http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Thu, 17 Aug 2017 23:39:13 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Fe Limited's chairman Tony Sage continues to buy on-market ]]> http://www.proactiveinvestors.com.au/companies/news/182305/fe-limited-s-chairman-tony-sage-continues-to-buy-on-market Fe Limited's (ASX:FEL) non-executive chairman, Tony Sage, continues to snap up shares in the company through on-market purchases.

The company is in the process of acquiring an equity interest in the copper-cobalt project from Cape Lambert Resources Ltd (ASX:CFE).

Sage bagged another 459,311 shares in Fe for a consideration of A$13,169. This followed a purchase of 1 million shares last week.

READ: Fe Limited commences exploration work at copper-cobalt project

Sage's stake in Fe has now increased to circa 3.9 million shares.

Fe's portfolio

The Kasombo project is located amongst some of the world’s largest and highest grade copper and cobalt mines.

The company also has a number of free-carried interests in projects located within the Bryah Basin region of Western Australia.

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Fri, 11 Aug 2017 14:21:00 +1000 http://www.proactiveinvestors.com.au/companies/news/182305/fe-limited-s-chairman-tony-sage-continues-to-buy-on-market
<![CDATA[News - Fe Limited commences exploration work at copper-cobalt project ]]> http://www.proactiveinvestors.com.au/companies/news/181961/fe-limited-commences-exploration-work-at-copper-cobalt-project-181961.html Fe Limited (ASX:FEL) has commenced initial exploration works at the Kasombo Copper-Cobalt Project located in the Democratic Republic of Congo.

Last month, Fe Limited entered a binding terms sheet with Cape Lambert Resources (ASX:CFE) whereby Cape Lambert will assign to Fe Limited 100% of the rights and obligations it has in the Kasombo Copper-Cobalt Project.

Cape Lambert’s rights to the Kasombo Project were established in a 50/50 joint venture agreement with Congolese entity Paragon Mining SARL.

As outlined in the term sheet, Fe Limited is required to conduct exploration works at the Kasombo Project during the settlement period of the transaction.

Therefore, Fe Limited has engaged the services of the local branch of SRK Consulting to commence the initial exploration works at Kasombo.

Exploration work plan

Initial exploration works include retrieving and reviewing historical data and undertaking a detailed mapping programme over the project area.

Following completion of the mapping program, a geochemical sampling program and ground magnetic survey will be completed over the area, to define targets for a subsequent drilling program.

Tony Sage, chairman, commented: “I am very excited that exploration works are starting on this highly prospective copper-cobalt rich area and look forward to the exploration works progressing to a drilling program so that we can expose the full potential of the area.”

Kasombo summary

The Kasombo Copper-Cobalt Project is located in an area with excellent infrastructure and the world’s major cobalt mining region.

The region accounts for ~50% of the world's cobalt reserves and ~60% of global cobalt supply.

The project consisted of three mineralised areas totalling 600 hectares within two granted mining licences.

Handheld XRF sampling of artisanal cobalt workings and exposed cobalt mineralisation at the Kasombo Copper-Cobalt Project areas confirm high cobalt and copper grades.

An exploration plan is ready to commence and the project has access to the nearby Kipushi Processing Plant.

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Fri, 04 Aug 2017 13:09:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181961/fe-limited-commences-exploration-work-at-copper-cobalt-project-181961.html
<![CDATA[News - Fe Limited receives a vote of confidence as chairman buys on-market ]]> http://www.proactiveinvestors.com.au/companies/news/181819/fe-limited-receives-a-vote-of-confidence-as-chairman-buys-on-market-181819.html Fe Limited (ASX:FEL) has had its chairman, renown resources industry veteran, Tony Sage, purchase shares in the company on market.

Sage purchased 1 million shares in total across a number of on-market trades that saw him boost his holdings in the company to over 3 million shares.

The 1 million shares were purchased for $27,000 resulting in an average purchase price of $0.027 per share.

During July, the company executed a binding term sheet with Cape Lambert Resources (ASX:CFE)  to acquire 100% of Cape Lambert’s rights and obligations to the Kasombo Copper-Cobalt Project located in the Democratic Republic of Congo.

The Kasombo Project is located amongst some of the world’s largest and highest grade copper and cobalt mines.

Fe Limited also has a number of free-carried interests in projects located within the Bryah Basin region of Western Australia.

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Wed, 02 Aug 2017 15:07:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181819/fe-limited-receives-a-vote-of-confidence-as-chairman-buys-on-market-181819.html
<![CDATA[News - Fe Limited set to benefit from high-grade copper hits ]]> http://www.proactiveinvestors.com.au/companies/news/181673/fe-limited-set-to-benefit-from-high-grade-copper-hits-181673.html Fe Limited (ASX:FEL) is making the most of its 20% free-carried interest in the first phase of reverse circulation drilling at the Forrest Project in Western Australia.

First assays from the Wodger prospect returned major intersections of copper‐gold‐silver mineralisation.

