Fe Limited chairman Tony Sage demonstrates confidence in company through share acquisition
The company is progressing a cobalt project in the DRC and has interests in iron ore, copper, nickel and gold projects in WA.
Company
ASX:FEL
CuFe Ltd (ASX:CUF) is an emerging iron ore producer with a strategy focused on near-term, high-grade premium product iron ore projects and maintaining exposure to strategic metals. The company has interests in various advanced iron ore projects along with copper and gold interests in Australia.
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The company is progressing a cobalt project in the DRC and has interests in iron ore, copper, nickel and gold projects in WA.
35,450 metres of highly encouraging drilling was completed across the project area in Q2 2018.
Fe Limited, chaired by Tony Sage, has the potential to earn $2 million a year through royalties.
Drilling intersected narrow zones of sulphide and supergene copper mineralisation.
The Evanston Iron Ore Project is in the Southern Yilgarn Iron Province.
Sandfire Resources is involved in a farm-in with Auris Minerals and Fe Limited.
Sandfire sees Morck's Well as a new volcanogenic massive sulphide (VMS) target.
The company and its partner Auris Minerals’ share prices have surged today.
Renowned resources company Sandfire Resources is farming into the Morck's Well Project.
Interpreted to be located within the Karalundi Formation which hosts the DeGrussa and Monty orebodies.
Fe Limited has received further promising drill results from the Kasombo Copper-Cobalt Project.
Drilling returns up to 24 metres at 3.5% copper from 37 metres and 10 metres at 0.22% cobalt from 11 metres.
Apple took markets by surprise recently when it entered into talks directly with cobalt miners.
The zone is 15 metres thick and averages 1,670 ppm cobalt.
Sandfire has a proven track record of exploration and development success in the area.
Users of cobalt are seeking to acquire supplies direct from producing companies.
The company is a major shareholder in Fe Limited, holding a 39.63% interest.
Results of up to 10 metres at 5.18% copper have been returned from Kasombo 5.
Strong share price performance over recent months means the options are in-the-money.
The cobalt price has increased circa 50% since Fe acquired stake in Kasombo.