A pre-feasibility study and expansion of the project are the next aims, said executive chairman Justin Tooth.
Watch: 'It doesn't really get any better than this' - Ferrum Crescent's Justin Tooth on Toral drill results
Results as good as hoped
"Every hole gave us visual confirmation on lead-zinc intersection and it doesn’t really get any better than that," Tooth added.
"We will use that and the historical drilling results to see what’s going on at Toral."
Plans to drill a further three holes have been shelved after new geologist Myles Campion assessed that it has enough information already, with the next phase of the exploration possibly to be to assay some of the historic core.
"There has been a large amount of historical drilling conducted at Toral which returned significant lead-zinc intersections, and we are now enhancing our understanding of the structure and definition of the deposit in a cost-effective manner.
"While the assays from the latest drill campaign are submitted and returned over the next six weeks, the company has sufficient information in the meantime to progress with designing the next stages of further exploration at Toral and to examine economic comparators for a potential future lead-zinc mining operation.
"A key focus for our geological team is to assess the possibility of defining overlapping planes of lead-zinc mineralisation concentrated within the project area. I look forward to providing further updates on our progress in due course."
House broker Beaufort Securities noted that Toral currently has a combined (indicated and inferred) resource of 8.7Mt (million tonnes) with a weighted average grade of 10.7% (lead and zinc).
Intercepts of visible mineralisation from all six drill holes within 200 metres from surface suggest the group's hypothesis of known mineralisation at depth linked to shallow mineralised features is correct.