Proactive investors

Fox Resources

Fox Resources encouraged by more positive gold assays at Mt Regal, WA

Fox Resources (ASX: FXR) has announced further encouraging results from an infill soil sampling programme over the Company’s 100%-owned Mt Regal gold prospect in the Pilbara of Western Australia.

Fox conducted an infill soil sampling programme in areas of anomalous gold (Au) highlighted by the gold reconnaissance soil sampling survey, reported to the ASX on 17 February 2010.

The infill programme consisted of 456 samples that reduced sample spacing to 100m x 40m, which delineated and strengthened the existing anomalies. Several samples returned assay values >1.0g/t Au, including 5.3g/t (5300ppb) Au.

Interpretation of these data at Mt Regal is categorised into four areas of gold anomalism; A,
B, C, and D.

Fox Resources’ Managing Director, Bruno Seneque, said the latest results at Mt Regal, particularly from Area D, were encouraging.

“Today’s results reinforce our optimism for further positive results in the area as we now prepare for a drilling programme to commence in the June quarter,” said Seneque.

“Area D is a series of anomalies within a one kilometre square and contains the outstanding results of this programme,” he said.

The geology in Area D consists of interpreted north/south trending ultramafics and mafic amphibolites on the margin of the Karratha granodiorite. Previously, this anomaly was defined by wide spaced sampling and remained open.

The infill survey has confirmed the prospectivity of this area and has strengthened the existing anomaly with several samples returning assay values in excess of 1.0g/t Au, with a maximum of 5.3g/t Au1.

“Reconnaissance field work in Area D by Newexco geologists has also resulted in the discovery of quartz float with visible gold – an exciting outcome,” said Seneque.

Area B strikes roughly east-west and is located entirely within a large interpreted mafic ampibolite unit. The anomaly is coherent over a strike length of 1.5km at >10ppb Au. The peak value obtained is 136ppb.

There is good spatial correlation between elevated gold and arsenic in areas D and B which suggests that the gold may have a bedrock source there.

Assays were carried out by ALS Chemex Laboratories, Perth. Gold was analysed using a 25g aqua regia extraction followed by ICP-MS analysis. Appropriate standards were included in analysis runs to monitor assay quality.

Based on these very positive assay results, a follow-up drill programme to test the bedrock potential at Mt Regal is a part of the company’s exploration plans.