REG - Mineral & Financial - Investment Update

Mineral & Financial InvestmentsAnnouncement

03/05/2023 07:00

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RNS Number : 1917Y  Mineral & Financial Invest. Limited  03 May 2023

 

Mineral and Financial Investments Limited

Investment Update:  Redcorp/Ascendant Confirms Saleable Concentrates with
Commercial Recoveries & Precious Metal Credits from Met. Test at Lagoa
Salgada Project

 

HIGHLIGHTS:

·    Optimization Tests Continuing for Final Grade and Recovery Profiles

·    Metallurgical Improvements found relative to the 2021 PEA analysis.

·    Flotation testing and optimization tests to be completed shortly.

·    Final Floatation Tests should determine final grade recovery curves
for the optimal grade and recovery for financial analysis.

·    These are part of the necessary Metallurgical Tests which are part of
the Feasibility Study expected to be released in May 2023

 

George Town, Cayman Islands - 2 May 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"). The program is funded and guided by Ascendant Resources Inc.
(Ascendant), which owns 50% of Redcorp as part of its earn-in agreement with
the Company. Redcorp is pleased to provide an update of its most recent
metallurgical test results as part of the ongoing metallurgical test works
which will be included in a Feasibility Study for the Venda Nova deposit at
the Lagoa Salgada VMS Project, Portugal, targeted for completion in May 2023.

The Feasibility Program, funded by Ascendant is being led by Quadrante
Engenharia e Consultoria, SA. (Portugal) ("Quadrante") with input from Micon
International Limited (Canada) ("Micon") who will act as the Qualified Person
("QP") for the 43-101 Resource Update. Soluciones, Concentradores Y Procesos
de Ingeniería, S.L. (Spain) ("SCYPI") has managed the flowsheet development
and process optimization testing program. Grinding Solutions Limited (UK)
("GSL") has completed the detailed Metallurgical Testing using representative
composite samples and variability testing. Maelgwyn Mineral Services Africa
(PTY) LTD (South Africa) ("Maelgwyn") is completing independent validation of
metallurgical results and completing Locked Cycle Testing (LCT) of selected
circuit configurations. Both laboratories are Independent of Ascendant
Resources.

The flotation testing and optimization tests will be completed shortly to
determine final grade recovery curves for all domains and selection of the
optimal grade and recovery for financial analysis. The testing results below
are therefore for information purposes only to demonstrate the improvements
identified during the Feasibility Study test program compared to the 2021
Preliminary Economic Analysis.  The testing results below comprise the
Copper, Lead and Zinc grade-recoveries for the Stockwork and Massive Sulphide
domains.

Jacques Vaillancourt, President & CEO of M&F Investments, stated, "It
is a very common feature of the Iberian Pyrite belt that the metallurgy is
complex, as we have noted in the past, due to the polymetallic nature of the
ores. Redcorp and Ascendant managements are pleased that the metallurgical
test work completed to date supports their expectations for the Venda Nova
deposit. These results, we believe, will support a robust feasibility study.
Metallurgical test work to further optimize metal recoveries and concentrate
grades will be a continuous process as we develop the project."

Metallurgical Testing

The most recent metallurgical test work was completed by GSL in the United
Kingdom and has been validated using Maelgwyn in South Africa. Both
laboratories are independent of Ascendant. These programs were completed using
representative core from the 2022 drilling campaign to establish metal
recoveries and concentrate grades and complete variability testing. The
metallurgical test work results continue to support the use of a planned
conventional polymetallic process flowsheet capable of recovering copper,
lead, zinc, gold, and silver in three saleable concentrates.

 

Concentrate Specifications

The metallurgical testing has identified the following saleable concentrate
products.  These products specifications have been shared with several
Smelters and Refineries and confirmed as suitable and meeting their
requirements.  Final negotiations with smelters and refineries are planned to
commence post the publication of the NI 43-101 Feasibility Report, which is
currently targeted for May 2023. Final grades may change as part of those
negotiations.

 Domain                  Concentrate  Cu    Pb    Zn    Ag      Au

                                      %     %     %     ppm     ppm
 Fresh Massive Sulphide  Cu/Pb conc.  0.5   35.0  3.1   272.2   0.9
 Fresh Massive Sulphide  Zn conc.     0.4   4.5   40.0  112.5   0.5
 Stockwork               Cu conc.     25.0  3.50  5.00  200.00  0.08
 Stockwork               Pb conc.     3.85  50.0  7.69  461.54  0.15
 Stockwork               Zn conc.     0.54  2.70  45.0  180.00  0.54
 Blended                 Zn conc      1.57  6.27  41.8  148.38  0.59

 
Massive Sulphides

The Massive Sulphides testing by GSL has developed a sequential flotation
circuit producing separate Lead and Zinc Concentrates.  The results for the
OCT, LCT and Variability tests undertaken by GSL for Lead are summarized
below.

