Operations

Moonlight

Ferrum Crescent Limited (ASX Code: FCR) owns 74% of the Turquoise Moon Project in South Africa.
The Company has a South African partner with extensive experience in the local mining industry.
Historical project data has been verified by confirmation drilling and resource estimates, resulting in an initial JORC-compliant resource estimate of 310Mt comprising of 240Mt @ 28% Fe in the Inferred category and 70Mt @ 34% Fe upgraded by drilling from the Inferred to the Indicated category. There remains significant scope to increase the Indicated Resource through further verification drilling (in-fill).
The Indicated Resource meets 20 year production requirements, allowing the Company to apply for a new order Mining Right.
Ferrum has commissioned ProMet Engineers to complete the detailed scoping study.
Results from preliminary metallurgical test work are exceptional, with high recoveries and extremely low contaminant levels.
The Project's magnetite grain size is coarser than in comparable deposits worldwide, so production of a commercial concentrate will cost less and require less energy.
The potential viability of iron production of 1 million tonnes per annum in the form of pig iron or magnetite pellets has been verified.
The Company is in discussions with a number of potential strategic development partners, including technology suppliers and steel producers.

Ferrum as part of its prospecting right also holds a substantial interest in the De Loskop Prospect located approximately 150km east of Moonlight and only 50km north of Polokwane.
The De Loskop Prospect has the potential for an additional 200 - 1000Mt of iron ore mineralisation with metallurgical characteristics similar to Moonlight.
Due to the close proximity of Polokwane, there is access to established infrastructure, and the prospect will be explored in greater detail in the near future.