Fe Limited (ASX:FEL) has been granted a trading halt by the ASX pending the release of an exploration update by its joint venture partner Sandfire Resources NL (ASX:SFR).
The exploration update is regarding drilling at the Morck’s Well Project in Western Australia.
Fe Limited holds an interest in Morck’s Well Project tenements E52/1613, E51/1033 and E52/1672.
The halt will remain in place until the earlier of the release of the relevant information or the commencement of trading on Wednesday.
READ: Fe Limited to receive minimum $300,000 from Sandfire Resources farm-in
During February, Fe Limited and Auris Minerals (ASX:AUR) entered into an agreement with Sandfire in relation to the Morck’s Well East JV Project and Auris’ Doolgunna Project in Western Australia’s Bryah Basin.
Sandfire was to pay $1.2 million to Auris and $300,000 to Fe Limited in shares or cash and was to incur a minimum of $2 million in exploration expenditure within 2 years.
If Sandfire defines a resource of a minimum of 50,000 tonnes of contained copper (that has +50% in the indicated classification), then Sandfire may thereafter complete a feasibility study on that discovery.
If a discovery is made on Morck’s Well East JV Project and a feasibility study completed then the interests will be Sandfire 70%, Auris 24% and Fe Limited 6%.