The company has completed a preliminary drilling program and assay results are expected later this month.
Two prospect areas, Kasombo 5 and 7, have been drill tested with six reverse circulation holes completed.
Tony Sage, chairman, said: “I am pleased that preliminary drilling has been completed, especially during the difficult wet season period of the Congo.
“This drilling shows our commitment to unlock the potential of the Kasombo area.”
Shares reach 12 month high in early 2018
Fe’s shares hit a 12 month high of $0.076 on 2 January 2018 and further news flow from the project is expected in 2018.
Kasombo is circa 25 kilometres from the country’s second largest city, Lubumbashi, in the Katanga Copper Belt.
The Democratic Republic of Congo holds close to half of the global cobalt reserve base, and is the world’s single largest supply source with more than 60%.
The project comprises three mineralised areas of approximately 600 hectares – Kasombo 5, 6 and 7 – within two granted mining areas.
Two prospects tested
Two holes were completed for 149 metres at Kasombo 5, which is highly prospective for copper and lesser cobalt.
Four holes were completed for 190 metres at Kasombo 7, which is highly prospective for cobalt and lesser copper.
Mapping work identified the targets tested by the preliminary drilling.
Kasombo 5 is a prospect exposed by an open cut while Kasombo 7 was exposed by a small pit dug by artisanal miners.
Project acquired from Cape Lambert
Cape Lambert is a major Fe shareholder with 40.17% of the issued capital.
Fe recently attracted a new substantial shareholder with Melbourne-based fund manager SG Hiscock & Company Limited now holding 5.28%.
SG Hiscock became a substantial shareholder after acquiring more than 8.3 million shares for total cash consideration of $250,000.