These included 50 metres at 1.55% copper from 175 metres, 41 metres at 0.47 g/t gold from 177 metres and 59 metres at 5.05 g/t silver from 168 metres.

The company’s 20% interest is free-carried until a decision to mine.

Results require immediate follow-up exploration to test for a potential fresh massive sulphide source.

Sandfire similarities…

Sandfire Resources’ (ASX:SFR) DeGrussa deposit began as an oxide gold discovery which was later recognised as the residual gold cap above the massive copper sulphide mineralisation.

This is analogous with the initial exploration drilling at Wodger which returned elevated gold in the oxide zone and with increasing depth, an increase in copper oxide mineralisation.

First phase drilling at Wodger

This first phase of reverse circulation drilling at Wodger located within the Forrest Project included the completion of five holes for 999 metres.

WDRC005 intersected significant oxide copper values at the base of the oxide gold cap.

This included:

- 50 metres at 1.55% copper from 175 metres;
- 41 metres at 0.47 g/t gold from 177 metres; and 
- 59 metres at 5.05 g/t silver from 168 metres.

Mineralisation in WDRC005 consists of extensive zones of malachite and azurite (oxide copper) at the base of a residual gold cap.

The geochemistry of the copper‐gold‐silver mineralisation is consistent with VMS origin.

Assays pending

Laboratory results for holes WDRC001‐004 should be available with the next two weeks.

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Mon, 31 Jul 2017 14:56:00 +1000 http://www.proactiveinvestors.com.au/companies/news/181673/fe-limited-set-to-benefit-from-high-grade-copper-hits-181673.html
<![CDATA[News - Fe Limited acquires rights to copper-cobalt project ]]> http://www.proactiveinvestors.com.au/companies/news/180811/fe-limited-acquires-rights-to-copper-cobalt-project-180811.html Fe Limited (ASX:FEL) has entered into a binding terms sheet for rights and obligations to the Kasombo Copper-Cobalt Project located in the Democratic Republic of Congo (DRC).

The rights and obligations are being acquired from Cape Lambert Resources (ASX:CFE) who established the rights through entering a 50:50 joint venture with a Congolese entity.

The Kasombo Project is located amongst some of the world’s largest and highest grade copper and cobalt mines.

Tony Sage, chairman, commented: “The acquisition of the Kasombo Project will provide FEL an ideal opportunity to build a portfolio of cobalt assets in the established cobalt producing region of DRC and nearby to the Kipushi Processing Plant.

“The car industry’s push toward electric vehicles underpins the burgeoning market for cobalt, a key metal for car batteries.”

Kasombo summary

The Kasombo Copper-Cobalt Project is located in an area with excellent infrastructure and the world’s major cobalt mining region.

The region accounts for ~50% of the world's cobalt reserves and ~60% of global cobalt supply.

The project consisted of three mineralised areas totalling 600 hectares within two granted mining licences.

Handheld XRF sampling of artisanal cobalt workings and exposed cobalt mineralisation at the Kasombo Copper-Cobalt Project areas confirm high cobalt and copper grades.

An exploration plan is ready to commence and the project has access to the nearby Kipushi Processing Plant.

Transaction details

Pursuant to Cape Lambert’s obligations under the joint venture agreement, the objectives of the Fe Limited will be to:

- Undertake the exploration activities at the Kasombo Project;
- Complete a feasibility study on the Kasombo Project within 18 months; and
- To commence mining activities at the Kasombo Project within 24 months.
The company will pay a cash and share component for consideration for acquiring the rights, totalling 35 million shares and $125,000.

Settlement of the transaction is conditional upon due diligence among other things, to be completed on or before 30 September 2017.

Analysis

The transaction provides Fe Limited with exposure to the metal cobalt, which is currently trading at prices of US$60,000 per tonne.

Increasing cobalt prices are a result of increased demand due to the use of cobalt in electric vehicle batteries and constrained supply.

As a result of these market dynamics, major mining companies have been aggressively acquiring cobalt projects in the DRC.

Shares in the company are trading up 7.7% intra-day, currently priced at $0.028.

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Thu, 13 Jul 2017 15:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180811/fe-limited-acquires-rights-to-copper-cobalt-project-180811.html
<![CDATA[News - Fe Ltd is set to pounce ]]> http://www.proactiveinvestors.com.au/companies/news/180727/fe-ltd-is-set-to-pounce-180727.html Fe Ltd (ASX:FEL) has some acquisition news pending, and the ASX has granted the company a trading halt to prepare.

Tony Sage is the non-executive chairman of the company.

The halt will remain in place until the opening of trade on Friday 14th July 2017, or earlier if an announcement is made to the market.

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Wed, 12 Jul 2017 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/180727/fe-ltd-is-set-to-pounce-180727.html
<![CDATA[News - Fe Limited adds cobalt in Africa to its diverse project portfolio ]]> http://www.proactiveinvestors.com.au/companies/news/175649/fe-limited-adds-cobalt-in-africa-to-its-diverse-project-portfolio-175649.html Fe Limited (ASX:FEL) is now reviewing several cobalt projects in the Democratic Republic of Congo (DRC) and Zambia.

