REG - Mineral & Financial - Investment Update: Ascendant / Redcorp

Mineral & Financial InvestmentsAnnouncement

30/09/2024 11:00

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RNS Number : 2396G  Mineral & Financial Invest. Limited  30 September 2024

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Investment Update: Ascendant / Redcorp Approved for EU Sponsored Cutting Edge
Geophysical "Undercover" Program and its Lagoa Salgada Project

HIGHLIGHTS:

·   Lagoa Salgada selected to participate in the European Union's Project
"Undercover"

·   "Undercover" is meant to unlock hidden critical mineral deposits at
depth using cutting edge Geophysical techniques

·   Project "Undercover" will employ Seismic Reflection and Refraction,
Magnetotellurics (MT), Gravity and Magnetic Surveys, Electromagnetic (EM)
Surveys, and Joint Inversion Techniques to delineate potential deposits of
critical minerals at depth.

·   The two-year program is fully funded by the EU under its Horizon
Program and is expected to commence in Q1-2025

 

Camana Bay, Cayman Islands - 30 September 2024 - Mineral and Financial
Investments Limited (LSE-AIM: MAFL) ("M&F" "MAFL" or the "Company") is
pleased to provide an update on its investments in Redcorp Empreedimentos
Mineros Lda. ("Redcorp") and Ascendant Resources Inc. ("Ascendant") which are
developing the Lagoa Salgada Polymetallic Project in Portugal (the Project).
The Project is managed by Ascendant. M&F owns a conditional 20% carried
interest in Redcorp and Ascendant owns the balance (please see the
announcement dated 28 November 2022 for further details). Redcorp
Empreendimentos Mineiros Lda is pleased to announce its award of EU funding
through its participation in the "Undercover" project. The project aims to
advance mineral exploration by applying state-of-the-art geophysical
technologies to uncover hidden mineral deposits at significant depths. One of
the key focus areas for this innovative project is Ascendant's flagship Lagoa
Salgada Project, located on Portugal's Iberian Pyrite Belt. The direct labour
savings may represent up to €50,000, however the technical value of the
program may represent up to €1,000,000 of value for the Lagoa Salgada
Project.

The project seeks to transform how critical raw material deposits are
discovered by integrating advanced geophysical techniques. The application of
these methods will allow Ascendant to explore deeper and more complex mineral
systems, particularly at Lagoa Salgada, which holds significant potential for
zinc, copper, lead, tin, silver, and gold. A preliminary program has been
defined as part of the application; however, this is to be refined by a panel
of experts during October 2024 to determine any change in scale and scope. The
"Undercover" project is scheduled to run over 36 months, beginning in early
2025. Within the first two years, exploration efforts will focus on key study
sites, including Lagoa Salgada, with results expected to guide future
development and expansion of the project.

Jacques Vaillancourt, Chief executive officer of M&F, commented: "We are
pleased to learn that Redcorp will participate in this EU funded critical
minerals exploration initiative. We are advised that he "Undercover"project is
an exciting initiative, and along with Ascendant's  recently announced AI
partnership with the University of Evora, we believe this demonstrates
Ascendant's commitment to innovation using cutting edge technology to unlock
the vast exploration potential we see at Redcorp's Lagoa Salgada project.
The initial program will be defined in the coming months and starting works
onsite early next year. "

The involvement of Redcorp, in the "Undercover" project should provide
substantial benefits to the Lagoa Salgada project. The associated geophysical
technics are targeted for the discovery of deeper ore bodies which
conventional exploration methods may not be capable of detecting. These new
geophysical approaches should greatly improve the efficiency of future
exploration at Lagoa Salgada, reducing the amount of exploration drilling
required and increasing the likelihood of success. Additionally, the project
will include environmental monitoring such as water management, ensuring that
Lagoa Salgada's exploration aligns with sustainable mining practices.

At Lagoa Salgada, the focus will be on applying these advanced geophysical
methods to explore deep-seated anomalies that could represent additional ore
bodies beneath known deposits, similar to other deposits in the region. The
use of seismic imaging, magnetotellurics, and electromagnetic surveys will
allow the team to precisely map subsurface structures, identify conductive
mineral bodies, and develop accurate 3D models of the deposit.

ADVANCED GEOPHYSICAL METHODS

The "Undercover" project will apply the following advanced geophysical
techniques to the Lagoa Salgada project:

·      Seismic Reflection and Refraction: Used to create detailed
subsurface images by measuring how seismic waves travel through different rock
layers, helping to locate deep geological structures that may host
mineralization.

