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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (18030)	4/18/2008 8:41:58 PM
From: LoneClone	Read Replies (1) of 192884

Fox Resources makes new nickel discovery 18/04/2008 By: John Winters egoli.com.au Fox Resources makes new nickel discoveryFox Resources Limited (FXR) said it had discovered massive nickel and copper sulphides at the Bertram Prospect, located near the company’s Radio Hill nickel mine in Western Australia. The group said its ongoing drilling programme would continue to focus on new discoveries. Managing director Don Harper said it’s been many years since the last discovery of a significant new nickel occurrence in the West Pilbara. “We have had an outstanding start to our 2008 drilling program at Bertram and full credit should go to Fox’s new exploration team,” Mr Harper said. “The next step is to follow up with further drilling and geophysical surveys to better define the mineralised nickel system.” The company said its preliminary analysis of the massive nickel sulphides by the company’s Radio Hill laboratory had resulted in the best intersection of 2m @ 1.1% nickel and 0.3% copper from 56m down hole depth including 1m @ 1.8% nickel and 0.5% copper 57m down hole depth. “Drill hole 08BERC003 is the first drill hole to intersect previously untested geophysical targets at Bertram,” the group said in a statement to the ASX. “The mineralisation is completely open along strike and down dip.” Yesterday, Mr Harper said it had sold an 11% stake in Fox to China's largest nickel producer, Jinchuan Group, to raise $17.86 million. He said the funds would go towards the development of the company’s nickel projects, upgrade process improvements to the Radio Hill mill and speed up nickel exploration on the 3,000 square meters of tenements accessible to Fox. “While we are very encouraged and excited by today’s results, we remain focused on improving our nickel/copper production at Radio Hill and developing our base metal and iron ore potential through exploration,” Mr Harper said. At 1121 AEST, Fox Resources was up 2.5c to 67c.

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