                                        Grade                               Recovery
 Test No.     Conc           Mass Pull  Cu%   Pb%    Zn%    Au g/t  Ag g/t  Cu   Pb   Zn   Au   Ag
 OCT 4        Pb Cl5 Conc    1.7%       0.58  34.06  3.12   -       -       3%   16%  1%   -    -
 OCT 5        Pb Cl5 Conc    1.6%       0.77  45.49  3.36   1.26    320.78  5%   18%  1%   3%   7%
 OCT 7        Pb Cl5 Conc    1.3%       1.39  43.65  3.99   -       -       7%   15%  1%   -    -
 OCT 8        Pb Cl5 Conc    2.0%       0.85  41.91  3.36   -       -       7%   22%  1%   -    -
 OCT 10       Pb Cl3 Conc    5.0%       0.62  38.10  3.82   -       -       10%  51%  4%   -    -
 OCT 11       Pb Ro Cl5 Con  2.7%       0.94  42.81  3.64   -       -       8%   32%  2%   -    -
 OCT 12       Pb Ro Cl5 Con  0.2%       3.97  46.68  3.11   -       -       3%   3%   0%   -    -
 OCT 13       Pb Ro Cl5 Con  2.2%       1.08  39.58  3.90   -       -       8%   23%  2%   -    -
 LCT 1        Pb Cl 5 Con    1.6%       1.07  45.81  2.66   -       -       7%   25%  1%   -    -
 LCT 3        Pb Ro Cl3 Con  3.3%       0.96  38.20  3.83   0.92    282.72  12%  31%  3%   5%   12%
 LCT 4        Pb Ro Cl4 Con  6.9%       0.63  32.26  4.70   1.04    241.09  16%  55%  7%   10%  22%
 LCT 1        Pb Ro Cl4 Con  5.5%       0.87  36.52  3.14   0.80    260.06  21%  54%  4%   7%   21%
 PMS1 OCT1    Pb Ro Cl4 Con  3.3%       2.45  40.56  2.72   -       -       32%  43%  2%   -    -
 PMS1 OCT2    Pb Ro Cl4 Con  0.5%       9.87  32.63  3.45   -       -       20%  5%   0%   -    -
 Vari PMS 15  Pb Ro Cl Con   10.6%      2.90  34.54  11.51  -       -       45%  58%  11%  -    -

 

The GSL Massive Sulphides testing results for Zinc are summarized below.

                                       Grade                              Recovery
 Test No.    Conc           Mass Pull  Cu%   Pb%   Zn%    Au g/t  Ag g/t  Cu   Pb   Zn   Au   Ag
 OCT 4       Zn Cl5 Conc    7.6%       0.56  9.14  36.12  -       -       13%  20%  59%  -    -
 OCT 7       Zn Cl5 Conc    2.3%       0.26  3.10  49.17  -       -       2%   2%   22%  -    -
 OCT 8       Zn Cl5 Conc    2.9%       0.31  4.14  44.85  -       -       3%   3%   25%  -    -
 OCT 9       Zn Cl5 Conc    3.9%       0.29  3.61  38.09  -       -       4%   4%   30%  -    -
 OCT 10      Zn Cl3 Conc    5.8%       0.17  1.51  44.04  -       -       3%   2%   49%  -    -
 OCT 11      Zn Ro Cl4 Con  6.4%       0.19  1.63  41.63  -       -       4%   3%   52%  -    -
 OCT 12      Zn Ro Cl4 Con  4.4%       0.22  2.29  47.15  -       -       3%   3%   45%  -    -
 OCT 13      Zn Ro Cl4 Con  3.6%       0.21  2.29  48.19  -       -       3%   2%   37%  -    -
 OCT 13      Zn Sc Cl3 Con  4.7%       0.46  3.96  30.10  -       -       8%   5%   30%  -    -
 OCT 14      Zn Cl1 Conc    6.0%       0.39  6.23  35.48  -       -       8%   10%  45%  -    -
 LCT 1       Zn Cl5 Con     7.7%       0.40  7.11  32.91  -       -       12%  18%  55%  -    -
 LCT 3       Zn Ro Cl3 Con  6.8%       0.24  3.24  38.34  0.96    84.03   6%   5%   54%  10%  7%
 LCT 4       Zn Ro Cl4 Con  8.2%       0.34  3.61  36.55  1.07    85.50   10%  7%   62%  12%  9%
 LCT 1       Zn Ro Cl4 Con  6.5%       0.36  3.69  36.35  0.71    82.73   10%  7%   61%  7%   8%
 PMS1 OCT1   Zn Ro Cl3 Con  6.1%       0.30  0.09  37.37  -       -       7%   0%   61%  -    -
 PMS1 OCT2   Zn Ro Cl4 Con  4.8%       0.34  4.20  41.07  -       -       6%   6%   53%  -    -
 Vari PMS 5  Zn Sc Cl Con   8.5%       0.21  4.61  32.54  -       -       9%   5%   32%  -    -