The review comes after results from the Mt Elvire soil sampling program returned no significant mineralisation.

Notably, a 44% major shareholder of Fe is Cape Lambert Resources (ASX:CFE) who has recently gained exposure to cobalt assets in DRC with near-term mining potential.

Tony Sage, chairman, commented: “Given the disappointing soil sampling results the company will now focus on several cobalt opportunities in the DRC and Zambia that have been offered.

“Our technical team will review these opportunities and the company will report back to the market as soon as possible.”


Background

Fe has interests in a portfolio of mineral projects located in Australia that are prospective for iron ore, gold and base metals.

The prospective projects are in the Bryah Basin region of Western Australia with joint venture partners RNI NL (ASX:RNI), Alchemy Resources (ASX:ALY), Independence Group NL (ASX:IGO), Westgold Resources (ASX:WGR) and Billabong Gold Pty Ltd.

The project portfolio includes:

- Bryah Basin Joint Venture Projects (20%, free carried to decision to mine);
- Grosvenor Projects (20%, free carried to decision to mine);
- Alchemy Projects (20%, free carried to decision to mine);
- Mt Ida Gold Project;
- Mt Ida Iron Ore Project (iron ore rights);
- Mt Elvire Project (100%); and
- Evanston Iron Ore Royalty (1.5% royalty).


Mt Elvire Project

A total of 114 samples were extracted from E77/1842 and 118 samples were extracted from E77/1843.

The results returned from the sample program have not highlighted any significant mineralisation within the tenements but Fe remains committed to retaining E77/1842 and E77/1843 so that further soil sampling work can be implemented.

Additionally, the company is assessing surrounding tenure and vacant land with a view to acquiring more ground in the region to improve prospectivity of the project area.

Recent results at Grosvenor Projects

Operator of the Grosvenor Projects, RNI NL, recently intercepted significant mineralisation including 25 metres at 1.1% copper.

This followed up first pass aircore drilling at the Wodger prospect, which intersected volcanogenic massive sulphide (VMS) oxide mineralisation over one kilometre in length.

Significant copper intercepts from this phase of work include:

- 25 metres at 1.1% copper including 4 metres at 4.73% copper; and
- 4 metres at 1.19% copper within a broader halo of 100 metre at 0.32% copper.

The recent intercept of 25 metres at 1.1% copper is 230 metres south east along strike from the previous 9 metres at 1.30% copper and demonstrates that this mineralised system has both significant size and scale.


Cobalt opportunity

Cobalt is a specialty metal used in rechargeable batteries, specifically in the cathode – its properties allow it to store power for longer.

Due to its potential widespread use in smartphones and the lithium-ion batteries used in Tesla Inc (NASDAQ:TSLA) vehicles, prices have been rapidly rising.

The cobalt price has more than doubled since the end of August 2016 to trade over $US50,000 per tonne recently.

A big driver of the cobalt price in 2017 is speculation that supply won’t be able to keep up with demand.

This is further exacerbated by the cobalt market being in deficit last year for the first time since 2009.

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Thu, 30 Mar 2017 13:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/175649/fe-limited-adds-cobalt-in-africa-to-its-diverse-project-portfolio-175649.html
<![CDATA[News - Fe Limited appoints Paul Carroll as managing director ]]> http://www.proactiveinvestors.com.au/companies/news/135997/fe-limited-appoints-paul-carroll-as-managing-director-67614.html Fe Limited (ASX:FEL) has now appointed Paul Carroll as managing director, replacing Mark Gwynne who will retire from his executive role but remain a non-executive director, at completion of the Cardinal House acquisition.

FEL has previously has signed a binding conditional agreement to acquire 100% of Cardinal House.

The partnership allows Cardinal House to gain access to a worldwide fully integrated interactive gaming management system, comprising of (but not limited to) bingo, licensed online gaming and specifically Gameworkz-originated content and technologies, accessible from multi-level devices such as mobile/hand held devices, specialist set top boxes, PCs, specialist gaming consoles, MacBook, iMac and MacBook Pro.

It is proposed that Gameworkz will operate as Cardinal House’s specialist bingo service provider.

Under the agreement, Gameworkz will provide Cardinal House with services that include full site management and business development, operations management, chat teams and chat management, customer support and data analytic support management, cash-out services, local and international marketing and full player acquisition and retention services.

Tony Sage, chairman for FEL, recently commented:

“Gameworkz is recognised as one of the industry’s leading interactive bingo service providers and has won multiple industry awards. It’s great news for FEL and the shareholders that we have partnered with such an experienced service provider.”

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 21 Mar 2016 10:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/135997/fe-limited-appoints-paul-carroll-as-managing-director-67614.html
<![CDATA[News - Fe Limited sees future in online gaming ]]> http://www.proactiveinvestors.com.au/companies/news/135996/fe-limited-sees-future-in-online-gaming-66153.html Iron ore developer Fe Limited (ASX:FEL) has  flagged an improved outlook for its move into the gaming industry with an update on three licences being awarded to its takeover target.

