European zinc explorer Ferrum Crescent posted a promising set of results from a maiden JORC mineral resource estimate undertaken at its Spanish lead-zinc project in the country's north-west.
The resource estimate came in at 16m tonnes of ore grading 6.9% zinc equivalent, including lead credits, and 25g per tonne of silver, equating to 670,000 tonnes of zinc, 540,000 tonnes of lead and 13m ounces of silver in the ground.

Ferrum also noted that there could potentially be more, with the deposit remaining open along strike to the east and down dip.

Executive director Laurence Read said, "Our immediate objective now is to build on this maiden JORC resource estimate and increase its size and thereafter carry out a preliminary economic assessment."

"Having said that, I have no doubt that our project is well positioned against its peer group with the clear potential to become a future mining operation. During the coming months we intend to carry out review work and present this project to our shareholders, major mining companies and the general zinc-trade sector in order to maximise exposure to what is a potential new major zinc-lead opportunity," he added.

As of 1150 GMT, shares had gained 0.48% to 0.105p.

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