Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Fox Resources Commences $1.8M Drilling At Mount Oscar In Western Australia

Fox Resources (ASX: FXR) has commenced a $1.8 million exploration program, funded by Magnetic South Pty Ltd at the Mount Oscar Joint Venture in Western Australia.

The magnetite drill program comprises 12 RC drill holes for up to 6,000 metres of drilling.

This drilling is a first past test of magnetic Anomalies 3, 4 and 5 which are yet to be drill tested. All drilling to date at Mt Oscar has been undertaken at Anomalies 1 and 2.

Fox Resources chief executive officer Bruce Garlick said: "This is an exciting phase for Fox Resources; the new Mount Oscar drilling program follows on the previous exploration success to increase and identify additional magnetite exploration targets."

Mt Oscar Magnetite Iron project is located on E47/1217-I, is subject to a farm-in agreement whereby Magnetic South Pty Ltd can earn up to 60% of the project by spending $18 million over a ten year earn-in period.

The project hosts five airborne magnetic anomalies and an inferred resource of 72 million tonnes of banded iron formation (NYSE:BIF) magnetite iron mineralisation.

The current resources are hosted in Anomaly 1 (43.4Mt at 33.3% Fe) and Anomaly 2 (29Mt at 35.1% Fe).

White Quartz

A White Quartz Hill $320,000 gold exploration program will commence once the magnetite drill program is finalised.

The White Quartz Hill gold exploration is part of the Mount Oscar Joint Venture, and is fully funded by the Joint Venture partner Magnetic South Pty Ltd. Fox is also grateful to the Ngarluma Aboriginal Corporation for their prompt assistance in completing the Native Title Surveys on the Mount Oscar tenements.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China