Sign up Australia
Proactive Investors - Run By Investors For Investors

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.

View full FEL profile View Profile

Fe Limited Timeline

Related Articles

picture of fridges
November 30 2017
Discussions are advanced over acquisitions in both the fluorspar and industrial minerals sector
mine workers
March 31 2018
Kazera Global is now mining more tantalum more efficiently, and the buyers are beginning to come in
Picture of Emmerson's managing director and mining team
January 28 2018
Deposits in the Macquarie Volcanic Arc are often part of much larger systems.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use