REG - Mineral & Financial - Investment Update: Lagoa Salgada

Mineral & Financial InvestmentsAnnouncement

09/11/2022 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:20221109:nRSI8454Fa&default-theme=true

RNS Number : 8454F  Mineral & Financial Invest. Limited  09 November 2022

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Investment Update: Redcorp Reports High-Grade Copper Intercept Extending
 550-Metre by 200 Metre Step-Out Hole At Lagoa Salgada

 

Highlights

·     Hole LS ST_42 returned 6.9 m @ 1.59 % Cu (1.99 % CuEq(1))

·     Located ~ 300m from previously reported high grade copper intercept
in hole LS ST_31 (16m @ 2.6% Cu (4.33% CuEq)

·     Extends the previously defined copper rich footwall lens by an
additional 200m to ~ 550 m strike length

·     Results support definition of stacked high-grade copper lens for
future resource potential

·     Hole ST-42 extends mineralization beyond the current resource and
should upgrade the metal endowment of neighbouring blocks, once integrated
into future resource updates.

 

(1) 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

 

George Town, Cayman Islands - 9 November 2022 - Mineral and Financial
Investments Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or the "Company") is
pleased to announce full assay results of a 200-meter step-out drill hole at
Venda Nova South at the Lagoa Salgada Project, Portugal. This asset is held by
MAFL's investment entity, Redcorp Empreedimentos Mineiros Lda ("Redcorp") and
Ascendant Resources Inc, who are operating the site.  The Company understands
that the scope of this drill hole was to test the down plunge extension of the
recently identified high-grade footwall Copper lens (please refer to M&FI
Press Release from July 28(th)).

Jacques Vaillancourt, President & CEO of M&FI stated, "We are very
pleased to share these latest drill results from Redcorp, as the current drill
program is not only upgrading current known resources but also continues to
add new exploration potential to define new high-grade copper mineralisation
at Venda Nova South which could substantially enhance the resource potential
at Venda Nova. We believe the intersections within LS_St_42 displays
outstanding thicknesses and grade which continue to highlight the significant
scale and quality of the Venda Nova Deposit and the Lagoa Salgada Project.
Additionally, this supports management's view that Lagoa remains in the early
stages of exploration to fully define its resource potential as seen at other
mines in the region."

As of October 31(st), 2022, Redcorp has completed 21 drill holes (9 Metallurgy
holes and 12 infill/extensional holes) totalling 9,378 m with an additional 3
drill holes currently in progress (see Table 1 and Figure 1).

 

LS_ST_42 Drill Hole Highlights (True thickness):

·     6.9 m at 1.59% Cu (1.99% CuEq containing 1.59% Cu, 0.24% Zn, 0.11%
Pb, 21.5 g/t Ag and 0.31 g/t Au) from 790m down hole

 

HIGH-GRADE COPPER LENS

Hole ST-42 was collared in the northern section of Venda Nova South and
targeted the deep-down plunge extension of the Cu rich lens previously
outlined in the central/north segment of Venda Nova South (e.g. Hole ST_31,
16m (apparent width) @ 2.6% Cu and 4.33% CuEq). Mineralization in the main
intercept of the hole, 6.9 m (true width) @ 1.59% Cu (1.99 % CuEq) from 790m,
is associated to veins and semi massive pods of chalcopyrite.

As was the case of hole ST_31, hole ST-42 extends mineralization beyond the
current resource and more importantly confirms the high-grade nature of the
copper mineralization that will have a notable impact upgrading the metal
endowment of neighbouring blocks, once integrated into future resource
updates.

The confirmation of the ore characteristics, copper tenor and general geometry
of the copper lens is extremely prospective as it supports the size
predictions and structural control (possible stretching along folding axis
linear direction).  Given the depth of this target, Ascendant believes that
the most effective way to continue the infill and extensional drilling is to
consider underground pads.

 

PLAN VIEW OF VENDA NOVA WITH LOCATIONS OF THE REPORTED DRILL HOLES AND
WIREFRAMES OF NEW DOMAINS

(Fig.1)

LONG SECTION ALONG THE FOOTWALL LENS HIGHLIGHTING HOLE ST_42.

(Fig. 2)

 

 

COLLAR INFORMATION

(Table 1)

 

 Hole Id  UTM East  UTM  North   Dipº   Azimuthº   Depth
 ST_42 *  547388    4231779      60     240        891.95

·     Datum WGS84 Zone 29 N

RELEVANT INTERCEPTS

(Table 2)

 

 Hole ID  From  To    Cu    Length  True Width (m)  Zn    Pb    Ag     Au    Sn    CuEq

          (m)   (m)   %     (m)                     %     %     g/t    g/t   %     % (1)
 ST_42    417   419   0.38  2.0     1.7             1.35  0.12  9.00   0.14        1.06
 ST_42    727   729   0.79  2.0     1.7             0.09  0.13  13.00  0.05  0.02  1.08
 ST_42    766   770   0.96  4.0     3.4             0.04  0.02  10.50  0.04  0.03  1.20
 ST_42    790   798   1.59  8.0     6.9             0.24  0.11  21.50  0.08  0.01  1.99
 ST_42    828   830   0.97  2.0     1.7             0.05  0.04  18.00  0.31  0.01  1.43

 

 

 

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.

 

 

FOR MORE INFORMATION:

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

Katy Mitchell and Sarah Mather, WH Ireland Limited
            +44 207 220 1666

Jon Belliss, Novum Securities
Limited
            +44 207 382 8300

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service (RIS), this inside information
is now considered to be in the public domain.

 

 

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  TSTUKORRURUARAA