We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ferrum Crescent | LSE:FCR | London | Ordinary Share | AU000000FCR2 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0725 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMFCR
RNS Number : 5811X
Ferrum Crescent Ltd
23 February 2017
23rd February 2017
Ferrum Crescent Limited
("Ferrum Crescent", the "Company" or the "Group")(ASX, AIM, JSE: FCR)
Encouraging Exploration Results and Phase 1 Drill Programme, Toral Project, Spain
Ferrum Crescent, the ASX, AIM and JSE quoted metals developer, is pleased to announce the results from its internal soil geochemistry and channel sampling at the Toral project, Spain (the "Toral Project"). Detailed mapping, sampling and remodelling work carried out over the last three months has yielded positive zinc results. The Company also announces a limited, shallow diamond drilling programme to target mineralised zones within 200 metres of the surface, which is expected to commence in Q2 2017.
Highlights:
-- Results from 575 soil samples, 108 rock chip samples, 23 channel samples -- Channel sampling identifies various mineralisation styles near surface, including:
o 0.9m @ 10.5% Zn & 2.5% Pb average achieved on main structure within Adit 49
o 1.2% Cu, 6.5% Zn & 13.5% Pb returned from a 1.2m channel sample in Adit 54
-- Soil sampling identifies distinct, continuous zinc--in--soil 2 kilometre anomaly, approximately 150 metres wide, including peak zinc--in--soil values of 1.4% zinc
-- New mineralising styles identified, associated with:
o Shear-related structural repetition and multiple structures sub-parallel to the main shear
o Cross-cutting faults associated with soil anomalies and sulphide mineralisation
o Various zones of alteration associated with soil anomalies, including dolomitisation, calcitic and chloritic alteration and zones of hydrothermal brecciation
-- 13 hole drill programme plan generated to intersect shallow untested targets within main anomalous area
Merlin Marr-Johnson, Ferrum Crescent's Senior Project Manager, commented:
"These exploration results prompt a fresh view of the Toral Project. We have identified mineralisation in multiple sub-vertical, sub-parallel planes and mineralisation associated with cross-cutting faults, as well as several different styles of mineralisation. In addition, the channel samples show good grades at surface and the soil anomalies are continuous and high tenor. We have designed a compact Phase 1 drill programme at Toral, to intersect shallow targets that are largely untested to date."
Justin Tooth, Executive Chairman of Ferrum Crescent, commented:
"We have now undertaken a thorough review of the project and have tested certain assumptions we have held on the project, allowing us to move ahead with a planned drilling programme. The drilling campaign will be a major step forward in ascertaining the potential for Toral to support a near-surface lead-zinc mining operation."
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 (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.
Work Programme Report
Introduction
Ferrum Crescent's wholly owned Toral zinc-lead-silver permit is located near Ponferrada in the west of the province of León, Autonomous Community of Castile and León, Spain, approximately 400 kilometres northwest of Madrid. The recent work undertaken by the Company has concentrated on the prospective area located vertically above the deep Toral Deposit within the same licence, 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 of 4.04 Mt at 11.8 Pb + Zn (%) and Inferred foreign mineral resource estimate of 4.67 Mt at 9.8 Pb+ Zn (%) (details of which are set out in the Company's announcement of 10 November 2016).
Recent work confirms areas of zinc--in--soil anomalism along 2 kilometres of strike extension at the Toral Project, with an average width of around 150 metres. Topographic survey completed with a high specification GPS enabled accurate positioning of old workings (adits), identifying sub-parallel zones of mineralisation. Underground channel sampling identified high grade mineralisation close to surface.
2016 / 2017 Work Programme
A work programme was designed for the Toral Project with the goal of establishing the presence of mineralisation at surface and then defining the most prospective areas of mineralisation on which to plan a targeted drill campaign. To this end, in-fill soil geochemistry sampling, rock chip sampling, and channel sampling were carried out, as well as detailed mapping. In total, recent work comprised 575 soil samples, 108 rock chip samples and 23 channel samples.
Soil and Rock Sampling Program
The soil survey was an in-fill survey, adding detail to a prior geochemical survey of 2,686 samples carried out in 2011 and 2012 on 100 metre spaced lines and 25 metre spaced samples. The in-fill survey has resulted in 25 metre spaced lines and 25 metre spaced samples, over an extension of 2,000 metres and a width of approximately 200 metres. The sampling was designed to add detail to existing anomalies and extend the survey grid where previous surveys did not reach background values.
