Ferrum Crescent updates Moonlight estimate

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THE BOURSE WHISPERER: Multi-listed (ASX, AIM and JSE ) iron ore developer Ferrum Crescent has had a Mineral Resource estimate update completed at the company’s Moonlight iron ore deposit in Limpopo Province, South Africa by The Mineral Corporation Consultancy.

Source: Company announcement

The estimate was completed using the results of Phase 3 drilling consisting of 11 holes totalling 990 metres of diamond core drilling and 13 holes totalling 1,600m of RC drilling, and assays on the Moonlight deposit.

The Mineral Corporation also conducted a thorough re‐interpretation of the geological structure of Moonlight.

This was based on historical South African Iron and Steel Industrial Corporation data collated and validated by Ferrum Crescent and recent exploration offorts by the company.

Ferrum Crescent said that although the total average iron grade has decreased slightly from the company’s previously estimated JORC-compliant resource of 74Mt at 33 per cent iron in the Indicated Resource category and 225Mt at 29 per cent iron in the Inferred Resource category, the tonnage has increased proportionately along with a substantial increase in the confidence and classification of the Mineral Resource.

“The Mineral Corporation has reinforced the Board’s confidence in the quality of Moonlight project,” Ferrum Crescent executive chairman Ed Nealon said in the company’s announcement to the Australian Securities Exchange.

 “We knew how good the material is, from a metallurgical and processing point of view. The work by The Mineral Corporation, which is of a meticulously high standard and has been conducted with a level of conservatism that you would expect from such a reputable firm, has built upon the previous good work done by the company and its advisers.

“The cmpany now looks forward to exploring the potential to add to the Moonlight Mineral Resource, as well as to carrying out further drilling and other testwork to confirm the mineralisation at the Julietta and Gouda Fontein farms, adjacent to Moonlight.

“The company’s mining right application, which is expected to be determined in the very near future, covers these three farms, and we are excited about this exploration potential.”