JOHANNESBURG (miningweekly.com) – Exploration firm Ferrum Crescent has announced a revised exploration strategy for the Toral base metals project, in Spain, including the appointment of expert geological advisers to better understand the project economics.
The revised strategy will be led by newly appointed executive director Myles Campion and executive director Laurence Read, who will work directly with the independent consultancy Addison Mining Services to complete a maiden Joint Ore Reserves Committee- (Jorc-) compliant resource by the end of the year.
The company and its consultants are now processing the data from historical drilling and exploration work to standardise all available information into one data format. The initial results from this work have been incorporated into the revised strategy at Toral. The Jorc block model and resource review will incorporate the recently completed 2017 drilling programme and will assess the potential for future increases in lead/zinc tonnage and grade at the project.
This revised strategy will see no further drilling undertaken in the near term, but will enable Ferrum Crescent to produce a maiden Jorc resource estimate.
“The strategy of Ferrum Crescent will be to focus on the most prospective areas identified in the preparation of the Jorc-compliant resource estimate, and to enhance our understanding of the project economics for the Toral project as a whole,” the company says.
Ferrum Crescent is also undertaking a cost review that is reducing fixed costs and allowing funds to be deployed operationally to progress the Toral lead/zinc project.
Campion was appointed to the Ferrum Crescent board on Tuesday. The company states that he is a specialist in resource evaluation and project assessment. He previously worked as an exploration and mine site geologist in Australia covering base metals and gold. Campion holds a BSc (Hons) in Geology from University of Wales College, Cardiff and an MSc (MinEx) from the Royal School of Mines in London, and also holds a Graduate Diploma of Business (Finance).