REG - Mineral & Financial - Investment Update: Redcorp

Mineral & Financial InvestmentsAnnouncement

02/02/2023 11:30

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RNS Number : 7594O  Mineral & Financial Invest. Limited  02 February 2023

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Investment Update: Redcorp Announces New High Grade Copper Results Supporting
the Growth Potential of the High Grade Copper Corridor at the Venda Nova South
Zone

 

HIGHLIGHTS

·    Significant intercepts confirm high-grade copper endowment in Venda
Nova South Zone, including the recent outlined footwall trend.

-     Met_St_04: 10m @ 2.89% CuEq from 286m; and 10m @ 1.46% CuEq from
352m

-     ST_27: 9m @ 2.29% CuEq from 568m; and 4m @ 2.63% CuEq from 414m

-     ST_30: 5m @ 1.99% CuEq from 339m, 3m @ 3.93% CuEq from 395m; and 10m
@ 1.97% CuEq from 423m

·    Results validate and improve conversion of inferred to indicated
resources

·    Metallurgical drill program at Venda Nova now complete

George Town, Cayman Islands - 2 February 2023 - Mineral and Financial
Investments Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or the "Company") is
pleased to report assay results from the latest drill holes executed in the
Venda Nova South Zone as part of the metallurgical, infill and extensional
drilling campaign started in 2022. Of note from these results is the higher
tenor of copper intercepted that supports the ongoing delineation of a high
grade copper domain within the South Deposit.

Jacques Vaillancourt, President & CEO stated: "We continue to be very
pleased by the results of Redcorp's 2022 drill program at Lagoa Salgada.  Not
only do we expect strong conversion and upgrading of resources  to support
our ongoing feasibility study but these results reinforce our belief that the
Venda Nova Deposit and the Lagoa Salgada project as a whole will continue to
grow the resource base and that overall Lagoa Salgada remains in the discovery
phase.  Additionally, we are encouraged by the confirmation that South Zone
also appears to hold copper dominated mineralization similar to what we are
seeing at depth in the North Zone.  Additional drilling in the future is
expected to expand on these discoveries."

As of January 30, 2023, Redcorp/Ascendant has completed 27 drill holes (11
Metallurgy holes reported and 16 infill and step-out drill holes) totalling
12,804 meters as part of the overall drill program to support the  ongoing
Feasibility Study for Venda Nova. Results of the final variability, step-out
and infill drill holes in the South Zone will be included in the resource
update to support the Feasibility Study.  Results reported today represent
full results received as January 28, 2023.

Highlights (True Width) of the infill variability metallurgical drilling
program results include:

 Met_St_03:

-     4m @ 1.77% CuEq from 226m; and

-     5m @ 1.71% CuEq from 322m

Met_St_04:

-     2m @ 3.65% CuEq from 246m; and

-     10m @ 2.89% CuEq from 286m; and

-     10m @ 1.46% CuEq from 352m

 

Highlights of the infill / drilling results include:

ST_27:

-     4m @ 2.63% CuEq from 414m; and

-     9m @ 2.29% CuEq from 568m

ST_30:

-     5m @ 1.99% CuEq from 339m: and

-     3m @ 3.93% CuEq from 395m; and

-     10m @ 1.97% CuEq from 423m

Infill drill hole ST_27 was drilled at the north edge of the current indicated
resources envelope. This drill hole is expected to spatially extend the
conversion of inferred resource into the indicated category both along strike
and down dip. Notable intercepts include 9m @ 2.29% CuEq (1.9% Cu) from 568m
including 2m @ 7.8% of Cu from 576m. This intercept confirms the geometry of
the high-grade copper footwall trend, discussed previously after the reported
results of holes ST_31 and ST_42 (see press release of November 9, 2022).
Copper, along this trend, occurs in the form of chalcopyrite within veinlets
and semi massive (submeter) lenses, concentrated in the low stratigraphically
stacked fisssural corridors.

Infill drill hole ST_30 was drilled immediately north of the envelope that
outlines the extent of the Indicated portion of the resource in the current
internal update. The addition of this hole will likely extend the boundary of
Indicated Resources both along strike and down dip. Notable intercepts include
4m @ 1.77% CuEq (0.88% Cu) from 226m and 6m @ 1.71% CuEq (0.42% Cu) from 322m.

