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Cape Lambert commences cobalt exploration in the Democratic Republic of the Congo

Published: 23:04 21 Aug 2017 EDT

cape-lambert_high-grade-cobalt-mineralisation-at-kasombo-7
SRK Consulting have been engaged

Cape Lambert Resources Ltd (ASX:CFE) now has exploration activities underway at the Kasombo Cobalt Project located in the Democratic Republic of the Congo.

SRK Consulting have been engaged to complete field activities and to undertake a detailed review of historical exploration work completed by State owned mining company La Générale des Carrières et des Mines.

Kasombo is located in a highly mineralised area, and is located just 25 kilometres from Lubumbashi in the Katanga Copper Belt, the world’s largest cobalt producing region.

Work program

Geological mapping works have been completed at Kasombo 7 and are now underway at Kasombo 6, with work to also focus on Kasombo 5, which has been the subject of previous drilling programs and historical resource estimation.

The drilling tender process is underway for commencement of Phase 1 reverse circulation drilling at Kasombo to test known areas of mineralisation and confirm historical results.

Highlighting the potential, handheld XRF sampling of artisanal cobalt workings and exposed cobalt mineralisation at Kasombo 7 confirms the high grade nature of the mineralisation with grades up to 38.2% cobalt.

Fe Limited to be assigned rights and obligations

Last month, Fe Limited entered a binding terms sheet with Cape Lambert whereby Cape Lambert will assign to Fe Limited 100% of the rights and obligations it has in the Kasombo Copper-Cobalt Project.

Cape Lambert’s rights to the Kasombo Project were established in a 50/50 joint venture agreement with Congolese entity Paragon Mining SARL.

As outlined in the term sheet, Fe Limited is required to conduct exploration works at the Kasombo Project during the settlement period of the transaction.

Why the Democratic Republic of the Congo

The Kasombo Copper-Cobalt Project is located in an area with supporting infrastructure and is the world’s major cobalt mining region.

The region accounts for ~50% of the world's cobalt reserves and ~60% of global cobalt supply.

The project consisted of three mineralised areas totalling 600 hectares within two granted mining licences.

Handheld XRF sampling of artisanal cobalt workings and exposed cobalt mineralisation at the Kasombo Copper-Cobalt Project areas confirm high cobalt and copper grades.

An exploration plan is ready to commence and the project has access to the nearby Kipushi Processing Plant.