Acquisition Of Advanced Iron Ore Project

Highlights:

• FEL to acquire a 50% interest in the Yarram Iron Ore project in the Northern Territory and will operate the resulting JV
• The Project is partially located on an existing mining lease on freehold land located just over 100km from Port of Darwin and adjacent to existing underutilised mining infrastructure
• Outstanding historical drill intercepts include:
  • 108m @ 65.6% Fe, 2.3% SiO2, 1.8% AI2O3, 0.037% P from 18m in hole RJRC0119
  • 65m @ 66.4% Fe, 2.0% SiO2, 1.5% AI2O3, 0.022% P from 13m hole RJRC069 (hole finished on 65.9% Fe)
  • 35m @ 62.9% Fe, 4.3% SiO2, 1.6% AI203. 0.045% P from 23m om Hole RJRC0106
• Considerable baseline environmental data already acquired
• Consideration of A$1.5m in cash and shares payable with a further $1.5m in cash and shares payable on achieving a JORC indicated resource. FEL to cover certain historical and future costs
• Acquisition funded existing cash reserves

For more information, please click on the link below:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02269759-6A992237?access_token=83ff96335c2d45a094df02a206a39ff4