Cape Lambert Resources : Announcement by Fe Limited

ASX

Release

9 October 2019

Announcement by Fe Limited

Cape Lambert Resources Limited (ASX: CFE) (Cape Lambert or the Company) refers its shareholders to the

announcement made by Fe Limited (ASX: FEL) today entitled "Further outstanding results from the Hillside Project including a 59.4% MnO result." A copy of this FEL announcement is attached.

Cape Lambert holds 145,848,635 shares in FEL representing a substantial 29.84% interest in the total share capital of FEL.

Yours faithfully

Cape Lambert Resources Limited

Tony Sage

Executive Chairman

For further information please contact:
Investor Relations	Follow us
[phone]	@Cape_Lambert
[e-mail]	cape-lambert-resources-limited

Cape Lambert Resources Limited ABN 71 095 047 920

32 Harrogate Street, West Leederville WA 6007
Phone: [phone] Email: [e-mail]
www.capelam.com.au	ASX: CFE

ASX: FEL	ASX Announcement
	9 October 2019

FURTHER OUTSTANDING RESULTS FROM THE HILLSIDE

PROJECT INCLUDING A 59.4% MnO result

Highlights:

• High grade copper, gold, silver and base metals results received from outcrop sampling of Hillside Gossan over a 14km strike.
• Newly discovered manganese deposit in sub parallel outcrop to the gossan line, further exploration prioritised.
• Significant results include:
• • HS0014: 1.2ppm Au, 18.8% Cu, 77ppm Ag, 0.17% Zn, 0.057% Co
  • HS0021: 0.77ppm Au, 3.7% Cu, 187ppm Ag, 0.5% Zn, 0.06% Co
  • HS0023: 1.06ppm Au, 13.9% Cu, 79ppm Ag, 0.44% Zn,
  • HS0024: 0.31ppm Au, 4.5% Cu, 76ppm Ag, 0.35% Zn, 0.05% Co
  • HS0027: 0.28ppm Au, 1.3%Cu, 14ppm Ag, 0.17% Zn, 0.04% Co
  • HS0028: 0.45ppm Au, 3.1% Cu, 50ppm Ag, 0.49% Zn
  • HS0029: 0.34ppm Au, 3.0% Cu, 22ppm Ag
  • HS0031: 0.83ppm Au, 7.2% Cu, 78ppm Ag, 0.93% Zn, 0.095% Co
  • HS0033: 59.4% MnO (>46% Mn)
• Drilling planned and ready for mobilisation in late October (pending approvals)

Fe Limited (ASX: FEL) (FEL or the Company) recently entered into an earn in agreement with Macarthur Minerals Limited (Macarthur) in respect of 18 tenements in the Pilbara ranging from south of Nullagine to north of Pilgangoora. The tenure is prospective for lithium, gold, copper, base metals and iron ore with many known deposits within and around the tenure and the eastern Pilbara in general.

A follow up reconnaissance field trip was conducted in early September concentrating on the Hillside Project area (tenements E45/4824 and E45/4685) (Hillside) and the south eastern area of the Strelley tenement (E45/4735) looking for extensions to the VentureX base metals deposit.

The focus at Hillside was to map and sample the partially outcropping gossan line previously identified and test outcropping quartz reefs both known to host gold mineralisation (from prospector reports) and newly identified outcrop.

Fe Limited ABN: 31 112 731 638

32 Harrogate St, West Leederville, Western Australia 6007 Phone [phone]

Email [e-mail]

felimited.com.au

The gossan line was traced over a 14km north south strike length with remnant outcrop identified at regular intervals along the length. Much of the area between outcrop presented as leached saprolite in keeping with the typical gossan model, refer figure 1.

Figure 1. Schematic of typical gossan section.

A total of 36 samples were collected of which 15 were from outcropping gossan both with and without visible copper minerals.

The Company is extremely pleased and excited to announce 8 samples returning copper values over 1% with a peak of 18.8% all accompanied with significant gold, silver and zinc values (+/- cobalt).

In addition, a result of 46% Mn (Consolidated Minerals Woodie Woodie resource grade; 31.4% Mn (2014)) in outcrop from a newly discovered oxide horizon was a welcome surprise and the Company will prioritise its further exploration, refer figure 2 for map of sample locations and figures 3 - 7 for sample photos.

Remaining samples were collected from quartz outcrops, many of which returned strongly anomalous gold grades which will be followed up in due course.

A drilling program has been planned targeting depth extensions of the gossanous mineralisation with initial shallow angled holes to intercept the interpreted dip as guided by the local structural setting. Some deeper holes are expected to be drilled depending on what is discovered in the field and the program is anticipated to begin in late October pending receipt of necessary approvals.

ASX Announcement

Page 2 of 14

Tables 1 and 2 below show assay results and locations for all samples collected.

Commenting on the results, Tony Sage, Non-Executive Chairman said "The results to date are very exciting for the Company. Highlighted by the emergence of manganese as well as the huge copper grades over a 14km strike. The Company is fully funded for the upcoming drilling program, and, we anticipate cash reserves will be bolstered with the next iron ore royalty receivable from Mineral Resources Ltd in December having already received in excess $500,000."

Yours faithfully

FE LIMITED

Tony Sage

Non-Executive Chairman

For further information please contact:

Investor Relations	Follow us
[phone]	@FeLimited
[e-mail]	fe-limited

COMPETENT PERSON

The information in this presentation that relates to Exploration Results is based on information compiled by Mr Olaf Frederickson. Mr Frederickson is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code"). Mr Frederickson is a consultant to Fe Limited and consents to the inclusion in the report of the Exploration Results in the form and context in which they appear.

ASX Announcement

Page 3 of 14

Figure 2. Sample Locations

ASX Announcement

Page 4 of 14