Fenix Resources Ltd (ASX:FEX) non-executive director Garry Plowright has demonstrated his confidence in the company’s iron ore production strategy through the early exercising of options.
On June 4 Plowright exercised 2 million unlisted options at $0.08 each that were due to expire on November 21, 2021.
As a result, he now holds 2 million fully paid ordinary shares in a direct interest with a further 5,029,587 held in an indirect interest.
Iron ore production
The company began operations at its Iron Ridge Mine in Western Australia’s Mid-West earlier this year and is seeking to boost resources at and around the project through further exploration.
With this in mind, Fenix has appointed Scorpion Minerals Ltd (ASX:SCN) to conduct exploration at the Pharos JV Project.
This JV area totals around 373 square kilometres and is immediately adjacent and contiguous to the Iron Ridge operation, with iron ore targets totalling 15 strike kilometres already identified.
Pharos exploration
Scorpion will manage, plan and execute the early phase of exploration at the JV with the agreed program totalling $350,000 over six months to October 31, 2021.
Early exploration will include detailed airborne photography and magnetics, detailed geological mapping, rock chip sampling and reverse circulation (RC) drilling of targets identified in a program of about 1,000 metres.
Fenix can earn 70% of the iron ore rights by sole funding exploration and resource definition drilling to identify up to 10 million tonnes.
Alternatively, Fenix can earn 70% of a portion of the tenements by funding a feasibility study on a resource of at least 1 million tonnes of iron ore.
Director appointment
Last month the company enhanced the skillset of its board through the appointment of Richard Nicholls-Maltman as a non-executive director.
The new director has more than 28 years of experience as a solicitor practising primarily in the corporate and resources sectors.
He has acted for several exploration and production companies and has a broad range of experience in project development and mine to port operations and logistics and is currently a director of Franco-Nevada Corporation’s Australian subsidiary and a director of an Australian based charity operating in Africa.