REG - Mineral & Financial - Investment Update: Redcorp

Mineral & Financial InvestmentsAnnouncement

05/12/2022 11:45

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RNS Number : 6154I  Mineral & Financial Invest. Limited  05 December 2022

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Investment update: redcorp  intersects 58m @ 20.51% zn equivalent and 14m @
2.34% cu at the venda nova north zone, lagoa salgada

 

Highlights

·    Metallurgical drill program at North Zone of Venda Nova now complete

·    Additional high-grade intercepts at North Zone (Massive Sulphides),
including:

o 58 meters @ 20.51% Zinc Equivalent(1) (Zn Eq.) from 165m of depth

o Extension of copper rich subdomain below the North Zone with new intercept
of 14m @ 2.34% Copper or 12.53 % Zn Eq(1). from 252m

·    As of Nov. 29(th) 10,453m of drilling in 23 holes completed in
support of Feasibility Study, two additional holes in the South Zone for a
total of 985m are currently being drilled

 

George Town, Cayman Islands - 5 December 2022 - Mineral and Financial
Investments Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or the "Company") is
pleased to provide an investment update from Redcorp Empreedimentos Mineiros
Lda ("Redcorp").

Redcorp is pleased to announce assay results from an additional three holes
drilled to support metallurgical variability testing in the North Zone of
Venda Nova at the Lagoa Salgada VMS Project, Portugal. Portugal. This asset is
held by MAFL's investment entity, Redcorp, and Ascendant Resources Inc
("Ascendant"), 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
announcement dated 28 July 2022 ).To date, Redcorp has completed 23 drill
holes (11 Metallurgy holes reported and 12 infill holes) totalling 10,453
meters as part of the overall drill program to support the completion of the
Bankable Feasibility Study expected to be completed by the end of Q1/23. Two
additional infill holes are currently in progress in the South Zone for a
total of 985m. Assays reported today represent full results received as of 22
November 2022 and include three metallurgical holes collared in the North
zone: Met_MS_05, Met_MS_06, and Met_MS_07.

Jacques Vaillancourt, M&FI's CEO, commented: "As Redcorp and Ascendant
near the completion of their Metallurgical and Infill drill program at Venda
Nova, results continue to confirm high-grade mineralisation in the North Zone
and extend the potential for a new high grade copper feeder zone at depth,
substantially enhancing future resource potential. Further exploration in the
future will aim to more fully define this copper rich zone as we look to grow
the overall resource potential they see at the Lagoa Salgada property"

The intersections of these drill holes display potentially outstanding
thicknesses and grade, which continue to highlight the significant scale and
quality of the Venda Nova Deposit. In addition to the grade profile, the assay
results provide support to the ongoing Feasibility Study for the metallurgical
variability testing which is part of the final stages of the metallurgical
program that is underway to optimize mill design, flowsheets and to confirm
the recoveries to produce clean and saleable zinc, lead and copper
concentrates.

The three holes collared in the North zone confirm the existing domains and
support Redcorp's revised expectation for grades in each of the domains.
Notably hole Met_MS_07 intercepted 58.1 m of Primary Massive Sulphide from
165.0m (averaging 20.51% ZnEq(1)) following 6.2m @ 13.9% Zn Eq. of Transition
Massive Sulphide.

 

Additionally, both holes Met_MS_06 and Met_MS_07 confirmed the high grade
Cu-Ag mineralization within the newly domained Transition Zone. Met_MS_06
intercepting 7.2m @ 2.01% Cu and 149.4 g/tonne Ag and Met_MS_07 intercepting
6.2m @ 1.24% Cu and 210.5 g/tonne Ag.

Met_MS_05 intercepted a notable high grade copper zone of 14m of apparent
width starting at 252m averaging 12.53% ZnEq (including 2.34% Copper alone).
High grade copper in the stringer domain has been previously reported in other
holes (e.g. MS_41A), spatially always adjacent to the contact with the
overlaying massive sulphides. Ascendant is planning additional holes targeting
this copper endowed area to further refine and subdomain the stringer zone.
The Company believes the higher-grade copper mineralization found in this part
of the stringer zone could be a potential feeder zone as is typically found in
many VMS style deposits on the Iberian Pyrite Belt.

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)

 

CROSS SECTION NORTH ZONES

(Trace Locations Included In Figure 1) (Fig.2)

 

Collar Information

(Table 1)

 Hole Id    UTM East*  UTM  North*   Elevation  Dipº   Azimuthº   Depth
 Met_MS_05  546881     4232176       88.3       60     290        414.7
 Met_MS_06  546798     4231996       86.2       60     355        489.8
 Met_MS_07  546896     4231922       87.3       60     315        300

                Datum: WGS 84 Zone 29N

 

 

Relevant Economic Intercepts by Domain

(Table 2)

 

 Hole       Intercept # *  Domain         From    To     Apparent width m  Zn      %       Cu      %       Pb      %       Ag     g/t      Au       g/t        Sn      %       ZnEq(1)  %

 ID                                       m       m
 Met_MS_05  1              Gossan         163.2   172.1  8.9               0.58            0.14            2.90            28.4            0.49                0.38            9.05
            2              Transition MS  172.1   178    5.9               0.20            1.68            4.40            47.6            0.90                0.25            14.50
            3              Primary MS     178     250    72                3.48            0.27            2.24            36.2            0.31                0.20            9.75
            4              Stringer       252     266    14                0.97            2.34            0.11            41.9            0.02                0.35            12.53
            5              Stringer       290     300    10                3.28            0.20            1.68            68.6            0.79                0.08            9.64
 Met_MS_06  6              Gossan         154     163.8  9.8               0.24            0.06            2.38            115.1           5.01                0.67            23.23
            7              Transition MS  163.8   171    7.2               0.05            2.01            0.97            149.4           1.24                0.19            15.32
            8              Primary MS     171     179    8                 1.26            0.22            1.21            13.3            0.06                0.06            4.01
            9              Primary MS     191     213.1  22.1              0.42            0.44            0.12            16.0            0.11                0.06            3.10
            10             Primary MS     240.9   246.7  5.8               0.52            0.49            0.12            18.3            0.08                0.04            3.15
 Met_MS_07  11             Gossan         135.05  158.8  23.75             0.50            0.04            2.28            49.4            0.12                0.11            5.25
            12             Transition MS  158.8   165    6.2               0.18            1.24            2.40            210.5           0.48                0.14            13.90
            13             Primary MS     165     223.1  58.1              6.33            0.23            6.47            127.4           1.22                0.20            20.51

* Intercept labeled in Longitudinal Section

 

(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, Au: US$1,650/Oz and Sn: US$12/lb.

 

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.

 

 

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