Ferrum Crescent Ltd (ASX, AIM, JSE: FCR) Lead-Zinc Drill Programme Assay Results

Lead-Zinc Drill Programme Assay Results – Toral Project, Spain

FCR, the lead-zinc exploration company, is pleased to announce the assay results from its recent 6 hole – 1,046.9 metres exploration drill programme at its wholly owned Toral Project, located in the province of Leόn, Spain, which has returned a series of high-grade lead-zinc intersections.

The drilling campaign was designed to determine the presence of lead-zinc in an area that is approximately three hundred metres above the deep Toral Deposit, which was historically explored by third parties, and which is the subject of a foreign estimate for the purpose of the ASX Listing Rules, comprising an NI 43-101 compliant Indicated foreign mineral resource estimate (further details of which were set out in the Company’s announcement of 10 November 2016).

These new drilling results confirm lead-zinc intersections in all six holes, as previously reported from visual inspection in the Company’s announcement of 28 July 2017, with significant high grade lead-zinc intersections in three of the six holes.

Highlights

·   All of the 1,046.9m drilled occurred within 200 metres of the surface.

·   Intersection of lead-zinc anomalies in all six drill holes.

·   Key intersections encountered (all widths given along the core):

o    Hole TOR17009 1 metre grading at 1.22%Pb, 9.77%Zn (10.99% combined Pb/Zn);

o    Hole TOR17012 3 metres grading at 0.64%Pb, 6.46%Zn (7.10% combined Pb/Zn);

o    Hole TOR17012 1 metre grading at 0.67%Pb, 16.10%Zn (16.77% combined Pb/Zn);

o    Hole TOR17013 1 metre grading at 6.51%Pb, 6.50%Zn (13.01% combined Pb/Zn); and

o    Hole TOR17013 3 metres grading at 6.03%Pb, 5.49%Zn (11.52% combined Pb/Zn).

Intended further exploration activities

·   Incorporate all of the new assay data into the Company’s geological model so as to integrate the lead-zinc mineralisation found towards the surface of the deposit.

·   Develop and execute the second phase drilling campaign to corroborate the high grade lead-zinc results from historic drilling.

·   Aim to define a JORC (2012) compliant resource estimate based on the updated, revised geological model combined with the 44 kilometres of historic drilling performed by third parties, for relatively limited expenditure.

Drilling Programme

·   As reported in the Company’s announcement of 28 July 2017, a drilling campaign of six holes drilled across various elevations was recently conducted at the Toral Project. A total of 1,046.9 metres was drilled.

·   Refer to Appendix A for further information.

Drilling results

·   Drillholes labelled TOR17009, 17012 and 17013 returned the highest assay results. The significant intercepts are set out in Appendix B. 

·   Drillholes labelled TOR17008, 17010 and 17011 also intersected lead-zinc but no significant grades (above 5% combined) were detected.

·   Refer to Appendix B for further information (note that all measurements are given along the core).

Justin Tooth, Executive Chairman of FCR, said:

These assay results, showing high-grade ore intersections of combined lead-zinc including grades above 10% within 200 metres of surface, are a most positive outcome for the Company. The assays significantly add to our earlier modelling on Toral by identifying lead-zinc mineralisation in a near-surface zone that is approximately three hundred metres above the historically explored Toral Deposit. 

The Toral Deposit is the subject of a foreign estimate for the purpose of the ASX Listing Rules, comprising an NI 43-101 compliant Indicated foreign mineral resource, details of which were set out in the Company’s announcement of 10 November 2016.  Our initial objective was to determine the presence of lead-zinc towards the surface in order to progress our new geological model; however, these strong results may open up other avenues for the project’s development.  The highest grade intersections (shown in the drilling results set out in Appendix B) of up to 16.1% zinc and up to 18.4% combined lead-zinc are highly supportive of our exploration programme

“FCR will now utilise these latest results and the extensive database from the 44 kilometres of historic drilling in order to enhance its understanding of the geology of the Toral Project and refine its intended further exploration activities.  This should enable the Company to work towards defining a JORC 2012 compliant resource estimate, in order to ascertain and evaluate the real potential for future mining at Toral, against the current backdrop of a strong zinc market.”

Competent person’s statement

The information in this announcement that relates to Exploration Results is based on information compiled by Mr Juki Laurikko who is a Member of the European Federation of Geologists which is a Recognised Professional Organisation for the purposes of the 2012 JORC Code. Mr Laurikko is a Technical Consultant to the Company, and 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Laurikko consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear. Mr Laurikko has also reviewed and approved the technical information in his capacity as a qualified person under the AIM Rules.


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