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Fe Limited identifies significant prospectivity at Hillside Project

The company’s focus is on the gold, copper and base metals potential of the Hillside Project.

Fe Limited identifies significant prospectivity at Hillside Project
Iron ore sample and a conglomerate found adjacent to one another

Fe Limited (ASX:FEL) has completed encouraging reconnaissance trips to assess its recently acquired tenements in the Pilbara WA ranging from south of Nullagine to Pippingarra near Port Hedland.

Background

FEL had acquired the Pippingarra Lithium Project and the Marble Bar Lithium Project from Mercury Resources Group.

READ: Fe Limited reveals favourable changes to lithium projects acquisition terms

The company also exercised its option to earn into Macarthur Minerals Lithium and Gold Project via its agreement with Macarthur Minerals Limited (CVE:MMS).

READ: Fe Limited to proceed with earn-in of Macarthur lithium and gold tenements in Pilbara

Via the transactions with Mercury and Macarthur, FEL has access to 23 tenements in the Pilbara WA ranging from south of Nullagine to Pippingarra near Port Hedland.

The tenure is prospective for lithium, gold, copper, base metals and iron ore with many known deposits within and around the tenure and the eastern Pilbara in general.

FEL Pilbara tenure

After desktop reviews of regional and local geology and exploration history in the relevant areas, geologists from FEL recently completed two field reconnaissance trips to assess each of the tenements for access and to identify target rocks for further exploration.

The tenements are widespread with most access via station tracks or little used and unmaintained historical exploration tracks.

Areas of prospectivity were identified in most of the tenements and rock chips were taken for initial tests (results pending).

Conglomerates found at the base of the Mt Roe Basalt, known for conglomerate gold found elsewhere in the Pilbara

 

Figures 1, 2 and 3 show intensely oxidised quartz veins found within the Hillside greenstones. There were many prospective quartz veins identified during the site visits and follow up work will begin with intensive aerial and ground mapping to identify extents and continuity of potentially mineralised quartz features as well as major structural offsets as focal points for mineralisation. The copper gossan found in outcrop (figure 4) will also be mapped ahead of planning drilling to test these features at depth.

A review of the tenure based on this initial work and the results will be undertaken and follow up exploration programs will be planned.

Iron ore royalty

FEL will receive a royalty payment of $241,498 in relation to test mining conducted by Mineral Resources Ltd (ASX:MIN) at its Deception iron ore mine during the June 2019 quarter.

This represents the third royalty received in respect of this asset totalling $495,205.

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ASX:FEL
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Market Cap: $7.33 m
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