LONDON (Alliance News) - Mineral & Financial Investments Ltd on Wednesday said TH Crestgate GmbH, in which it holds a 49% stake, has started drilling for copper and zinc at the Lagoa Salgada project in Portugal.
Mineral & Financial Investments said TH Crestgate will drill 1,700 metres in total over four holes to target the central sector of the LS-1 zone, a "highly prospective area for copper," the London-listed company said.
Recent work on the same area highlighted a possible porphyritic intrusion within the volcanogenic massive sulphide ground, and drilling will hopefully confirm whether that is present. The drilling will be targeting the IP anomaly extending south of the existing resource.
"We are very encouraged to see TH Crestgate getting down to work at Lagoa Salgada and will await the outcome of the drilling with keen interest. The possibility that Lagoa Salgada may contain copper porphyry is very exciting for Mineral & Financial," said Chairman Jacques Vaillancourt.
"All four holes will test along strike extensions of this mineralization within the same 1km long anomaly. Furthermore, we are aiding TH Crestgate's efforts to find a strategic partner to advance this project," he added.
Mineral & financial Investments shares were untraded on Wednesday, last trading at 5.50 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Mineral & Fin (MAFL)