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Aeromagnetic mineral resource survey
FERRUM CRESCENT LIMITED
(Previously Washington Resources Limited)
(Incorporated and registered in Australia and registered as an external company in the Republic of South Africa)
(Registration number A.C.N. 097 532 137)
(External company registration number 2011/116305/10)
Share code on the ASX: FCR
Share code on AIM: FCR
Share code on the JSE: FCR ISIN: AU000000FCR2
(“Ferrum Crescent” or the “Company”)
Aeromagnetic Survey
- Interpretation of the results of a high resolution airborne magnetic survey at Moonlight has
further increased the Group’s confidence in the geological interpretation of the Moonlight
Deposit
- The survey covered the area of the Group’s New Order Mining Right at Moonlight (which
covers the farms Moonlight, Julietta and Gouda Fontein)
- A report on this survey was prepared by Mineral Corporation Consultancy (Pty) Ltd and its
associates
- This report highlighted several magnetic targets, including targets that indicate the strong
possibility of an extension of the iron ore mineralisation within Moonlight Farm itself and a
target on Julietta Farm outside of the area previously planned to be drilled
Ferrum Crescent Limited, the ASX, AIM and JSE quoted iron ore developer in Limpopo Province,
South Africa, today announces that it has received from Mineral Corporation Consultancy (Pty) Ltd of
South Africa (“The Mineral Corporation”) a detailed report on the high resolution aeromagnetic
survey conducted earlier in the year at and around the Company’s Moonlight Iron Ore Deposit in
Limpopo Province, South Africa. The Mineral Corporation, which carried out the most recent
Mineral Resource estimate at Moonlight, was engaged to provide interpretation of the geophysical
data generated through the survey.
The current Moonlight Mineral Resource as estimated by The Mineral Corporation consists of 307.8
Mt at 26.9% Fe, including 172.1 Mt at 25.3% in the Inferred category, 83.0 Mt at 27.4% in the
Indicated category and 52.6 Mt at 31.3% in the Measured category. The Group has been granted a
New Order Mining Right in respect of the Moonlight Iron Ore Deposit, and this right covers the farms
Moonlight, Julietta and Gouda Fontein.
Commenting on the results of the survey as set out in the report, Mr Vernon Harvey, the Company’s
Chief Operating Officer, stated that “The geophysics results have improved the confidence in the
geological model at Moonlight. Accordingly, we are even more convinced that we will be able to add
substantially to the magnetite resources at the Project and support a very long mine life,” he added.
The Report
The Mineral Corporation and its associates have quality controlled the raw geophysical data,
extracted and processed geophysical results from the data, provided a geological interpretation of
the results, integrated these with the existing geological modelling and analysed the implication of
these results for future exploration targets.
The magnetite-bearing quartzite, which comprises the Moonlight Deposit, provides high intensity
magnetic anomalies that have permitted a detailed interpretation.
With regard to the current Mineral Resource area on Moonlight Farm, The Mineral Corporation is of
the view that the geophysical results do not identify any significant inconsistencies in the existing
structural interpretation, which informs the current Mineral Resource estimate. The geophysical
results and interpretation support the existing structural interpretation with respect to the major
interpreted fault orientations and with respect to Zone A, Zone B and Zone C West. The geophysical
results suggest that the interpreted western extent of Zone C East and the sparsely drilled Zone D
warrant review and further exploration to test the potential for additional mineralised zones. The
Mineral Corporation concludes that these results have identified targets on Moonlight Farm which
could represent potential upside for the current Mineral Resources at a modest exploration cost.
The geophysical data interpretation on the adjacent Julietta Farm and Gouda Fontein Farm confirms
and significantly enhances the reconnaissance ground magnetic surveys that were carried out by
Ferrum on these farms, and an important anomaly close to, but outside, the previously planned
exploration drilling area has been identified. The improved understanding of the geology on Julietta
and Gouda Fontein should enable the proposed exploration drilling plans on these farms to be
substantially optimised.
For further information, please visit www.ferrumcrescent.com or contact:
Australia and Company enquiries: UK enquiries:
Ferrum Crescent Limited Ocean Equities Limited (Broker)
Guy Wilkes T: +44 (0) 20 7786 4370
Ed Nealon T: +61 8 9380 9653
Executive Chairman RFC Ambrian Limited (Nominated Adviser)
Richard Morrison T: +44 (0) 20 3440 6800
Bob Hair T: +61 414 926 302 Jen Boorer T: +44 (0) 20 3440 6800
Managing Director
Newgate Threadneedle (Financial PR)
Graham Herring/Beth Harris T: +44 (0) 20 7653 9850
South Africa enquiries: Sasfin Capital
Leonard Eiser T: +27 11 809 7500
Competent Persons’ Statement:
The information that relates to Exploration Results and Mineral Resources in the report of which this statement
is a summary, is based on information compiled by Stewart Nupen, who is registered with the South African
Council for Natural Scientific Professionals (Reg. No. 400174/07) and is a member of the Geological Society of
South Africa. Mr. Nupen is employed by The Mineral Corporation, which provides technical advisory services to
the mining and minerals industry. Mr. Nupen has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as
a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting Exploration Results,
Mineral Resources and Ore Reserves’ and as defined in the June 2009 Edition of the AIM Note for Mining and
Oil and Gas Companies. Mr. Nupen consents to the inclusion in this statement of the matters based on his
information in the form and context in which it appears.
Johannesburg
26 September 2012
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
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