It is reported that Ferrum Crescent has updated the JORC Resource for the company Moonlight iron ore deposit to 307.8 million tonnes at 26.9% iron.

The resource includes 52.6 million tonnes at 31.3% iron in the measured category, 83 million tonnes at 27.4% iron Indicated and 172.1 million tonnes at 25.3% iron Inferred. This is an increase in both the confidence and classification of the resource.

Several prospective targets have been identified to the south, east and west of the Moonlight deposit, which is located in South Africa Limpopo Province. Further exploration, including a high resolution airborne magnetic survey and drilling, will commence as soon as possible.

This exploration will AIM to add to the Moonlight resource and explore for potential mineralisation outside the deposit.

Source - Proactive Investors

(www.steelguru.com)