Fenix Resources Announces Significant Hematite Drilling Results at Iron Ridge
FEX (FEX) Share Update November 2024 Tuesday 19th
Fenix Resources Unveils Promising Drilling Results at Iron Ridge
Fenix Resources Limited (ASX: FEX) has announced promising results from its recent drilling at the Iron Ridge Iron Ore Mine, revealing high-grade hematite mineralization that could potentially expand the mine's resource estimate.
Instant Summary:
- 163 meters at 66% Fe in drill hole EXDD002.
- 98 meters at 64% Fe in drill hole FWDD007.
- Upcoming Mineral Resource Estimate (MRE) update expected this quarter.
- High-resolution aeromagnetic survey identifies additional hematite targets.
Exploration Success at Iron Ridge
Fenix Resources has successfully completed an exploration drilling program at Iron Ridge, spanning from July to October 2024. The program aimed to uncover opportunities for expanding the current mineral resource estimate (MRE) for the site. The results have confirmed the presence of high-grade hematite mineralization extending beyond the current pit boundaries.
Significant intersections include 163 meters at 66% Fe in drill hole EXDD002 and 98 meters at 64% Fe in FWDD007. These findings underscore the potential for resource expansion and further mine planning optimizations.
Geophysical Insights and Future Plans
A high-resolution aeromagnetic survey conducted in August 2024 has provided enhanced geological insights, revealing orebody continuity and identifying new hematite targets. This data will be instrumental in updating the Iron Ridge MRE, expected later this quarter, and in guiding future exploration efforts.
Fenix's Executive Chairman, John Welborn, emphasized the importance of these results in optimizing the mine plan and potentially extending the mine's life while respecting heritage exclusion zones near the pit.
The announcement of high-grade mineralization and the upcoming MRE update are likely to positively influence Fenix Resources' stock. The potential for resource expansion and mine life extension could enhance investor confidence and attract interest from new investors.
Investor Reaction:
Analysts are expected to react positively to the high-grade results, viewing them as a strong indicator of Fenix's growth potential. The market may see increased interest in Fenix shares as investors anticipate the MRE update.
Conclusion:
Investors should keep an eye on the forthcoming MRE update, which will provide further clarity on the resource expansion potential at Iron Ridge. Fenix Resources' strategic exploration efforts continue to position the company for future growth.