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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.
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