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[goldmaki]

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Fox discovers iron ore prospect

Radio Hill


Fox Resources Ltd has discovered an iron ore prospect on the company’s 100% owned ELA47/1217 tenement.

The Mt Oscar iron ore prospect is only 32km east of the company’s flagship Radio Hill nickel/copper mining operations in the Pilbara of Western Australia.

The company has recently been made aware of significant magnetic anomalies on the Mt Oscar iron ore prospect located 30km south of the major iron ore Port of Cape Lambert and 25km south of the Cape Lambert Magnetite project owned by Cape Lambert Iron Ltd. The area of interest is partially outcropping Banded Iron Formation (BIF) which is 5km long and 2km wide and is coincident with a regional magnetic high.

Geophysical consultants Southern Geoscience have completed an initial aeromagnetic model for the main anomalies and have suggested the presence of a folded sequence and believe two strong and broad (400m - 600m) magnetic units are related by folding within a synclinal structure. The modelled magnetic characteristics are very high and support the presence of potential strong magnetite development below surface.

Fox Resources will implement the following exploration strategy:
• Fly a low level, close spaced helicopter aeromagnetic survey over the area;
• Gravity survey of the local area to define potential magnetite/haematite target centres;
• Complete modelling of aeromagnetic and gravity surveys;
• Follow up with on ground geological mapping; and
• Plan an initial shallow drill test program.

“The company is committed to continued development of its nickel, copper and zinc base metal assets in the Pilbara, however, Mt Oscar appears to be a significant iron ore prospect which warrants further investigation. The prospect is on 100% owned Fox ground and clearly demonstrates the potential suite of minerals this company has exposure to in the Pilbara,” said major shareholder and director Terry Streeter.

- 03 Jul 2007

[goldmaki]

Antwort auf Beitrag Nr.: 30.463.665 von goldmaki am 03.07.07 09:17:49

http://www.foxresources.com.au/