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Fe Limited plans to drill Hillside project targets with high levels of gold and base metals after 6.36% copper rock chip assay

Targets have been identified and drilling will begin as soon as possible.

Fe Limited - Fe Limited plans to drill Hillside project targets with high levels of gold and base metals after 6.36% copper rock chip assay
The tenement package ranges from south of Nullagine to north of Pilgangoora

Fe Limited (ASX:FEL) has encountered strongly anomalous gold and high levels of base metals during reconnaissance work in three different locations at its Hillside project, part of its tenement package in Western Australia’s Pilbara region.

The company’s landholding comprises 18 tenements held in an earn-in agreement with Macarthur Minerals Limited (CVE:MMS) and is prospective for lithium, gold, copper, base metals and iron ore, with many known deposits within and around the tenure.

Follow-up field work including detailed mapping, further chip sampling and drilling at Hillside is being planned.

Targets delineated through anomalous gold and base metals assays

Anomalous gold in rock chips were found in newly discovered quartz veins with the same orientation as a nearby historic gold mine.

The high-level base metals result from a gossan outcrop shows similar copper grades to a historical rock chip sample from another gossan outcrop directly south along strike about 6 kilometres away.

Notable base metal grades were returned from the cupriferous outcrop including 0.185ppm gold, 37.8ppm silver, 0.46% zinc and 6.36% copper.

Both outcrops lie within a strong magnetic anomaly identified in a heliborne electromagnetic survey conducted by Macarthur in 2018.

This gossan will be a high priority drill target in coming months.

Initial drilling being planned

Preliminary planning for initial drilling is underway with the arrangement of heritage and earth works for logistical and access requirements.

Final drill sites will be determined following detailed mapping and ground truthing of targets already identified from desktop aerial mapping that is also underway.

Royalty cashflow

The company’s Deception Iron Ore Mine continues to be operated by Mineral Resources Ltd (ASX:MIN) so royalty payments will continue after $211,729 was paid for mining conducted in the March quarter.

FEL also holds a 20% interest in all minerals in three exploration licences within Auris Minerals Ltd’s (ASX:AUR) Morck Well project for which Sandfire Resources NL (ASX:SFR) has a farm-in and joint venture with FEL and Auris.

Sandfire can earn an interest in Morck Well’s tenements by completing a minimum spend of $2 million on exploration over 2 years.

In the last quarter Sandfire completed two diamond drill holes and 18 reverse circulation holes, returning significant base metal geochemistry results.

These included 1 metre at 0.8% copper, 61ppb gold, 112ppm zinc and 156ppm lead from 183 metres in one RC hole.  

Quick facts: Fe Limited

Price: 0.025 AUD

Market: ASX
Market Cap: $12.54 m

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