Last checked at 14 Dec 2016 11:41
MINERAL AND FINANCIAL INVESTMENTS LIMITED
("MAFL", "M&FI" or the "Company")
Commencement Of Drill Program At Lagoa Salgada Zinc-Copper Project By 49% Owned TH Crestgate GmbH
HIGHLIGHTS:
Commencement of drilling at Lagoa Salgada by TH Crestgate GmbH
· MAFL's 49%-owned affiliate TH Crestgate GmbH ("TH Crestgate") has commenced drilling at the Lagoa Salgada zinc-copper project in Portugal
· Four hole drill exploration campaign for a total of 1,700 metres
· Targeting "Central Sector" of LS-1 Zone within Lagoa Salgada Project, a highly prospective area for copper
· Recent work on the "Central Sector" highlighted a possible porphyritic intrusion
· Lagoa Salgada is located on highly prospective volcanogenic massive sulphide (VMS) ground
George Town, Cayman Island - December 13, 2016 - Mineral & Financial Investments is pleased to announce that its 49%-owned subsidiary, TH Crestgate, a private Swiss based investment company, has initiated a drilling campaign on its 85%-owned Lagoa Salgada zinc-copper project in southern Portugal.
The drilling will target the central sector of Lagoa Salgada, following on from recent re-assaying and re-logging work completed by TH Crestgate, with a particular focus on previously un-sampled material. A previous operator appears only to have focused on core that showed visible mineralisation.
But the new testing delivered some highly encouraging intersections with unexpectedly high copper content. Among the better intercepts were 93.1 metres at 0.94% copper, 2.22% zinc, 1.46% lead, 0.09 grams per tonne gold and 27 grams per tonne silver (see MAFL press release dated 7th December).
The current drilling aims to investigate the potential of this copper-bearing area further, to test for the possibility of a porphyritic intrusion within its volcanogenic massive sulphide ground (VMS), and to further TH Crestgate's general understanding of the structures of mineralisation in the central zone. The drilling will be targeting the IP anomaly extending south of the existing resource.
Commenting today, Mineral & Financial's chairman Jacques Vaillancourt said: "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 as a 49%-shareholder in TH Crestgate. 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."
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ASSET DESCRIPTION
MAFL is advised that the 13,400-hectare Lagoa Salgada project in Portugal, located 100km SE of Lisbon, which has a preliminary Zinc/Lead Polymetalic resource focused solely on one of gravimetric anomaly called LS-1. There are a total of 17 gravimetric anomalies on the property that are untested, or partially tested. The orebody is composed of a central stock work zone - a more than 700 metre thick volcano-sedimentary complex - and a massive sulphide lens in the northwest. It is covered by a little more than one hundred meters of sediments of the Sado Tertiary basin (i.e. tertiary cover).
The historical, Canadian Institute of Mining (CIM) compliant, resource estimate, located on LS-1, completed in 2012 by Paul Daigle, P.Geo, is summarized below:
Category | Gross | Net Attributable | ||||||||
LS-1 |
Tonnes |
Mineral |
Grade | Contained Metal |
Units |
Tonnes |
Mineral |
Grade | Contained Metal |
Units |
Indicated |
2,942,000 | Pb (%) | 2.94 | 190,686,436 | Lbs. |
2,500,700 | Pb (%) | 2.94 | 162,083,471 | Lbs. |
Zn (%) | 3.40 | 220,521,729 | Lbs. | Zn (%) | 3.40 | 187,443,469 | Lbs. | |||
Cu (%) | 0.34 | 22,052,173 | Lbs. | Cu (%) | 0.34 | 18,744,347 | Lbs. | |||
Ag (g/t) | 54.72 | 5,175,824 | Oz. | Ag (g/t) | 54.72 | 4,399,450 | Oz. | |||
Au (g/t) | 0.82 | 77,562 | Oz. | Au (g/t) | 0.82 | 65,927 | Oz. | |||
Inferred |
1,554,000 | Pb (%) | 2.50 | 85,648,710 | Lbs. |
1,320,900 | Pb (%) | 2.50 | 72,801,404 | Lbs. |
Zn (%) | 1.80 | 61,667,071 | Lbs. | Zn (%) | 1.80 | 52,417,011 | Lbs. | |||
Cu (%) | 0.35 | 11,990,819 | Lbs. | Cu (%) | 0.35 | 10,192,196 | Lbs. | |||
Ag (g/t) | 51.00 | 2,548,073 | Oz. | Ag (g/t) | 51.00 | 2,165,862 | Oz. | |||
Au (g/t) | 0.78 | 38,971 | Oz. | Au (g/t) | 0.78 | 33,125 | Oz. | |||
Total |
4,496,000 | Pb (%) | 2.79 | 276,335,146 | Lbs. |
3,821,600 | Pb (%) | 2.79 | 234,884,874 | Lbs. |
Zn (%) | 2.85 | 282,188,800 | Lbs. | Zn (%) | 2.85 | 239,860,480 | Lbs. | |||
Cu (%) | 0.34 | 34,042,992 | Lbs. | Cu (%) | 0.34 | 28,936,543 | Lbs. | |||
Ag (g/t) | 53.43 | 7,723,897 | Oz. | Ag (g/t) | 53.43 | 6,565,313 | Oz. | |||
Au (g/t) | 0.81 | 116,532 | Oz. | Au (g/t) | 0.81 | 99,052 | Oz. | |||
Source: Tetra Tech Wardrop
References in this announcement to exploration results and resource updates have been approved for release by Joao Barros, BSc (Engineering), MSc (Geology), who has more than 13 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 wholly owned subsidiary of TH Crestgate GmbH, and has consented to the inclusion of the material in the form and context in which it appears.
This report should be seen as indicative of possible mineral content and not definitive, as the sample group is insufficient to arrive at any economic conclusions.
This announcement contains inside information that is disclosed in accordance with the Market Abuse Regulation.
FOR MORE INFORMATION:
Katy Mitchell, WH Ireland & Co. +44 161 832 2174
Jacques Vaillancourt, M&FI Chairman + 44 207 989 0813
MINERAL & FINANCIAL INVESTMENTS LIMITED
190 Elgin Ave.
George Town, Grand Cayman,
KY1-9001, Cayman Island