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Fe Limited “very excited” by copper samples up to 18.8% plus 59.4% manganese oxide at Hillside

High-grade copper, gold, silver and base metals results have been received from outcrop sampling of Hillside Gossan over a 14-kilometre strike.

Fe Limited - Fe Limited “very excited” by copper samples up to 18.8% plus 46% manganese at Hillside
Outcrop samples returned up to 59.4% manganese oxide and further exploration will be prioritised

Fe Limited (ASX:FEL) has received “very exciting” high-grade copper results from sampling at the Hillside earn-in project in WA’s Pilbara region supplemented by a surprising 59.4% manganese oxide result.

The copper sampling results of up to 18.8% also included high-grade gold, silver and zinc values along with some cobalt.

These results were received from outcrop sampling of Hillside Gossan over a 14-kilometre strike.

The manganese result, equivalent to greater than 46% manganese, was returned from a new sub-parallel outcrop to the gossan line at which FEL will prioritise further exploration.

“Emergence of manganese”

FEL’s non-executive chairman Tony Sage said the results to date were very exciting for the company, “highlighted by the emergence of manganese as well as the huge copper grades over a 14-kilometre strike.”

Securities are trading at 1.8 cents after a strong performance on Tuesday when FEL increased from 1.5 cents to an intra-day high of 2.1 cents, up 40%.

Fe Limited recently entered into an earn-in agreement with Macarthur Minerals Limited (CVE:MMS) in respect of 18 tenements in the Pilbara ranging from south of Nullagine to north of Pilgangoora.

Reconnaissance field trip

There were 36 samples collected during a follow-up reconnaissance field trip in early September concentrating on the Hillside project area and the south-eastern area of the Strelley tenement.

The purpose of this trip was to look for extensions to the VentureX Resources Ltd (ASX:VXR) base metals deposit.

The gossan line was traced over a north-south strike length with remnant outcrop identified at regular intervals along the 14-kilometre length.

Much of the area between outcrop presented as leached saprolite in keeping with the typical gossan model.

Fifteen of the samples gathered were from outcropping gossan both with and without visible copper minerals with eight returning copper values over 1% with a peak of 18.8%.

This particular sample also returned 1.2ppm gold, 77ppm silver, 0.17% zinc and 0.057% cobalt.

An outcrop on the gossan line.

A sample from outcrop of a newly discovered oxide horizon returned the surprising manganese result which is in excess of the 31.4% grade of Consolidated Minerals’ nearby Woodie Woodie mine.

Other sampling results:

  • 0.77ppm gold, 3.7% copper, 187ppm silver, 0.5% zinc and 0.06% cobalt;
  • 1.06ppm gold, 13.9% copper, 79ppm silver and 0.44% zinc;
  • 0.31ppm gold, 4.5% copper, 76ppm silver, 0.35% zinc and 0.05% cobalt;
  • 0.45ppm gold, 3.1% copper, 50ppm silver and 0.49% zinc;
  • 0.34ppm gold, 3.0% copper, 22ppm silver; and
  • 0.83ppm gold, 7.2% copper, 78ppm silver, 0.93% zinc and 0.095% cobalt.

Remaining samples were collected from quartz outcrops, many of which returned strongly anomalous gold grades which will be followed up in due course.

A gossanous sample from Hillside.

Drilling planned

FEL has planned a drilling program targeting depth extensions of the gossanous mineralisation with initial shallow angled holes to intercept the interpreted dip as guided by the local structural setting.

Some deeper holes are expected to be drilled depending on what is discovered in the field and the program is anticipated to begin in late October pending receipt of necessary approvals.

Sage added, “The company is fully funded for the upcoming drilling program.

“We anticipate cash reserves will be bolstered with the next iron ore royalty receivable from Mineral Resources Limited (ASX:MIN) in December, having already received in excess $500,000.”

Quick facts: Fe Limited

Price: 0.013 AUD

Market: ASX
Market Cap: $6.35 m

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