update out27 Jan 2021 13:05
George Town, Cayman Islands - 27 January 2021 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI", "MAFL" or the "Company") is very pleased to announce the start of the Phase 2 drilling program in the South Zone at the Lagoa Salgada project located on the Iberian Pyrite Belt in Portugal. The exploration program is being executed by Redcorp Empreedimentos Mineiros Lda. (Redcorp), M&FI's 75% owned subsidiary in Portugal. The program is funded and guided by Ascendant Resources (Ascendant), which owns 25% of Redcorp, as part of Ascendant's previously announced earn-in agreement with Mineral and Financial Investments (please refer to RNS of August 1, 2018 which has been amended see announcement dated 1 July 2020).
The Phase 2 program consists of 1,400m of drilling and downhole IP surveys and follows the very successful recently completed Phase 1 program. The continued objective of the program is to significantly increase and upgrade resources at the copper-rich South Zone, building upon the strong drill results highlighted in the Company's press release on January 13, 2021. The increased resources are expected to build upon Phase 1 drilling and the existing (on the basis of 100%) 2.47Mt of Measured and Indicated resource and 6.09Mt of Inferred resource delineated in the South and Central Zone as highlighted in the Company's NI 43-101 Mineral Resource Estimate, dated November 5, 2019. This is in addition to the Measured and Indicated resource of 10.3Mt grading 9.06% Zinc Equivalent (ZnEq) and 2.5Mt of Inferred resource with a ZnEq grade of 5.93% in the North Zone (see September 25, 2019 press release) upon which a Preliminary Economic Assessment (PEA) was completed. The PEA (see January 14, 2020 RNS) was prepared by AMC Mining Consultants (Canada) Ltd (AMC) with contributions from Resource Development Inc (RDI) for Mineral Processing and Micon International Limited (Micon), who estimated the Mineral Resources.
The South Zone remains open along strike and at depth according to geological data collected during the Company's previous exploration activities. Indications are that the mineralization is expanding southward where the Company's next drill targets in this program are planned. Figure 1 highlights the completed and planned drill holes. The 1,400m of drilling in Phase 2 aims to better define this high-grade copper-rich zone on the Lagoa Salgada South Zone Resource, and in particular the LS_ST_23 drill hole defined by 5 main corridors of high-grade, strong stockwork mineralization.
Jacques Vaillancourt, Chairman of M&FI stated, "We are excited to see Redcorp and Ascendant Resources continue and build on the successful phase 1 exploration activities in the South Zone where we hope to significantly grow copper and copper equivalent tonnage and grade. The results of Phase 1 drilling in the South Zone suggests that Redcorp is approaching a more intense system of stockwork and massive sulfide mineralization, which was also p
Sign In
Follow the stocks
