Fenix Resources reports high-grade iron ore intercepts from maiden RC drilling at Iron Ridge

Fenix Resources ASX FEX Iron Ridge project ore drilling
Metallurgical test work on the diamond core is due to commence in the coming weeks.

Assays from the remainder of a maiden drilling campaign conducted by Fenix Resources (ASX: FEX) at its flagship Iron Ridge project have identified numerous high-grade iron ore intercepts accompanied by low impurity levels of silicon dioxide, aluminium oxide and phosphorus.

The results were derived from 12 reverse circulation holes drilled from a total 21 RC holes for 3,543 metres, and point to consistent high grades in the project’s Main banded iron formation (BIF) unit.

Nine separate intercepts of between 20m and 70m grading more than 64.8% iron were recorded, with many believed to represent extensions at depth to the existing inferred mineral resource of 5 million tonnes at 64.1% iron, 3.3% silicon dioxide, 2.7% aluminium oxide and 0.05% phosphorus.

Best results from the RC holes included 70m at 64.8% iron from 72m; 66m at 66.2% iron from 80m; 58m at 66.7% iron from 84m; 52m at 66.2% iron from 130m; and 56m at 63.6% iron from 54m.

Also recorded was 50m at 66.6% iron from 152m; 40m at 65.6% iron from 164m; 20m at 65.9% iron from 70m; 46m at 66.3% iron from 206m; and 26m at 65.6% iron from 74m.

These results are in addition to two wide, high-grade intercepts of 46m at 66.3% iron and 58m at 66.7% iron announced earlier this month.

Fenix commenced drilling in December, shortly after its official reinstatement to the ASX following a name change from Emergent Resources.

RC and diamond holes

Located in Western Australia’s Murchison district approximately 600 kilometres north of Perth, the Iron Ridge project was acquired in May 2018 when Fenix purchased 100% of the issued capital in Prometheus Mining.

At the time of the acquisition, Fenix said Iron Ridge offered a “potential near-term, low capex development opportunity” to satisfy burgeoning demand for high-grade, low-impurity iron ore.

The 21-hole RC portion of the maiden drilling campaign was focused on the hematite zone in the Main BIF, targeting its high iron grades and low level of deleterious elements.

Another eight diamond holes were also drilled for a total 1,210m, targeting the same mineralisation as the RC holes with the core intended for use in metallurgical and geotechnical test work.

The diamond holes yielded approximately 300 samples of core which are currently being tested.

Confidence boost

The entire campaign was designed to improve the confidence level of the inferred mineral resource to indicated category while also testing strike and depth extents to the mineralisation.

Fenix said assays interpreted in the vicinity of the current inferred resource have confirmed previous high-grade hematite zone results of up to 67% iron in the Main BIF unit and the lower-grade (up to 63% iron) Little BIF unit to the south.

The company is awaiting assay and metallurgical results for all diamond core samples.

It expects to complete a new mineral resource by March.

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