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%.
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.
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.