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Fe Limited encouraged by results from initial drilling of Hillside project

The anomalous copper, cobalt, zinc and gold results support the company’s mineralised gossan model at the project.

Fe Limited - Fe Limited encouraged by results from initial drilling of Hillside project
Previous surface sampling of this area returned a result of 18.8% copper

Fe Limited (ASX:FEL) has received encouraging results from initial drilling of the Hillside project in WA which support the company’s mineralised gossan model.

The down dip extension of surface mineralised gossan was intercepted in three holes of the recently completed first phase of preliminary drilling.

This drilling of 1,798 metres in 36 holes at around 1-kilometre intervals was targeting underground extensions to the periodically outcropping mineralised gossan identified during previous reconnaissance.

Extensions of surface gossans

Fe Limited chairman, Tony Sage, said the company was encouraged by the results from Hillside which included 1-metre at 0.74% copper, 349ppm cobalt, 0.41% zinc and 0.14ppm gold from 83 metres in Hole HRC 001.

Other results:

1-metre at 0.19% copper, 230ppm cobalt, 0.14% zinc and 0.07ppm gold from 28 metres in Hole HRC 022; and

1-metre at 0.18% copper and 0.12% zinc from 25 metres, and 1-metre at 0.27% copper from 40 metres in Hole HRC 036.

The company has now received all results of the assays and initial interpretation shows three holes have been positively identified to have intercepted down dip extensions of the surface gossan.

These holes span the entire length of the mapped strike length demonstrating down dip extension of the surface mineralisation.

Schematic of typical gossan section.

Guidance for next drill phase

Grades in all intersections show strongly anomalous mineralisation and provide valuable guidance for hole location in the next phase of drilling.

Sage said: “We look forward to completing our interpretation and planning for the next phase of exploration.

"This knowledge will allow us to further understand the prospectivity of the area”

The central and northernmost holes intercepted the anomalous zone towards the end of the respective holes which indicates why some of the other planned holes failed to intersect the target.

The southernmost hole intersected a wide zone of anomalism from 23 metres down to 42 metres with increasing levels of zinc continuing below.

All three holes intersected anomalism below the optimal supergene and enrichment zones.

Drill hole plan showing section locations.

This information will allow more accurate dip data to be used in locating further follow-up drilling and target depths which will attempt to intersect supergene and enrichment zone mineralisation.

Anomalous gold grades

In addition, one hole towards the northern extent of the project area returned strongly anomalous gold grades from targeted drilling in known gold-bearing quartz veins.

As the quartz veins host nugget gold, the company considers that the anomalous grades returned are significant and represent the presence of fine gold given no visible gold was logged.

Fe Limited’s initial preliminary drilling was conducted along the total strike length of 14 kilometres that was mapped and sampled at outcrop resulting in high-grade rock chip results.

Fifteen samples gathered were from outcropping gossan both with and without visible copper minerals with a high sample result of 18.8% among eight samples that returned copper values in excess of 1%.

The 18.8% sample also returned 1.2ppm gold, 77ppm silver, 0.17% zinc and 0.057% cobalt.

Fe Limited has entered into an earn-in agreement with Macarthur Minerals Limited (ASX:MIO) in respect of 18 tenements in the Pilbara ranging from south of Nullagine to north of Pilgangoora, including Hillside.

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Market: ASX
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