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Fox Resources Limited (ASX:FXR) has inked a deal for an exclusive option to acquire a number of coal tenements in Queensland and says it is looking to expand its holdings further.
The explorer has agreed to an option to acquire 16 coal exploration permits, and one under application, covering more than 10,000 kilometres within major coal bearing basins.
Fox says exercising the option would deliver significant diversification to its minerals exploration program, both in terms of geographic spread and targeted minerals.
Fox will now conduct due diligence before determining whether to exercise its option to acquire the tenements by December 21, 2012.
The explorer’s foundations have been largely focussed on nickel, copper and iron ore projects in the Pilbara region of Western Australia.
Fox Resources posted a $5.3 million net loss in the 2012 financial year.
