Fe Limited (ASX:FEL) is awaiting assay results from exploration partner Auris Minerals Limited (ASX:AUR) following a drilling program in the copper-gold prolific Bryah Basin of Western Australia.
Seventeen reverse circulation holes for 3,924 metres have been completed at the Wodger and Forrest prospects in which FEL has a 20% free carried interest until a decision to mine.
Assay results expected
Several open-ended zones of high-grade mineralisation were targeted and assay results are expected early in the new year.
The aim of the program was to prove geological and grade continuity within and between sections as well as to confirm the dip and plunge of mineralisation.
READ: Fe Limited JV partners continue to define new copper-gold targets in the Bryah Basin
There has been strong interest shown by the industry in increased exploration within the highly prospective Bryah Basin, in which FEL has a number of joint venture interests.
This region is emerging as a highly prospective and largely under-explored mineral field with potential for further discovery of gold and base metals, a fact recognised by Sandfire Resources NL (ASX:SFR).
Sandfire seeks further resources
Sandfire has the DeGrussa Copper-Gold Mine and is actively seeking further resources in the region to increase mine life.
In this regard, it has stepped up exploration on its own ground as well as at a number of joint ventures.
FEL has a 20% interest in 12 tenements covering an area of 802 square kilometres in the Bryah Basin with most interest centred on tenements held in JV with Auris, including the Morck Well project.
Sandfire has a farm-in and joint venture with FEL and AUR where it can earn an interest in Morck Well by completing a minimum spend of $2 million on exploration over two years.
“Extremely exciting area”
FEL’s executive chairman Tony Sage said that the basin had become an “extremely exciting area as evidenced by Sandfire spending $33 million on drilling in and around our projects”.
He said Sandfire’s managing director and CEO was on the record as saying that this was the most exciting exploration ground he had seen in many years.
FEL also has a 20% interest in ground held by Alchemy Resources Ltd (ASX:ALY) in which Sandfire announced in August that it would acquire base metals farm-in rights held by Independence Group Ltd (ASX:IGO).
READ: Fe Limited’s partner begin next phase of drilling copper prospects in the Bryah Basin
At the Woodger prospect, 10 holes were drilled for 2,182 metres with malachite logged in five holes at the expected target depths.
There were seven holes drilled at Forrest for 1,742 metres with malachite logged in three holes at the expected target depths.
Following the latest drilling at Wodger and Forrest detailed geological interpretations are underway.
Downhole EM surveys are planned in 2019 for two of the holes at Forrest and for one hole at Wodger when it is completed.