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Drilling Results Received from Kasombo 5 Copper Project in DRC

Highlights:

- Drilling intersected unexpected cobalt mineralisation

- KSB002: 15 m @ 0.16% cobalt from 17 m

- Assay from cobalt-rich Kasombo 7 prospect due imminently

Fe Limited (Company) (ASX: FEL) is pleased to advise that it has recently received the assay from its second drillhole completed at the Kasombo Copper-Cobalt Project (Kasombo Project).  The assay was from abandoned drillhole KSB002 located at the Kasombo 5 prospect.  The drillhole was abandoned before the copper target zone was intersected because of driller error, but still intersected unexpected cobalt mineralisation.

The assays show drillhole KSB002 intersected a zone of low grade cobalt mineralisation, having a thickness of 15 m, averaging 1670 ppm cobalt from a hole depth of 17 m.

Preliminary reverse circulation (RC) drilling was completed at Kasombo 5 and Kasombo 7 in late December 2017 and early January 2018 (ASX announcement 8 January 2018):

- Kasombo 5: drilling targeted copper mineralisation mapped in the pit-wall of an open cut:

• two completed RC holes for 149 m;

• FEL described the copper-rich nature of Kasombo 5 from assays from first hole, KSB001, that returned 23 m @ 3.18% copper from 54 m (ASX announcement dated 16 February 2018);
• The assays from the second completed hole is awaited.

• two abandoned RC holes for 114 m;
  • KSB002, the subject of this report, is one of these abandoned drillholes.

- Kasombo 7: drilling targeted cobalt mineralisation observed in bedding cross-cutting breccias and in conformable bedding layers exposed by small-scale artisanal workings.  The assays for these holes are awaited.

The Kasombo Project comprises three mineralised areas of approximately 600 hectares, Kasombo 5, 6 and 7, located within two granted mining licenses PE481 and PE4886 and situated approximately 25 km from the DRC’s second largest city, Lubumbashi, in the Katanga Copper Belt.

Commenting on the exploration works, Chairman Tony Sage said; “I am pleased to see that the early results of the preliminary drill program continue to support our high hopes for this project.”

Yours faithfully

FE LIMITED

Tony Sage

Non-Executive Chairman

Figure 1: Location of Kasombo Project and nearby Kipushi Processing Plant

Figure 2: Kasombo Location Map

Figure 3; Kasombo 5 plan-view of KSB002, open-cut outline shown by blue outline; fault shown by thick green line, bedding shown by thin dotted green line; mineralisation zone shown by red stipple, drillhole collar shown by green dot, and surface projection of drill-trace is shown by the grey arrows.  Drillhole, KSB002 is located at 532,905mE 8,710,313mN (datum: wgs84 zone 35 south)

Competent Person Statement

The information in this report is compiled and collected by Mr Jess Oram, Executive Director of Cauldron Energy (an affiliate company of FE Limited) who is a Member of the Australasian Institute of Geoscientists.  Oram has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves (JORC Code 2012). Oram consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Table 1; Kasombo Project – entire drillhole assay; selected elements

KEY:

Kas5 is Kasombo 5 prospect

An assay of 10,000 ppm is equivalent to 1%; to convert units of concentration, divide ppm by 10000 to obtain units of %

ME-MS61 is ALS analysis using a four-acid digest with ICP-MS and ICP-AES finish

OG62 is ALS method for over-range grade re-assay of ME-MS61

STD refers to certified reference material GBMS911-3 manufactured by Geostats Pty Ltd

DUP refers to duplicate sample collected for interval

LOST refers to sample not recovered from drilling

Australian Securities Exchange Code: FEL

Ordinary Shares:

368,065,463

Unlisted Options:

2,812,500

Board of Directors:

Tony Sage

Non-Executive Chairman

Kenneth Keogh

Non-Executive Director

Nicholas Sage

Non-Executive Director

Contact:

www.felimited.com.au

32 Harrogate St, West Leederville

Western Australia 6007 Australia

Telephone  +61 8 6181 9793

Email    info@felimited.com.au

Fe Limited is an Australian domiciled mineral resources exploration and development company.

Fe Limited

ABN: 31 112 731 638

To view entire News including tables and JORC-Code in English language, please follow the link: https://www.asx.com.au/asxpdf/20180228/pdf/43s01pp6rp9xln.pdf