TIDMFCR
RNS Number : 3653M
Ferrum Crescent Ltd
28 July 2017
28 July 2017
Ferrum Crescent Limited
("FCR", the "Company" or the "Group")(ASX, AIM, JSE: FCR)
Update re Lead-Zinc Exploration Drill Programme, Toral Project,
Spain
Highlights
-- Drilling of 6 holes completed which have all returned
visually-identified lead-zinc intersections from which samples are
now being prepared and sent for assay in Spain.
-- All drilling conducted was within 200 metres from surface
and, due to the drilling occurring across various elevation levels
on a hill, it has been possible to recover core at various levels
within the structure.
-- A revised structural thrust model whereby mineralisation is
constrained within a series of thrusts and driven to surface from
depth has been established with confirmation from the intersections
encountered at each and every hole drilled.
-- With the geological aims of the exploration drill programme
having substantially been met, the programme has been deemed
completed by the Board after hole 6 and has now been halted.
-- The results from the ongoing assays will be analysed once
received and entered into the revised structural model for
Toral.
-- Significant data set and analytics relating to the historic
NI43-101 resources report now recovered from Micon International
Ltd.
Planned next exploration phase
-- Principal objective is now to relate the latest understanding
of the thrust model to the significant amounts of new core and the
assay results obtained from the drill programme.
-- The analysis of the new core will facilitate a review of the
core from the historic third party drill campaign with a view to
assaying specific previously-untested sections of the historic core
for shallow mineralisation.
-- All the assays plus the historic data set will enable the
swift development of the next phase of exploration in order to
pursue specific project economic targets, to include the expansion
of the resource.
-- The drilling of 'long-holes' which is a previously untested
approach designed to move through multiple shale/slate layers will
also be assessed. The objective is to encapsulate the entire
mineralised section in each hole by traversing the complete series
of parallel, mineralised planes.
-- Internal scoping and comparative studies commenced in July
2017 in order to support economic development planning towards a
Pre-Feasibility Study.
FCR, the European lead-zinc explorer, announces an update in
respect of its lead-zinc exploration drill programme at its
100%-owned Toral project, located in Leon Province, Spain. The near
surface drilling campaign at the project, designed to determine the
presence of near surface mineralisation, has, as of this week,
returned core containing visible lead-zinc from every one of the 6
drill holes completed. Assays from these holes are now being
prepared and sent to laboratories in Seville, Spain, with results
currently anticipated within the next 6 weeks.
Consequently, the basic case for the new structural model
recently developed by FCR, relating to faulting concentrating a
thrust of mineralisation to surface, has now been sufficiently
verified. Accordingly, the drill programme has been halted and the
Company will await the assay results and input its findings into a
new Toral model in order to plan the next stage of exploration.
The new drilling data combined with information recently
transferred to FCR from Micon International Ltd., which was
generated from historic work conducted by third parties on the
asset, will be utilised together with the significant amounts of
historic drilling data to develop the Company's understanding of
the sub-surface structures.
In particular, FCR is seeking to determine the presence of
overlapping planes of lead-zinc mineralisation caused by the
combination of thrust/fault conditions. Multiple exploration
options remain open including the drilling of 'long-holes' to
attempt to pass through multiple shale layers all the way to the
base wall in order to establish the series of mineralised
planes.
Figure 1
(http://www.rns-pdf.londonstockexchange.com/rns/3653M_-2017-7-27.pdf)
shows the 2017 Toral drill campaign area relative to historic
intersections and Figure 2
(http://www.rns-pdf.londonstockexchange.com/rns/3653M_1-2017-7-27.pdf)
shows selected photos from site taken during the campaign.
Cost and comparatives analysis
Further to the FCR geological team's oversight of the May-July
2017 drill programme, the Company has decided to commence a series
of work streams as follows:
-- Internal scoping study using recent comparative costs within Spain
-- Formal lead-zinc comparators study with explorers and producers
-- Chemical metallurgical review of the Toral ore separation characteristics
-- Initial full analysis of the project's historic shallow
core-sections held near Ponferrada, Leon, Spain
Commenting today, Justin Tooth, Executive Chairman of FCR,
said:
"Our team has now visually identified from every hole of the
drill campaign the existence of lead-zinc within 200 metres of
surface and accordingly we have obtained sufficient data from the
core to support the main tenets of the Company's new geological
model for Toral. We shall now apply this new drilling data to the
significant amount of historic information available on Toral,
including the data recently obtained from Micon International as
well as the core stored locally from the historic Lundin drill
programme.
"There has been a large amount of historical drilling conducted
at Toral which returned significant lead-zinc intersections, and we
are now enhancing our understanding of the structure and definition
of the deposit in a cost-effective manner. While the assays from
the latest drill campaign are submitted and returned over the next
six weeks, the Company has sufficient information in the meantime
to progress with designing the next stages of further exploration
at Toral and to examine economic comparators for a potential future
lead-zinc mining operation. A key focus for our geological team is
to assess the possibility of defining overlapping planes of
lead-zinc mineralisation concentrated within the project area. I
look forward to providing further updates on our progress in due
course."
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 (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)
Melanie De Nysschen
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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