REG - Mineral & Financial - Investment Update: Lagoa Salgada Project

Mineral & Financial InvestmentsAnnouncement

28/07/2022 11:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220728:nRSb0889Ua&default-theme=true

RNS Number : 0889U  Mineral & Financial Invest. Limited  28 July 2022

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Investment Update: Redcorp Reports 12m Intercept of 3.3% Copper (5.5% CuEq(1))
and Discovers New Copper Enriched Zone Below Current South Zone At Its Lagoa
Salgada Project, Portugal

 

HIGHLIGHTS:

·    New High-Grade Copper Zone discovered within the South Zone

·    Hole ST_31 returns 16m @ 2.6% Cu (4.33% CuEq) from 505m; including
12m @ 3.3% Cu (5.50% CuEq) from 509m

·    New high-grade copper zone intersected at depth below current
resource wireframe with 22m @ 0.83% Cu (2.11% CuEq) from 541m

·    Results define a new High-grade copper lens within the South Zone,
along a strike of length of +300m and open at depth

·    Expected to increase the mineralized volume and the grade of the
existing block model for the South Zone

 

GEORGE TOWN, CAYMAN ISLANDS, July 28, 2022 - Mineral and Financial Investments
Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is pleased to report
assay results from hole ST_31 from its investment entity, Redcorp
Empreedimentos Mineiros Lda ("Redcorp"), and Ascendant Resources Inc.
("Ascendant"), who are operating the site, completed as part of the ongoing
infill drill program at the Venda Nova Deposit at the  Company's Lagoa
Salgada VMS Project, Portugal. Based on the drill intercepts reported and in
conjunction with prior results, Ascendant has defined a new High-grade copper
zone within the South Zone with potential extension at depth. The High-grade
copper intercepts reported in hole ST_31 are significant due to the following:
1.  Is expected to increase the mineralized volume and the grade of the
existing block model for the South Zone; 2.  Based on data collected to date,
it could support the sub domaining of a high-grade copper dominated stacked
lens towards and beyond the footwall of the existing constraining wireframe;
and  3. It continues to support resource conversion for the ongoing
feasibility study at the Venda Nova deposit.

As of July 18, 2022, Ascendant has completed 15 drill holes (6 Metallurgy
holes and 9 infill holes) totaling 6,118m with an additional 3 drill holes
currently in progress. Assays reported today represent full results received
as of July 26.

Jacques Vaillancourt, President & CEO stated: "As drilling continues, the
understanding of the deposit continues to improve and highlights that Redcorp
/Ascendant could be in the early stages of defining a greater VMS system at
Lagoa Salgada.  These results are yet another in a stream of successive
discoveries that have been uncovered as part of the infill program at Venda
Nova and we believe it positions the project extremely well for both the
upcoming Mineral Resource update targeted for Q3 and future exploration
programs at Lagoa Salgada."

 

Drill Hole Highlights (apparent thickness):

ST_31

·      16m at 2.60% Cu (4.33% CuEq containing 2.60% Cu, 2.06% Zn, 0.78%
Pb, 68.9 g/t Ag and 0.16 g/t Au) from 505m

·      Including 12m at 3.30% Cu (5.50% CuEq containing 3.30% Cu, 2.57%
Zn, 1.00% Pb, 88.7 g/t Ag and 0.20 g/t Au) from 509m

 

·      22m at 0.83% Cu (2.11% CuEq containing 0.83% Cu, 0.44% Zn, 0.50%
Pb, 44.3 g/t Ag and 0.04 g/t Au) from 541m

·      Including 10m at 1.57% Cu (3.98% CuEq containing 1.57% Cu,
3.92%Zn. 0.95% Pb, 79.6 g/t Ag and 0.06 g/t Au) from 553m

 

Hole location and collar positions are shown in Figure 1 and Table 1 below.

Plan view of the Venda Nova with location of the reported drill holes

(Fig. 1)

 

http://www.rns-pdf.londonstockexchange.com/rns/0889U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0889U_1-2022-7-28.pdf)

 

High-grade Copper Lens

Hole ST-31 results are encouraging, particularly towards the deeper portion of
the hole which targeted the stratigraphic base of the current South Zone
wireframe. Results extend mineralization beyond the current domain and more
importantly define a high-grade Cu dominated zone of stacked lenses that are
expected to have a notable impact upgrading the metal endowment of neighboring
blocks.

Mineralization in these lenses is believed to represent stringer veining to
semi massive sulphides with a strong Cu component associated to veins and semi
massive pods of chalcopyrite. Texturally, these copper rich seams are
distinctive to the fissural ore in the central part of the South Zone
wireframe preserving possible primary features including angular vein cross
cutting inter-relations.

A preliminary exercise has been carried out to understand the context of this
high-grade Cu zone integrating current results with historic data.  When
highlighting only the copper content in the South Zone (current resource
model, see Figure 3), it is possible to delineate a trend in the footwall of
the current wireframe that extends for over 300m along strike with a northwest
plunge. This trend outlines composites from 5 drill holes (4 historic and
ST_31) averaging 2.94% Cu (with additional base and precious metal credits).
This subdomain is open along the plunge direction towards the Northwest.

Hole ST_31 suggests that along this trend both Cu grade and lens thickness
increase towards the Northwest, opening a relevant extensional upside target
zone. Pending holes within the current infill program will continue to target
this potential new zone.

Metal refinement in VMS systems is a common feature. The newly outlined Cu
dominated hanging wall lens, jointly with the Cu-Au hanging wall outlined
earlier during this program (see Ascendant's June 14 press release), proves
that efficient metal zoning (primary and secondary) occurs in the South Zone
of the Venda Nova deposit.  Ascendant is confident that the proper domaining
of these lenses will have a significant impact in terms of overall metal
endowment and in processing efficiencies and recoveries.

