Cape Lambert Resources Limited (ASX:CFE) is leveraged to the high-grade copper results received from Fe Limited’s (ASX:FEL) Kasombo Copper-Cobalt Project in the Democratic Republic of Congo.
The first hole drilled at the Kasombo 5 prospect has intersected two zones of mineralisation.
READ: Fe Limited hits high-grade copper in first drill hole, cobalt results due shortly
Best result was 10 metres at 5.18% copper within a broader intersection of 23 metres at 3.18% from 54 metres in the lower zone.
In the upper zone, an intersection of 5 metres at 1.98% copper from 25 metres was returned.
Cape Lambert is a major shareholder
Cape Lambert is a major shareholder of Fe Limited holding 39.63% of issued capital and completed the sale of project rights from Kasombo to Fe in November 2017.
Kasombo is close to Cape Lambert’s Kipushi Tailings Project and processing plant.
READ: Cape Lambert Resources to begin engineering review at cobalt project
An engineering review of the processing plant at the cobalt project is being undertaken as Cape Lambert and joint venture partner Paragon Mining SARL prepare to begin operations this year.
Non-executive director resigns
Meantime, Jason Brewer has tendered his resignation as a non-executive director of the company due to other work commitments.
The resignation will take effect on 28 February 2018.