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Fenix Resources director demonstrates confidence in iron ore producer through on-market purchase

The company has appointed Scorpion Minerals to plan, manage and execute the early exploration phase at Pharos.

Fenix Resources Ltd -
Fenix has iron ore operations in Western Australia's Mid-West.

Fenix Resources Ltd (ASX:FEX) non-executive director Richard Nicholls-Maltman has demonstrated his confidence in the company’s iron ore strategy with an on-market purchase of shares.

On July 6, Nicholls-Maltman acquired 30,000 shares in direct and indirect interests at an average price of 39.5 cents per share, marking his first purchase in the company.

This follows the first purchase made by chairman Warwick Davies on June 23 of 30,000 shares in a direct interest.

Pharos JV update 

On April 18, the company appointed Scorpion Minerals Ltd (ASX:SCN) to conduct exploration at the Pharos JV Project in a bid to grow iron ore resources around its Iron Ridge operations in WA’s Mid-West.

The JV area totals around 373 square kilometres and is immediately adjacent and contiguous to the Iron Ridge operation, with iron ore targets totalling 15 strike kilometres already identified.

This early phase of exploration will include detailed airborne photography and magnetics, detailed geological mapping, rock chip sampling and reverse circulation (RC) drilling of targets identified in a program of about 1,000 metres.

The agreed exploration program totals $350,000 over six months to October 31, 2021.

Quick facts: Fenix Resources Ltd

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Price: 0.225 AUD

Market Cap: $106.25 m

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Fenix Resources locks in profitability as it hedges 45% of iron ore production

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on 22/7/21

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