Wrap Text
Update regarding preparation of Toral lead-zinc JORC compliant resource estimate
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
12 December 2017
Ferrum Crescent Limited
(“FCR”, the “Company” or the “Group”)(ASX, AIM, JSE: FCR)
Update re Preparation of Toral Lead-Zinc JORC Compliant
Resource Estimate
FCR, the European lead-zinc explorer, is pleased to provide an update on the Company’s work-
programme in respect of a JORC (2012) compliant resource estimate for its Toral lead-zinc and
associated metals project located in the Province of Léon, Spain.
Geological Model
The requisite site visit by Addison Mining Services Limited (“AMS”) has now been successfully
completed. Data location checks, data collection and analytical review procedures, including check
sampling for the purpose of verification and validation of the project’s database for use in JORC
2012 compliant modelling and estimation, has also been completed, whilst quality control data
assessment and check sample analytical results are currently pending.
As part of its site audit, AMS conducted review, observation and discussion on geological setting,
structural architecture and controls on mineralisation. Work is currently underway on the
development of a new deposit model, based upon our current views on controls and mechanisms of
mineral deposition incorporating the identification and interpretation of thrust repeat and parallel
mineralised zone development.
This new deposit model will bring together data from two historic third party drill campaigns,
underground channel sampling from the numerous adits and the results from the Company’s
diamond drill campaign completed earlier this year. As a result of this necessary and comprehensive
additional work, the JORC 2012 resource estimate is now expected to be received in early 2018.
Data Verification
Following the review of mineralised intersections and associated multi-element data, and the
previous 2013 NI43-101 resource model at Toral, the presence of precious metals has been
identified as being part of the mineralised system, typical of a carbonate hosted, structurally
controlled Pb-Zn deposit of this nature. Silver grades have been historically recorded but to date
have not been verified through normal Quality Assurance/Quality Control procedures. Accordingly,
the Company, in association with AMS, is now undertaking further data verification and analysis in
order to verify the silver (Ag) grades present within the Toral system. A further update will be provided
once this additional work has been concluded. It is currently the intention of FCR to incorporate the
silver data sets into the JORC (2012) resource estimate following agreement with AMS. If the silver
data can be verified and is of sufficient certainty to be reported on under JORC (2012), then the
resource will be expanded and remodelled with completion still expected in early 2018.
Commenting today, Myles Campion, Executive Director, said:
“The work currently underway on the JORC 2012 resource estimate for our Toral Project is
progressing well across a large historical data set. We are developing our understanding of the
geology at Toral by bringing together all the information for the first time into a 3D model. This will
provide us with a sound knowledge platform to build on, add to and interrogate, as new information
becomes available.
“The identification of silver as a possible credit element is very exciting, but under JORC guidelines
this needs to be properly verified and if we can ultimately include this in our new JORC resource
estimate for Toral then we will clearly do so. ”
Competent person's statement
The exploration results and activity reported in this announcement have been reviewed by Mr Juki
Laurikko who is a Member of the European Federation of Geologists and Mr James Hogg who is a
Member of the Australasian Institute of Mining and Metallurgy/Australian Institute of Geoscientists.
Both organisations are a Recognised Professional Organisation for the purposes of the 2012 JORC
Code.
Mr Laurikko/Hogg have sufficient experience that is relevant to the style of mineralisation and type
of deposit under consideration and to the activity being undertaken to qualify as a Competent Person
as defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (the JORC Code) 2012, and Qualified Person as defined in the AIM Note for Mining
and Oil & Gas Companies dated June 2009. Mr Laurikko and Mr Hogg consent to the inclusion in
this announcement of the matters based on his information in the form and context in which it
appears.
For further information on the Company, please visit www.fcrexploration.com or www.ferrumcrescent.com or
contact:
Ferrum Crescent Limited
Grant Button, Chairman (Australia)
T: +61 8 9474 2995
Laurence Read, Executive Director (UK)
T: + 44 (0)20 3289 9923
Strand Hanson Limited (Nominated Adviser)
Rory Murphy / Matthew Chandler
T: +44 (0)20 7409 3494
Peterhouse Corporate Finance Limited (Broker)
Lucy Williams / Duncan Vasey / Heena Karani
T: +44 (0)20 7469 0930
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.
Date: 12/12/2017 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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