 

 

 

 

The initial indication from the independent verification work by Maelgwyn has
shown good alignment on the results achieved.  The preliminary results for a
Massive Sulphide 7-cycle LCT are presented below.

 

                                         MAELGWYN
                                         Grades        Recoveries
 Product            Cyc  Wt (g)  Wt (%)  % Pb    % Zn  % Pb        % Zn
 PbCl   Conc4       7    58.1    6.23%   41.6    1.8   67.7%       3.6%
 Pb Scav Cl Conc2   7    44.3    4.74%   6.9     3.1   8.6%        4.7%
 Zn CT-4  Conc      7    41.1    4.40%   1.6     43.2  1.9%        61.0%
 Zn Scav Cl Conc    7    36.2    3.88%   2.8     12.7  2.8%        15.8%
 Zn Scav Cl TAILS1  7    258.2   27.66%  1.1     1.2   8.2%        10.6%
 Zn RT              7    495.6   53.08%  0.8     0.3   10.8%       4.2%
 Total                   933.6   100%    3.83    3.12  100%        100%

Note: Results for cycle 7 only, results are preliminary and subject to final
confirmation.

Stockwork

The Stockwork testing by GSL has developed a sequential flotation circuit
producing separate Copper, Lead and Zinc Concentrates.  The Stockwork Open
Circuit Tests (OCT), Locked Cycle Tests (LCT) and Variability Tests by GSL for
Copper are summarized below.

                                  Grade                                Recovery
 Test No.  Conc        Mass Pull  Cu%    Pb%    Zn%    Au g/t  Ag g/t  Cu   Pb   Zn   Au  Ag
 OCT 1     Cu Cl3 Con  1.1%       20.93  10.72  20.48  0.15    233.86  46%  10%  14%  3%  13%
 OCT 2     Cu Cl3 Con  1.1%       25.18  8.08   14.02  0.07    171.86  23%  3%   4%   0%  4%
 OCT 3     Cu Cl3 Con  0.1%       27.98  7.44   8.61   -       -       8%   1%   1%   -   -
 OCT 4     Cu Cl3 Con  0.1%       28.95  6.37   7.39   -       -       4%   0%   0%   -   -
 OCT 8     Cu Cl3 Con  0.7%       34.05  8.03   9.56   -       -       48%  3%   3%   -   -
 LCT 1     Cu Cl3 Con  0.8%       21.50  13.07  10.81  -       -       61%  25%  10%  -   -
 LCT 2     Cu Cl3 Con  1.1%       25.48  8.09   19.92  0.21    237.52  52%  7%   15%  4%  14%
 LCT 3     Cu Cl3 Con  1.1%       29.41  7.87   15.04  0.31    400.06  58%  6%   11%  5%  22%
 LCT 4     Cu Cl3 Con  1.1%       25.27  6.90   18.06  -       -       66%  10%  12%  -   -
 LCT 5     Cu Cl3 Con  0.8%       28.04  4.77   17.30  0.42    340.62  58%  7%   9%   4%  17%
 STW 6     Cu Cl1 Con  1.0%       22.32  7.46   14.61  -       -       55%  7%   7%   -   -
 STW 11    Cu Cl1 Con  2.7%       31.99  3.52   5.62   -       -       64%  9%   8%   -   -
 STW 13    Cu Cl1 Con  1.1%       32.25  0.67   0.99   -       -       56%  4%   2%   -   -
 STW 17    Cu Cl1 Con  0.1%       26.92  3.86   7.84   -       -       38%  3%   2%   -   -
 STW 19    Cu Cl1 Con  8.3%       32.06  3.88   2.93   -       -       71%  25%  15%  -   -

 

