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10.02.2020
Initial drilling results received from the Hillside Project

 

Highlights:

 

-       Encouraging results received from recent Hillside drilling

-       Results demonstrate support for mineralised gossan model

-       Down dip extension of mineralised gossan intercepted in two holes

-       Best anomalous results received include:

-       HRC 001: 1m @ 0.19% Cu, 230ppm Co, 0.14% Zn, 0.07ppm Au from 28m

-       HRC 022: 1m @ 0.74% Cu, 349ppm Co, 0.41% Zn, 0.14ppm Au from 83m

-       HRC 036: 1m @ 0.18% Cu, 0.12% Zn from 25m, 1m @ 0.27% Cu from 40m

 

-       All Intercepts demonstrate down dip extensions to the mineralised gossan at surface exist

 

Fe Limited (ASX: FEL) (FEL or the Company) recently completed its first phase of preliminary drilling at the Hillside project targeting underground extensions to the periodically outcropping mineralised gossan identified during previous reconnaissance. A total strike length of 14km was mapped and sampled at outcrop resulting in high grade rock chip results as reported in ASX announcement 9 October 2019.

 

A total of 1798m from 36 holes were drilled at approximately 1km intervals along the length of the mapped gossan in a first pass drilling program targeting down dip extensions to the outcropping mineralisation.

 

Very little targeting data was available, and first pass hole locations were chosen using estimated dip and dip direction from the interpreted lineament of the mineralised strike. Supporting information included field observations, a coincident westerly dipping magnetic anomaly with its eastern extent coinciding roughly with the interpreted gossan lineament and the presence of highly leached surface lithologies indicating the possibility of sulphides at depth.

 

In order to minimise expense, all samples were pulverised and split in the lab with a total of 1,071 (including duplicates) select samples sent for assay based on the logged presence of quartz or visible sulphides. The remainder of the samples will be checked by portable XRF and sent for assay if anomalous results are returned.

 

The Company has now received all of the results. Initial interpretation shows three holes have been positively identified to have intercepted down dip extensions of the surface gossan. The holes with the intercepts span the entire length of the mapped strike length demonstrating down dip extension of the surface mineralisation. Grades in all intersections show strongly anomalous mineralisation and provide valuable guidance for hole location in the next phase of drilling. The central and northern most holes intercepted the anomalous zone towards the end of the respective holes which indicates why some of the other planned holes failed to intersect the target. The southernmost hole intersected a wide zone of anomalism from 23m down to 42m with increasing levels of zinc continuing below. All three holes intersected anomalism below the optimal supergene and enrichment zones. This information will allow more accurate dip data to be used in locating further follow up drilling and target depths which will attempt to intersect supergene and enrichment zone mineralisation. Figures 2, 3 and 4 show cross sections of the intersecting holes with the interpreted target body and show where other nearby holes failed to intersect.

 

In addition, one hole towards the northern extent of the project area returned strongly anomalous gold grades from targeted drilling in known gold bearing quartz veins (anecdotal evidence from prospectors). As the quartz veins are host to nugget gold, the anomalous grades returned can be considered significant and represent the presence of fine gold given no visible gold was logged.

 

FE Limited Chairman Tony Sage commented, “We are encouraged by these results from Hillside and look forward to completing our interpretation and planning for the next phase of exploration. This knowledge will allow us to further understand the prospectivity of the area”.

 

Figure 1. Schematic of typical gossan section:

 

Structure of copper (Cu) deposits

 

Figure 2. Section 7 599 760 North:

 

A close up of a map

Description automatically generated

 

Figure 3. Section 7 592 258 North:

 

A close up of a map

Description automatically generated

 

Figure 4. Section 7 586 060 North:

 

 

Figure 5. Drill hole plan show section locations:

 

 

Table 1.  Drill Hole Locations:

Hole ID

Easting

Northing

RL

Dip

Azimuth

Depth

HRC001

774880

7599753

326

60

79

59

HRC002

774905

7599757

325

60

77

39

HRC003

774798

7599678

327

60

75

40

HRC005

774868

7599257

331

60

87

88

HRC005b

774900

7599256

330

60

93

31

HRC006

774711

7599252

338

60

71

41

HRC007

774995

7598203

335

60

82

40

HRC008

774935

7598190

340

60

94

6

HRC008RE

774934

7598190

340

60

94

66

HRC009

775012

7597258

335

60

93

30

HRC010

774952

7597259

338

60

90

61

HRC013

775033

7595184

352

60

90

39

HRC014

774986

7595157

353

60

86

60

HRC015

775040

7594249

361

60

86

30

HRC016

774998

7594241

363

60

79

60

HRC017

775217

7593257

362

60

85

30

HRC018

775155

7593249

364

60

92

60

HRC019

774949

7592959

369

60

5

30

HRC020

774950

7592939

369

60

353

60

HRC021

775569

7592247

362

60

78

30

HRC022

775535

7592246

362

60

79

88

HRC023

775333

7592256

365

60

49

50

HRC024

775511

7591246

372

60

123

49

HRC025

775546

7591212

373

60

99

80

HRC027

775205

7592656

365

60

86

100

HRC028

775459

7590265

360

60

82

72

HRC030

775409

7589246

354

60

103

59

HRC032

775404

7588251

367

60

87

70

HRC033

775430

7588243

366

60

99

36

HRC034

775334

7587256

365

60

74

72

HRC036

775252

7586069

363

60

90

80

HRC038

774800

7599688

327

60

75

33

HRC039

774782

7599738

326

60

79

30

HRC039b

774794

7599740

326

60

79

40

HRC100

775578

7591193

374

60

102

36

 

 

Announcement released with authority of the FEL board of directors.

 

Yours faithfully

FE LIMITED

 

 

 

Tony Sage

Non-Executive Chairman

 

 

For further information please contact:

 

Investor Relations

P:+61 8 6181 9793

Email:  ir@felimited.com.au

 

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Twitter: @FeLimited

LinkedIn fe-limited

 

COMPETENT PERSON

 

The information in this presentation that relates to Exploration Results is based on information compiled by Mr Olaf Frederickson. Mr Frederickson is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Frederickson is a consultant to Fe Limited and consents to the inclusion in the report of the Exploration Results in the form and context in which they appear.

 

To view entire original news, please follow the link: https://www.asx.com.au/asxpdf/20200210/pdf/44dydcjt8vhm2k.pdf

 



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