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Fe Limited commences exploration work at copper-cobalt project

Fe Limited is in the process of acquiring an equity interest in the copper-cobalt project from Cape Lambert Resources.
Fe Limited commences exploration work at copper-cobalt project
Cape Lambert is major shareholder of Fe Limited

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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Newswire
July 12 2017

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