Copper play Fe reports high grades in first drilling at Congo project
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Copper junior Fe Limited has reported high grades in its first drilling at its Kasombo Copper-Cobalt project in the Democratic Republic of Congo (DRC).
The long-awaited test results at Kasombo 5 revealed two zones of mineralisation — a lower zone of 3.18 per cent with as much as 5.18 per cent copper across a 10m belt and in the upper zone, mineralisation of 1.98 per cent.
Today’s news follows earlier drilling completed in late December and early January that mapped the targets for the Kasombo 5 and 7 sites.
“I am pleased to see that the early results of the preliminary drill program support our high hopes for this project. We are building the justification to proceed with a planned 5,500 m drill-out of Kasombo 5 and Kasombo 7,” chairman Tony Sage told the market.
Shares in the company (ASX:FEL) were trading up 2 per cent on the news, at 4.9c.
The stock spiked to 7.3c in late December at the completion of a $1 million placement.
In total, the Kasombo project is focused on three mineralised areas of approximately 600 hectares, referred to as Kasombo 5, 6 and 7.
The site is located 25km from the DRC’s second largest city in the Katanga Copper Belt.