Variability metallurgical drill holes, Met_St_03 and Met_St_04 were collared
centrally to the Indicated Resource envelope and crossed all the corridors
that define the current South Zone domaining. The holes were drilled slightly
oblique to the main orientation of the existing mineralized corridors to
provide additional mass of mineralized rock to properly conduct the
variability metallurgical setting. Results reconcile well with the new domains
and general grade distribution estimates. Significant intercepts in hole
Met_St_03 include 4m @ 1.77% CuEq from 226m and 5m @ 1.71% CuEq from 322m.
Best intercepts in hole Met_St_04: 2m @ 3.65% CuEq from 246m; 10m @ 2.89% CuEq
from 286m; and 12m @ 1.46% CuEq from 352m.

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 sections South Zone (Trace locations included in Figure 1) (Fig. 2)

 

Collar Information (Table 1)

 

 Hole Id    UTM     UTM      Elevation  Dipº   Azimuthº   Depth
            East*   North*
 ST_27      547369  4231458  91         60     240        700
 ST_30      547373  4231406  91         60     240        640.6
 Met_ST_04  546928  4231994  91         60     270        554.6
 Met_ST_03  546893  4232069  89         60     270        562.6

 

 

Relevant Economic Intercepts by Domain (Table 2)

 

 Hole Id    Corridor      from   to     Length  True width  Cu    Zn    Pb    Ag    Au    CuEq 1  (#_ftn1)
            (m)                  (m)    (m)     (m)         %     %     %     g/t   g/t   %
 ST_27      C2 sMS        212.0  218.0  6       5.3         0.25  0.71  0.03  8.3   0.05  0.63
 ST_27      C1 sMS        324.0  326.0  2       1.5         1.27  0.38  0.20  31.0  0.12  1.83
 ST_27      C1 FR         414.0  418.0  4       3.7         1.49  1.75  0.67  24.5  0.17  2.63
 ST_27      C2 FR         458.0  462.0  4       3.7         1.09  0.39  0.24  15.5  0.05  1.47
 ST_27      C3 FR         568.0  578.0  10      9.1         1.90  0.55  0.05  16.4  0.05  2.29
 ST_30      C3 sMS (new)  174.4  179.0  4.6     2.7         0.09  2.06  0.46  14.1  0.13  1.15
 ST_30      C2 sMS        273.0  277.0  4       2.6         0.01  0.13  0.03  12.0  1.16  1.04
 ST_30      C1 FR         339.0  347.0  8       4.6         1.28  0.58  0.41  24.0  0.23  1.99
 ST_30      C1 FR         395.0  399.0  4       2.9         2.80  0.23  0.10  35.0  0.94  3.93
 ST_30      C2 FR         423.0  435.0  12      10.1        1.29  0.94  0.43  19.2  0.08  1.97
 Met_ST_04  C2 sMS        180.0  184.0  4       2.4         0.49  0.31  0.05  15.0  0.14  0.85
 Met_ST_04  C1 FR         246.0  250.0  4       2.5         2.30  1.10  0.49  77.0  0.17  3.65
 Met_ST_04  C1 FR         286.0  300.0  14      10.2        1.29  2.14  1.25  41.1  0.17  2.89
 Met_ST_04  C1 FR         330.0  334.0  4       3.3         0.38  2.03  0.87  21.5  0.14  1.62
 Met_ST_04  C1 FR         342.0  346.0  4       3.3         2.44  1.96  1.06  35.5  0.09  3.81
 Met_ST_04  C1 FR         352.0  364.0  12      9.8         0.88  0.74  0.54  14.0  0.06  1.46
 Met_ST_04  C3 FR         406.0  414.0  8       7.3         0.53  1.41  0.45  14.5  0.04  1.30
 Met_ST_04  C3 FR         416.0  426.0  10      8.7         0.62  1.48  0.52  18.9  0.04  1.48
 Met_ST_04  C3 FR         438.0  448.0  10      7.2         0.72  1.06  0.49  15.4  0.06  1.41
 Met_ST_03  C1 FR         226.0  232.0  6       3.6         0.88  1.77  0.30  13.3  0.10  1.77
 Met_ST_03  C1 FR         274.0  278.0  4       2.0         0.15  1.47  0.75  14.0  0.05  1.03
 Met_ST_03  C1 FR         308.0  312.0  4       2.2         0.62  2.14  0.95  17.5  0.10  1.85
 Met_ST_03  C1 FR         322.0  328.0  6       4.8         0.42  2.21  1.15  17.3  0.06  1.71

 

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 QA/QC 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.

 

 

 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

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