Ferrum Crescent Limited (LON:FCR) is pressing on towards a maiden JORC 2012 resource estimate for its Toral prospect in Spain.
Executive directors Laurence Read and Miles Campion have undertaken a full review of Ferrum Crescent and its operations and believe pursuing a resource estimate for Toral is the correct decision for the company in order to realise value from the project.
WATCH: Ferrum Crescent targeting maiden JORC resource at Toral by year end
Costs and all aspects of the group's operations are being reviewed to enable Ferrum to focus its resources towards meaningful geological and economic evaluation work, the company said on Tuesday in an operational update covering the third quarter and subsequent events.
"The period under review saw the completion of the company's six hole exploration drill programme at Toral with a number of key intersections returned,” Executive director, Laurence Read said
"We are exploring the promising Toral project at a point when zinc prices are at all time high and our task is to quantify and confirm the significant grades and size of the project suggested from the significant third party historic exploration work,” he added.
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“FCR will seek to build value from delivering an independent JORC 2012 resource estimate for Toral, which has already had over 44,000 metres of drilling undertaken on the licence area. We aim to demonstrate the economic viability of Toral as a potential producing asset bringing into account different mining approaches, its metallurgical properties and its proximity to major infrastructure in a European jurisdiction," he concluded.