Earlier this year, Fe signed a binding conditional share sale agreement to acquire 100% of online gaming company Cardinal House.

This strategy has been most recently supported by the Norfolk Island Gaming Authority granting Cardinal three worldwide gaming licences allowing for interactive home gaming, bookmaking in respect of race meetings and sports betting and conducting worldwide interactive lotteries.

The term of the licences is between 8-10 years.

Cardinal proposes to become an innovative entertainment provider for business and direct customer delivery of online social gaming and gambling, in addition to providing a compliant and fully integrated payment processing system.

Its current focus is on seeking to acquire an audience of national and international gaming markets where it proposes to offer safe, securely regulated, real money gambling experiences and enriched user entertainment through highly enhanced social gaming networks.

The Asia-Pacific region represents a large prospective growth market for gaming services and Cardinal is well placed to take advantage of these opportunities.

Cardinal is currently in B2B partnership negotiations with regional groups who operate across Southeast Asia.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 14 Dec 2015 15:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/135996/fe-limited-sees-future-in-online-gaming-66153.html
<![CDATA[News - Fe Limited to reveal potential game changer ]]> http://www.proactiveinvestors.com.au/companies/news/135995/fe-limited-to-reveal-potential-game-changer-64795.html Fe Limited (ASX:FEL) has been granted an ASX trading halt, pending details of a significant acquisition.

No additional details have yet been released.

The halt will remain in place until the opening of trade on Wednesday 30th September 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong.

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Mon, 28 Sep 2015 13:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/135995/fe-limited-to-reveal-potential-game-changer-64795.html
<![CDATA[News - Fe Limited receives final payment for sale of Gympie Eldorado Mining, focus on WA iron ]]> http://www.proactiveinvestors.com.au/companies/news/135994/fe-limited-receives-final-payment-for-sale-of-gympie-eldorado-mining-focus-on-wa-iron-54367.html Fe Limited (ASX: FEL) has received the final payment of $1.425 million relating to the sale of Gympie Eldorado Mining, allowing it to Gympie Eldorado Mining Mt Ida and Mt Elvire iron ore projects in Western Australia’s Southern Yligarn Province.

The company plans to undertake further exploration in the near to advance these projects.

It noted the anticipated upgrade of a further 10 million tonnes per annum of the Esperance Port and Rail facilities will enhance mining prospects for the region and see projects advance to mining in the short term.

Both Mt Ida and Mt Elvire are within trucking distance of operational railways that access the deep water port at Esperance.

Initial exploration at Mt Ida has defined an exploration target size of 1.1 to 1.4 billion tonnes with a grade of 30 to 37% iron for the Eastern and Western BIF units.

FE also noted that high grade copper mineralisation had been confirmed at the Wodger Prospect of its Grosvenor Project.

The company has a 20% free carried interest to decision to mine.

Relogging and resampling of historic drilling has reported copper results up to 13.8%.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 16 Apr 2014 08:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/135994/fe-limited-receives-final-payment-for-sale-of-gympie-eldorado-mining-focus-on-wa-iron-54367.html
<![CDATA[News - Fe Limited to sell Gympie Eldorado gold mine in Queensland ]]> http://www.proactiveinvestors.com.au/companies/news/135993/fe-limited-to-sell-gympie-eldorado-gold-mine-in-queensland-46313.html Fe Limited (ASX: FEL) has signed a conditional term sheet to sell its Gympie Eldorado gold mine in southeast Queensland to a Singapore based private Mining and Metals trading company for $250,000 in cash.

The company will receive a net smelter royalty on gold recovered from the mine and tailings as well as 10% of profits on any subsequent sale of freehold land.

It will also receive about $2.2 million from the release of environmental performance bonds after settlement occurs.

The sale covers mining leases that contain three tailings storage facilities covering about 22 hectares and associated remaining assets and infrastructure at the mine, which was closed in late 2008.

Completion of the Transaction is conditional on the Purchaser completing technical and legal due diligence.

Following completion of the Transaction, the company intends to focus on near term exploration of the Mt Ida Iron Ore Project in the Yilgarn Iron Province of Western Australia, including first pass drilling to test outcropping mineralisation with a focus on direct shipping grade hematite targets.

Mt Ida is about 80 kilometres northwest of the operational railway at Menzies, which offers access to existing port facilities at Esperance.

Esperance port is proposing an upgrade of facilities to increase capacity by about 10 million tonnes per annum by mid-2015.

The Project comprises the rights to explore and mine for iron ore on a group of 71 licences covering about 370 square kilometres in the emerging Yilgarn Iron Province.

The principal targets are located on licences E29/561 and E29/644 where the company holds 100% and 85% respectively of the rights to explore for and mine iron ore.

