Cape Lambert Resources Limited (ASX:CFE) is leveraged to cobalt drilling results received from Fe Limited’s (ASX:FEL) Kasombo Copper-Cobalt Project in the Democratic Republic of Congo.
Cape Lamberts holds 145,848,635 shares in Fe Limited representing 39.63% of the total share capital.
Unexpected cobalt hit in hole drilled for copper
Fe Limited has intersected unexpected cobalt mineralisation in a drill hole aimed at testing a copper-rich zone of the Kasombo project.
The hole at Kasombo 5 prospect was abandoned before it reached the copper target zone owing to driller error but intersected a zone of low-grade cobalt mineralisation.
This zone was 15 metres thick and averaged 1,670 ppm cobalt from a depth of 17 metres.
“High hopes for project”
Tony Sage, chairman, said: “I am pleased to see that the early results of the preliminary drill program continue to support our high hopes for this project.”
Apple looking to buy cobalt directly from miners
Apple (NASDAQ:AAPL) took markets by surprise recently when it entered into talks directly with miners of cobalt.
Cobalt is critical for the production of batteries for cellphones and electric vehicles.
Investors can read the Apple move as a sign that commodities remain one of the better bets in the financial markets.