Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) CEO Steve Gray talked with Proactive about the company's fully funded 20,000-metre drill program at the Fox Project in British Columbia's Cariboo region, providing an update on encouraging early-stage drilling observations before assay results are available.
Proactive: Welcome back inside our Proactive newsroom. Joining me now is Steve Gray, CEO of Fox Tungsten. It's good to see you again. How are you?
Steve Gray: I'm doing great. Thanks for having me on the show again. I appreciate it.
You've released an update on your fully funded 20,000-metre drill program at the Fox Project. Before we discuss the latest developments, remind viewers about the project and where it's located.
Fox is the highest grade tungsten asset in the world and is located in the Cariboo region of British Columbia. We have a high-grade asset in a great location, and our focus is on growing it. We have a 20,000-metre drill program underway, and although it's still early, we're excited enough by what we're seeing to provide an update.
You have two diamond drill rigs operating. This is a visual update rather than assay results?
That's right. We don't have assays yet, but scheelite, the tungsten-bearing mineral, glows under UV light. We don't know the grades yet, but we know the mineralisation is there. We're seeing it consistently in every hole drilled in both the RC Zone and Fox North. It's exciting because it shows the program is working and we've got promising results in the pipeline.
The program covers 20,000 metres, so there will be plenty of results ahead. Are these early observations broadly in line with expectations?
At the RC Zone we're successfully expanding the existing resource, which is in line with expectations. What's more exciting is Fox North, where we've identified tungsten about 500 metres west of the BK Zone in an area where it hadn't previously been found. We've intersected multiple new parallel veins in a new part of the deposit.
At Fox North you've observed mineralisation in every exploration hole so far. That's an encouraging start.
Exactly. It's validating our geological model and showing we can grow the deposit not only horizontally but vertically as well. Discovering multiple parallel zones opens the possibility for much more significant long-term growth.
Congratulations on the early progress. We look forward to seeing assay results as they become available.
Thanks. I'm excited to see what comes next.
Quotes have been lightly edited for style and clarity