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Fe Limited a leading ASX gainer as shares increase 35%

Stock has increased to 2.3 cents following recent encouraging news from DRC and Western Australia.
ASX chart with arrow pointing up
The company has received strong cobalt and copper results from Kasombo

Fe Limited (ASX:FEL) is a leading ASX gainer today, up 35% to 2.3 cents from Tuesday’s close of 1.7 cents.

The company has had recent encouraging news from its flagship Kasombo Copper-Cobalt Project in the Democratic Republic of Congo and from its Western Australian interests.

READ: Fe Limited confirms high-grade cobalt in trenching at flagship Kasombo project

Broad high-grade cobalt and copper results have been received from trenching at Kasombo.

Sampling was completed from seven trenches for a total of 598 metres and 273 channel samples across the mineralised strata of cobalt-rich Kasombo 7.

 

Chairman Tony Sage said: “We are very excited by these results and will now plan a targeted drilling program on both Kasombo 5 and Kasombo 7 to further investigate the size of the great copper results and follow up on the good cobalt results.”

Notably, good cobalt assays were returned from trenches, including:

• 10 metres at 0.21% cobalt between 42 and 50 metres; and

• 12 metres at 0.23% cobalt between 17 and 26 metres.

READ: Fe Limited leveraged to increased involvement by Sandfire in Bryah Basin

In Western Australia’s Bryah Basin, Fe Limited looks set to benefit from increased activity by Sandfire Resources NL (ASX:SFR), through its various joint ventures in the area.

Sandfire has stepped up its involvement in the prolific basin by purchasing the farm-in rights held by Independence Group NL (ASX:IGO) in the Bryah Basin Project.

The agreement covers tenements that are 100% held by Alchemy Resources Limited (ASX:ALY) as well as those held 80% by Alchemy and 20% by Fe Limited subsidiary Jackson Minerals Pty Ltd.

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