Soil samples were collected in the field as 200 grams of minus 2 millimetre sieved soils, and were sampled from a depth of 25 to 30 centimetres. Rock chip samples were taken when soils were poorly developed or for specific mineralogical investigation.
Samples were pulverised and prepared at ALS Chemex in Spain, before being sent and assayed for multi-element analysis using ME ICP 41 (35 element) analysis at ALS Chemex in Ireland. Samples with over 1% of mineralisation were reassayed using ME OG46.
The location of Soil samples is shown in Figure 1 and Rock Chip samples are shown in Figure 2.
Figure 1: Soil sampling locations, 2016-2017 (blue) and pre-existing samples (white)
Link to full announcement with graphics
http://www.rns-pdf.londonstockexchange.com/rns/5811X_1-2017-2-22.pdf
Source: Ferrum Crescent
Figure 2: Rock chip sampling locations, 2016-2017 and historical locations
Link to full announcement with graphics
http://www.rns-pdf.londonstockexchange.com/rns/5811X_1-2017-2-22.pdf
Source: Ferrum Crescent
Figure 3a: Zinc in soil values, all locations
Link to full announcement with graphics
http://www.rns-pdf.londonstockexchange.com/rns/5811X_1-2017-2-22.pdf
Figure 3b: Lead in soil values, all locations
Link to full announcement with graphics
http://www.rns-pdf.londonstockexchange.com/rns/5811X_1-2017-2-22.pdf
Source: Ferrum Crescent
Zinc values from the soil survey are shown in Figure 3a and lead values shown in Figure 3b. Pink dots are above 924ppm zinc in Figure 3a and above 482ppm lead in Figure 3b.
The soil sampling programme identified an anomalous zone of approximately 2 kilometres long and an average of 150 metres wide. The anomaly is not of uniform thickness, pinching and swelling along its length, reaching 100 metres at its narrowest point, and regularly up to 200 metres wide. Geological mapping supports the interpretation that cross-cutting structures and associated dolomitisation or silicification of the limestone, or quartz-vein development, or a combination of the above coincide with the broadest and most intense anomalous zones.
Some of the soil anomalies remain open across strike and a limited continuation of the programme will be carried out to close off these anomalous areas. A summary of the lead and zinc in soil results for recent work carried out at the Toral Project are described in Appendix 1. Further information on the sampling methodology in according with the JORC (2012) code can be found in Appendix 2.
Channel Sampling Program
During November and December 2016, Ferrum Crescent mapped the location of a number of old adits and where access was possible entered, mapped, and took samples. The aim of the channel sampling was to identify the presence of mineralised material in a near-surface setting. With a rock saw, the Company cut a total of 15.75 metres of channel samples and separated into 23 samples defined by geological features. The methodology was to make two parallel cuts approximately 3 centimetres apart and then chiselled out to a depth of approximately 2 centimetres perpendicular to the mineralised structure. Polythene sheets were laid below the work face, and separate samples bagged up. Channel samples in Adit 49 were taken in three main areas: the mineralised zone, a fault zone and a sterile zone beyond the fault zone.
Figure 4: Location of Adits and Old Workings
Link to full announcement with graphics
http://www.rns-pdf.londonstockexchange.com/rns/5811X_1-2017-2-22.pdf
Source: Ferrum Crescent
Channel samples were mostly taken from Adit 49. This working is excavated on a silicified shear within limestone, located close to a slate unit. Mineralisation is typical of 'Rubiales' style ore, with coarse-grained galena and sphalerite banded parallel to structure. The adit has been stoped out to a maximum width of 5 metres, although the structure pinches locally to a width of less than 1 metre. Care was taken to ensure sampling was done across structure (Figure 5).
Figure 5: Plan of Adit 49 and sample locations
Link to full announcement with graphics
http://www.rns-pdf.londonstockexchange.com/rns/5811X_1-2017-2-22.pdf
Source: Ferrum Crescent
Samples 1-12 were taken in the sterile zone to check for potential fine-grained mineralisation. Samples 14, 15 and 16 were taken in the fault zone, and the results demonstrate that cross-cutting faults also carry lead-zinc mineralisation. Samples 13, 17-21 were taken in the main mineralised zone. Within this main zone, samples 18 and 19 are two sections of the same mineralised face, giving combined sample width of 1.45 metres.
