The chairman has acquired another 2.5 million shares in FEL, taking his total to more than 6.423 million, which is equivalent to a 1.73% stake.
These shares were acquired in an off-market transaction valued at $50,000.
Kasombo cobalt project progress
At the Kasombo Cobalt Project in the DRC, FEL is interpreting the results of a ground magnetics survey of the area carried out by the Department of Geology from the University of Lubumbashi.
There were 12 lines of survey of around 1.2 kilometres each and equidistant of 400 metres oriented north-south, for a cumulative length of 20.2 kilometres.
This work forms part of preparations for a proposed 5,000-metre drilling program covering the Kasombo 5 and Kasombo 7 prospects.
During the June quarter, a local consulting geology company undertook a trenching program totalling 617 metres over seven trenches.
A total of 289 samples were collected with analysis ongoing.
Typical mines series sequences found in known Kasombo ore bodies were observed.
One diamond core hole and three reverse circulation holes have been drilled by Sandfire following the intersection of highly encouraging mineralisation from aircore drilling in May 2018.
The full set of assays from the recently completed program are yet to be received but the sedimentary package intersected is considered to be highly prospective.
Sandfire’s aggressive exploration
Sandfire, which is farming into the project, has adopted an aggressive exploration strategy.
This includes systematic aircore drilling enhanced by Moving Loop Electromagnetic (MLEM) surveying across the entire prospective sequence.
The latest MLEM survey is underway as an additional targeting tool for future drilling.
FEL is also benefiting from royalty interests in Western Australia which have potential to boost company coffers by around $2 million a year.