Ferrum Crescent Ltd (LON:FCR) told investors that it is reviewing all data from the Toral lead-zinc exploration project.
The group’s annual report, for the period ended June 30, said it is “looking to develop a next stage of exploration at Toral to unlock value from the significant drilling information held at the project.”
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It highlighted that recent activities have seen results from some 575 soil samples, 108 rock chip samples and 23 channel samples.
The company also conducted drill programmes, since the end of the reporting period, with mineralisation encountered in all six holes.
In terms of financial results, the pre-revenue company reported a US$11.28mln loss for the year and as at June 30 it had US$503,891 of cash and short term deposits.