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

Mineral & Financial InvestmentsAnnouncement

29/11/2022 11:15

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RNS Number : 9404H  Mineral & Financial Invest. Limited  29 November 2022

MINERAL & FINANCIAL INVESTMENTS LIMITED

Investment Update: Redcorp Announces 5,000m Satellite Target Exploration
Program at Lagoa Salgada Project in Portugal

 

HIGHLIGHTS:

·    5,000m program targeting several prospective undrilled IP/EM anomaly
targets

·    Two high priority undrilled targets identified within the Venda Nova
area:

o Anomaly D: shallow target located north-east of Venda Nova South Zone

o Anomaly B: Large deep target located north-east of Venda Nova North Zone

 

GEORGE TOWN, CAYMAN ISLANDS, November 29, 2022 - Mineral and Financial
Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is pleased
to report that an exploration program has been initiated at the Lagoa Salgada
Project, Portugal (the "Project"). The Project is held jointly by M&FI
 wholly owned subsidiary Mineral and Financial Investments AG, Redcorp
Empreedimentos Mineiros Lda ("Redcorp") and Ascendant Resources Inc
("Ascendant"), who are also operating the project.

Redcorp and Ascendant, who are operating the site, are initiating an
exploration program targeting several high priority geophysical anomalies
adjacent to the Company's existing North and South Zones within the Venda Nova
Area. This program is the first exploration program designed to step out and
test the potential for additional mineralized lenses in the Venda Nova area
outside of the current known resources. This initial phase will comprise of 6
to 8 DDH holes for a total of 5,000m, see Figure 1 for planned drill
locations.

 These initial targets have been identified through a concurrence of physical
properties consistent with VMS deposits and our success at the North and South
zones, namely: high density, conductivity, and chargeability. The first phase
of exploration will focus on two higher priority targets, which through
interpretation of the DPEM survey conducted earlier this year include modelled
conductive plates. Both targets have the dimensions and predicted physical
properties comparable to the existing North and South Zones at Venda Nova and
indicate the potential for sizable concentrations of massive to semi massive
sulphides.

Jacques Vaillancourt, Chief Executive of M&FI stated, "We are pleased that
Redcorp & Ascendant are commencing a new phase of exploration with the aim
of increasing resources and expanding the long term potential we see at Lagoa
Salgada. Ascendant's interpretation of geophysics has contributed tremendously
to the understanding of the North and South Zones at Venda Nova and have
proven to be a successful exploration tool across the Iberian Pyrite Belt.
While they continue to progress the Feasibility Study on the North and South
zones, we are optimistic that this initial step-out exploration program will
begin to unlock the potential for new orebodies at Lagoa Salgada."

 

A brief description and rational for the two high priority anomalies is
outlined below.

 

Planned Drillholes & Geophysical context of Anomalies D and B (Fig. 1)

 

Depiction of Anomaly D Relative to the South Zone Corridor (Fig. 2)

 

Depiction of Anomaly B Relative to the North Zone (Fig. 3)

N..B. Scales vary by image

 

Anomaly D

Anomaly D is located ~700m to the East of the Venda Nova South Zone.

The best fit (predicted vs actual electromagnetic response) of the
Electromagnetic response was obtained modeling a maxwell plate with a 340
azimuth and an 80-degree dip (northeast), with dimensions of approximately
500m of strike length and 600m of downdip length. The top of the conductive
plate sits just below the tertiary erosional contact zone at a depth of
approximately 150m. Anomaly D notably coincides with the elongated gravity
anomaly that extends throughout the central part of the property. This
multi-kilometer anomaly was the original targeting tool for the discovery at
Venda Nova. Ascendant believes that the shape of the anomaly, that shows some
bulging to the northwest, might reflect folding. The inferred fold follows the
main structure identified in the deposit defined by steep dipping flanks, with
a general northwest trend and an axial plunge to the northwest. Under this
assumed fold geometry, Anomaly D (east flank) might represent the same
permissive stratigraphic horizon that hosts the massive sulphide lenses of the
North and South zones (west flank).

 

Anomaly B

Anomaly B is located ~1 kilometer to the northeast of the Venda Nova North
Zone massive sulphide lens.

The best fit (predicted vs actual electromagnetic response) was obtained by
using a thick plate that will be used as a general guide when defining the
axis and the thickness of the conductor. The dimensions of the plate are:
1.3km strike length by 600m of down dip length. The depth of the top of the
plate is approximately 200m. This conductive zone has the potential to host a
single large or multiple smaller massive sulphide lenses. As is the case of
Anomaly D the first hole will target a central zone in order to define a more
accurate understanding of the geometry, extent and general orientation in
order to increase the accuracy of the following holes.

 

 

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.

 

 

 

 

FOR MORE INFORMATION:

 

Jacques Vaillancourt, Mineral & Financial Investments
Ltd.               +44 7 802 268 247

Katy Mitchell, WH Ireland Limited
                                    +44 207
220 1666

Jon Belliss, Novum Securities
Limited
            +44 207 399 9400

 

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