Overall Report]: James Potter (CSA Global Pty Ltd.) | |
| ABSTRACT: | The Directors of Fenix Resources Limited (ASX: FEX) are pleased to announce that the Company has received initial assay results for the first two batches of samples from the recently concluded drilling program conducted at its flagship Iron Ridge Project in the Mid-west region of Western Australia. The drill program consisted of 21 RC holes for 3,534m, and eight diamond holes for 1,210m of diamond core (Figure 1: Drill hole location Plan, Table 1 and Figure 2). Interpretation of the results around the current Inferred Mineral Resource was consistent with 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 drill program was the hematite zone in the Main BIF, due to its high iron grades and low level of deleterious elements (Table 3). The drill program was designed to test the depth and strike extent of the existing Inferred Mineral Resource of 5.0Mt at 64.1% Fe, as well as aim to increase the confidence level of the Mineral Resource to Indicated category. Well-respected geological consultancy group CSA Global Pty Ltd (CSA Global) had previously prepared documentation to allow the Mineral Resource to be reported in accordance to the JORC Code (2012 Edition)1 status and subsequently completed an Exploration Target of 0.6Mt to 7.1Mt of predominantly hematite mineralisation in a grade range of between 64.1% Fe and 65.3% with low deleterious elements, and a further 0.1Mt to 5.7Mt of goethite mineralisation grading 58% to 59.5% Fe with slightly elevated deleterious elements (Refer ASX announcement made by Emergent Resources on 7 May 2018). Please note that the potential quantity and grade of this Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The exploration target is based on historical exploration results as well as a field visit conducted by CSA Global in 2018. | |
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