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Fe Limited shares surge after Morck Well JV drilling returns high-grade gold hits

Further high-grade gold mineralisation has been intersected in wide spaced, first pass, regional aircore drilling at the Morck Well JV Project.

Fe Limited - Fe Limited shares surge after Morck Well JV drilling returns high-grade gold hits
About 550 aircore holes remain to be drilled

Fe Limited (ASX:FEL) shares have surged 30% since Friday after confirming further significant gold hits at the Morck Well JV with Auris Minerals Ltd (ASX:AUR) (80% interest) in the Bryah Basin, Western Australia.

Fe has a 20% interest in the Morck Well JV and is free carried until a decision to mine. Sandfire Resources Ltd (ASX:SFR) is currently farming into the project with the right to earn a 70% interest.

Aircore (AC) drilling at Morck Well is continuing with 628 holes completed for 57,246 metres during the June quarter. Significant gold results from the first pass AC drilling include:

  • 5 metres at 4.76 g/t gold from 70 metres – MWAC2682;
  • 5 metres at 2.22 g/t gold from 35 metres – MWAC2568;
  • 10 metres at 1.25 g/t gold from 110 metres – MWAC2679; and
  • 5 metres at 1.26 g/t gold from 40 metres – MWAC2732.

Morck Well JV summary geology plan showing the extent of drilling completed and proposed AC drilling remaining

Auris chief operating officer Mike Hendriks said: “The latest gold and copper results from the air core drilling completed by Sandfire during the quarter are extremely encouraging.

“Further high-grade gold mineralisation has been intersected in very wide spaced, first pass, regional air core drilling in the Morck Well project which, together with the high grade gold mineralisation intersected previous quarter, highlights the gold prospectivity and potential of the project and the 100% Auris Feather Cap project to the west.

“Further drilling is required and assays to be received, and the company looks forward to updating shareholders on these activities in due course”

Next steps

About 550 AC holes remain to be drilled in the first pass 100 x 1,600 metres spaced program over the remainder of the Morck Well tenements within the JJAC native title claim.

A program of air core drilling is planned to infill the area around the anomalous gold results returned from MWAC2223 – MWAC2226 during Q1 2020, although an additional heritage survey is required before these holes can be drilled.

Planning of reverse circulation and air core holes to follow-up other areas of gold anomalism is currently ongoing.

Quick facts: Fe Limited

Price: 0.031 AUD

ASX:FEL
Market: ASX
Market Cap: $15.56 m
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