These tenements are prospective for detrital and in-situ DSO iron mineralisation, especially in the hanging-wall and at cross fault / BIF unit intersections, and for large magnetite BIF deposits.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 02 Aug 2013 17:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/135993/fe-limited-to-sell-gympie-eldorado-gold-mine-in-queensland-46313.html
<![CDATA[News - Fe Limited to sell Northcote gold / antimony project interest ]]> http://www.proactiveinvestors.com.au/companies/news/135992/fe-limited-to-sell-northcote-gold-antimony-project-interest-38268.html Fe Limited (ASX: FEL) has sold its minority equity in the Northcote gold / antimony project,
located in Far North Queensland to Territory Minerals Ltd.

Worth noting Tony Sage is the Fe Limited Non-Executive Chairman.

Terms of the sale include; Issue of 1 million shares in Territory; Payment of $74,999 upon successful listing, or Territory selling, divesting or disposing of all or some of the project to a third party; and Territory to maintain the tenements in good standing.

Territory Minerals is looking to list on the ASX in early 2013.


The Northcote Project: Sale conditions

Fe Limited has entered into a conditional sale agreement with Territory for its minority equity in the - and the sale is conditional upon Territory successfully listing on the ASX.

The company holds 10% - 15% in two mining tenements which host gold / antimony mineralisation with defined resources, previously determined by Republic Gold Ltd and forms part of a larger project area.

The project was previously majority owned and managed by Republic Gold Ltd.


Fe Limited key projects

Fe Limited has a portfolio of key projects and interests, including the; Mt Ida Iron Ore Project;
Mt Elvire Iron Ore Project; Crossroads, Bardoc and Grafters Gold Projects; Kalgoorlie Regional Gold Project; and Kalgoorlie Regional Nickel Project.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 16 Jan 2013 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/135992/fe-limited-to-sell-northcote-gold-antimony-project-interest-38268.html
<![CDATA[News - Fe Limited updates market on Gympie Eldorado Mining divestment ]]> http://www.proactiveinvestors.com.au/companies/news/135991/fe-limited-updates-market-on-gympie-eldorado-mining-divestment-20317.html Fe Limited (ASX: FEL) has provided some further details on the divestment of Gympie Eldorado Mining in a company update today.

Fe Limited advises that BRI Microfine Pty Ltd, assisted by employees of Gympie Eldorado Mining Pty Ltd, has now completed bulk sampling of tailings at the closed Gympie Eldorado Gold Mine in Queensland.

Completion of the conditional sale agreement for the sale of all the shares in Gympie Eldorado Mining to BRI Microfine, which was announced in April this year, is subject to satisfactory completion of due diligence including test work trials on the tailings.

BRI Microfine has advised Fe Limited that it has received sufficient bulk samples at its laboratory facility in Victoria, where test work trials are now in progress.

As a result of the sampling delays, BRI Microfine has requested and been granted an extension to 31 October 2011 to allow it to complete technical due diligence.

 

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Mon, 03 Oct 2011 15:50:00 +1100 http://www.proactiveinvestors.com.au/companies/news/135991/fe-limited-updates-market-on-gympie-eldorado-mining-divestment-20317.html
<![CDATA[News - Fe Limited drilling to target banded iron formation at Mt Elvire ]]> http://www.proactiveinvestors.com.au/companies/news/135990/fe-limited-drilling-to-target-banded-iron-formation-at-mt-elvire--15178.html Western Australia-based Fe Limited (ASX: FEL) has commenced a 2,200 metre reverse circulation drilling program at its wholly owned Mt Elvire Ore Project, following up the occurence of BIF (Banded Iron Formation) on the new prospect at Camelback.

Mt Elvire is located in the Yilgarn Iron Province of Western Australia. Also, field reconnaissance has commenced at he newly acquired Mt Ida Iron Ore Project.

Cliffs Resources' (NYSE: CLF) Koolyyanobbing Operation is located 50km to the south and Macarthur Minerals' (TSX-V: MMS) Lake Giles project is located 30km to the east-south-east.

An exploration target of 515-675 million tonnes at 26-46% iron (Fe) has been estimjated for the Mt Elvire Iron Ore Project.

Importantly for potential early cashflows, the exploration target includes 15 to 25 million tonnes of potential direct shipping ore.

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Mon, 04 Apr 2011 09:10:00 +1000 http://www.proactiveinvestors.com.au/companies/news/135990/fe-limited-drilling-to-target-banded-iron-formation-at-mt-elvire--15178.html
<![CDATA[News - Fe Ltd acquires 371 square kilometre Mt Ida Iron Ore Project, appoints new managing director ]]> http://www.proactiveinvestors.com.au/companies/news/135989/fe-ltd-acquires-371-square-kilometre-mt-ida-iron-ore-project-appoints-new-managing-director-14849.html Iron ore focused Fe Limited (ASX:FEL) has acquired the rights to explore and mine iron ore on 371 square kilometres of licenses at Mt Ida from Dempsey Resources, a subsidiary of Cape Lambert Resources (ASX:CFE).

