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Fe Limited enters trading halt pending exploration update from Sandfire

Published: 12:51 14 May 2018 AEST

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During February this year, Fe Limited entered a farm-in agreement with Sandfire

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%.

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