12th Apr 2016 07:57
LONDON (Alliance News) - Ferrum Crescent Ltd on Tuesday said due diligence has been completed on GoldQuest Iberica SL and on its lead-zinc projects in Spain and said it will now be focused on securing the necessary funding to exercise its option to buy GoldQuest.
Ferrum shares had more than doubled to 0.319 pence on Tuesday, the best performer in the AIM All-Share by some distance.
Ferrum holds an exclusive option to acquire 100% of GoldQuest and has until the end of July to exercise that option.
On Tuesday, Ferrum said due diligence has been completed on the Toral and Lago lead-zinc projects that GoldQuest owns in Spain. A geological assessment indicated major potential for re-interpretation of historical data on the prospects, Ferrum said.
Mineralogical data collected also supports the initial assessment of the mineralisation at the projects being straight-forward from a metallurgical standpoint, Ferrum said.
Ferrum said its attention will now shift to securing the necessary funding to exercise its option to acquire GoldQuest and to then pursue a work programme for the Spain projects.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Ferrum Crescent