REG - Mineral & Financial - Investment Update: Redcorp

Mineral & Financial InvestmentsAnnouncement

09/02/2023 11:00

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RNS Number : 4621P  Mineral & Financial Invest. Limited  09 February 2023

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Investment Update: Redcorp Commences Drilling Of Second Larger Step Out
Geophysical Anomaly At Lagoa Salgada

 

HIGHLIGHTS

·    Two drill rigs are now active and completing the previously announced
5,000m drill program on exciting and prospective anomalies adjacent to the
Venda Nova deposit whithin Lagoa Salgada

·    Drilling just commenced at "Anomaly B", while drilling continues at
"Anomaly D" and is currently at 350m of downhole depth.

·    Anomaly B is a large geophysical anomaly with a potential strike of
1.3km located approximately 1km NW of the north zone at Venda Nova

·    Expect drilling to intersect the boundary of the conductive plate at
"Anomaly D" within days

·    Feasibility Study, expected in April, should demonstrate a strong
development case for the Venda Nova deposit.

 

George Town, Cayman Islands - 9 February 2023 - Mineral and Financial
Investments Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or the "Company") is
pleased to announce an investment update from Redcorp Empreedimentos Mineiros
Lda.("Redcorp"). Recorp has mobilized a second drill rig to commence drilling
at Anomaly B. Anomaly B is a large geophysical target located approximately 1
km northeast of the Venda Nova North deposit (see Figure 1) at Redcorp's Lagoa
Salgada project on the Iberian Pyrite Belt ("IBP") in Portugal. The
exploration program is being executed by Redcorp, in which M&FI's has a
50% investment interest. The program is funded and guided by Ascendant
Resources Inc.(Ascendant), which owns 50% of Redcorp.

The modelled conductive plate, to be targeted by the drilling, has a strike
potential of approximately 1,300m in length and 600m of down dip length. The
first hole will target the central zone of the modelled conductive plate to
better understand the geometry and guide additional drilling.

Drilling of Anomaly B is part of the ongoing 5,000m step-out exploration
program at the Lagoa Salgada Project in the Iberian Pyrite Belt, Portugal,
which is targeting additional new potential massive sulphide deposits
clustered around our initial deposit, which would be similar to most other
mines in the Iberian Pyrite Belt.

Additionally, drilling of the first step out exploration hole at Anomaly D;
LS_D01, which commenced in January 2023 (see press release dated January 18,
2023) has now reached a down-hole depth of approximately 350m. Visual
inspection of the core is showing evidence of disseminated sulphides which is
indicative of proximity to an enhanced mineralized system. The nature of these
disseminated sulphides intersected to date does not explain the strong
electromagnetic signature that defines the target of Anomaly D (see Figures 1
and 2 below). The exploration team expects we are approximately 100m from the
centre of the mapped conductive plate and the heart of the geophysical target
at Anomaly D. We expect drilling to intersect the boundary of the conductive
plate within the next week.

Jacques Vaillancourt, Chief Executive Officer of M&FI stated, "It is very
exciting to see progress on the step out exploration program; not only does
Redcorp expect to see a strong development case presented when the Feasibility
Study is completed on the existing resource in April, but this program has the
capability to expand  resources materially to equal other world class mines
on the IBP." He Continued, "Most mines on the IBP have a cluster of 2 or more
deposits which are largely identified through geophysics. Geophysics from the
site give rise to optimism for a similar opportunity."

 

Plan view of Venda Nova Geophysical Targets (Fig. 1)

 

Section showing progress of Drill hole LS_D_01 to date (Fig. 2)

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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