The average grade of the mineralised portion of the shear accessible for sampling and perpendicular to structure is 10.5% Zn and 2.5% Pb, with an average thickness of 0.9 metres. The fault zone averaged 2.8% Zn and 1.9% Pb. In the sterile zone the highest assay results were 1.1% Zn in one sample, and 0.4% lead in a second. All assay results are presented in the tables below, and the sample locations shown in Figure 5, Plan of Adit 49.
Table 1: Channel sample results from sterile zone (Samples 1-12)
Hot Features
Premium
Length Cu Pb Zn Ag
Trench_ID Sample_N From To (m) % % % ppm Comment
----------- ---------- ----- ----- ------- ----- ----- ----- -----
Sterile
LM49_A LM49_11 0.00 1.02 1.02 0.00 0.00 0.01 0 zone
----------- ---------- ----- ----- ------- ----- ----- ----- ----- --------
Sterile
LM49_10 1.02 1.57 0.55 0.01 0.00 0.01 0 zone
---------------------- ----- ----- ------- ----- ----- ----- ----- --------
Sterile
LM49_9 1.57 2.03 0.46 0.01 0.00 0.01 0 zone
---------------------- ----- ----- ------- ----- ----- ----- ----- --------
Sterile
LM49_8 2.03 2.43 0.40 0.00 0.00 0.01 0 zone
---------------------- ----- ----- ------- ----- ----- ----- ----- --------
Sterile
LM49_7 2.43 2.95 0.52 0.00 0.01 0.01 0 zone
---------------------- ----- ----- ------- ----- ----- ----- ----- --------
Sterile
LM49_1 2.95 3.92 0.97 0.00 0.01 0.01 0 zone
---------------------- ----- ----- ------- ----- ----- ----- ----- --------
Sterile
LM49_2 3.92 4.32 0.40 0.00 0.08 0.00 1 zone
---------------------- ----- ----- ------- ----- ----- ----- ----- --------
Sterile
LM49_3 4.32 4.95 0.63 0.01 0.04 0.03 1 zone
---------------------- ----- ----- ------- ----- ----- ----- ----- --------
Sterile
LM49_B LM49_4 0.00 0.63 0.63 0.04 0.40 0.04 2 zone
----------- ---------- ----- ----- ------- ----- ----- ----- ----- --------
Sterile
LM49_5 0.63 1.15 0.52 0.03 0.34 0.05 2 zone
---------------------- ----- ----- ------- ----- ----- ----- ----- --------
Sterile
LM49_12 LM49_12 0.00 1.25 1.25 0.02 0.17 0.12 2 zone
----------- ---------- ----- ----- ------- ----- ----- ----- ----- --------
Sterile
LM49_6 LM49_6 0.00 0.25 0.25 0.01 0.09 0.07 1 zone
----------- ---------- ----- ----- ------- ----- ----- ----- ----- --------
Table 2: Channel sample results from fault zone (samples 14-16)
Trench_ID From To Length Cu Pb Zn Ag Comment
m) % % % ppm
----------- ----- ----- ------- ----- ----- ----- ----- --------
Fault
LM49_14 0.00 0.55 0.55 0.04 1.15 2.03 9 zone
----------- ----- ----- ------- ----- ----- ----- ----- --------
Fault
LM49_15 0.00 0.68 0.68 0.08 1.85 1.44 15 zone
----------- ----- ----- ------- ----- ----- ----- ----- --------
Fault
LM49_16 0.00 0.90 0.90 0.05 2.65 4.96 20 zone
----------- ----- ----- ------- ----- ----- ----- ----- --------
Table 3: Channel sample results from main zone (samples 13 and 17-21)
Trench_ID From To Length Cu Pb Zn Ag Comment
(m) % % % ppm
----------- ----- ----- ------- ----- ----- ------ ----- ----------
LM49_17 0.00 0.84 0.84 0.58 0.23 0.27 24 Main Zone
----------- ----- ----- ------- ----- ----- ------ ----- ----------
LM49_13 0.00 0.86 0.84 0.20 3.75 23.40 24 Main Zone
----------- ----- ----- ------- ----- ----- ------ ----- ----------
LM49_18 0.00 0.85 0.85 0.08 3.17 2.75 24 Main Zone
----------- ----- ----- ------- ----- ----- ------ ----- ----------
LM49_19 0.00 0.60 0.60 0.10 4.69 16.80 39 Main Zone
----------- ----- ----- ------- ----- ----- ------ ----- ----------
Combined
18 & 19 1.45 0.09 3.93 9.78 31 Combined
----------- ----- ----- ------- ----- ----- ------ ----- ----------
LM49_20 0.00 0.46 0.46 0.06 1.86 9.87 20 Main Zone
----------- ----- ----- ------- ----- ----- ------ ----- ----------
LM49_21 0.00 0.80 0.80 0.10 2.75 9.33 23 Main Zone
----------- ----- ----- ------- ----- ----- ------ ----- ----------
Average 0.88 0.21 2.50 10.53 25
----------- ----- ----- ------- ----- ----- ------ ----- ----------
Two additional channel samples were taken, from Adit 54. Sample LM54_23 from Adit 53 is from an area exhibiting a previously undocumented mineralising style. The rock is comprised of a hydrothermal breccia, with strong chloritic and calcite alteration. The channel sample is 1.17 metres in length and returned grades of 195ppm Ag, 1.16% Cu, 6.48% Zn and 13.45% Pb.
