23/01/2019 - 13:42

Fenix shares soar on drilling results, end day up 64%

23/01/2019 - 13:42

Bookmark

Save articles for future reference.

Shares in Fenix Resources were up by as much as 150 per cent today before falling at the close of trade, after the company announced it had intersected substantial high-grade iron ore via a drilling program at its flasgship Iron Ridge project, located in the Murchison region.

Fenix's drilling results returned grades of up to 66.7 per cent iron ore.

Shares in Fenix Resources were up by as much as 150 per cent today before falling at the close of trade, after the company announced it had intersected substantial high-grade iron ore via a drilling program at its flasgship Iron Ridge project, located in the Murchison region.

The results included nine separate drilling intercepts between 20 metres and 70 metres that returned grades of 64.8 per cent to 66.7 per cent iron ore.

According to the Intercontinental Exchange’s iron ore product guide, a grade of over 60 per cent is considered high, with finds over 65 per cent rare.

The company is awaiting assay and metallurgical results for all diamond core samples, and expects to complete a new mineral resource by March.

Fenix changed its name from Emergent Resources in September last year.

It raised $4.5 million via its prospectus, before beginning trade in November.

Former Pattersons Securities head of equities research Robert Brierley serves as an executive director of the company.

The company’s shares touched 5.5 cents each, compared with yesterday’s close of 2.2 per cent.

They were trading at 3.6 cents each at today's close of trade, a rise of approximately 64 per cent on yesterday’s close.  

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options