Ferrum Crescent Ltd (LON:FCR) told investors it has landed a three month extension to the exploration term at the Toral lead-zinc project in Spain.
The company will now have until November 2020 to complete its obligations under the current exploration licence.
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At the same time, the group’s subsidiary at Toral has been given the details of its obligations, as operations on the project are underway.
"I am delighted that the presentation of our planned exploration programme has been fully accepted by the director general which allows us to effectively reset the 'exploration clock' for our promising Toral lead-zinc assets,” explained Laurence Read, Ferrum executive director.
He added: "The company is currently undertaking a full consolidation, review and re-analysis of all the available data collated todate for Toral with its independent consultants, Addison Mining Services Limited.
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“A formal site visit by the appointed independent is now underway, following which the company will progress its planned first JORC compliant resource estimate for Toral.
“We look forward to updating the market once this review has been completed."