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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.
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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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