Just thought I'd quickly look up who held the tenemant next to fox's Mt Oscar Project, and found this company: Apollo resources.
http://www.apollominerals.com.au/projects/mount_oscar/iron_ore.phtml - link about the Mt Oscar area.
They also say this on the website: "It’s estimated up to 40% of the strongly magnetic Banded Iron Formation (5 km long and 2 km wide) of the Mount Oscar Iron Ore deposit lies within the Apollo tenement area.
Rock chip samples, recently taken from the Mount Oscar Iron Ore Project, show surface iron ore enrichment in excess of 46% Fe. Apollo has ascertained that six of the rock chip samples obtained from the newly discovered deposit were located within the Apollo tenement boundary. These rock chip samples returned iron assays of up to 40.5% Fe.
Low level detailed helicopter magnetic survey tests carried out by Fox Resources (ASX Code: FXR) late last year clearly defined several highly magnetic anomalies.
Fox concluded that;
“these early exceptionally high magnetic results confirm the potential for a significant magnetic iron ore unit to exist” "
Interesting that their tennemant is next door and holds 40%. Possibility for a joint venture? Or maybe even purchase of the tennemant by fox? Anything can happen I suppose. But not sure Fox actually owns the tennemant - I think De boers still owns it.
Anyway good SP movement today :)
FXR Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
