Ferrum Crescent Interim Loss Widens As Toral Project Makes Progress

16th Mar 2018 13:37

LONDON (Alliance News) - Mining firm Ferrum Crescent Ltd said Friday half year losses widened after revenue fell, as the company continued to progress with its zinc-lead project in Spain.

For the six months ended December 2017, pretax loss widened to AUD712,548 from AUD688,661 the year prior. This was after Ferrum generated revenue - including other income - of AUD71,302 in 2017, down from AUD195,787 the year before.

Profit performance outperformed revenue after unspecified other expenses fell to AUD629,618 from AUD766,235 the year before.

Ferrum continued to develop its Toral lead-zinc project in Leon, Spain.

During the period, Ferrum released its maiden JORC (2012) resources estimates. This revealed the Toral project potentially has 670,000 tonnes of zinc, 540,000 tonnes of lead and 13.0 million ounces of silver.

This was after the resource estimate stood at 16.0 million tonnes at 6.9% zinc equivalent, including lead credits, and 15 grams per tonne of silver.

The maiden resource estimate identified economic mineralisation ranging from surface to 1,100 metres below surface. Ferrum emphasised, however, the block model currently extends for a strike length of 3,000 metres and is still open to the east along strike and also at depth where it has not yet been closed off.

Shares in Ferrum were flat at 0.08 pence on Friday.