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Drilling Contract Signed for Toral Lead-Zinc Project, Spain
FERRUM CRESCENT 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
Australian ISIN: AU000000WRL8
South African ISIN: AU000000FCR2
13 April 2017
Ferrum Crescent Limited
(“Ferrum Crescent”, the “Company”, “FCR” or the “Group”)(ASX, AIM, JSE: FCR)
Drilling Contract Signed for Toral Lead-Zinc Project, Spain
Ferrum Crescent, the ASX, AIM and JSE quoted metals developer, is pleased to announce the signing of a
drilling contract for its Toral lead-zinc project, Spain (the “Toral Project”). The planned drill programme will
further test mineralisation down to a potential vertical depth of 150m from surface in a series of angled holes
up to 250m long. Preparation of the drill sites is already underway and mobilisation of the rig to site is
anticipated to occur this month.
Access to all of the drill platforms is via existing roads and tracks. The diamond drilling contract is for a
minimum of 1,400m and a maximum of 2,100m and is expected to take up to three months to complete. The
drill cost is EUR80 per metre.
The Company is now implementing its planned Phase 1 drill programme at the Toral Project designed to
intersect mineralising features at a series of shallow targets which are untested to date. A two kilometre soil
geochemistry anomaly at this depth will be targeted in three separate areas. Each of these three zones
contains a variety of mineralising styles that will be tested down to depths of approximately 100m below
surface. The refined programme has been designed with an expected nine firm hole locations, with an
average hole length of 155m for a minimum total to be drilled of 1,400m. Five holes are planned for Zone 1,
one 250m hole for Zone 2 (which crosses several separate targets) and three holes for Zone 3. The
remaining 700m will be distributed on a discretionary basis during the drilling programme and may be used
to test continuity at depths down to 150m below surface.
The drilling contractor for Phase 1, Sondeos y Perforaciones Industriales de Bierzo SA (“SPI”), is based near
Toral and is a fully equipped manufacturer of rigs and ancilliary equipment, including drill bits. In 2007, SPI
conducted the last known drill campaign at Toral, completing a programme of 4,524m. This included a final
deep hole of 1,285m, proving the capability of SPI’s rigs. As reported on 10 November 2016, during that
historic 2007 programme conducted for Lundin Mining S.L., mineralisation was intersected at depths of
c.712m below surface in hole TOR07001 (including a 0.5m interval grading at 13.95% Zn, 6.6% Pb) and
c.927m below surface in hole TOR07006 (including a 0.9m interval at 3.4% Zn, 1.6% Pb), demonstrating that
mineralisation exists at depth.
Work completed to date by Ferrum Crescent has recently identified mineralisation in multiple sub-vertical,
sub-parallel planes and also mineralisation associated with crosscutting faults. In addition, several different
styles of mineralisation have been identified, complementing data from the channel samples and soil
geochemistry reported on 23 February 2017.
Commenting today Justin Tooth, Executive Chairman of Ferrum Crescent, said:
“We are pleased to be on the cusp of commencing FCR’s first drilling campaign for lead-zinc in Spain. The
drilling contractor is well-established locally and has previously drilled at Toral, which is a great advantage
for this planned campaign. This shallow drilling programme at Toral is targeting new mineralisation at surface
to add to the known lead-zinc intersections at depth. Our objective is to define the presence of lead-zinc
near to surface similar to the nearby Antonina and Rubiales projects where mineralisation has been mined in
the top 200m.
“The drill programme marks the start of a new phase of work following our extensive groundwork between
November and March. The additional information that we gain from this drill campaign will be an important
step in linking the known mineralisation at depth with mineralisation in the upper portions of the Toral hill. We
would expect successful campaign results to lead to a Phase II drilling programme. Thereafter FCR would
look to progress towards delineating a lead-zinc deposit in this politically stable region, as outlined in our
strategic review some twelve months ago. I look forward to providing 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.
Date: 13/04/2017 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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