Fe Limited's (ASX:FEL) partner Sandfire Resources NL (ASX:SFR) has now revealed air-core drilling results from the Morck’s Well Project, located just 22 kilometres from the DeGrussa Copper Mine in Western Australia.
- 11 metres at 3.5% copper from 73 metres;
- 6 metres at 1.3% copper from 112 metres; and
- 9 metres at 2.3% copper from 146 metres.
While the high-grade intersections returned are narrow, Sandfire noted that the overall tenor and grade of the mineralisation encountered is encouraging and supports continued exploration along the corridor.
Reverse circulation drilling has now started.
Under the joint venture structure, Sandfire may earn a 70% interest in Morck’s from the definition of at least 50,000 tonnes of copper contained in a declared JORC Resource on which it completes a Feasibility Study.
Morck forms part of Sandfire’s Greater Doolgunna Project, comprising a package of 6,276 square kilometres of contiguous tenements surrounding the DeGrussa Copper Mine.
Fe's strategy in the Bryah Basin
Fe has interests in several highly prospective projects in the Bryah Basin with additional joint venture partners including Alchemy Resources Ltd (ASX:ALY), Independence Group NL (ASX:IGO), Westgold Resources Ltd (ASX:WGX) and Billabong Gold Pty Ltd.
These are all free-carried for Fe with no contributing responsibilities, until a decision to mine.
Fe Limited's also has interests in iron ore, which are starting to yield royalty payments.