Drilling Results Received from Kasombo Copper Project in DRC

(firmenpresse) -
Drilling Results Received from Kasombo Copper Project in DRC

Highlights:

- Final assays received from RC drilling program confirm widespread, extensive high grade copper mineralisation at Kasombo 5 including KSB003b: 24 m (at) 3.50% Cu from 37 m

- Additional extensive intercepts of shallow cobalt mineralisation reported at both Kasombo 5 and 7 including KSB003: 10 m (at) 0.22% Co from 11 m

- Further step out and extensional drilling now planned at Kasombo 5 with drilling tenders already underway

- Further testing also targeted at Kasombo 7 to better determine the size and extension of the identified cobalt mineralisation

Fe Limited (Company) (ASX: FEL) is pleased to advise that it has received the results of all assay sampled from its preliminary reverse circulation (RC) drill program at the Kasombo Copper-Cobalt Project (Kasombo Project) located in the Democratic Republic of Congo.

Assays from Kasombo 5 showed wide intersections of high grade copper mineralization, with copper and cobalt intercepts from the drilling at Kasombo 5:

- KSB001: 23 m (at) 3.18% Cu from 54 m
- KSB003b: 24 m (at) 3.50% Cu from 37 m
- KSB003b: 12 m (at) 0.19% Co from 36 m
- KSB003: 10 m (at) 0.22% Co from 11 m

Kasombo 5 is a high-grade copper target hosted in the highly prospective Lower Roan Group rocks of the Katangan Copperbelt. Drilling targeted down-dip extensions to mineralised sequences exposed in a shallow open-cut.

RC drilling at Kasombo 7 returned shallow intercepts of cobalt mineralisation from depths of 8m and over intercepts of up to 11m and was targeted at down-dip and along strike extensions of the high grade cobalt mineralisation sampled from breccia exposed by artisanal workings (refer sample results of up to 6.99% Co reported in ASX announcement dated 12 December 2017).

The cobalt intercepts from drilling at Kasombo 7:

- KSB004: 11 m (at) 0.10% Co from 8 m
- KSB006: 3 m (at) 0.13% Co from 10 m

Commenting on the results of exploration, Chairman Tony Sage said; the final assay results from Kasombo 5 demonstrate extensive high grade copper mineralisation with accompanying shallow cobalt mineralisation. We are very excited by this and are progressing our plans to complete a step out drilling program, with tenders for drilling already underway. The Kasombo 7 results demonstrate that more work is needed there to better understand the cobalt mineralisation, and whilst we are encouraged by the extensive workings by artisanal miners, which have exposed cobalt mineralisation, additional channel sampling and trenching work will now proceed to give us that broader understanding.

The Kasombo Project comprises three mineralized areas of approximately 600 hectares, Kasombo 5, 6 and 7, located within two granted mining licenses PE 481 and PE 4886, which are held by La Generale Des Carrieres Et Des Mines S.A. (Gecamines). In March 2017, Paragon Mining SARL (Paragon) executed a contract with Gecamines for the undertaking of exploration and research work at the Kasombo Project. In November 2017, FEL was assigned the rights to explore and exploit the Kasombo Project from Cape Lambert Resources Limited (Cape Lambert), which in turn acquired its rights to the Kasombo Project via a 50/50 joint venture with Paragon in the newly established Soludo Lambert Mining SAS (full details of the assignment are described in the Notice of the Annual General Meeting, refer ASX announcement dated 4 October 2017).

Yours faithfully
FE LIMITED

Tony Sage
Non-Executive Chairman


http://www.irw-press.at/prcom/images/messages/2018/42740/0340-Kasombo_FurtherDrillingResults_140318_v6prcom.001.jpeg

Figure 1: Location of Kasombo Project and nearby Kipushi Processing Plant

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Figure 2: Kasombo Location Map

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Figure 3; Kasombo 5 plan-view of drilling

http://www.irw-press.at/prcom/images/messages/2018/42740/0340-Kasombo_FurtherDrillingResults_140318_v6prcom.004.png


Figure 4; Cross-section KSB003b


Competent Person Statement

The information in this report is compiled and collected by Mr Jess Oram, Executive Director of Cauldron Energy (an affiliate company of FE Limited) who is a Member of the Australasian Institute of Geoscientists. Oram has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves (JORC Code 2012). Oram consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Australian Securities Exchange Code: FEL
Ordinary Shares:
368,065,463
Unlisted Options:
2,812,500
Board of Directors:
Tony Sage
Non-Executive Chairman
Kenneth Keogh
Non-Executive Director
Nicholas Sage
Non-Executive Director


Contact:
www.felimited.com.au
32 Harrogate St, West Leederville
Western Australia 6007 Australia
Telephone +61 8 6181 9793
Email info(at)felimited.com.au
Fe Limited is an Australian domiciled mineral resources exploration and development company.