Table 4: Channel sample results from Adit 54 (Samples 22 and 23)
Trench_ID From To Length Cu Pb Zn Ag Comment
(m) % % % ppm
----------- ----- ----- ------- ----- ------ ----- ----- ----------
LM54_22 0.00 0.44 0.44 0.03 0.50 0.40 1 Main Zone
----------- ----- ----- ------- ----- ------ ----- ----- ----------
LM54_23 0.00 1.17 1.17 1.16 13.45 6.48 195 Main Zone
----------- ----- ----- ------- ----- ------ ----- ----- ----------
Work Programme Summary
The Board believes that the observations and results of work programme carried out by Ferrum Crescent from October 2016 to January 2017, suggest the following:
-- Measurable and anomalous mineralisation extends for at least two kilometres at the Toral Project
-- More than one mineralising horizon has been identified -- More than one mineralising style has been identified
-- There is a structural control on the emplacement, thickness and paragenesis of the mineralisation
-- Transverse and cross-cutting faults may act as controlling factors on mineralising fluids
2017 Drill Plan
Following receipt and interpretation of the positive mapping and sampling results, Ferrum Crescent has drawn up a drill plan comprising thirteen holes off twelve drill platforms, totalling 1,600 metres to 1,800 metres of diamond drilling. The primary drill targets are zones of co-incident anomalies combining soil geochemistry, rock alteration, visible mineralisation at surface or underground, and structurally favourable zones.
Using a GIS (geographic information system), Ferrum Crescent has compiled all the various data streams into a three dimensional model. The proposed 2017 drilling campaign has been based on the new understanding of the Toral Project and identification of new target zones. Figure 6 shows the location of the proposed drill platforms. Drillholes are designed to intersect multiple zones of mineralisation at depths from 50 metres to 200 metres below surface. In order to facilitate access, all drill platforms are located on existing tracks and roads.
Figure 6: Locations of proposed drill platforms
Link to full announcement with graphics
http://www.rns-pdf.londonstockexchange.com/rns/5811X_1-2017-2-22.pdf
Source: Ferrum Crescent
Competent Persons Statement
The information in this report 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 he 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 the report of the matters based on his information in the form and context in which it appears. Juki Laurikko has also reviewed and approved the technical information in his capacity as a qualified person under the AIM Rules.
APPIX 1: Soil, Rock and Channel Sample Descriptions
Anomaly Anomaly Trending No Zn Pb ppm Comments
Size of ppm range
Samples range
---------- -------- --------- --------- ---------- ---------- --------------------------
Broadly continuous
high tenor NW-SE
anomaly, significant
New width in northern
soil 575 94-14,300 30-11,600 portion, highest
samples 2km NW-SE new (1.4%) (1.2%) grades in SE portion
---------- -------- --------- --------- ---------- ---------- --------------------------
New Sampled at points
rock of poor soil development
chip 6-3,790 4ppm or interest to
samples n/a n/a 108 (0.4%) to 14.2% assist mapping
---------- -------- --------- --------- ---------- ---------- --------------------------
Channel Adit NW-SE 21 47ppm 29ppm 'Rubiales' style
samples 49 to to 4.7% mineralisation.
