Fox Resources has come to an access agreement with De Beers Australia Exploration (DBAE), which allows Fox to access, explore and develop discoveries on DBAE’s West Pilbara tenements in Western Australia for all minerals including nickel, copper, gold, zinc, iron ore, uranium but excluding diamonds. “This agreement will form the platform for Fox to consolidate and strengthen its position in the West Pillbara. It is very exciting that the company now has increased its access to tenements for exploration by over 200%. We believe that these tenements hold the key to unlocking a number of potential minerals including iron ore and uranium”, Don Harper, Managing Director said.
Under the agreement Fox has a 24 month window to purchase exploration data from DBAE, and up to 10 years to define a JORC compliant resource. Fox will also pay a 2% Net Smelter Royalty for any non diamond commodity won from the tenements. The bulk of the DBAE tenements are 70 km south of Fox’s Radio Hill Operations and consist of 2,037 km2 of tenements. Of this package 1,118 km2 of the tenements are granted. The total tenement package represents a 200% increase of effective land access in the West Pilbara for Fox to some 3,000 km2.
Work completed by DBAE to date has focused on diamonds only. A large and extensive exploration database exists for this commodity with the excellent work undertaken also able to be used for all other commodities to which Fox has the mineral rights. To date DBAE has spent A$1.7 million. The work includes;
• Geochemical samples covering all the tenements
• Air borne Magnetics
• Hyperspectral Surveys
This data is available to Fox for purchase from DBAE under the agreement. Fox will review the data and will formulate a defined exploration strategy based on the results of the review.
Fox has been active in the West Pilbara with exploration and subsequent mining and this agreement is part of its vision of increasing tenement holdings and success in the West Pilbara. Fox says: “Most commodities are on a large scale in the West Pilbara, and this augers well for Fox to explore for world class precious, base metal and uranium deposits. Significant geological structures that exist on Fox’s current tenements are also believed to extend through the DBAE tenements. The opportunities that the DBAE agreement offers are exceptional for providing continued growth in an area of Australia that is continuing to grow as a mineral province.”
“We will get to work immediately on collating and assessing the exploration information from the excellent De Beers exploration database. As data becomes available the company looks forward to updating the market on the potential targets and exploration strategy, “Gus Wolff, General Manager Exploration said.
