Fenix Resources - FEX(ASX) News & Expert Insights from Stockhead

Fenix Resources (ASX:FEX) is an exploration company focussing on the development of its 100% owned Iron Ridge high grade hematite project, located in the Mid-West of Western Australia.

Fenix added the project to its portfolio through the acquisition of Prometheus Mining. Iron Ridge is situated on an existing mining lease and has been subject to historical mining activity

The project has a current resource of 5 million tonnes at 64.1 per cent iron ore and Fenix’s goal is to increase the Iron Ridge resource up to 8 to 10 million tonnes at 65 per cent iron ore, which attracts a premium price. Fenix has recently completed its maiden drill campaign, with notable intersections including:

2m @ 66.6% Fe from 79.3m in hole IR002
70m @ 64.4% Fe from 91m in hole IR004
1m @ 65.9% Fe from 161m in hole IR005
51m @ 63.9% Fe from 36m in hole IR001
2m @ 65.9% Fe from 41m in hole IR006
7m @ 62.9% Fe from 50m in hole IR003
23m @ 67.8% Fe from 159.2m in hole IR003
9m @ 66.7% Fe from 211m in hole IR033D
7m @ 65.9% Fe from 73.8m in hole IR020

The company is also actively reviewing additional mineral projects with a view to acquiring one or more development assets.

KEY PEOPLE

Rob Brierley - Executive Director

Rob Brierley is experienced in project and mine management, corporate finance, leadership, corporate governance and equities research. He holds a Bachelor of Engineering (Mining Engineering) and a Graduate Diploma in Applied Finance and Investment and has significant experience in many mining operations, including acting as Registered Mine Manager/Quarry Manager at several iron ore mines including Yandi, Marandoo and Koolan Island.

Garry Plowright - Executive Director

Gary Plowright is an experienced executive with over 25 years’ experience in finance, commercial and technical development within the mining and exploration industry, working for some of Australia’s leading resource companies. He had been involved in gold, base metals and iron ore exploration and mining development projects in Australia and worldwide.

Bevan Tarratt - Non-Executive Chairman

Bevan Tarrat has an extensive background in capital markets, accounting and corporate advisory with a specific focus on small cap Australian equities. Previously, he served previously as client advisor at Patersons Securities and has been involved in the re-capitalisation, restructuring and acquisition of assets for numerous ASX listed companies. He is also currently a director in Pura Vida Energy NL (ASX:PVD) and Protean Energy Ltd (ASX:POW).