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massive announcement

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    • Diamond drill hole UGD148 intercepted over 15 metres of massive sulphides, awaiting assay results.

    • Other massive sulphide diamond drill intersections:

    - 2.5 metres @ 4.2% nickel equivalent, UGD144
    - 1.7 metres @ 4.2% nickel equivalent, UGD067
    - 0.9 metres @ 3.9% nickel equivalent, UGD134
    - 1.0 metre @ 3.4% nickel equivalent, UGD136
    - 1.7 metres @ 3.5% nickel equivalent, UGD143
    - 3.2 metres @ 2.8% nickel equivalent, UGD141
    - 2.2 metres @ 2.5% nickel equivalent, UGD068

    • All areas are within 12 metres of current mine development

    MASSIVE SULPHIDE DRILL INTERSECTION OVER 15 METRES

    Fox is pleased to announce that underground Radio Hill diamond drill hole UGD148 has intersected over 15 metres of massive nickel sulphides and the assay results are expected to be announced within the next ten days. Inspection of underground stopes has indicated the presents of massive nickel sulphides and this target was drilled to determine the lateral extension of the mineralisation.

    This hole is 135 metres from surface and also intersected stringer (combination of massive and disseminated nickel sulphides) and disseminated nickel sulphide mineralisation. Follow up diamond drilling will further outline the extension of this zone.

    Underground diamond drilling at the base of the decline intersected massive nickel sulphides in drill hole UGD144 which intersected 2.5 metres @ 4.2% nickel equivalent, drill hole UGD134 which intersected 0.9 metres at 3.9% nickel equivalent, drill hole UGD143 which intersected 1 metre @ 3.4% nickel equivalent and drill hole UGD141 which intersected 3.2 metres at 2.8% nickel equivalent. This zone is 278 metres from surface and 2.0 metres from current mine development. This first past drilling has shown potential of open extensions to current mineralization down plunge and these extensions will be tested in follow up drilling.


    Diamond drill hole UGD136 intersected 1.7 metres of massive sulphides grading at 3.5% nickel equivalent, this area is 178 metres from surface and only 12 metres from current mine development. Underground diamond drill holes not previously assayed included UGD067 which intersected 1.7 metres at 4.2% nickel equivalent and UGD068 which intersected 2.2 metres at 2.5% nickel equivalent. All drill results are listed in detail in the table below.

    UNDERGROUND DIAMOND DRILLING TO CONTINUE

    Fox is currently diamond drilling underground at it’s Radio Hill mining and milling operations near Karratha, Western Australia. The program which will continue through to October and is designed to intercept the projected lateral extensions to the Radio Hill ore body.

    In addition the drilling is expected to better define massive nickel sulphide resources and unexploited stringer nickel sulphide resources. This current diamond drill program now confirms the potential that exists at the base of the underground decline for additional massive sulphide ore.

    The aim is to prove up additional reserves and resources to be included in the mining development study. Fox is aiming to complete this bankable study by December 2003 and expects production to commence in mid 2004.

    Underground diamond drilling results will continue to be updated through this current program.


    Hole Metres Nickel Eq Nickel Copper Cobalt Pallidium
    Intersected % % % % g/t

    UGD144 2.5 4.2 3.04 1.97 0.143 2.04
    UGD067 1.7 4.2 3.73 0.16 0.190 0.89
    UGD134 0.9 3.9 2.89 1.63 0.132 1.87
    UGD136 1.7 3.5 2.45 2.41 0.084 0.86
    UGD143 1.0 3.4 2.73 0.92 0.130 0.74
    UGD141 3.2 2.8 2.1 1.36 0.093 0.85
    UGD068 2.2 2.5 2.04 0.46 0.110 0.62

    Nickel equivalent: Ni% + Cu% x 0.33 + Co% x 1.91 + Pd g/t x 0.1

    Hole Depth Local Local Dip Azimuth
    Number Metres East North (Local Grid)

    UGD144
    278 7000.41 3646.96 10 172
    UGD067 181 6982.2 3847.2 -9 297
    UGD134 278 6995.00 3650.55 9 234
    UGD136 183 6976.01 3819.37 -15 184
    UGD143 278 7000.41 3696.96 -15 172
    UGD141 278 7000.41 3646.96 -5 172
    UGD068 181 6982.5 3846.9 -14 288

    Yours sincerely



    Brett Matich
    Managing Director
 
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