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Fe Limited receives final payment for sale of Gympie Eldorado Mining, focus on WA iron

Fe Limited receives final payment for sale of Gympie Eldorado Mining, focus on WA iron

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%.


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July 12 2017

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