Australia-based Fox Resources has announced the acquisition of coal assets in central Queensland as part of its operations update for the quarter ended 31 December 2012.
The company acquired 100% interest in 16 coal exploration permits from Currawong Coal to diversify its minerals exploration program.
The acquired coal assets comprising 10,000 km2 3,304 sub blocks in central Queensland, considered as highly prospective.
Fox Resources has also entered into a memorandum of agreement (MoU) with Pilbara Resources to acquire 80% stake in 10 West Australian tenements.
The acquisition will increase Fox’s West Pilbara tenements by 87% to 2,140 km2.
A magnetite drilling program for Mount Oscar gold project has been planned for March 2013, with an expected investment of $1.8m; an additional $320,000 will be allocated for further explorations.