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Today, Fenix Resources Ltd (ASX:FEX) announced a sudden halt in the trade of its securities due to the pending release of an assay results announcement. However, before coming to a halt, the stock dipped 4.348% to last trade at $0.022 on 22 January 2019. This comes after the company requested ASX to put their shares at halt pending the release of an announcement regarding significant drill assay results. The Australian Securities Exchange subsequently granted the trading halt and notified that it will remain in place until the prior of 24 January 2019 or the release of an announcement as stated above. Recently, the company announced significant results from the drilling activities undertaken at Iron Ridge Project located in the Mid-west region of Western Australia. Interpretation of the results around the current Inferred Mineral Resource was reportedly consistent with the previous high-grade hematite zone results in the Main BIF unit and the lower grade Little BIF unit to the south. The company said that drill program consisted of 21 RC holes for 3,534m and eight diamond holes for 1,210m of a diamond core. It was designed to test the depth and strike extent of the existing Inferred Mineral Resource of 5.0Mt at 64.1% Fe, 3.3% SiO2, 2.7% Al2O3, and 0.05% P as well as to increase the confidence level of the Mineral Resource to Indicated category. Geological consultant group CSA Global Pty Ltd completed an Exploration Target of 0.6Mt to 7.1Mt of predominantly hematite mineralization in a grade range of between 64.1% Fe and 65.3% with low deleterious elements, and a further 0.1Mt to 5.7Mt of goethite mineralization grading 58% to 59.5% Fe with slightly elevated deleterious components. However, the company believes that these exploration activities were not enough to estimate Mineral Resources and also it is uncertain to define the estimation from further exploration. These assay results relate to the first two batches of samples from the RC drilling while its additional three batches remain pending. Moreover, all of the 297 diamond core samples are reportedly pending. FEX also have the basic diamond core for the mineral processor Nagrom to conduct metallurgical test work to determine potential value accretive factors such as the lump to fines ratio and levels of deleterious elements. Fenix announced that a reduced number of RC meters were drilled than initially planned as the anticipated north-eastern strike extensions did not eventuate, however additional RC meters were drilled to the west as extensions to the mineralized zoned were identified. Over the past 12 months, FEX stock price has witnessed a positive momentum of 21.05%. But the stock has been trading at lower ends since the past three months, resulting in negative 36.11% daily price change.
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