Cape Lamberts holds 145,848,635 shares in Fe Limited representing 39.63% of the total share capital.
At the Kasombo 5 high-grade copper target, final assays from a reverse circulation (RC) drill program completed last year returned a best result of 24 metres at 3.5% copper from 37 metres.
The extensive strong widths and grades of copper are supported by shallow cobalt mineralisation of up to 10 metres at 0.22% cobalt from 11 metres.
Shallow cobalt intersections
At Kasombo 7 cobalt-rich target, the RC drilling has returned shallow intersections of cobalt from depths of 8 metres and below.
The drilling targeted down-dip and along strike extensions of the high-grade cobalt mineralisation sampled from breccia exposed by artisanal workings.
The best results were 11 metres at 0.10% cobalt from 8 metres and 3 metres at 0.13% cobalt from 10 metres.
Cape Lambert is raising up to $2 million in a share placement to sophisticated and professional investors at $0.055 each.
The majority of funds raised will be used for exploration at the Kipushi Cobalt-Copper Tailings Project in the Democratic Republic of Congo.