23.4% High grade in
central portion
(1m), poor wall
rock mineralisation
development
---------- -------- --------- --------- ---------- ---------- --------------------------
Channel Adit NW-SE 1 1.2% 13.5% Distinctive hydrothermal
sample 54 Cu, Pb breccia, associated
6.5% with chlorite,
Zn carbonatisation
and cross-cutting
structures
---------- -------- --------- --------- ---------- ---------- --------------------------
APPIX 2: Table 1 Appendix 5A ASX Listing Rules (JORC Code 2012)
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Sampling
techniques * Nature and quality of sampling (eg cut channels, * Systematic soil sampling was carried out on
random chips, or specific specialised industry pre--defined grids. Infill sampling was generally
standard measurement tools appropriate to the conducted between lines of previous geochemical
minerals under investigation, such as down hole gamma surveys on 25m spaced lines with samples collected at
sondes, or handheld XRF instruments, etc). These 25m intervals, resulting in a 25m x 25m grid over the
examples should not be taken as limiting the broad main zones of interest. Samples were taken from 30cm
meaning of sampling. depth, where 200g of minus 2mm sieved soils were
bagged into zip--lock bags.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any * Rock chip samples were taken when soils were poorly
measurement tools or systems used. developed or for specific mineralogical
investigation.
* Aspects of the determination of mineralisation that
are Material to the Public Report. * The channel samples were taken in underground
workings using a rock saw, making two parallel cuts
approximately 3cm apart to a depth of 2cm
* In cases where 'industry standard' work has been done perpendicular to the mineralised structure. The
this would be relatively simple (eg 'reverse sample was then extracted with a chisel.
circulation drilling was used to obtain 1 m samples
from which 3 kg was pulverised to produce a 30 g
charge for fire assay'). In other cases more * Sampling was supervised by a senior geologist and
explanation may be required, such as where there is conducted by trained field assistants and / or a
coarse gold that has inherent sampling problems. junior geologist. Field logs were maintained
Unusual commodities or mineralisation types (eg recording regolith types, soil colour, slope
submarine nodules) may warrant disclosure of detailed direction, contamination, lithology etc. according to
information. pre--defined sheets and legends.
* Sample locations were recorded using a handheld, high
definition GPS, a GEOMAX Zenith 35 model.
* Sample preparation was done at ALS Chemex in Spain
and assayed by ALS Chemex , Ireland for multi-element
analysis, ME ICP 41 (35 element). Samples with over
1% of mineralisation were reassayed using ME OG46.
* Soil samples were bagged in identical bags with
manufactured demarcated lines. Each sample of minus
2mm soils were filled to a specific height to produce
approximately a 200g of sample.
* Rock chip and Channel samples were bagged in
identical bags. Each sample bag was filled to roughly
the same level, to give a sample weight of
approximately 2kg per sample.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Not applicable - no drilling carried out and no
hammer, rotary air blast, auger, Bangka, sonic, etc) drilling results reported.
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Drill sample
recovery * Method of recording and assessing core and chip * Not applicable - no drilling carried out and no
sample recoveries and results assessed. drilling results reported.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Logging
* Whether core and chip samples have been geologically * Hand written field sampling logs at all sample points
and geotechnically logged to a level of detail to were digitally entered into Excel sheet according to
support appropriate Mineral Resource estimation, a pre-defined template (Ferrum Crescent exploration
mining studies and metallurgical studies. database).
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography. * No Mineral Resource Estimation was carried out during
this work programme.
* The total length and percentage of the relevant
intersections logged.
* Qualitative logging was carried out regarding colour,
grain size, weathering, regolith, lithology,
alteration type and sulphide mineralogy.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Sub-sampling * No sub-samples were taken.
techniques * If core, whether cut or sawn and whether quarter,
and sample half or all core taken.
preparation
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique.
* Quality control procedures adopted for all
sub-sampling stages to maximise representivity of
samples.
* Measures taken to ensure that the sampling is
representative of the in situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Quality of
assay data * The nature, quality and appropriateness of the * Results in this release are from selected samples
and assaying and laboratory procedures used and whether from the soil, rock chip and channel sampling program
laboratory the technique is considered partial or total. ,
tests which is all part of an early stage exploration
evaluation of the Toral project. The aim of the work
* For geophysical tools, spectrometers, handheld XRF programme was to establish the presence of
instruments, etc, the parameters used in determining mineralisation.
the analysis including instrument make and model,
reading times, calibrations factors applied and their
derivation, etc.
