Fe Limited (ASX: FEL) has struck thick high-grade copper from its first drill hole at Kasombo 5, part of the company’s 50%-owned Kasombo project in the Democratic Republic of Congo.
The drill hole revealed two mineralised zones with the first 23m at 3.18% copper, with a 10m interval grading 5.18% copper. The other zone hit 5m grading 1.98% copper.
According to Fe, four reverse circulation holes were drilled at Kasombo 5 with two holes abandoned. Results for the remaining hole are expected by the end of the month.
At the Kasombo 7 prospect four reverse circulation holes were also completed to target cobalt mineralisation the company had identified in small artisanal workings.
“I am pleased to see that the early results of the preliminary drill program support our high hopes for this project,” Fe non-executive chairman Tony Sage said.
He added the company was building evidence to kick-off a 5,500m drill campaign across the prospects.
Assays from Kasombo 7 are anticipated within the next two weeks.
About 25km from the DRC’s second largest city, Fe is targeting three main prospects Kasombo 5, Kasombo 6 and Kasombo 7, which encompass 600 hectares and comprise two granted mining licences.
Fe acquired Cape Lambert Resources’ (ASX: CFE) rights to Kasombo in November last year. Sampling undertaken late last year at Kasombo 7 returned up to 6.99% cobalt, while XRF sampling returned up to 3.7% copper, and one cobalt rock sample of 21%. Meanwhile, in August last year, Cape Lambert reported up to 38.2% cobalt had been found at Kasombo 7.
Part of the Kasombo complex, the project area hosts two historic open pit mines that were operated during the 1990s.
At the recent Mining Indaba conference, Mr Sage said Fe planned to begin its larger drilling program at Kasombo in April, with the goal of completing a feasibility study within 18 months and a view to commission the project by the end of 2019.
Cape Lambert retains a 39.63% stake in Fe to remain exposed to the Kasombo project.
Shares in Fe were steady at A$0.048 in early morning trade.