FXR 0.00% 0.2¢ fox resources limited

high grade nickel intersections, page-6

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    High Grade Results Confirm Massive Sulphide Zone-Radio Hill

    Document date: Wed 23 Apr 2003 Published: Wed 23 Apr 2003 13:21:21
    Document No: 236306 Document part: A
    Market Flag: Y
    Classification: Progress Report
    FOX RESOURCES LIMITED 2003-04-23 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    HIGH GRADE NI, CU, AU & PGE'S RESULTS CONFIRM NEW MASSIVE SULPHIDE
    ZONE AT RADIO HILL

    * 9 metres @ 3.2% nickel equivalent
    including 4 metres @ 6.3% nickel equivalent from 109
    metres.

    * 50 metres along strike 30 metres @ 1.4% nickel equivalent
    including 3 metres @ 5.5% nickel equivalent from 91 metres.

    * New zone accessible to existing Radio Hill decline and
    treatment plant.

    * Drilling continues along strike of the new zone.

    Details of massive sulphide intersected greater than 3.5% nickel are
    as follows;

    HOLE RAHRC004

    FROM TO NICKEL COPPER GOLD 2PGES NICKEL
    EQUIV
    109m 110m 3.76% 4.69% 0.33g/t 2.87g/t 5.00%
    110m 111m 4.25% 10.22% 0.73g/t 9.93g/t 7.24%
    111m 112m 4.25% 8.86% 9.59g/t 13.80g/t 8.66%

    HOLE RAHRC003

    FROM TO NICKEL COPPER GOLD 2PGES NICKEL
    EQUIV
    91m 92m 4.69% 2.57% 0.25g/t 0.24g/t 5.20%
    92m 93m 5.12% 4.34% 0.02g/t 0.41g/t 6.00%
    93m 94m 4.48% 3.44% 0.11g/t 0.47g/t 5.15%

    The Companys first reverse circulation (RC) drilling programme at
    Radio Hill has been extended following the intersection of high-grade
    massive sulphide mineralisation in two holes. The best intersections
    were 4 metres @ 3.2% nickel, 6.9% copper, 5.4g/t gold, 6.0 g/t
    palladium and 2.0g/t platinum (6.3% nickel equivalent) from 109
    metres in RAHRC4 and 3 metres @ 4.8% nickel and 3.5% copper (5.5%
    nickel equivalent) from 91 metres in drillhole RAHRC3.

    These intersections are contained within a broader halo of
    disseminated sulphide mineralisation that averaged 1.6% nickel and
    4.0% copper (3.2% nickel equivalent) over 9 metres from 108 metres in
    RAHRC4 and 30 metres @ 0.9% nickel and 1.5% copper (1.4% nickel
    equivalent) from 75 metres in drillhole RAHRC3. The intersections
    reported are down-hole lengths as the true width is unknown.

    This new nickel sulphide discovery at Radio Hill has great
    significance for its potential to increase the existing nickel
    reserves and extend the mine life of the Radio Hill nickel mine. This
    new zone is accessible with minimal development of the existing
    decline and can be treated at the Radio Hill Plant.

    As a result of this discovery, step out drilling has been undertaken
    to test the strike and down dip extension of the new zone
    mineralisation.

    The drillholes tested a poorly defined zone of massive and
    disseminated nickel-copper- PGEs sulphide mineralisation located 200
    metres west of the main mineralised trend. The mineralisation is
    hosted by gabbroic units of the Radio Hill layered intrusion. Limited
    drilling in this area by Fox suggests that the mineralisation forms a
    shoot that runs parallel to the ore zones previously mined by Titan
    and Agip.

    Follow up exploration using the latest geophysical and geological
    techniques together with an experienced exploration team will enhance
    the ability to make further successful discoveries at Radio Hill.

    The details of the drillholes are as follows:

    HOLE LOCAL EAST LOCAL NORTH DEPTH DIP AZIMUTH
    NUMBER METRES (LOCAL)
    RAHRC4 6720 4050 157 -60 270
    RAHRC3 6710 4100 200 -60 270

    Samples were assayed by AMDEL using fire method FA3 for Au, Pd and Pt
    and method IC3B for Ni and Cu. Over-range Ni and cu samples were
    re-assayed using metallurgical digest Met1.



    B Matich
    MANAGING DIRECTOR

    The information in this report that relates to exploration results
    was compiled by Mr Donald Thomson, an employee of Fox Resources Ltd
    and a member of the AusIMM. Mr Thomson has sufficient experience
    which is relevant to the style of mineralisation and type of deposit
    under consideration and to the activity which he is undertaking to
    qualify as competent Person as defined in the Australasian Code for
    the Reporting of Resources and Ore Reserves. Mr Thomson consents to
    the inclusion in the report of the matters based on their information
    in the form and context in which it appears.

 
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