* Samples were pulverised and prepared at ALS Chemex in
Spain before being sent and assayed for multi-element
* Nature of quality control procedures adopted (eg analysis using ME ICP 41 (35 element) analysis at ALS
standards, blanks, duplicates, external laboratory Chemex in Ireland. ME-ICP41 is a trace level method
checks) and whether acceptable levels of accuracy (ie by Aqua Regia and is considered an economical tools
lack of bias) and precision have been established. for first pass exploration geochemistry. Data
reported from an aqua regia digestion should be
considered as representing only the leachable portion
of the particular analyte.
* Samples with over 1% of mineralisation were
automatically reassayed using ME OG46 which is a
similar aqua regia analysis calibrated for higher
grades.
* The work methods, sampling procedure and handling of
exploration results have been reviewed by Competent
Person, Juki Laurikko.
* No blanks and standards or external laboratory checks
have been carried out at this stage as the program is
aiming to determine the presence / absence of
mineralisation.
* Ferrum Crescent is reviewing duplicate samples and
standards protocols.
* No external laboratory checks have been carried out
at this stage as the program is aiming to determine
the presence / absence of mineralisation.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Verification
of sampling * The verification of significant intersections by * Juki Laurikko, Competent Person, and Merlin
and assaying either independent or alternative company personnel. Marr-Johnson, Project Manager reviewed sampling
procedure
* The use of twinned holes.
* Primary data was collected using a supplied set of
* Documentation of primary data, data entry procedures, standard digital templates prepared by Ferrum
data verification, data storage (physical and Crescent.
electronic) protocols.
* Discuss any adjustment to assay data. * The field data is compiled, validated, stored and
loaded by Ferrum Crescent
* No adjustment to assay data has been carried out.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Location of
data points * Accuracy and quality of surveys used to locate drill * Sample locations were recorded using a handheld, high
holes (collar and down-hole surveys), trenches, mine definition GPS, GEOMAX Zenith 35. This gives
workings and other locations used in Mineral Resource centimetric accuracy.
estimation.
* Specification of the grid system used. * Co--ordinates are presented in ETRS89 Zone 29.
* Quality and adequacy of topographic control.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Data spacing
and * Data spacing for reporting of Exploration Results. * Data spacing for the geochemistry was controlled by
distribution the pre-existing geochemical dataset and the decision
to carry out infill sampling over 2km.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource * Data spacing for the channel sampling was controlled
and Ore Reserve estimation procedure(s) and by the presence of old adits, and representative
classifications applied. sampling was carried out in these adits.
* Whether sample compositing has been applied. * This is deemed adequate for the goals of establishing
the presence of mineralisation in the target area
* No sample compositing has been applied.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Orientation
of data in * Whether the orientation of sampling achieves unbiased * All samples have been included for transparency.
relation to sampling of possible structures and the extent to
geological which this is known, considering the deposit type.
structure * Only channel samples taken perpendicular to the
structure have been quoted as representing thickness
* If the relationship between the drilling orientation of the structure.
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Sample
security * The measures taken to ensure sample security. * All samples were logged and checked on return from
the field, and samples were stored in secured camp
buildings or area before being dispatched to the
laboratory using a logistics company and managed with
a chain of custody.
------------- ------------------------------------------------------------ -----------------------------------------------------------------------
Audits or
reviews * The results of any audits or reviews of sampling * No audits or reviews have been carried out at this
techniques and data. stage.
============= ============================================================ =======================================================================
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
----------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------------
Mineral tenement and land tenure status
* Type, reference name/number, location and ownership * The Toral zinc-lead permit is located near Ponferrada
including agreements or material issues with third in the west of the province of León, Autonomous
parties such as joint ventures, partnerships, Community of Castile and León, Spain
overriding royalties, native title interests, approximately 400 km northwest of Madrid.
historical sites, wilderness or national park and
environmental settings.
* The project is a licence covering 20 km(2) .
* The security of the tenure held at the time of
reporting along with any known impediments to * There are no known impediments to the licence
obtaining a licence to operate in the area. security.
----------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------------
Exploration done by other parties
* Acknowledgment and appraisal of exploration by other * Between 1975 and 1985, the Adaro/Peñarroya joint
parties. venture carried out exploration on the four separate
licences which now correspond, approximately, to the
Toral permit area. Over a period of nine years, a
topographical survey, geological mapping, a
hydrogeological study and more than 40,000m of
diamond drilling (62 holes and 41 wedges) were
carried out.
