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Ferrum Crescent Up As It Completes First Moonlight Drilling Programme

Mon, 02nd Feb 2015 08:38

LONDON (Alliance News) - Ferrum Crescent Ltd shares rose on Monday morning after the company said it has completed the first drilling programme at the Moonlight iron ore project in South Africa.

The company said all holes intersected at the project intersected magnetic zones across various depths and said it expects the full exploration results for Moonlight in March.

The drilling programme also identified outside of the 2012 resource estimate.

"Following our decision to restart the Moonlight BFS at the end of 2014 I am 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," said Ferrum Chief Executive Officer Tom Revy.

Ferrum shares were up 24% to 0.495 pence on Monday morning.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance