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Fenix Resources receives high-grade assays, extending the iron ore resource at Iron Ridge

Last updated: 01:38 05 Feb 2019 GMT, First published: 08:38 04 Feb 2019 GMT

Dragline at iron ore project
Iron Ridge is 67 kilometres north-east of Cue in the Murchison region of WA

Fenix Resources Limited (ASX:FEX) has received final high-grade iron assays from the latest drilling at its flagship Iron Ridge Project in the Mid-West region of Western Australia.

The results were from eight diamond holes for 1,210 metres targeting extensions at depth to the existing JORC inferred mineral resource, which is up to 110 metres deep.

Best results were:

- 58.2 metres at 66.6% iron from 79.3 metres;

- 70 metres at 64.4% from 91 metres;

- 51.1 metres at 65.9% from 36 metres;

- 16.2 metres at 65.9% from 41 metres; and

- 23 metres at 67.8% from 159.2 metres.

Numerous high-grade intercepts were accompanied by low impurity levels of silicon monoxide, aluminium oxide and deleterious elements.

Shallow component to mineralisation

The drilling has identified a shallow south-westerly plunge component to the mineralisation and opens up prospectivity of the western end of the deposit with high-grade intercepts up to 220 metres below surface.

These near-surface expressions are undrilled as they lie within the perimeter of the heritage exclusion zone.

READ: Fenix Resources intersects high-grade iron ore in Iron Ridge resource definition drilling

The results continue to display consistent high grades in the main banded iron formation (BIF) unit with a further eight separate intercepts of between 16 metres and 70 metres grading around 63.9%.

They also confirm the previous high-grade hematite zone results (64-67%) in the main BIF unit and the lower grade (57-63%) BIF unit to the south.

Next steps

Metallurgical test work, including a determination of lump to fines ratio and crushing indexes, will begin in diamond core this coming week and an updated mineral resource estimate is expected in March 2019.

Iron Ridge hosts an existing inferred resource of 5.0 million tonnes at 64.1% iron.

Product offtake discussions are also starting with assay results from the latest program reinforcing the high-grade and low deleterious element nature of the potential product.

- Jessica Cummins 

 

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