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FE Limited 22.08.2019
Announcement - Lithium Project Acquisition

 

Highlights:

 

-          Anomalous Gold found in rock chips from newly discovered quartz veins with same orientation as nearby historic gold mine;

-          Significant base metal grades returned from outcropping cupiferous gossan including the following:

-          HS008: 0.185ppm Au, 37.8ppm Ag, 0.46% Zn, 6.36% Cu; and

-          Drill targets identified with drilling to commence as soon as possible.

 

Fe Limited (ASX: FEL) (FEL or the Company) recently entered into an earn in agreement with Macarthur Minerals Limited (Macarthur) in respect of 18 tenements in the Pilbara ranging from south of Nullagine to north of Pilgangoora. The tenure is prospective for lithium, gold, copper, base metals and iron ore with many known deposits within and around the tenure and the eastern Pilbara in general.

 

Samples from the recent reconnaissance trip were submitted to the lab during the first week of August with a rush order specifically for samples from the Hillside tenement group (Hillside Project). Three of the assays received so far have returned strongly anomalous grades for base metals and gold from three different locations, refer table 2 for all results (table 1 shows sample locations). The base metals result from the gossan outcrop shows similar copper grades to a historical rock chip from a gossan outcrop directly south along strike approximately 6km away. Both outcrops lie within a strong magnetic anomaly identified in a heliborne electromagnetic survey conducted by Macarthur during 2018 (refer figure 1). This gossan will be a high priority drill target in the coming months.

 

The Company is currently planning field work in the near future including detailed mapping and further chip sampling of the Hillside Project. Preliminary planning for initial drilling is underway with the arrangement of heritage works (if required) and earthworks 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.

 

Figure 1 – Hillside Sample Locations over TMI

 

A close up of a map

Description automatically generated

 

Table 1 – Sample Locations

 

HILLSIDE SAMPLE LOCATIONS

Sample ID

Latitude

Longitude

Desctiption

Target

HS001

21°49'55.83"S

119°39'10.06"E

Quartz vein rock chip in situ

Au, Cu (other base metals?)

HS002

21°49'55.83"S

119°39'10.06"E

qtz vein within weathered schist

Au, Cu (other base metals?)

HS003

21°49'16.33"S

119°40'48.36"E

Qtz scree from stream bed

Au, Cu (other base metals?)

HS004

21°48'7.82"S

119°39'43.91"E

Stream bed float

Au, base metals

HS005

21°48'11.27"S

119°39'51.32"E

stream bed rock chip float

Au, base metals

HS006

21°47'30.15"S

119°39'45.89"E

Qtz samples

Au,Cu

HS007

21°47'29.89"S

119°39'50.00"E

Oxidised qtz reef

Au, base metals

HS008

21°45'4.92"S

119°39'52.07"E

Gossan with malachite

Au, base metals

HS009

21°41'5.57"S

119°39'25.53"E

Qtz reef

Au, multi 

HS010

21°44'3.30"S

119°40'41.79"E

Qtz reef

Au, multi

HS011

21°44'3.50"S

119°40'44.86"E

Quartz reef

Au, Multi

 

Table 2 – Assay results

 

HILLSIDE

Rock Chip Assay Results

SAMPLE

Au-ICP22

ME-MS61

ME-MS61

ME-MS61

ME-MS61

ME-MS61

ME-MS61

Cu-OG62

DESCRIPTION

Au

Ag

As

Ni

Pb

S

Zn

Cu

 

ppm

ppm

ppm

ppm

ppm

%

ppm

%

HS001

0.008

0.04

21.8

344

1

0.07

63

 

HS002

0.002

<0.01

1.1

71.3

1.5

<0.01

25

 

HS003

0.002

0.01

1.3

29

<0.5

<0.01

49

 

HS004

0.002

0.05

10.7

325

1.5

<0.01

151

 

HS005

0.005

0.04

1.5

150

0.9

0.01

41

 

HS006

0.001

<0.01

0.8

6.9

<0.5

<0.01

2

 

HS007

0.001

0.03

3.1

354

0.6

0.05

623

 

HS008

0.185

37.8

378

215

254

0.23

4580

6.36

HS009

0.002

0.01

3.1

9.4

<0.5

<0.01

15

 

HS010

0.024

0.09

10.4

81.3

<0.5

<0.01

19

 

HS011

0.224

0.17

9.4

94

0.5

<0.01

49

 

 

Yours faithfully

FE LIMITED

 

Tony Sage

Non-Executive Chairman

 

END

 

COMPETENT PERSON

 

The information in this presentation that relates to Exploration Results is based on information compiled by Mr Olaf Frederickson. Mr Frederickson is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Frederickson is a consultant to Fe Limited and consents to the inclusion in the report of the Exploration Results in the form and context in which they appear.

 

Fe Limited is an Australian domiciled mineral resources exploration and development company.

 

Contact:

32 Harrogate St, West Leederville

Western Australia 6007 Australia

Telephone  +61 8 6181 9793

Email    ir@felimited.com.au

www.felimited.com.au

 

To view entire original news, please follow the link:

https://www.asx.com.au/asxpdf/20190822/pdf/447qjfnf59pk6w.pdf

 

 

 

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