The Stockwork GSL test results for Lead are summarized below.:

                                  Grade                                Recovery
 Test No.  Conc        Mass Pull  Cu%    Pb%    Zn%    Au g/t  Ag g/t  Cu   Pb   Zn   Au  Ag
 OCT 1     Pb Cl3 Con  1.2%       3.89   47.65  16.57  0.16    517.41  10%  46%  13%  3%  31%
 OCT 2     Pb Cl3 Con  1.2%       4.77   48.22  20.53  0.17    577.48  12%  18%  10%  1%  13%
 OCT 3     Pb Cl3 Con  0.2%       9.48   54.52  5.56   -       -       13%  8%   3%   -   -
 OCT 4     Pb Cl3 Con  0.3%       8.56   55.94  6.82   -       -       16%  13%  5%   -   -
 OCT 5     Cu Cl3 Con  1.5%       16.86  34.35  7.51   -       -       63%  40%  10%  -   -
 OCT 5     Pb Cl3 Con  0.5%       1.97   39.79  17.69  -       -       2%   15%  7%   -   -
 OCT 6     Cu Cl3 Con  1.5%       16.86  34.35  7.51   -       -       66%  40%  10%  -   -
 OCT 6     Pb Cl3 Con  0.5%       1.97   39.79  17.69  -       -       2%   15%  7%   -   -
 OCT 7     Cu Cl3 Con  1.5%       16.86  34.35  7.51   -       -       58%  5%   8%   -   -
 OCT 7     Pb Cl3 Con  0.5%       1.97   39.79  17.69  -       -       6%   40%  6%   -   -
 OCT 8     Pb Cl3 Con  1.1%       4.62   61.31  3.21   -       -       10%  41%  2%   -   -
 LCT 2     Pb Cl3 Con  1.7%       7.02   47.21  13.87  0.22    578.04  22%  67%  16%  7%  52%
 LCT 3     Pb Cl3 Con  1.7%       5.98   55.06  10.74  0.19    573.54  18%  69%  12%  5%  48%
 LCT 5     Pb Cl3 Con  1.0%       8.52   36.51  22.02  0.39    728.79  21%  61%  13%  4%  45%
 STW 4     Pb Cl1 Con  0.9%       3.45   47.57  6.45   -       -       8%   56%  4%   -   -
 STW 6     Pb Cl1 Con  2.1%       2.48   34.95  12.15  -       -       13%  64%  13%  -   -
 STW 11    Pb Cl1 Con  1.5%       3.11   41.47  6.54   -       -       4%   60%  5%   -   -

 

 

 

A summary of the Stockwork GSL test results (OCT and LCT) for Zinc is shown
below:

                                  Grade                               Recovery
 Test No.  Conc        Mass Pull  Cu%   Pb%    Zn%    Au g/t  Ag g/t  Cu   Pb   Zn   Au  Ag
 OCT 1     Zn Cl3 Con  1.7%       2.30  8.59   44.97  0.25    180.49  8%   11%  45%  6%  15%
 OCT 2     Zn Cl3 Con  1.7%       3.26  8.56   51.96  0.20    199.18  11%  12%  53%  4%  16%
 OCT 3     Zn Cl3 Con  2.6%       5.59  14.19  41.54  -       -       31%  27%  65%  -   -
 OCT 4     Zn Cl3 Con  2.5%       5.68  12.05  42.96  -       -       29%  21%  63%  -   -
 OCT 5     Zn Cl3 Con  0.7%       1.30  4.94   32.61  -       -       2%   3%   19%  -   -
 OCT 6     Zn Cl3 Con  0.7%       1.30  4.94   32.61  -       -       2%   5%   26%  -   -
 OCT 7     Zn Cl3 Con  0.7%       1.30  4.94   32.61  -       -       5%   4%   52%  -   -
 OCT 8     Zn Cl3 Con  2.8%       2.88  8.83   42.40  -       -       17%  16%  66%  -   -
 LCT 1     Zn Cl3 Con  1.3%       1.16  4.71   32.42  -       -       5%   15%  47%  -   -
 LCT 2     Zn Cl3 Con  1.8%       2.90  9.29   45.27  0.21    212.73  9%   13%  53%  7%  19%
 LCT 3     Zn Cl3 Con  1.8%       2.72  7.11   49.53  0.16    157.81  8%   9%   55%  4%  13%
 LCT 5     Zn Cl3 Con  1.7%       2.45  4.93   46.39  0.23    187.02  11%  14%  48%  4%  20%

 

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

 

 

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