Fe Limited

Fe Limited expects results from highly prospective Bryah Basin JV ground, in trading halt

FEL chairman Tony Sage shares the excitement of Sandfire Resources in WA’s prolific Bryah Basin owing to FEL's significant interest.

ASX sign
The halt will remain in place until Monday, February 4, or until an announcement is released

Fe Limited (ASX:FEL) is awaiting results from drilling completed by partner Auris Minerals Limited (ASX:AUR) at the Wodger and Forrest prospects in WA’s prolific Bryah Basin.

Accordingly, the company, which has a significant 20% interest in the highly prospective ground, has been granted a trading halt by the ASX until the results are released.

The halt will remain in place until that start of normal trading on Monday, February 4, 2019, or until an announcement is released, whichever occurs earliest.

READ: Fe Limited JV partners continue to define new copper-gold targets in the Bryah Basin

This halt coincides with a halt granted to Auris owing to highly anticipated drilling results from recent reverse circulation drilling at Wodger.

FEL, whose shares last traded at 1.8 cents, has a 20% free-carried interest in 12 Bryah Basin tenements until a decision to mine.

These tenements cover an area of 802 square kilometres with most interest centred on those held in JV with Auris.

READ: Fe Limited awaits partner’s assays from further drilling in Bryah Basin

There were 17 reverse circulation holes for 3,924 metres completed last year at the Wodger and Forrest prospects targeting several open-ended zones of high-grade mineralisation.

The aim of the program was to prove geological and grade continuity within and between sections as well as to confirm the dip and plunge of mineralisation.

READ: Fe Limited advances copper-cobalt in DRC and is leveraged to highly prospective ground in WA

FEL also has a 20% interest in ground held by Alchemy Resources Ltd (ASX:ALY).

The Bryah Basin is emerging as a highly prospective and largely under-explored mineral field with potential for further discovery of gold and base metals.

Sandfire’s Bryah Basin interests

For this reason, it is attracting strong interest, including from Sandfire Resources NL (ASX:SFR) which has the DeGrussa Copper-Gold Mine and is seeking further resources in the region to increase mine life.

The producer and explorer has stepped up exploration on its own ground as well as at a number of joint ventures, including those in which FEL has an interest.

Sandfire announced last August that it would acquire base metals farm-in rights held by Independence Group Ltd (ASX:IGO) in the Alchemy JV ground.

With the AUR and FEL ground, Sandfire has a farm-in and joint venture where it can earn an interest by completing a minimum spend of $2 million on exploration over two years.

Quick facts: Fe Limited

Price: $0.02

Market: ASX
Market Cap: $6.86 m

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