Fenix Resources Limited (ASX:FEX) Increases Mineral Resource Estimate
Significant Resource Increase
Fenix Resources Limited (ASX:FEX) has reported a substantial increase in the Mineral Resource Estimate for its Iron Ridge Iron Ore Mine. The new estimate reveals a 177% rise, reaching 13.4 million tonnes at an average iron grade of 64.9% Fe. This includes 4.3 million tonnes at 65.9% Fe classified as Indicated and 9.0 million tonnes at 64.4% Fe as Inferred.
Future Exploration and Mine Planning
The updated JORC compliant reportable Mineral Resource Estimate is designed to enhance geological confidence and sets the stage for future exploration programs planned for 2025. The inclusion of additional high-grade iron ore provides a strong foundation for extended mine life and operational performance.
Executive Comments
Mr John Welborn, Executive Chairman of Fenix, stated, “The success of our recent exploration program has significantly improved our understanding of the deposit. We are committed to unlocking the full potential of the remarkable Iron Ridge ore body and are confident in our ability to continue our strong mining and operational performance.”
Upcoming Initiatives
The comprehensive review of the Iron Ridge Ore Reserve Estimate is set to commence, integrating refined resource models and economic parameters. Furthermore, Fenix intends to undertake exploration targeting high-priority areas identified in recent surveys, aiming to enhance future resource expansion.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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