Shares in Ferrum Crescent Ltd (ASX:FCR, JSE:FCR, AIM:FCR) beamed 18% higher as it finally sealed the acquisition of two exciting lead, zinc projects in Spain.
The projects are in the provinces of Leόn and Galicia, both historic mining areas and the purchase, via the acquisition of GoldQuest Iberica, represents the firm attaining advanced exploration assets at low cost.
The cost was £326,500 in cash and the issue of 100mln new shares in Ferrum.
Ferrum's executive chairman Justin Tooth said he was delighted: "The acquisition process has taken longer than initially anticipated, however GoldQuest is now well placed for the next stage of its development as part of our group.
"Our project team has designed a low-cost work programme focused on testing our assumptions, with respect to various extrapolations made by prior owners, through the structured re-interpretation and analysis of the original raw data."
This month, work will start to re-interpret historic data and also planned on the ground is surveys and mapping.
The plan is to produce a highly targeted drill plan, focused on high-grade near-surface ore shoots linking known surface occurrences and known high-grade mineralisation at depth, with a view to testing in 2017.
Ferrum shares added 18.6% to 0.26p.