Fe Limited (ASX: FEL) has stumbled across cobalt in a drill hole that was targeting copper but abandoned due to driller error at its Kasombo 5 prospect – part of the company’s Kasombo copper project in the Democratic Republic of Congo.
The drill hole had been deserted prior to hitting the copper target zone due, because the drill operator had erred. However, the drill had hit a cobalt zone that was 15m thick and graded 0.16% cobalt from 17m.
Preliminary drilling at Kasombo 5 resulted in two completed holes and two abandoned holes, with this new cobalt discovery coming from one of the abandoned holes.
Earlier this month, Fe reported it had intersected thick, high-grade copper in its first drill hole at the prospect, with the intersection returning 23m at 3.18% copper, with a 10m interval containing 5.18% copper.
“I am pleased to see that the early results of the preliminary drill program continue to support our high hopes for this project,” Fe non-executive chairman Tony Sage said.
Cobalt mineralisation is under exploration at the Kasombo 7 prospect after it was observed in exposed small-scale artisanal works.
Fe has drilled four holes at Kasombo 7 with assays from these and the remaining two holes from Kasombo 5 anticipated in the next few weeks.
The Kasombo project encompasses 600 hectares and hosts three mineralised areas within two mining permits.
In November last year, Fe acquired Cape Lambert Resources’ (ASX: CFE) 50% rights to Kasombo, with Cape Lambert retaining exposure to the project via its 39.63% interest in Fe.
Pervious sampling at Kasombo had identified up to 3.7% copper and 38.2% cobalt.
The project hosts two historic open pit mines that were operational in the 1990s.
According to Mr Sage, Fe has a view to commission Kasombo by the end of next year, with a larger drilling program scheduled to begin in April.
By late afternoon trade, shares in Fe had lifted more than 4% to A$0.048.