The acquisition covers the iron ore rights to 9.5 kilometres of strike of banded iron formation at Mt Ida in the Yilgarn Province in Western Australia.

The consideration of the iron ore rights cost $50,000 and a production royalty of $1 per tonne of iron ore payable to Dempsey.

The Mt Ida Iron Ore Project provides Fe with licences to explore and mine iron ore in the Yilgram Iron Province, 180 km northwest of Kalgoorlie, as well as 9.5 kilometres of strike of the eastern unit of Mt Ida - Mt Bevan banded iron formation units.

The Mt Ida Iron Project is proximal to established infrastructure including a sealed road, gas pipeline and rail which offers access to operational port facilities at Esperance and Kwinana, with Esperance set to increase capacity in the near future.

Fe plans to immediately commence initial exploration including geophysical and geological surveys with the objective to design a drilling program to commence later in 2011.

Meanwhile, Fe also announced the appointment of Mr Kim Bischoff to Managing Director on March 21. Bischoff has significant experience in advancing early stage iron ore assets and his appointment is opportune with the expansion fo the company's portfolio by the addition of the highly prospective Mt Ida Iron Project, according to an ASX press release.

Bischoff recently commented on the new acquisition saying, "the iron ore rights to the Mt Ida Iron Project further strengthens the Company's portfolio of iron ore projects in the emerging Yilgarn Iron Ore Province of Western Australia."

Previously, Bischoff was a non-executive director of DMC Mining and general manager of exploration for Cape Lambert Resources. Bischoff has more than 28 years in the mineral  industry as a highly experienced geologist and executive.

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Tue, 22 Mar 2011 15:44:00 +1100 http://www.proactiveinvestors.com.au/companies/news/135989/fe-ltd-acquires-371-square-kilometre-mt-ida-iron-ore-project-appoints-new-managing-director-14849.html
<![CDATA[News - Fe Limited boosts iron Exploration Target 200% at Mt Elvire ]]> http://www.proactiveinvestors.com.au/companies/news/135988/fe-limited-boosts-iron-exploration-target-200-at-mt-elvire-13340.html Iron ore focused Fe Limited (ASX: FEL) has upgraded the Mt Elvire Exploration Target 200% to 515 to 675 million tonnes at 26% to 46% iron.

Importantly for potential early cashflows, the Exploration Target includes 15 to 25 million tonnes of potential direct shipping ore.

The completed 19 hole reverse circulation drilling program for 1391 metres has provided some significant near surface iron hits including:

- 16 metres at 61.2% iron from 20 metres;
- 20 metres at 57.5% iron from 32 metres;
- 80 metres at 35.1% iron from 8 metres; and
- 85 metres at 35.4% iron from surface.

The Mt Elvire Project is located 50 kilometres north of the Mt Jackson and Windarling iron ore mines operated by Cliffs Natural Resources, in the Yilgarn Province of Western Australia.

 

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Mon, 24 Jan 2011 15:45:00 +1100 http://www.proactiveinvestors.com.au/companies/news/135988/fe-limited-boosts-iron-exploration-target-200-at-mt-elvire-13340.html
<![CDATA[News - Fe Limited begins follow up drilling at Mt Elvire, sells Gympie land titles for A$2m ]]> http://www.proactiveinvestors.com.au/companies/news/135987/fe-limited-begins-follow-up-drilling-at-mt-elvire-sells-gympie-land-titles-for-a2m-12327.html Fe Limited (ASX: FEL) has commenced a follow up 1,200m reverse circulation drilling program targeting extensions to the Iron Crescent Prospect within its wholly owned Mt Elvire Iron Ore Project, located in the Yilgarn Province of Western Australia, following previous encouraging results.

First pass drilling of the Camelback Prospect located approximately 7kms to the east of Iron Crescent has also started.

Also, Fe has sold one of two freehold land titles at the closed Gympie mine delivering $900,000 to the company and completion of the second sale for $1.1 million is due in approximately one week. The company has nearly completed ongoing rehabilitation of the Gympie mine environs.

Camelback comprises outcropping mineralisation over a strike length of 2.5kms, with extensions to the south west apparent from geophysical data interpretation.

Sampling at Camelback has returned rock chip assay results of up to 60%Fe. However, the drilling program is not as comprehensive as the company intended, due to limited drill rig availability.

The Mt Elvire Iron Ore Project is located 50 kms north of Cliffs Natural Resources' (NYSE: CLF) Mt Jackson/Windarling DSO iron ore mines and 30kms WNW of Macarthur Minerals’ (CVE: MMS) Lake Giles Project, in the Yilgarn Province of Western Australia.

McArthur Minerals recently announced a JORC compliant Inferred Mineral Resource estimate for their Lake Giles project of 1,117Mt at 28.7% Fe.

The company has previously announced an 180Mt-200Mt exploration target for the Mt Elvire Project.