Fe Limited
ABN: 31 112 731 638



Table 1; Location of Drilling

ProjeHole_EastNorthRL DipCAzimCEOHDetails
ct Id oll oll

Kas5 KSB00532887103129-60 240 79 Hole extended to
1 80 43 0 intersect
RAT

Kas5 KSB00532987103128-60 241 63 Hole abandoned at
2 05 13 8 63m

- collar blow out
Kas5 KSB00533087101128-57 240 51 Hole abandoned at
3 23 34 4 51 m

- workings
Kas5 KSB00532987102128-90 000 70 redrill of KSB003
3b 24 22 6

Kas7 KSB00533887101128-60 125 42
5 96 76 8

Kas7 KSB00533987102129-59 124 59
4 77 83 2

Kas7 KSB00534087101125-60 335 59
6 78 97 7

Kas7 KSB00534087101125-80 340 30
7 17 81 5

KEY:
Datum: wgs84, zone 35 south
DipColl: Dip of hole at collar
AzimColl: Azimuth of hole at collar
EOH: end of hole depth


Table 2; Kasombo Project - Copper - Summary of assay for entire drilling

ProspeHole_FromTo Length Grade [Description
ct Id [m] ppm]

Kas5 KSB0025.035.010.00 13980 KSB001: 10 m (at) 1.40%
1 0 0 Cu from 25
m

Kas5 KSB0042.045.03.00 11240 KSB001: 3 m (at) 1.12% Cu
1 0 0 from 42
m

Kas5 KSB0054.077.023.00 31787 KSB001: 23 m (at) 3.18%
1 0 0 Cu from 54
m

Kas5 KSB00 abandoned above target
2

Kas5 KSB00 abandoned above target
3

Kas5 KSB0037.061.024.00 34971 KSB003b: 24 m (at) 3.50%
3b 0 0 Cu from 37
m

Kas5 KSB0064.069.05.00 31110 KSB003b: 5 m (at) 3.11%
3b 0 0 Cu from 64
m

Kas7 KSB00 assay below cutoff
4

Kas7 KSB00 assay below cutoff
5

Kas7 KSB00 assay below cutoff
6

Kas7 KSB00 assay below cutoff
7


Table 3; Kasombo Project - Cobalt - Summary of assay for entire drilling

ProspeHole_FromTo Length Grade Description
ct Id [m] [ppm]

Kas5 KSB0016.019.03.00 2140 KSB001: 3 m (at) 0.21%
1 0 0 Co from 16
m

Kas5 KSB0034.040.06.00 2348 KSB001: 6 m (at) 0.23%
1 0 0 Co from 34
m

Kas5 KSB0052.056.04.00 2044 KSB001: 4 m (at) 0.20%
1 0 0 Co from 52
m

Kas5 KSB0017.032.015.00 1670 KSB002: 15 m (at) 0.17%
2 0 0 Co from 17
m
; ABD
Kas5 KSB0011.021.010.00 2223 KSB003: 10 m (at) 0.22%
3 0 0 Co from 11
m
; ABD
Kas5 KSB0036.048.012.00 1911 KSB003b: 12 m (at) 0.19%
3b 0 0 Co from 36
m

Kas5 KSB0055.057.02.00 2270 KSB003b: 2 m (at) 0.23%
3b 0 0 Co from 55
m

Kas7 KSB008.0019.011.00 1038 KSB004: 11 m (at) 0.10%
4 0 Co from 8
m

Kas7 KSB00 assay below cutoff
5

Kas7 KSB0010.013.03.00 1311 KSB006: 3 m (at) 0.13%
6 0 0 Co from 10
m

Kas7 KSB00 assay below cutoff
7

KEY:
Kas5 is Kasombo 5 prospect
Kas7 is Kasombo 7 prospect
ABD: abandoned above target
An assay of 10,000 ppm is equivalent to 1%; to convert units of concentration, divide ppm by 10000 to obtain units of %
Criteria used to aggregate copper assay in Table2: cutoff grade: 1%; minimum width: 4 m; maximum internal dilution: 2 m.
Criteria used to aggregate cobalt assay in Table 3: cutoff grade: 0.1% minimum width: 3 m; maximum internal dilution: 2 m.




