The company has also stated that West Australian Department of Mines and Petroleum has approved Programme of Works (PoW) for the drilling program.
The drilling operations is planned for first past test of magnetic anomalies 3, 4 and 5, comprising 12 RC drill holes for an advancement of up to 6,000m.
In addition, the company has concluded historic gold exploration at White Quartz Hill and it has scheduled a drill program during the first week of May 2013.
Fox Resources is also planning to drill 40 air core holes in sync with the upcoming magnetite and White Quartz Hill Gold RC drilling program. These programs are estimated to cost nearly $320,000.
Meanwhile, the company holds an option to acquire up to 60% stake by paying $18m over the five years earn-in period, as per the terms of farm-in agreement with Magnetic South.
The company stated that Mount Oscar tenement has significant prospect for gold mineralization with assay grades of up to 21.5 grams per ton.
Also, during the previous drilling program at two anomalies 1 and 2, it has returned mineralization of 43.4 million tons at 33.3% iron and 29 million tons at 35.1% iron, respectively.