* Lundin Mining S.L. (Lundin) acquired the Toral
investigation permit no. 15.199 in 2007 and commenced
exploration in April 2007. Lundin compiled the
information collected by the previous licence holders
including: o a review of the available geological
maps, plans, sections and assays; o surveying old
workings, old drill pads, and drill hole locations;
and, a study of the existing Peñarroya/Adaro
drill holes, description, photography. In addition,
samples of drill core were sent to ALS Chemex in
Canada in order to validate the reliability of the
existing assays and exploration information was
digitised. The results of Lundin's preliminary work
confirmed the mineral potential of the Toral area.
However, it was apparent that the continuity and the
thickness of the mineralisation were insufficiently
detailed. Consequently, an exploration programme was
designed to add information to the data set for a
better understanding of the deposit. In 2007 to 2009,
seven diamond holes for a total of 4,523.7m were
drilled for the purpose of confirming the continuity
of the mineralisation in the San Jose area of the
Toral permit and also to test the possibility of an
extension of the mineralisation in depth (see section
6 below).
* GoldQuest acquired the Toral permit from Lundin
Mining, in January 2010.
* During 2011 and 2012, GoldQuest conducted systematic
geological mapping and soil sampling.
----------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------------
Geology
* Deposit type, geological setting and style of * The Toral permit is located in the West Asturian
mineralisation. Leonese Zone (WALZ), one of the tectonostratigraphic
units in the Variscan (or Hercynian) Orogen of the
north-western portion of the Iberian Peninsula.
Within the WALZ, the permit area is located in the
domain of the Mondoñedo Mantle. The most
significant mineralisation is found in the upper
carbonate layers of the Vegadeo Formation, at the
contact between the Vegadeo Formation and the younger
Los Cabos Series. The mineralisation comprises
sulphides interbedded in limestones and dolomites,
within a silicified facies, and in chloritic
breccias. The mineralisation is epigenetic and formed
during a metamorphic episode within the Hercynian
Orogeny. The sulphide mineral assemblage comprises
sphalerite, galena, pyrite and chalcopyrite.
----------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------------
* Drill hole Information * A summary of all information material to the * Not applicable - no drilling carried out and no
understanding of the exploration results including a drilling results reported.
tabulation of the following information for all
Material drill holes:
* easting and northing of the drill hole collar
* elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole collar
* dip and azimuth of the hole
* down hole length and interception depth
* hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
----------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------------
* Data aggregation methods * In reporting Exploration Results, weighting averaging * The channel samples taken perpendicular to structure
techniques, maximum and/or minimum grade truncations in Adit 49 were all short lengths, and a straight
(eg cutting of high grades) and cut-off grades are average was taken for width and grade.
usually Material and should be stated.
* Where aggregate intercepts incorporate short lengths
of high grade results and longer lengths of low grade
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail.
* The assumptions used for any reporting of metal
equivalent values should be clearly stated.
----------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------------
* Relationship between mineralisation widths and * These relationships are particularly important in the * Not applicable - no drilling carried out and no
intercept lengths reporting of Exploration Results. drilling results reported.
* If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
----------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------------
* Diagrams * Appropriate maps and sections (with scales) and * A location plan of the proposed drill programme is
tabulations of intercepts should be included for any included.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
----------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------------
* Balanced reporting * Where comprehensive reporting of all Exploration * It is the opinion of the Company and of the Competent
Results is not practicable, representative reporting Person that the information reported here is fair and
of both low and high grades and/or widths should be factual.
practiced to avoid misleading reporting of
Exploration Results.
----------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------------
* Other substantive exploration data * Other exploration data, if meaningful and material, * It is the opinion of the Company and of the Competent
should be reported including (but not limited to): Person that the observations, conclusions, and
geological observations; geophysical survey results; summary of the work programme included in this report
geochemical survey results; bulk samples - size and is appropriate and fair.
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
----------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------------
* Further work * The nature and scale of planned further work (eg * A proposed 13 hole drill progamme is discussed in the
tests for lateral extensions or depth extensions or report, with a plan of platform locations.
large-scale step-out drilling).
* Ongoing mapping and sampling is mentioned in the
* Diagrams clearly highlighting the areas of possible report.
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
===================================================== ============================================================ ==============================================================
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLPGUCPPUPMGCP
(END) Dow Jones Newswires
February 23, 2017 02:00 ET (07:00 GMT)
1 Year Ferrum Crescent Chart |
1 Month Ferrum Crescent Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