 

Cross section of South Zone (Trace locations included in Figure 1)

(Fig. 2)

 

http://www.rns-pdf.londonstockexchange.com/rns/0889U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0889U_1-2022-7-28.pdf)

 

 

 

 

Plan view (left) and longitudinal (right) views of South Zone; hanging wall
high-grade Copper trend outlined.

(Fig. 3)

 

http://www.rns-pdf.londonstockexchange.com/rns/0889U_1-2022-7-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0889U_1-2022-7-28.pdf)

 

2022 Collar Info (New holes reported in this release and previously reported
holes)

(Table 1)

 

 Hole_Id    Scope   UTM E   UTMN     Elevation  Az.    Dip (º)   DEPTH  Assays Status

(m)
                                                (º)
 ST_31      Infill  547365  4231514  90         240    60        624.7  This Release
 ST_39      Infill  547384  4231687  90         240    60        743.4  Assays Pending
 ST_34      Infill  547550  4231110  90         240    60               Drilling in progress
 ST_36      Infill  547355  4231588  90         240    60               Drilling in progress
 ST_42      Infill  547388  4231779  90         240    60               Drilling in progress
 MS_41      Infill  546833  4232174  90         307    60        247.7  Assays Previously Reported
 MS_41A     Infill  546833  4232174  90         307    60        117.1  Assays Previously Reported
 MS_45      Infill  546788  4231833  90         70     60        346.7  Assays Previously Reported
 ST_28      Infill  547349  4231422  90         240    60        501.0  Assays Previously Reported
 ST_29      Infill  547405  4231460  90         240    60        583.7  Assays Previously Reported
 ST_33      Infill  547500  4231081  90         240    60        329.7  Assays Previously Reported
 ST_48      Infill  547495  4231260  90         240    60        586.4  Assays Previously Reported
 Met_MS_01  Met     546881  4232266  90         250    60        355.7  Assays Previously Reported
 Met_MS_02  Met     546895  4232181  90         250    60        361.7  Assays Previously Reported
 Met_MS_03  Met     546892  4232081  90         250    60        301.9  Assays Previously Reported
 Met_MS_04  Met     546937  4231990  90         250    60        281.0  Assays Previously Reported
 Met_ST_01  Met     547355  4231295  90         240    60        452.7  Assays Previously Reported
 Met_ST_02  Met     547432  4231163  87         240    60        284.7  Assays Previously Reported

 

 

 

 

 

 

 

Relevant Intercepts

(Table 2)

 

 DDH              From (m)  To      (m)       Apparent Width (m)  Cu          %           Zn          %           Pb          %           Ag          g/t           Au          g/t           CuEq 1  (#_ftn1) (         ) %
 ST_31            225.0     231.0             6.0                 0.18                    1.51                    0.58                    15.80                     0.02                      1.15
 ST_31  includes  225.0     227.0             2.0                 0.15                    2.60                    1.23                    23.00                     0.07                      1.79
 ST_31  and       427.0     433.0             6.0                 0.75                    0.38                    0.18                    14.67                     0.07                      1.16
 ST_31  includes  427.0     431.0             4.0                 0.90                    0.52                    0.25                    20.50                     0.08                      1.45
 ST_31  and       505.0     521.0             16.0                2.60                    2.06                    0.78                    68.88                     0.16                      4.33
 ST_31  includes  509.0     521.0             12.0                3.30                    2.57                    1.00                    88.67                     0.20                      5.50
 ST_31  and       541.0     563.0             22.0                0.83                    0.44                    0.50                    44.27                     0.04                      2.11
 ST_31  includes  553.0     563.0             10.0                1.57                    3.92                    0.95                    79.60                     0.06                      3.98

 

Quality Assurance and Quality Control

Core samples are retrieved from the core barrel by the drilling crew. Each
core box is labeled with the drill hole number, the depth intervals, and an
arrow indicating the downhole direction. Core samples retrieved from the
barrel are immediately transferred to the core boxes and transported after to
the logging facilities in batches. After the logging, core is cut in half and
placed in labeled sample bags with the sample tags and transported to the
sample preparation lab of ALS Lab, in Seville, Spain. Samples are dried,
crushed to 70 % passing 2 mm, split and finally pulverized to 85 % passing 75
μm. Pulp samples are then sent to their analytical Laboratory in Galway,
Ireland, for analysis. The core samples are analyzed for gold (ppm) by fire
assay (Au‐AA25), and for the other elements by two different ICP Multi
element analysis: 1) (ME-ICPORE) - base metal ores and mill products by
optical emission spectrometry using the Varian Vista inductively coupled
plasma spectrometer 2) ME-MS61r: Four-acid digestion paired with ICP-MS and
ICP-AES with REE analytes included.

ALS Laboratories has routine quality control procedures which ensure that
every batch of samples includes three sample repeats, two commercial standards
and blanks. ALS Laboratories is independent from Ascendant. Ascendant used
standard QA/QC procedures, when inserting reference standards and blanks, for
the drilling program. No significant QAQC failure issues were identified in
the reported batches.

 

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 17 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 50% owned
subsidiary of M&FI, and has consented to the inclusion of the material in
the form and context in which it appears.

 

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

 

FOR MORE INFORMATION:

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

Katy Mitchell and Ben Good, WH Ireland Limited
                        +44 207 220 1666

Jon Belliss, Novum Securities Limited
                +44 207 382 8300

 1  (#_ftnref1) Equivalency calculations are based on in-situ values only.
Commodity prices used are as follows: Zn: US$1.20/lb, Pb: US$1.00/lb, Cu:
US$3.50/lb, Ag: US$20/Oz, and Au: US$1,650/Oz

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLEANXPADNAEEA