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FCR Ferrum Crescent

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Ferrum Crescent Ltd Lead-Zinc Drilling Results, Toral Project, Spain (0434Q)

07/09/2017 7:00am

UK Regulatory


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TIDMFCR

RNS Number : 0434Q

Ferrum Crescent Ltd

07 September 2017

7 September 2017

Ferrum Crescent Limited

("FCR" or the "Company")(ASX, AIM, JSE: FCR)

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 Le n, 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.

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)

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.

Appendix A: Table 1 Appendix 5A ASX Listing Rules (JORC Code)

Section 1: Sampling Techniques and Data, Toral Project

 
Section 1: Sampling Techniques and Data, Diamond Drilling, 
 Toral Project 
-------------------------------------------------------------------------------------------------- 
 Criteria          Explanation                         Comments 
----------------  ----------------------------------  -------------------------------------------- 
 Sampling 
  techniques         Nature and quality                 Diamond drilling 
                     of sampling 
                     (e.g. cut channels, 
                     random chips, 
                     or specific 
                     specialised 
                     industry standard 
                     measurement 
                     tools appropriate 
                     to the minerals 
                     under investigation, 
                     such as down 
                     hole gamma sondes, 
                     or handheld 
                     XRF instruments, 
                     etc.). These 
                     examples should 
                     not be taken 
                     as limiting 
                     the broad meaning 
                     of sampling. 
----------------  ----------------------------------  -------------------------------------------- 
                   Include reference 
                    to measures                          Spacing variable due to location 
                    taken to ensure                      of existing access roads and 
                    sample representivity                suitable terrain. 
                    and the appropriate 
                    calibration 
                    of any measurement 
                    tools or systems 
                    used. 
----------------  ----------------------------------  -------------------------------------------- 
                   Aspects of the 
                    determination                        Drill hole locations were set 
                    of                                   out with high definition GPS, 
                    mineralisation                       GEOMAX Zenith 35. 
                    that are Material 
                    to the Public                        Drill core was split in half 
                    Report. In cases                     and 1 metre samples, or shorter 
                    where                                due to lithological contacts, 
                    'industry standard'                  were packed and labelled into 
                    work has been                        plastic bags. 
                    done this would 
                    be relatively                        Sample preparation was done at 
                    simple (e.g.                         ALS Chemex in Spain and assayed 
                    'reverse circulation                 for multi-element analysis, ME 
                    drilling                             ICP 41 (35 element). Samples 
                    was used to                          with over 1% of mineralisation 
                    obtain 1 m samples                   were re-assayed using ME OG46. 
                    from which 3 
                    kg was pulverised 
                    to produce a 
                    30 g charge 
                    for fire assay'). 
                    In other cases 
                    more explanation 
                    may be required, 
                    such as where 
                    there is coarse 
                    gold that has 
                    inherent sampling 
                    problems. Unusual 
                    commodities 
                    or mineralisation 
                    types (e.g. 
                    submarine nodules) 
                    may warrant 
                    disclosure of 
                    detailed information. 
----------------  ----------------------------------  -------------------------------------------- 
 Drilling          Drill type (e.g. 
  techniques        core, reverse                       Diamond drilling was conducted 
                    circulation,                        using a wireline rig, mounted 
                    open--hole hammer,                  on a crawler. Drill bit sizes 
                    rotary air blast,                   PQ and PQ3 were used and when 
                    auger, Bangka,                      the hole was expected to intersect 
                    sonic, etc.)                        mineralised zone, the core was 
                    and details                         recovered with a triple core 
                    (e.g. core diameter,                barrel. 
                    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                       Drill core was assembled in the 
                     core and chip                       core boxes and the real length 
                     sample recoveries                   of the drill run was measured 
                     and results                         with measuring tape to be able 
                     assessed.                           to calculate the core recovery. 
----------------  ----------------------------------  -------------------------------------------- 
                   Measures taken 
                    to maximize                          Use of triple core barrel when 
                    sample recovery                      intersecting expected mineralised 
                    and ensure representative            zones. 
                    nature of the 
                    samples. 
----------------  ----------------------------------  -------------------------------------------- 
                   Whether a relationship 
                    exists between 
                    sample recovery 
                    and grade and                       Not applicable at this stage 
                    whether sample 
                    bias may have 
                    occurred due 
                    to 
                    preferential 
                    loss/gain of 
                    fine/coarse 
                    material. 
----------------  ----------------------------------  -------------------------------------------- 
 Logging           Whether core 
                    and chip samples 
                    have been geologically              Drill logs digitally entered 
                    and geotechnically                  into the Company's standard templates. 
                    logged to a                         Logging is of sufficient quality 
                    level of detail                     to support Mineral resource estimation, 
                    to support appropriate              however at this stage (Company's 
                    Mineral Resource                    first six drill holes comprising 
                    estimation,                         1,046m) the lithological/alteration 
                    mining studies                      and mineralogical features assisting 
                    and metallurgical                   modelling of the Mineral Resource 
                    studies.                            are yet to be determined. 
----------------  ----------------------------------  -------------------------------------------- 
                   Whether logging 
                    is qualitative                      Quantitative logging of colour, 
                    or quantitative                     grain size, weathering, structural 
                    in nature. Core                     fabric, lithology, alteration 
                    (or costean,                        type and sulfide mineralisation 
                    channel, etc.)                      documented. 
                    photography 
----------------  ----------------------------------  -------------------------------------------- 
                   The total length 
                    and percentage                      All drill holes are logged using 
                    of the relevant                     visual inspection. Information 
                    intersections                       captured on paper sheets and 
                    logged.                             entered into company's logging 
                                                        template. 
----------------  ----------------------------------  -------------------------------------------- 
