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Cape Lambert Resources leveraged to high-grade copper hits at DRC project

Published: 01:00 14 Mar 2018 GMT

drill rig at site
Best result of 24 metres at 3.5% copper from 37 metres

Cape Lambert Resources Limited (ASX:CFE) is leveraged to further high-grade copper results from Fe Limited’s (ASX:FEL) Kasombo Copper-Cobalt Project in the Democratic Republic of Congo (DRC).

READ: Fe Limited hits high-grade copper at DRC project supported by shallow cobalt

Cape Lamberts holds 145,848,635 shares in Fe Limited representing 39.63% of the total share capital.

At the Kasombo 5 high-grade copper target, final assays from a reverse circulation (RC) drill program completed last year returned a best result of 24 metres at 3.5% copper from 37 metres.

The extensive strong widths and grades of copper are supported by shallow cobalt mineralisation of up to 10 metres at 0.22% cobalt from 11 metres.

Shallow cobalt intersections

At Kasombo 7 cobalt-rich target, the RC drilling has returned shallow intersections of cobalt from depths of 8 metres and below.

The drilling targeted down-dip and along strike extensions of the high-grade cobalt mineralisation sampled from breccia exposed by artisanal workings.

The best results were 11 metres at 0.10% cobalt from 8 metres and 3 metres at 0.13% cobalt from 10 metres.

READ: Cape Lambert Resources seeks $2 million in placement funds for cobalt-copper exploration

Cape Lambert is raising up to $2 million in a share placement to sophisticated and professional investors at $0.055 each.

The majority of funds raised will be used for exploration at the Kipushi Cobalt-Copper Tailings Project in the Democratic Republic of Congo.

Cape Lambert seeing ‘extreme’ interest from potential offtakers for Kipushi...

Tony Sage, executive chairman for Cape Lambert Resources Ltd (ASX:CFE) speaks to Proactive Investors from Mines and Money Asia, where he says sentiment is buoyant on cobalt. The company recently acquired two synergistic cobalt copper tailings projects, in the Democratic Republic of Congo...

on 6/4/18