Ferrum Crescent Ltd Drilling Starts at Toral Lead-Zinc Project, Spain (1360G)
25 May 2017 - 4:00PM
UK Regulatory
TIDMFCR
RNS Number : 1360G
Ferrum Crescent Ltd
25 May 2017
25 May 2017
Ferrum Crescent Limited
("FCR" or the "Group")(ASX, AIM, JSE: FCR)
Drilling Starts at Toral Lead-Zinc Project, Spain
Highlights:
-- Drilling operations underway at FCR's wholly-owned Toral Lead-Zinc Project ("Toral"), Spain
-- Diamond core drill programme is targeting shallow lead-zinc mineralisation
-- A total of 2,100 metres of diamond drilling planned
FCR, the European lead-zinc explorer, is pleased to announce the
start of drilling operations at its wholly-owned Toral project,
located in the Leon Province of northwest Spain. Drilling will
target mineralisation within 150m of the surface, located above the
historic lead-zinc resource, that was originally assessed by a
third party in 2011 and 2012, details of which were announced by
FCR on 10 November 2016.
This Phase 1 diamond drilling programme is specifically designed
to test shallow mineralisation. The planned holes are located along
a two-kilometre geochemical anomaly, in zones determined by FCR's
exploration team to host the most prospective mineralising
characteristics. The two-kilometre anomaly will be targeted in
three separate areas. Drilling will start at the northern end of
the geochemical anomaly in Zone 1 and progress south through Zone 2
and into Zone 3. The first zone will be tested with seven holes,
over a strike length of 200m and a breadth of 150m and down to
approximately 150m below surface. Zone 2 will be tested with one
hole and Zone 3 with three holes over 100m of strike. The drill
programme is expected to take less than ten weeks to complete.
http://www.rns-pdf.londonstockexchange.com/rns/1360G_1-2017-5-24.pdf
Commenting today, Justin Tooth, Executive Chairman of FCR,
said:
"We are pleased to have started FCR's first drilling campaign
for lead-zinc in Spain. This shallow drilling programme at Toral is
targeting new mineralisation at surface to add to the known
lead-zinc intersections at depth for which an historic resource
estimate of 8.71m tonnes at an economic cut-off grade of 7% lead
plus zinc was previously disclosed. Our objective is to define the
presence of further lead-zinc deposits near to surface similar to
the nearby Antonina and Rubiales projects where mineralisation has
been mined in the top 200m sub-surface.
"This drill programme marks the start of a new phase of work
following our extensive groundwork between November 2016 and March
2017. The additional information that we gain from this drill
campaign will be an important step in linking the known
mineralisation at depth with the mineralisation in the upper parts
of the Toral project. We expect that successful campaign results
will lead to further exploration work with a view to delineating a
lead-zinc deposit in this politically stable region. I look forward
to providing further updates over the coming months."
For further information on the Company, please visit
www.ferrumcrescent.com or contact:
Ferrum Crescent Limited
Justin Tooth, Executive Chairman
Grant Button, Director and Company Secretary T: +61 8 9474 2995
UK enquiries:
Laurence Read, Non-Executive Director (UK representative) T: +44 7557 672 432
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler T: +44 (0)20 7409 3494
Beaufort Securities Limited (Broker)
Elliot Hance T: +44 (0)20 7382 8300
Bravura Capital (Pty) Ltd (JSE Sponsor)
Doné Hattingh T (direct): +27 11 459 5037
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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