By Oscar Nkala
Cape Lambert Resources Limited says its subsidiary Fe Limited has received further promising drill results from the Kasombo Copper-Cobalt Project in the Democratic Republic of Congo (DRC).
In a notice sent out to shareholders on March 14, Cape Lambert said it is leveraged to the further high-grade drill results from Kasombo.
“At the Kasombo 5 high-grade copper target, final assays from a reverse circulation (RC) drill program completed last year returned a best result of 24 metres at 3.5% copper from 37 metres.
The extensive strong widths and grades of copper are supported by shallow cobalt mineralisation of up to 10 metres at 0.22% cobalt from 11 metres. At Kasombo 7 cobalt-rich target, the RC drilling has returned shallow intersections of cobalt from depths of 8 metres and below,” the company said.
The drilling operation targeted down-dip and along strike extensions of the high-grade cobalt mineralisation sampled from breccia exposed by artisanal workings. The best results were 11 metres at 0.10% cobalt from 8 metres, and 3 metres at 0.13% cobalt from 10 metres.
Cape Lambert is presently preparing for raising a share placement, to sophisticated and professional investors at $0.055 each, to raise up to US$2 million to fund further exploration at the Kasombo Copper-Cobalt project.
Cape Lambert Resources holds a 39.63% ownership stake in Fe Limited. The majority of funds raised through the share placement will be used to fund further exploration at the Kipushi Cobalt-Copper Tailings Project.
