AMN - DRC: Fe begins Kasombo exploration

Fe Limited has commenced initial exploration at the Kasombo Copper-Cobalt Project in the Democratic Republic of Congo. Works include retrieving and reviewing historical data, and undertaking a detailed mapping program over the project area.

Following completion of the mapping program, a geochemical sampling program and ground magnetic survey will be completed over the area to define targets for a subsequent drilling program.

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

Fe has engaged the services of the local branch of SRK Consulting to commence the initial exploration works.

During a recent site visit by Cape Lambert’s technical consultants, handheld XRF sampling of artisanal open workings and exposed cobalt mineralisation at the Kasombo 6 area showed results were consistent with and confirmed the previously reported mined copper and cobalt grades by Gecamines and Forrest International Group

Should the transaction complete, Fe will be assigned Cape Lambert’s rights and obligations to the project, which is 25km from the DRC’s second largest city, Lubumbashi, in the Katanga Copper Belt.

Fe’s chairman Tony Sage said, “I am very excited that exploration works are starting on this highly prospective copper-cobalt rich area and look forward to the exploration works progressing to a drilling program so that we can expose the full potential of the area.”

Kasombo is in an area with excellent infrastructure and the world’s major cobalt mining region, which accounts for about 50% of the world’s cobalt reserves and about 60% of global cobalt supply.

Kasombo consists of three mineralised areas totalling 600 hectares within two granted mining licences. The project has access to the nearby Kipushi Processing Plant.

www.felimited.com.au