Fox Resources Find Coking Coal Seams at Bundaberg Project, Queensland
ASX listed Fox Resources could increase their reserves as they confirmed the lateral continuity of the modeled coal seams at its Bundaberg Coking Coal Project, located in the Maryborough Basin, Queensland.
CANBERRA (Scrap Monster): ASX listed Fox Resources could increase their reserves as they confirmed the lateral continuity of the modeled coal seams at its Bundaberg Coking Coal Project, located in the Maryborough Basin, Queensland.
The upper seams which were not included in the estimation of resources, are found to be more thicker than the other seams intersected in EPC1523
Adding up to the inferred coking coal resources of 101 million tonnes would enhance the viability of the Bundaberg project.
Coal Quality and analytical analyses were completed and the results are on due.
Managing director of the company, Paul Dunbar said that with infill drilling to improve the geological confidence in the 101 million tonnes of Inferred Resources, the thicker upper seams in Fox 3 might give extra tonnages and this would significantly improves the viability of the project.
He added that they were now doing conceptual mining study for making possible developments. The company is also expecting to start the next phase of coking coal exploration. The company has recently increased the funds for exploration to about $4.2 million from its wholly-underwritten entitlement offer.
Fox Resources Ltd is an exploration focused company with considerable exploration interests mainly in Central Queensland and the Pilbara region of Western Australia.