JOHANNESBURG (miningweekly.com) – A drilling programme completed as part of a bankable feasibility study (BFS) at Ferrum Crescent’s Moonlight iron-ore project, in Limpopo, has intersected a new magnetic zone and, potentially, a new area of mineralisation.

Initiated at the end of 2014 to investigate the extent of Zone D – the project’s northern most mineralised zone – the programme aimed to inform the location of the mine and identify areas where bulk sampling for the requisite levels of metallurgical testwork should take place during the next stage of the company’s BFS. 

The Sydney-listed developer reported on Monday that all holes intersected magnetic zones across various depths and samples were currently being analysed, with an independent report expected in March.

The results would enable Ferrum to finalise plans for the location and design of the openpit mine at Moonlight, for inclusion in the final BFS.

With the final locations also identified for definitive metallurgical sampling operations, Ferrum could work towards recovering samples representative of the planned run-of-mine iron-ore at Moonlight.

“These large-scale samples will be processed and allow for plant engineering partners to conclude design and economics for a direct reduction pellet plant.

“Following conclusion of all mine and processing assessments, the last stage of the development study can be progressed; establishing optimal infrastructure agreements with government agencies operating in the surrounding area,” it said in a statement.

Ferrum, meanwhile, also awaited the exploration results from a potentially new mineralised area that had been identified to the north of Zone D.

Further updates would be announced to the market following processing of results.

Commenting on Monday, CEO Tom Revy said he was delighted to see this phase of drilling completed ahead of schedule and under budget.

“Although not anticipated as part of the programme, we have also identified a new prospective area; an event that gives a clear indication of Moonlight’s upside outside of the established resource.

“Our objective is to now develop the final pit designs and be in a position to progress all work on beneficiation as soon as possible,” he stated.