 Sub--             If core, whether 
  sampling          cut or sawn                         Mineralised zones of the core 
  techniques        and whether                         are split; one half core is sent 
  and sample        quarter, half                       for assaying and the second is 
  preparation       or all core                         stored in the core box as a reference. 
                    taken. 
----------------  ----------------------------------  -------------------------------------------- 
                   If non--core,                      Not applicable as entire sample 
                    whether riffled,                   is core. 
                    tube 
                    sampled, rotary 
                    split, etc. 
                    and whether 
                    sampled wet 
                    or dry. 
----------------  ----------------------------------  -------------------------------------------- 
                   For all sample                      Sample preparation was done at 
                    types, the nature,                  ALS Chemex in Spain, using standard 
                    quality and                         preparation technique suitable 
                    appropriateness                     for multi-element analysis, ME 
                    of the sample                       ICP 41 (35 element). Samples 
                    preparation                         with over 1% of ore grade were 
                    technique.                          re-assayed using ME OG46. 
                  ----------------------------------  -------------------------------------------- 
                   Quality control 
                    procedures adopted                  Standard, blanks, field samples 
                    for all sub--sampling               and repeats (using also coarse 
                    stages to maximise                  split and pulp reject) were inserted 
                    representivity                      into the sample stream. 
                    of samples. 
                  ----------------------------------  -------------------------------------------- 
                   Measures taken                     Field duplicate (quarter core) 
                    to ensure that                     samples were collected at 2 in 
                    the sampling                       100 samples, 
                    is representative                  as a rotating blank, standard, 
                    of the in situ                     field duplicate and repeat sequence. 
                    material collected, 
                    including for 
                    instance results 
                    for field duplicate/second--half 
                    sampling. 
                  ----------------------------------  -------------------------------------------- 
                   Whether sample                      Samples are of 1 metre length 
                    sizes are appropriate               or smaller (lithological contacts) 
                    to the grain                        or a quarter core (field sample). 
                    size of the                         Grain size of all samples are 
                    material being                      from medium to fine-grained. 
                    sampled. 
----------------  ----------------------------------  -------------------------------------------- 
 Quality           The nature, 
  of                quality and                          Assays were carried out by ALS 
  assay             appropriateness                      Chemex in Spain, using standard 
  data              of the assaying                      preparation techniques suitable 
  and laboratory    and laboratory                       for multi-element analysis, ME 
  tests             procedures used                      ICP 41 (35 element). Samples 
                    and whether                          with over 1% of ore grade were 
                    the technique                        re-assayed using ME OG46. 
                    is considered 
                    partial or total. 
----------------  ----------------------------------  -------------------------------------------- 
                   For geophysical                    Not applicable as no geophysical 
                    tools, spectrometers,              tools were used in this programme. 
                    handheld XRF 
                    instruments, 
                    etc., the parameters 
                    used in determining 
                    the analysis 
                    including instrument 
                    make and model, 
                    reading times, 
                    calibrations 
                    factors applied 
                    and their derivation, 
                    etc. 
----------------  ----------------------------------  -------------------------------------------- 
                  Nature of quality                   The Company uses certified reference 
                   control procedures                  materials (CRM) and field duplicates 
                   adopted (e.g.                       in its QA/QC procedures. CRMs 
                   standards, blanks,                  are sourced from 
                   duplicates,                         Labmix24 and 6 standards were 
                   external laboratory                 inserted every 15 samples. Field 
                   checks) and                         Duplicate samples were taken 
                   whether acceptable                  at a nominal frequency of 2 in 
                   levels of accuracy                  100 samples. QA/QC also includes 
                   (i.e. lack of                       regularly inserted Pulp Blanks, 
                   bias) and precision                 2 Coarse Blanks, 2 Pulp Repeats 
                   have been established.              and 2 Coarse Repeats in every 
                                                       100 samples. No samples. No samples 
                                                       sent yet to external laboratory. 
                                                       No bias has been observed and 
                                                       accuracy/precision is believed 
                                                       to be acceptable for quoting 
                                                       Exploration Results. 
----------------  ----------------------------------  -------------------------------------------- 
 Verification      The verification 
  of sampling       of significant 
  and assaying      intersections                       No such verification conducted 
                    by either independent               in respect of this announcement. 
                    or alternative 
                    company personnel. 
----------------  ----------------------------------  -------------------------------------------- 
                   The use of twinned                 No twinned holes. 
                    holes. 
----------------  ----------------------------------  -------------------------------------------- 
                   Documentation                      Primary data was collected using 
                    of primary data,                   the Company's set of standard 
                    data entry procedures,             digital templates. 
                    data verification, 
                    data storage 
                    (physical and 
                    electronic) 
                    protocols 
                  ----------------------------------  -------------------------------------------- 
                   Discuss any                        No adjustment to assay data has 
                    adjustment to                      been carried out. 
                    assay data. 
----------------  ----------------------------------  -------------------------------------------- 
 Location          Accuracy and                        Drill hole locations were set 
  of                quality of surveys                  out with high definition GPS, 
  data              used to locate                      GEOMAX Zenith 35 and down-hole 
  points            drill holes                         deviation measures were carried 
                    (collar and                         out by the drilling contractor 
                    down--hole surveys),                using Maxibor equipment. 
                    trenches, mine 
                    workings and 
                    other locations 
                    used in Mineral 
                    Resource estimation. 
----------------  ----------------------------------  -------------------------------------------- 
                   Specification 
                    of the grid                         Co--ordinates are presented in 
                    system                              ETRS89 Zone 29. 
                    used. 
----------------  ----------------------------------  -------------------------------------------- 
 
