(MENAFN- ProactiveInvestors - Australia) Fox Resources (ASX: FXR) is preparing to release an announcement on the raising of funds from a share placement, with the company granted a trading halt by the ASX today.
The company is planning a drilling program for its recently acquired Bundaberg Coal Project in Queensland.
This will be designed to identify whether the coal seams encountered by International Coal (ASX: ICX) at its EPC 2196 extends into Bundaberg (EPC 1523). EPC 2196 is located immediately northwest of EPC 1523.
Recent drilling by International Coal has returned strong results with one hole exhibiting hard coking coal properties with a Crucible Swelling Number (CSN) of nine and less than 11.5% ash.
Fox plans to fast track work on its existing Queensland assets, which include Bundaberg, Styx, Emerald, Springsure, Alpha, and Eromanga.
The tenements have good access to infrastructure necessary for commercial development. All of the tenements are considered to be prospective for either coking or thermal coal.
The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Monday 11 March.
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