JORC Code, 2012 Edition - Table 1 Kasombo Mapping and Sampling
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling · Nature and quality of sampling (eg cut · RC chip samples were collected
techniqu channels, random chips, or specific from each one
es
specialised industry standard measurement metre downhole drill increments
tools appropriate to the minerals under commencing from the collar to the
investigation, such as down end of
hole
hole gamma sondes, or handheld XRF
instruments, · Samples collected plastic bags
attached to
etc). These examples should not be taken cyclone
as limiting the broad meaning of
sampling. · Calico bags used to take a 3 kg
assay sample
· Include reference to measures taken to
ensure sample
· We rely on ALS systems, a NATA
representivity and the appropriate certified laboratory, to ensure
calibration of any measurement tools or their ICP instruments are in
systems calibration
used.

· Aspects of the determination of mineralis
ation
that are Material to the Public Report.
· In cases where industry standard work
has been done this would be relatively
simple
(
eg reverse circulation drilling was used
to obtain 1 m samples from which 3 kg was

pulverised to produce a 30 g charge for
fire assay). In other cases more
explanation may be required, such as
where there is coarse gold that has
inherent sampling problems. Unusual
commodities or

mineralisation types (eg submarine
nodules) may warrant disclosure of
detailed
information.

Drilling · Drill type (eg core, reverse · 5.5 Reverse circulation; face
techniqu circulation, open-hole hammer, rotary air sample hammer
es blast, auger, Bangka, sonic, bit.

etc) and details (eg core diameter, triple
or standard tube, depth of diamond tails,
face-sampling bit or other type, whether
core is oriented and if so, by what
method,

etc).
Drill · Method of recording and assessing core · Sample mass was not measured
sample and chip sample recoveries and results · Visual inspection used to
recovery assessed. identify potential intervals
containing contaminated
· Measures taken to maximise sample sample
recovery and ensure representative nature
of the
samples.

· Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential loss/gain of fine/coarse
material.

Logging · Whether core and chip samples have been · Chip sample geologically logged
geologically and and small specimen sample
retained in chip
geotechnically logged to a level of detail trays
to support appropriate Mineral Resource
estimation, mining studies and · The entire drillhole was
metallurgical geologically
studies. logged

· Whether logging is qualitative or · There is not enough drilling of
quantitative in nature. Core (or sufficient drilling density to
allow the estimation of a Mineral
costean, channel, etc) photography. Resource.
· The total length and percentage of the
relevant intersections
logged.

Sub-sampl· If core, whether cut or sawn and whether · Assay sample were sub-sampled
ing quarter, half or all core from the large (about 30 kg)
techniqu taken.
es and plastics using a spear
sample · If non-core, whether riffled, tube · Four spear traverses were taken
preparat sampled, rotary split, across the entire sample bag
ion material
etc and whether sampled wet or dry.
· For all sample types, the nature, · Duplicate sampling completed
quality and appropriateness of the sample · Malachite mineralisation is fine
preparation grained and distributed on a
technique. scale smaller than

· Quality control procedures adopted for the metre increments used in
all sub-sampling stages to sample
collection
maximise representivity of samples.
· Measures taken to ensure that the · Cobalt mineralisation is heteroge
sampling is representative of the in situ nite
material collected, including for and is fine grained
instance results for field
duplicate/second-half
sampling.

· Whether sample sizes are appropriate to
the grain size of the material being
sampled.

