1st Apr 2015 07:47
LONDON (Alliance News) - Ferrum Crescent Ltd Wednesday said drilling results from the Moonlight Iron project in South Africa have identified the first mine location for the site, sending shares in the company higher in early trade.
Ferrum said zones A, B and C have been confirmed as the primary mining areas for a first ten-year mine design. In-fill drilling will now be allocated to the primary mine development sites, Ferrum said.
It added a new mineralisation zone, categorised at Zone E, will offer future exploration potential at the site.
"Following completion of this phase of mine design drilling we have now selected the key zones for first mine development. Ferrum will work to establish a full ore reserve and complete advanced metallurgical test work at Moonlight," said Tom Revy, Ferrum's Chief Executive.
Ferrum shares were up 14% to 0.485 pence in early trade, one of the best performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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