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Mon, 06 Dec 2010 16:13:00 +1100 http://www.proactiveinvestors.com.au/companies/news/135987/fe-limited-begins-follow-up-drilling-at-mt-elvire-sells-gympie-land-titles-for-a2m-12327.html
<![CDATA[News - Fe Limited intersects further broad zones of mineralisation at Mt Elvire ]]> http://www.proactiveinvestors.com.au/companies/news/135986/fe-limited-intersects-further-broad-zones-of-mineralisation-at-mt-elvire-10699.html After identifying an exploration target of 180 million tonnes-200 million tonnes previously for the Mt Elvire Iron Ore Project, Fe Limited (ASX: FEL) has intersected further broad zones of iron from assays received from the final eight holes of the maiden 31 hole RC drilling program.

Best results were:

- 120m @ 32% Fe from 37m;
- 96m @ 33.6% Fe from surface;
- 72m @33.7% Fe from 93m; and
- 52m @ 40.5% Fe from surface.

Broad zones of iron mineralisation were intersected in all but two holes.

The company did preface the results with, "the nature of the iron mineralisation is structurally complex, with extensive localised folding and thickening evident in exposed outcrop. Drill hole orientations may not necessarily be perpendicular to mineralisation, therefore intercept widths may not necessarily be equivalent to ‘true widths’."

To overcome this, a detailed mapping and infill drill program will commence in the short term,  to determine true widths to the mineralisation being intersected in the drilling.

The drilling program targeted outcropping mineralisation at the Iron Crescent Prospect, which comprises a slightly weathered BIF outcrop in the centre of the project area, with a strike length of 5kms.

The aim was to test surface mineralisation to enable better targeting potential high-grade targets located under cover and along strike from the outcropping mineralisation.

The Mt Elvire Project is located 50 kms north of Cliff Natural Resources’ Mt Jackson/Windarling DSO iron ore mines and 30kms WNW of Macarthur Minerals’ Lake Giles Project, in the Yilgarn Province of Western Australia.

McArthur Minerals recently announced a JORC compliant Inferred Mineral Resource
estimate for their Lake Giles project of 1,117Mt at 28.7% Fe.

The Mt Elvire Project has an 180Mt-200Mt exploration target.

 

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Mon, 11 Oct 2010 11:02:00 +1100 http://www.proactiveinvestors.com.au/companies/news/135986/fe-limited-intersects-further-broad-zones-of-mineralisation-at-mt-elvire-10699.html
<![CDATA[News - Two high grade iron ore intersects for Fe Limited at Mt Elvire ]]> http://www.proactiveinvestors.com.au/companies/news/135985/two-high-grade-iron-ore-intersects-for-fe-limited-at-mt-elvire-10471.html Fe Limited (ASX: FEL) has identified two 61% Fe intersections from its maiden drill program which comprised 31 holes for 2,461m, based at the Mt Elvire Iron Ore Project in Western Australia.

To date, assay results from the first 23 holes have been received.

Highlights include:

- 15m @ 61.3% Fe from 13m;
- 19m @ 61% Fe from 5m;
- 48m @ 41.4% Fe;
- 68m @ 39.1% Fe; and
- 100m @ 32.5% Fe.

Mark Gwynne, executive director, said, “Significantly, twenty two of these holes reported extensive zones of mineralisation, with two reporting DSO’ type grades for goethitic and hematitic enrichment.”

The drilling program targeted outcropping mineralisation at the Iron Crescent Prospect, which comprises a slightly weathered BIF outcrop in the centre of the project area, with a strike length of 5kms.

The aim was to test surface mineralisation to enable better targeting potential high-grade targets located under cover and along strike from the outcropping mineralisation.

The Mt Elvire Project has a 180Mt-200Mt exploration target.

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Fri, 01 Oct 2010 08:08:00 +1000 http://www.proactiveinvestors.com.au/companies/news/135985/two-high-grade-iron-ore-intersects-for-fe-limited-at-mt-elvire-10471.html
<![CDATA[News - Fe shares in pre open pending drilling results announcement ]]> http://www.proactiveinvestors.com.au/companies/news/135984/fe-shares-in-pre-open-pending-drilling-results-announcement-10400.html Shares in iron ore explorer FE (ASX: FEL) (formally Buka Gold) have been placed in pre-open at the company's request, pending an announcement regarding a recent drilling program.

Last month Fe commenced a 25 hole Reverse Circulation drilling program at the Mt Elvire iron ore project in the Yilgarn Province of Western Australia.

The first phase drill program was designed to further investigate surface mineralisation at the Iron Crescent Prospect, where two zones of mineralisation have been mapped, namely; Iron Crescent North (~5.8km strike), and Iron Crescent South (~3.5km strike), with widths of mineralisation up to 50 metres.

Fe has previously announced rock chip results with highlights; 66.3%, 65.5%, 65.0%, 64.9%, 64.7%, 64.3%, 64.1% and 63.5% Fe.

The Mt Elvire Project has a 180Mt-200Mt exploration target.

