With CFE being a major shareholder its all coming along nicely
Great find Zeex.
I hope they post that announcement on the FEL on Monday as well.
Some key points to note from this updated presentation:
1/ New larger drilling campaign due to commence in dry season in April 2018. Company looks confident moving forward .
2/
FEL has access to the nearby Kipushi Processing Plant. This is a massive bonus for the Company moving forward and will reduce operating costs.
3/ FEL has slated production and off take agreements by Oct 2019. Thats big bucks for shareholders just over 18 months away!
4/ Appears FEL is actively looking for other high grade Cobalt deposits in the DRC.
5/ Assay results due Mid February..... Can't wait!
Company Strategy
To capitalise on an undervalued and growing Cobalt market by:
- Acquiring the rights to readily available cobalt rich stockpiles and tailings damsin the DRC copper belt;
- Acquiring access rights and purchasing nearby established processing facilitiesthat can be modified to support Cobalt production; and
- Entering into joint development and processing agreements with experienced tailings retreatment contractors.
The DRC holds approximately 47% of the global cobalt reserve base. It is the world's single largest supply source with roughly 63% of global cobalt supply originating in the DRC.
50/50 JV agreement with Congolese entity Paragon Mining SARL that
includes the Kipushi Tailings Project and the Kasombo Project.
The Kasombo area has within 2 historical open pits that were mined in the 1990’s.
The Company is currently in discussion with Gecamines to expand the available areas to other known mineralised areas within the greater Kasombo area.
- complete a Feasibility Study on Kasombo within 18 months; and
- commence mining activities at Kasombo as soon as practical.
- Pursuant to the assignment agreement with CFE, FEL has access to the nearby Kipushi Processing Plant, should metallurgical testwork show that flotation is a suitable processing route for Kasombo ore.
Results from random hand held XRF sampling were consistent with and confirmed the previously reported
mined copper and cobalt grades by Gecamines and Forrest International Group of between 2.7% to 3.7% copper and 3.5% to 5.3% cobalt (refer CFE ASX announcement dated 1 March 2017).
An
extreme high grade rock sample from Kasombo 7 returned a handheld XRF grade of >21% Co.
Drill samples were dispatched to ALS Laboratories for assaying, with results expected back mid February 2018.
Q2, 2018
A larger drilling programme is planned for April 2018.
Stage 1 - Drilling programme and resource definition, metallurgical test work – Q3 2018
Stage 2 - Finalisation of development plan, engineering, permitting – Q2 2019
Stage 3 - Funding and mobilisation of contractors and commencement of development activities - Q3 2019
Stage 4 -
Production, concentrate sales and offtake arrangements – Q4 2019.
