The hole at Kasombo 5 prospect was abandoned before it reached the copper target zone owing to driller error but intersected a zone of low-grade cobalt mineralisation.
This zone was 15 metres thick and averaged 1,670 ppm cobalt from a depth of 17 metres.
“High hopes for project”
Tony Sage, chairman, said: “I am pleased to see that the early results of the preliminary drill program continue to support our high hopes for this project.”
Fe Limited completed preliminary reverse circulation drilling at Kasombo 5 and Kasombo 7 in late December 2017 and early January 2018.
The program at Kasombo 5 was targeting copper mineralisation mapped in the pit-wall of an open cut.
Two holes were completed for 149 metres and one hole returned a best result of 23 metres at 3.18% copper from 54 metres with assays from the second hole expected shortly.
Another two holes were abandoned after drilling 114 metres.
Drilling at Kasombo 7 prospect targeted cobalt mineralisation observed in bedding cross-cutting breccias and in conformable bedding layers exposed by small-scale artisanal workings.
Cobalt assay results imminent
Assay results from these holes are imminent.
The Kasombo project comprises three mineralised areas of circa 600 hectares, Kasombo 5, 6 and 7, within two granted mining licences.
The Kasombo project is north of the Kipushi processing plant.
Kasombo is circa 25 kilometres from the DRC’s second largest city Lubumbashi and is within the Katanga Copper Belt.
It is also to the north of the Kipushi Tailings Project and processing plant of Cape Lambert Resources Limited (ASX:CFE) at which cobalt is a primary target.
Cape Lambert is a major shareholder of Fe Limited, holding 39.63% of issued capital, and completed the sale of project rights from Kasombo to Fe in November 2017.
Fe Limited and Auris Minerals (ASX:AUR) have this week entered into a farm-in agreement with Sandfire Resources (ASX:SFR) in relation to their Morck’s Well East JV Project and Auris’ Doolgunna Project in Western Australia’s Bryah Basin.
Sandfire will pay $1.2 million to Auris and $300,000 to Fe in shares or cash and will incur a minimum of $2 million in exploration expenditure within 2 years.