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Wed, 29 Sep 2010 11:38:00 +1000 http://www.proactiveinvestors.com.au/companies/news/135984/fe-shares-in-pre-open-pending-drilling-results-announcement-10400.html
<![CDATA[News - Fe to step up exploration at Western Australia iron ore projects ]]> http://www.proactiveinvestors.com.au/companies/news/135983/fe-to-step-up-exploration-at-western-australia-iron-ore-projects--7837.html Australian resources company Fe (ASX: FEL) has confirmed results from recent field exploration at the Mt Elvire Project with assays up to 64.2% Fe, agreed to the sale of gold and mining inventory from the Gympie mining operations, and decided to accept 2% Nett Smelter Return from future mining of the Crossroads Gold Project.

The company's much anticipated Mt Elvire drilling program in Western Australia has been delayed until mid to late June due to availability of environmental consultants and regulatory approvals, and will target the outcropping Banded Iron Formation.

Results of the recent 49 rock-chip samples collected over a 3.5 km strike length of one of the western BIF horizons have confirmed the high-grade iron content and lateral extent of the outcrops.

Assays ranged from 33.7% to 66.3% Fe, averaging 47.9% Fe and significantly, one third of samples returned results >55% Fe.

The initial drilling will also test the BIF horizons along strike from the outcrops, beneath the soil cover, where a majority of the aeromagnetic targets are located.

Best results from the rock-chip sampling includes: 66.3%, 65.5%, 65.0%, 64.9%, 64.7%, 64.3%, 64.1% and 63.5% Fe.

Access to tenements at the Mooloogool Iron and Manganese Project has recently been granted, allowing  exploration activities to commence.

Mark Gwynne, executive director, said an initial field reconnaissance program will be carried out in the near term to assist in defining exploration targets, determine exploration strategy, and plan field activities, including drilling.

Finalisation of the sale and disposal of the Gympie Gold Mine’s assets and associated infrastructure has been accelerated, with several key milestones being met.

The cleanup of the treatment plant has been completed, yielding $680,000 in gold sales to the company. This process has taken longer to complete due to unfavourable weather conditions over the past few months.

At the Crossroads Project the company (20%) has reviewed proposed mining models provided by Barrick Gold (80%) and has elected to revert its 20% participating equity to a 2% Nett Smelter Return.

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Fri, 11 Jun 2010 12:05:00 +1000 http://www.proactiveinvestors.com.au/companies/news/135983/fe-to-step-up-exploration-at-western-australia-iron-ore-projects--7837.html
<![CDATA[News - Fe to commence drilling at Mt Elvire Iron Ore Project ]]> http://www.proactiveinvestors.com.au/companies/news/135982/fe-to-commence-drilling-at-mt-elvire-iron-ore-project-6048.html Australian resources company Fe (formerly known as Buka Gold Limited) (ASX: FEL) plans to fast-track exploration of its wholly owned Mt Elvire Iron Ore Project.

The Project is located 130km north of the Koolyanobbing iron ore mines and 50km NNE of the Windarling iron ore mine, in the Yilgarn Iron Ore Province of Western Australia.

The Company has identified an Exploration Target comprising between 180M and 200M tonnes of Banded Iron Formation (BIF) mineralisation following a thorough review of all available data relating to the project, together with re-interpretation of recently acquired geophysical data.

The size of the Exploration Target was determined from interpretation of processed aeromagnetic data where more than 40 kilometres of highly magnetic units (interpreted as mineralised BIFs) have been identifed, and combined with results of rock chip sampling of outcropping BIF mineralisation and inferred to a depth of 50m below surface.

Best rock chip sampling results of outcropping BIF mineralisation to date include 63.25%, 61.95%, 60.83%, 54.46%, 52.48% and 51.94% Fe.

Outcrop is limited along the interpreted strike of the BIF mineralisation units, therefore the proposed RC drilling program will also target extensions of the mineralisation beneath shallow cover, where aeromagnetics indicate extensions to the highly magnetic units.

As part of the company’s plans to fast track exploration and development of the Mt Elvire Project it has appointed an Exploration Manager and Senior Technical Advisor to head up its exploration team.

Reconnaissance field work by the exploration team, to evaluate drill access, etc, will occur on site in the coming weeks, and a +2,000m RC drilling program is expected to commence soon after, with full details of the program to be released once confirmed, pending rig availability and regulatory approvals.
 
The Company currently has partial or total “iron ore” rights to over 3,000 square kilometres in the Mid West and Yilgarn Iron Ore Provinces of Western Australia.

While activities at the Mt Elvire Project are being fast-tracked, the company can confirm that it continues to review a range of opportunities at both the project and company level.

The review is designed to increase its portfolio of iron ore assets, particularly in the emerging Mid West and Yilgarn Iron Ore Provinces of Western Australia, where this is already existing or planned infrastructure associated with the mining, processing, transportation and export of iron ore.

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Mon, 29 Mar 2010 14:02:00 +1100 http://www.proactiveinvestors.com.au/companies/news/135982/fe-to-commence-drilling-at-mt-elvire-iron-ore-project-6048.html