                     Quality and                        Topographic control is based 
                     adequacy of                        on published 1:5,000 topographic 
                     topographic                        sheets for the region. 
                     control. 
----------------  ----------------------------------  -------------------------------------------- 
 Data              Data spacing                        Drill hole spacing varies from 
  spacing           for reporting                       30m to 60m and was selected to 
  and               of                                  use existing access roads and 
  distribution      Exploration                         to test continuation of the mineralisation 
                    Results.                            documented in the old adits. 
----------------  ----------------------------------  -------------------------------------------- 
                   Whether the 
                    data spacing 
                    and                                 The mineralized domains have 
                    distribution                        not yet been explored sufficiently 
                    is sufficient                       to demonstrate the continuity 
                    to establish                        of the mineralized structures 
                    the degree of                       to support a definition of Mineral 
                    geological and                      Resource. 
                    grade continuity 
                    appropriate 
                    for the Mineral 
                    Resource and 
                    Ore Reserve 
                    estimation procedure(s) 
                    and 
----------------  ----------------------------------  -------------------------------------------- 
 
                     Whether sample                     No compositing has been applied 
                     compositing                        yet to the exploration results. 
                     has been applied 
----------------  ----------------------------------  -------------------------------------------- 
 Orientation       Whether the                        The orientation of the mineralised 
  of data           orientation                        structures has not yet been ascertained 
  in relation       of the samples                     and drilling has been oriented 
  to geological     achieves unbiased                  perpendicular to the interpreted 
  structure         sampling of                        structure of the mineralisation 
                    possible structures                (observations from the old surface 
                    and extent to                      workings and adits). 
                    which this is 
                    known, considering 
                    the deposit 
                    type, 
----------------  ----------------------------------  -------------------------------------------- 
                   If the relationship                 No orientation based sampling 
                    between the                         bias has been identified in the 
                    drilling orientation                data at this stage. 
                    and the orientation 
                    of key mineralized 
                    structures is 
                    considered to 
                    have introduced 
                    a sampling bias, 
                    this should 
                    be assessed 
                    and reported 
                    if material 
----------------  ----------------------------------  -------------------------------------------- 
 
 
 Sample        The measures          All samples were logged and checked 
  Security      taken to ensure       on return from the field. 
                sample security.      All samples were then stored in 
                                      a secure building before being 
                                      dispatched to the laboratory via 
                                      a reputable transport company. 
------------  ---------------------  ----------------------------------- 
 Audits        The results of        No audits or reviews have been 
  or reviews    any audits or         carried out at this stage. 
                reviews of sampling 
                techniques and 
                data. 
------------  ---------------------  ----------------------------------- 
 

Section 2: Reporting of Exploration Results, Toral Project

 
 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 at depth. GoldQuest 
                                                                                                                                  acquired Lundin, including the Toral permit, 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                  *    The details of drill holes material to the 
                                                               understanding of the exploration results including a               exploration results are reported in the body of the 
                                                               tabulation of the following information for all                    announcement and also in Appendix B below. 
                                                               Material drill holes: 
 
                                                                                                                             *    All drill hole collar locations, easting and northing 
                                                          *    easting and northing of the drill hole collar                      are given in UTM 21, ETRS89 grid, collar elevations 
                                                                                                                                  (m), dip (deg) and azimuth (UTM), down hole length 
                                                                                                                                  (m). 
                                                          *    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. 
-----------------------------------------------------  ---------------------------------------------------------------  --------------------------------------------------------------- 
 
   *    Data aggregation methods                          *    In reporting Exploration Results, weighting averaging         *    The weighted average of the mineralised intervals was 
                                                               techniques, maximum and/or minimum grade truncations               calculated by multiplying the assay of each drill 
                                                               (eg cutting of high grades) and cut-off grades are                 sample by the length of each sample and dividing the 
                                                               usually Material and should be stated.                             sum of the product by the down hole length sum of the 
                                                                                                                                  mineralised interval. 
 
                                                          *    Where aggregate intercepts incorporate short lengths 
                                                               of high grade results and longer lengths of low grade         *    No metal equivalent values have been reported. 
                                                               results, the procedure used for such aggregation 
                                                               should be stated and some typical examples of such 
                                                               aggregations should be shown in detail.                       *    Continuous anomaly zones reported in Appendix B are 
                                                                                                                                  at >0.05% of combined Pb+Zn grade. 
 
                                                          *    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     *    As stated in the announcement, all lengths shown 
       intercept lengths                                         reporting of Exploration Results.                              including those in Appendix B are down hole 
                                                                                                                                measurements with true widths not known. 
 
                                                            *    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            *    Please see Appendix B showing the tabulation of the 
                                                               tabulations of intercepts should be included for any            significant assay results. 
                                                               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            *    The selected drill hole results reported here are 
                                                               Results is not practicable, representative reporting             stated as being those of the highest grades out of 
                                                               of both low and high grades and/or widths should be              this drill programme. 
                                                               practiced to avoid misleading reporting of 
                                                               Exploration Results. 
-----------------------------------------------------  ---------------------------------------------------------------  --------------------------------------------------------------- 
 
   *    Other substantive exploration data                *    Other exploration data, if meaningful and material,         *    No other substantive data has been omitted in the 
                                                               should be reported including (but not limited to):               context of the announcement. Any material 
                                                               geological observations; geophysical survey results;             observations arising from further data reviews will 
                                                               geochemical survey results; bulk samples - size and              be reported in due course. 
                                                               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            *    Follow-up work is planned to evaluate further the 
                                                               tests for lateral extensions or depth extensions or              data from this and earlier programmes and will be 
                                                               large-scale step-out drilling).                                  reported with diagrams in due course. 
 
