TIDMFCR
RNS Number : 5375M
Ferrum Crescent Ltd
31 July 2017
31 July 2017
Ferrum Crescent Limited
("FCR", the "Company" or the "Group")(ASX, AIM, JSE: FCR)
Quarterly Activities and Cashflow Report
For the period ended 30 June 2017
Highlights:
Toral lead-zinc project, Spain
-- Drilling contractor engaged to conduct exploration campaign
to test for the presence of further lead-zinc mineralisation (above
historic drilled areas) from surface in a series of angled
holes.
-- 9 firm hole locations were planned to intersect near-surface
lead-zinc mineralisation with an average hole length of 155m for a
minimum total to be drilled of 1,400m.
-- Myles Campion contracted as senior technical consultant to
advise the Board on the geological development of the Company's
asset portfolio.
-- Visual identification of lead-zinc associated minerals in the
core extracted from all of the drill holes completed within the
reporting period.
Moonlight Iron Ore Project, South Africa
-- Sale of the Company's Mauritian subsidiary, Batavia Ltd
("Batavia"), holding all of the Group's South African assets,
including the Moonlight iron ore project in Limpopo Province,
northern South Africa (the "Moonlight Project"), to NPSPL Africa
Holdings Limited and its BEE partner, Ngwenya Capital (Pty) Limited
(together, the "Purchasers").
-- The sale of Batavia, for nominal consideration, terminated
the group's exposure to the significant ongoing costs and
commitments associated with maintaining the Moonlight Project.
Corporate
-- Capital raising of GBP225,521 gross through the placement of
322,173,789 new ordinary shares of no par value each in the capital
of the Company at a price of 0.07 pence per new ordinary share to
pursue the Toral lead-zinc project's exploration programme.
-- Cash balance at the end of the quarter: A$504,041
Post Quarter End
Toral lead-zinc project, Spain
-- 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 halted.
-- The results from the ongoing assays will be analysed once
received, entered into the revised structural model for Toral and
announced accordingly.
-- Significant data set and analytics relating to the historic
NI43-101 resources report now recovered from Micon International
Ltd ("Micon").
-- 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 shallower 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.
Moonlight Iron Ore Project, South Africa
-- Orderly hand-over process of all of the Group's operations
and licences associated with the Moonlight Project underway.
Justin Tooth, Executive Chairman of FCR, today commented:
"The last quarter and subsequent month have seen FCR complete
its near-surface, lead-zinc exploration drill campaign at Toral in
Spain and dispose and cease its exposure to its South Africa
assets, including the Moonlight Project.
"The objective for our initial drill programme at Toral was to
confirm our new geological model by establishing the presence of
lead-zinc mineralisation near surface, and the existence of
multiple planes of mineralisation rather than just a single
mineralised zone at depth as previously established by prior owners
of the asset.
"From visual inspection, the recovered core from every one of
the six holes drilled contained apparently mineralised
intersections of varying widths. Accordingly, we decided to call an
end to this initial drilling campaign while our geological team
assesses the results and relates them to the data set received from
Micon, and to the core we hold from the historic Lundin drill
programme. The core samples are now being prepared and sent to the
ALS Global laboratory in Seville for assay and analysis.
"It is probable that in light of our drill programme we shall
also choose to sample and assay certain sections of the historic
core in order to ratify our findings, as that core was never
assayed for shallow mineralisation because there was a different
geological model under consideration at that time.
"We now look forward to receiving those assay results which are
currently anticipated within the next 6 weeks. We will make a
comprehensive announcement of the results from this campaign as
soon as practicable.
"Incorporating all this new data into our geological model at
Toral is our current priority so that we can model the latest drill
campaign's results alongside the significant historic data in order
to enhance our understanding and to focus our exploration
activities for the maximum of benefit. We aim to develop the thrust
model at Toral rapidly and continue to build a better understanding
of the project's resource and economics.
"Lastly, the divestment of our South African assets is leading
to a significant reduction in ongoing costs with our attention now
focused on progressing our promising Spanish lead-zinc
projects."
Exploration Interests
The following listing of tenements held is provided in
accordance with ASX Listing Rule 5.3 for the quarter ended 30 June
2017:
Project Location Right Number Right Status Holder Percentage
Interest
--------- ------------------- ---------------- --------------- ---------- -----------
León GoldQuest
Province, Investigation Iberica,
Toral Spain 15.199 Permit S.L. 100%
Exploration
Permit in
Lago II 6.056 progress
Investigation GoldQuest
Galicia Province, Permit in Iberica,
Lago Spain Lago III 6.058 progress S.L. 100%
As at 30 June 2017, the Company has disposed of interests in the
following:
Project Location Right Number Right Status Holder Percentage
Interest
----------- --------------- ---------------------- -------------------- ------------ -----------
Limpopo Ferrum
Province, 30/5/1/2/2/201 Mining Right Iron Ore
Moonlight South Africa MR Granted (Pty) Ltd 97%
Limpopo Ferrum
Province, Prospecting Iron Ore
Moonlight South Africa LP30/6/1/1/2/11868PR Right Application (Pty) Ltd 97%
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 5052
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.
APPENDIX 5B:
http://www.rns-pdf.londonstockexchange.com/rns/5375M_-2017-7-31.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
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