Fe Limited (ASX: FEL) is planning to fast-track a drilling campaign on new assets in WA’s Pilbara region after achieving very positive survey results.
The company recently entered into an earn in agreement with Macarthur Minerals in respect of 18 tenements in the Pilbara ranging from south of Nullagine to north of Pilgangoora.
Fe believes 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.
A follow up reconnaissance field trip was conducted in early September concentrating on the Hillside Project area (tenements E45/4824 and E45/4685) and the south eastern area of the Strelley tenement (E45/4735) looking for extensions to the VentureX base metals deposit.
A total of 36 samples were collected with eight samples returning copper values over 1% with a peak of 18.8% all accompanied with significant gold, silver and zinc values (+/- cobalt).
In addition, a result of 46% Manganese(Consolidated Minerals Woodie Woodie resource grade; 31.4% Manganese (2014)) in outcrop from a newly discovered oxide horizon was also identified.
Fe Executive Chairman Tony Sage said this area will be prioritised for further exploration.
Mr Sage said a drilling programme has been planned targeting depth extensions of the gossanous mineralisation with initial shallow angled holes to intercept the interpreted dip as guided by the local structural setting.
Some deeper holes are expected to be drilled depending on what is discovered in the field and the program is anticipated to begin in late October pending receipt of necessary approvals.
“The results to date are very exciting for the company. Highlighted by the emergence of manganese as well as the huge copper grades over a 14km strike,” Mr Sage said.
The company is fully funded for the upcoming drilling programme, and, we anticipate cash reserves will be bolstered with the next iron ore royalty receivable from Mineral Resources in December having already received in excess $500,000.”