Ferrum Crescent said its current drill programme at Toral was progressing on schedule.
It said visual identification of lead-zinc associated minerals in the core extracted from the completed holes to date, confirmed the main precepts of the company's new geological model with respect to the near-surface target zone.
FCR said more detailed geological and metallurgical analysis would be undertaken via assaying of the drilled core in order to determine more fully the quantitative characteristics of the lead-zinc mineralisation near to surface within the target zone.
The company also announced that it had engaged the geological advisory services of Myles Campion to assist in progressing its current exploration portfolio in northern Spain.
FCR said Campion had extensive professional experience in resource delineation, both as an exploration geologist and as a resources sector fund manager.
FCR said his prime responsibilities would be to oversee all geological aspects of the company's operations and to advise senior management in optimising growth and exploration activities.
FCR said that Merlin Marr-Johnson, previously the company's senior project manager, recently left the group to pursue his other business interests and the company thanked him for his valuable contribution.
Executive chairman Justin Tooth said: "Having Myles Campion join us a technical consultant is a fantastic and timely opportunity to complement the existing expertise of our senior team.
"His extensive experience as both an exploration geologist and a resources fund manager provides us with real strength in the skill sets that we now require to deliver optimal value as we progress with drilling on our main lead-zinc project at Toral.
"I look forward to updating the market further in due course when we get our initial exploration results from this campaign."