Acquisition Of Advanced Iron Ore Project


  • 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

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