Fenix Resources unveils promising drilling results

Fenix Resources (ASX:FEX) has announced excellent assay results from its exploration and geotechnical drilling at the Iron Ridge Iron Ore Mine. Conducted between July and October 2024, the program aims to expand the mineral resource estimate at the site. The results revealed high-grade hematite mineralization, extending below the current pit and along a 380-meter strike length, open to the southwest and at depth.

Key takeaways from Fenix Resources' announcement

Fenix Resources has reported promising results from its recent drilling program at Iron Ridge, confirming high-grade hematite mineralization that extends beyond the current pit. The company plans to release an updated Mineral Resource Estimate (MRE) in the current quarter, informed by these results. A high-resolution aeromagnetic survey has been conducted, enhancing the understanding of orebody continuity and identifying new hematite targets. Looking ahead, further exploration is scheduled for early 2025 to explore the potential for extending the mine's life. Fenix continues to focus on optimizing its mine plan while respecting heritage zones and engaging with local communities.

Executive insights on exploration outcomes

The drilling results include significant high-grade iron ore intersections such as 163 meters at 66% Fe, 98 meters at 64% Fe, and 57 meters at 63% Fe. A high-resolution aeromagnetic survey has been completed, revealing orebody continuity and generating additional hematite targets. An updated Mineral Resource Estimate for Iron Ridge is anticipated within the current quarter.