 
                                                          *    Diagrams clearly highlighting the areas of possible         *    The next exploration programme will include further 
                                                               extensions, including the main geological                        modelling, drilling and metallurgical work. 
                                                               interpretations and future drilling areas, provided 
                                                               this information is not commercially sensitive. 
=====================================================  ===============================================================  =============================================================== 
 

Appendix B: Toral Project Drilling Results

Drill-hole information

 
   Hole       Hole    Depth   Dip   Azimuth    Grid      East        North        RL       EPM 
     ID       Type     (m) 
----------  -------  ------  ----  --------  -------  ----------  -----------  -------  -------- 
                                                                                          Toral 
 TOR17008     DDR     108.5   -45    211.5    ETRS89   680958.59   4710012.46   468.44    15.199 
----------  -------  ------  ----  --------  -------  ----------  -----------  -------  -------- 
                                                                                          Toral 
 TOR17009     DDR     235.3   -45    196.7    ETRS89   680982.73   4710058.36   456.25    15.199 
----------  -------  ------  ----  --------  -------  ----------  -----------  -------  -------- 
                                                                                          Toral 
 TOR17010     DDR     120.0   -45    197.5    ETRS89   680936.14   4710048.76   441.60    15.199 
----------  -------  ------  ----  --------  -------  ----------  -----------  -------  -------- 
                                                                                          Toral 
 TOR17011     DDR     83.2    -45    208.0    ETRS89   680867.59   4710054.13   416.54    15.199 
----------  -------  ------  ----  --------  -------  ----------  -----------  -------  -------- 
                                                                                          Toral 
 TOR17012     DDR     259.0   -50    28.0     ETRS89   680716.93   4709924.96   416.54    15.199 
----------  -------  ------  ----  --------  -------  ----------  -----------  -------  -------- 
                                                                                          Toral 
 TOR17013     DDR     240.9   -50    190.2    ETRS89   681038.30   4710093.19   458.07    15.199 
----------  -------  ------  ----  --------  -------  ----------  -----------  -------  -------- 
 

Significant Intercepts

 
 Drillhole    from     to       length   Pb      Zn     Pb+Zn 
                                 (m)      %       %      % 
-----------  -------  -------  -------  ------  -----  ------ 
 TOR17009     140.35   141.35   1.0      1.22    9.77   10.99 
-----------  -------  -------  -------  ------  -----  ------ 
 TOR17009     141.35   142.35   1.0      3.26    1.45   4.71 
-----------  -------  -------  -------  ------  -----  ------ 
 TOR17009     140.35   142.35   2.0      2.24    5.61   7.85 
-----------  -------  -------  -------  ------  -----  ------ 
                                         continuous 
                                          anomaly zone 
 TOR17009     134.35   144.35   10.0      of Pb+Zn >0.05% 
-----------  -------  -------  -------  --------------------- 
 
 
 Drillhole    from    to      length   Pb     Zn      Pb+Zn 
                               (m)      %      %       % 
-----------  ------  ------  -------  -----  ------  ------ 
 TOR17012     176.3   177.3   1.0      0.67   16.10   16.77 
-----------  ------  ------  -------  -----  ------  ------ 
 TOR17012     177.3   178.3   1.0      0.54   1.33    1.87 
-----------  ------  ------  -------  -----  ------  ------ 
 TOR17012     178.3   179.3   1.0      0.72   1.95    2.66 
-----------  ------  ------  -------  -----  ------  ------ 
 TOR17012     176.3   179.3   3.0      0.64   6.46    7.10 
-----------  ------  ------  -------  -----  ------  ------ 
                                       continuous 
                                        anomaly zone 
 TOR17012     175.3   185.3   10.0      of Pb+Zn >0.05% 
-----------  ------  ------  -------  --------------------- 
 
 
 Drillhole    from    to      length   Pb      Zn     Pb+Zn 
                               (m)      %       %      % 
-----------  ------  ------  -------  ------  -----  ------ 
 TOR17013     195.8   196.8   1.0      9.29    9.11   18.40 
-----------  ------  ------  -------  ------  -----  ------ 
 TOR17013     196.8   197.8   1.0      2.29    0.87   3.16 
-----------  ------  ------  -------  ------  -----  ------ 
 TOR17013     197.8   198.8   1.0      6.51    6.5    13.01 
-----------  ------  ------  -------  ------  -----  ------ 
 TOR17013     195.8   198.8   3.0      6.03    5.49   11.52 
-----------  ------  ------  -------  ------  -----  ------ 
                                       continuous 
                                        anomaly zone 
 TOR17013     193.8   199.8   6.0       of Pb+Zn >0.05% 
-----------  ------  ------  -------  --------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

September 07, 2017 02:00 ET (06:00 GMT)

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