23/09/2009 - 12:30

Fox shares jump on 307% resource lift

23/09/2009 - 12:30

Bookmark

Save articles for future reference.

Shares in Fox Resources have surged higher on a 307 per cent resource upgrade at the company's Radio Hill nickel and copper project near Karratha.

Shares in Fox Resources have surged higher on a 307 per cent resource upgrade at the company's Radio Hill nickel and copper project near Karratha.

The total mineral resource, both in the inferred and indicated categories, has risen from 988,000 tonnes to 4.02 million tonnes grading 0.51 per cent nickel and 0.89 per copper.

Fox Resources managing director Bruno Seneque, said the increase in mineral resources is very positive and enhances the value of the project.

"Radio Hill, which is capable of rapid development, also provides an additional ore feed to our proposed heap leaching operation - which already has over 300,000 tonnes of stockpiled material to utilise," said Mr Seneque.

Fox's new operating strategy is aimed at sustaining a lower cost operation that treats known sulphide resources at the Radio Hill, Sholl and Whundo projects.

"Today's upgrade supports our objective of defining further base metal resources and represents viable material to incorporate into future heap leach operations."

Shares in Fox jumped nine cents, or 64 per cent, to a high of 23c before settling at 20.5c at 14:09 AEST.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options