·      Magnetotellurics (MT): Measures natural electromagnetic fields to
map subsurface electrical conductivity, potentially identifying large,
conductive mineral deposits.

·      Gravity and Magnetic Surveys: These methods help detect
variations in the Earth's gravitational and magnetic fields, identifying dense
ore bodies hidden beneath the surface.

·      Electromagnetic (EM) Surveys: EM surveys detect conductive
mineral bodies such as sulphides that host critical metals like zinc, lead,
and copper.

·      Joint Inversion Techniques: This involves combining data from
various geophysical methods to create an integrated, accurate subsurface
model. This will significantly enhance the precision of mineral targeting and
exploration success.

 

EU FUNDING THROUGH HORIZON EUROPE

The "Undercover"project is funded by the European Union under the Horizon
Europe program, the EU's key funding initiative for research and innovation.
Horizon Europe focuses on promoting scientific excellence, fostering
technological advancements, and addressing global challenges, including
sustainable resource management and securing critical raw materials for
Europe's future. This funding underscores the significance of the "Undercover"
project in advancing innovative exploration techniques while ensuring
environmental responsibility.

"Undercover"aims to transform Critical Raw Materials (CRM) exploration by
extending the mineral systems concept, currently underutilized in quantitative
exploration, to cover regional, district, and ore scales.  The "Undercover"
project is focused on the following main goals:

·     Development of a New Exploration Strategy: The first objective of
the "Undercover" project is to establish the first viable strategy for the
systematic exploration of CRM deposits concealed beneath thick cover. This
involves advancing the mineral systems concept for deep mineral exploration.

·     Application of Novel Technologies: The project's second goal is to
develop and integrate new technologies and methods that are cost-effective and
have a low environmental impact. These include geophysical techniques such as
magnetotelluric surveys, passive and active seismics, and airborne, UAV-borne,
and ground electromagnetics. Geological methods, including geochemistry and
geochronology, will also play a key role.

·     Environmental, Social, and Governance (ESG) Integration: A crucial
third objective is the development of actions that address and mitigate
environmental, social, and governance (ESG) aspects at every stage of the
exploration process, ensuring responsible exploration practices.

·     Mapping Mineral Systems: The fourth objective is to map the raw
materials potential in both EU and non-EU countries, focusing on three major
mineral belts: the Kuusamo Schist Belt (Finland), the Iberian Pyrite Belt
(Portugal), and the Kalahari Copper Belt (Namibia). These regions hold
significant potential for CRMs, including cobalt, rare earth elements (REE),
and base metals such as copper, zinc, and lead.

·     United Nations Framework for Classification (UNFC) Promotion: The
project also aims to promote the use of the United Nations Framework for
Classification (UNFC) to enhance a socially and environmentally sustainable
exploration strategy.

·     Advancement of Deep Exploration Technologies: Finally, "UNDERCOVER"
seeks to advance deep mineral exploration technologies and ensure their
adoption by European exploration and mining stakeholders. The project aims to
inspire confidence among policymakers and stakeholders, encouraging them to
adopt sustainable exploration outcomes.

 

For more information on Horizon Europe, visit Horizon Europe Program
(https://ec.europa.eu/info/funding-tenders/opportunities/portal/screen/home) .

 

Review of Technical Information

The scientific and technical information in this press release has been
reviewed and approved by Joao Barros, BSc (Engineering), MSc (Geology), who
has more than 18 years of relevant experience in the field of activity
concerned. Mr. Barros is a Member of the Portuguese Engineers Association. Mr.
Barros is employed by Redcorp Empreedimentos Mineiros, Lda., a 20% owned
subsidiary of M&F, and has consented to the inclusion of the material in
the form and context in which it appears.

The scientific and technical information contained in this release in relation
to metallurgical test work has been approved and verified by Mr. David Castro
López (MIMMM), who serves as Process Engineer at Minepro Solutions and is a
"Qualified Person" in accordance with National Instrument 43-101 - Standards
of Disclosure for Mineral Projects.

 

 

FOR MORE INFORMATION:

Jacques Vaillancourt, Mineral & Financial Investments Ltd.
+44 780 226 8247

Katy Mitchell and Sarah Mather, Zeus Capital
Limited                   +44 203 829 5000

Jon Belliss, Novum Securities Limited
                +44 207 382 8300

 

 

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