Ferrum Crescent Ltd Toral Lead-Zinc JORC Compliant Resource Update (0582Z)
December 12 2017 - 2:00AM
UK Regulatory
TIDMFCR
RNS Number : 0582Z
Ferrum Crescent Ltd
12 December 2017
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDQLLBFDLFBFBX
(END) Dow Jones Newswires
December 12, 2017 02:00 ET (07:00 GMT)
Europa Metals (LSE:EUZ)
Historical Stock Chart
From Apr 2024 to May 2024
Europa Metals (LSE:EUZ)
Historical Stock Chart
From May 2023 to May 2024