Quality · The nature, quality and appropriateness · Samples were prepared and analyse
of of the assaying and laboratory procedures d
assay used and whether the technique is by ALS; with samples crushed and p
data considered partial or ulverised
and total. in ALS Lubumbashi, DRC
laborato laboratory, and ICP-AES or ICP-MS
ry · For geophysical tools, spectrometers, finish in ALS Johannesburg
tests handheld XRF instruments, laboratory.

etc, the parameters used in determining · Preparation: crush and pulverise
the analysis including instrument make so that 80% of sample pass minus
and model, reading times, calibrations 80
factors applied and their derivation, micron
etc.
· ALS method ME-MS61, having a low
· Nature of quality control procedures lower level of
adopted detection
(
eg standards, blanks, duplicates, external · Over-range assay re-analysed by
laboratory checks) and whether acceptable ALS ore grade method
levels of accuracy OG-62
(
ie lack of bias) and precision have been · Digest: four acid digest on a
established. 0.25
g charge
· Element Suite (with lower level
of detection in brackets in ppm):
Ag(0.01), Al(100), As(0.2),
Ba(10), Be(0.05), Bi(0.01),
Ca(100), Cd(0.02), Ce(0.01),
Co(0.1), Cr(1), Cs(0.05),
Cu(0.2), Fe(100), Ga(0,05),
Ge(0,05),

Hf(0.1), In(0.005), K(100),
La(0.5), Li(0.2), Mg(100),

Mn(5), Mo(0.05), Na(100), Nb(0.1),
Ni(0.2), P(10),

Pb(0.5), Rb(0.1), Re(0.002),
S(100), Sb(0.05),

Sc(0.1), Se(1), Sn(0.2), Sr(0.2),
Ta(0.05),

Te(0.05), Th(0.2), Ti(0.005),
Tl(0.02), U(0.1), V(1), W(0.1),
Y(0.1), Zn(2),

Zr(0.5)
· Certified Reference Material
(CRM) where inserted in the
sample stream at every
20
th consecutive sample
· Two CRMs used in the drill
program (only one used for this
first

drillhole) - manufactured by Geosta
ts
Pty Ltd

Verificat· The verification of significant · No verification work has been
ion of intersections by either independent or conducted
sampling alternative company
and personnel. · Only second hole of program,
assaying data stored in spreadsheets - no
· The use of twinned holes. database developed as
· Documentation of primary data, data yet
entry procedures, data verification, data
storage (physical and electronic) · No adjustment to assay -
protocols. reported as is from ALS except
with the addition of locational
· Discuss any adjustment to assay data. information
(
HoleID, DepthFrom and DepthTo)
Location · Accuracy and quality of surveys used to · Samples were located with
of data locate drill holes (collar and down-hole handheld
points surveys), trenches, mine workings and GPS
other locations used in Mineral Resource , having an accuracy of plus or
estimation. minus 10
m.
· Specification of the grid system used.
· Quality and adequacy of topographic · No downhole surveys were taken
control. to measure

drillhole deviation
· Collar location described in
datum WGS84 Zone
35south

Data · Data spacing for reporting of · Results from only one drillhole t
spacing Exploration aken to the north of the
and Results. mineralized
distribu structure
tion · Whether the data spacing and
distribution is sufficient to establish · The data is not suitable for
the degree of geological and grade Mineral Resource estimation; much
continuity appropriate for the Mineral more drilling is
Resource and Ore Reserve estimation required
procedure(s) and classifications
applied. · No sample compositing

· Whether sample compositing has been
applied.

Orientati· Whether the orientation of sampling · All drillholes except one (shown
on of achieves unbiased sampling of possible in figure 4)
data in structures and the extent to which this
relation is known, considering the deposit were set up with an azimuth
to type. orthogonal to strike and a dip of
geologic 60 degrees dip at the collar -
al · If the relationship between the drilling azimuth WSW;
structur orientation and the orientation of key
e mineralisation contained in
mineralised structures is considered to bedding mapped in pit exposures
have introduced a sampling bias, this was dipping 40 ENE; but the
should be assessed and reported if orientation of the cobalt zone is
material. different to that mapped in the
pit and remains to be verified
with follow-up
drilling

Sample · The measures taken to ensure sample · Samples kept under supervision
security security. of geological/sampling crew and
transported to ALS laboratory by
drill
crew

Audits · The results of any audits or reviews of · No audits or reviews have been
or sampling techniques and completed
reviews data.



Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral · Type, reference name/number, location · The licence is held by state
tenement and ownership including agreements or owned company
and land material issues with third parties such
tenure as joint ventures, partnerships, Gecamines and is the subject of a
status overriding royalties, native title rights agreement between
interests, historical sites, wilderness
or national park and environmental Gecamines and Paragon SARL. Paragon
settings. has a joint venture with Cape
Lambert Resources and Cape Lambert
· The security of the tenure held at the Resources has entered in to an
time of reporting along with any known agreement with Fe Limited to
impediments to obtaining a assign its rights to the

licence to operate in the area. Kasombo Project to Fe Limited.

Exploratio· Acknowledgment and appraisal of · Gecamines mapping completed in
n done by exploration by other 1990s.
other parties.

parties
Geology · Deposit type, geological setting and · Cu-Co mineralisation of the Katang
style of an
style; where stratabound mineralisa
mineralisation. tion
is located in the Lower Roan Superg
roup

· Breccia style cross-cutting Cu-Co
mineralisation
in vertically dipping structures
Drill · A summary of all information material · Location of all drilling shown in
hole to the understanding of the exploration Table 1 of
Informati results including a tabulation of the text
on following information for all Material
drill
holes:

o easting and northing of the drill hole
collar

o elevation or RL (Reduced Level -
elevation above sea level in

metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
· If the exclusion of this information
is justified on the basis that the
information is not Material and this
exclusion does not detract from the
understanding of the report, the
Competent Person should clearly explain
why this is the
case.

Data · In reporting Exploration Results, · No length weighted averaging
aggregati weighting averaging techniques, maximum applied as lengths all same
on and/or minimum grade truncations width
methods (
eg cutting of high grades) and cut-off · No mass weighted averaging
grades are usually Material and should · Copper aggregate intercepts:
be cutoff: 1%; minimum width: 4m,
stated. maximum internal dilution: 2
m
· Where aggregate intercepts incorporate
short lengths of high grade results and · Cobalt aggregate intercepts:
longer lengths of low grade results, cutoff: 0.1; minimum width: 3m,
the procedure used for such aggregation maximum internal dilution: 2
should be stated and some typical m
examples of such aggregations should be
shown in
detail.

· The assumptions used for any reporting
of metal equivalent values should be
clearly
stated.

Relationsh· These relationships are particularly · Except for one hole, the drillhole
ip important in the reporting of s
between Exploration were set up with an azimuth
Results. orthogonal to strike and a dip of
mineralisa 60 degrees dip at the collar -
tion · If the geometry of the mineralisation w azimuth WSW;
widths ith respect to the drill
and mineralisation contained in bedding
intercepthole angle is known, its nature should mapped in pit exposures was
lengths be dipping 40 ENE; but orientation of
reported. cobalt

· If it is not known and only the down mineralisation reported here is
hole lengths are reported, there should unknown until further drilling is
be a clear statement to this effect completed, so it is unknown if
( length of intercept is
eg down hole length, true width not representative of thickness if
known).
mineralisation.

Diagrams · Appropriate maps and sections (with · Presented in the body of the
scales) and tabulations of intercepts report
should be included for any significant
discovery being reported These should
include, but not be limited to a plan
view of drill hole collar locations and

appropriate sectional views.
Balanced · Where comprehensive reporting of all · Full reporting of results
reporting Exploration Results is not practicable, presented
representative reporting of both low here
and high grades and/or widths should be
practiced to avoid misleading reporting
of Exploration
Results.

Other · Other exploration data, if meaningful · Proof of concept stage drilling
substanti and material, should be reported only, further data to
ve including (but not limited to):
explorati geological observations; geophysical be collected on next phase of
on survey results; geochemical survey drilling - if
data results; bulk samples - size and method appropriate
of treatment; metallurgical test
results; bulk density, groundwater,
geotechnical and rock characteristics;
potential deleterious or contaminating
substances.

Further · The nature and scale of planned · Further assays from initial
work further work drill-test are
( awaited
eg tests for lateral extensions or depth
extensions or large-scale step-out · Step-out drilling and infill
drilling). drilling
required
· Diagrams clearly highlighting the
areas of possible extensions, including
the main geological interpretations and
future drilling areas, provided this
information is not commercially
sensitive.

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Datum: 14.03.2018 - 08:30 Uhr
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