Last checked at 24 Jul 2019 11:30
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Investment Update: Lagoa Salgada Exploration Program Intersects High-Grade Intervals at the Lagoa Salgada VMS Project In Portugal
HIGHLIGHTS:
·; High-grade results expected to significantly expand and upgrade the LS North Zone massive sulphide deposit.
·; Very strong results with multiple holes with significant length intercepts of greater than 20% Zn Eq and as high as 30.14% Zn over 12.2m
·; IP survey complete on 8-km gravimetric anomaly to the north-east of the LS property
·; Mineral Resource Estimate update expected in Q3 2019
·; Preliminary Economic Assessment expected by year end
GEORGE TOWN CAYMAN ISLANDS, July 24, 2019 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is very pleased to announce the results from the first full drill program completed by Redcorp Empreedimentos Mineiros Lda. (Redcorp), funded and guided by Ascendant Resources (Ascendant) as part of Ascendant's previously announced earn-in agreement with TH Crestgate, Mineral and Financial's wholly owned subsidiary. In conjunction with Ascendant, M&FI is very pleased to announce continued exploration success highlighted by high-grade drill results over extended intervals that are expected to significantly expand and upgrade the current resource at the Lagoa Salgada VMS Project ("Lagoa Salgada") located on the Iberian Pyrite Belt ("IPB") in Portugal. Ascendant anticipates a new NI 43-101 Resource Estimate will be completed in the third quarter and a Preliminary Economic Assessment ("PEA") will be completed by year end.
DRILL HOLE HIGHLIGHTS:
Gossan (true thickness in all cases)
• LS_MS_26 - 9.1m at 0.16% Cu, 9.79% Pb, 1.13% Zn, 2.54g/t Au, 37.64g/t Ag and 0.39% Sn (16.52% ZnEq)
• LS_MS_30 - 13.4m at 0.06% Cu, 5.99% Pb, 0.33% Zn, 3.95g/t Au, 16.56g/t Ag and 0.61% Sn (13.19% ZnEq)
Massive Sulphide (true thickness in all cases)
• LS_MS_33 - 24.9m at 0.42% Cu, 6.56% Pb, 5.76% Zn, 1.17g/t Au, 184.84g/t Ag and 0.23% Sn (21.09% ZnEq)
• LS_MS_36 - 20.3m at 0.23% Cu, 6.14% Pb, 9.76% Zn, 1.42g/t Au, 104.65g/t Ag and 0.19% Sn (22.61% ZnEq)
• LS_MS_35 - 37.6m at 0.25% Cu, 4.10% Pb, 6.87% Zn, 1.19g/t Au, 99.42g/t Ag and 0.17% Sn (17.21% ZnEq)
• LS_MS_22 - 60.1m at 0.46% Cu, 2.91% Pb, 3.70% Zn, 0.77g/t Au, 81.04g/t Ag and 0.11% Sn (11.62% ZnEq)
• LS_MS_25 - 19.6m at 0.21% Cu, 5.23% Pb, 5.76% Zn, 1.29g/t Au, 137.32g/t Ag and 0.23% Sn (18.32% ZnEq)
Drilling for the 2019 exploration program at Lagoa Salgada targeted the gossan and the sulphide lenses in the North Zone within the LS West Region. Significant results from the 15 holes (4,275 metres) drilled continue to demonstrate high-grade mineralization in the massive sulphide and in the gossan lenses over extended true widths. Drilling intersected massive sulphide mineralization extending the mineralization at depth and along strike with 14 of the 15 holes expected to contribute significantly to the goal of expanding and upgrading the current Mineral Resource Estimate. Several drill results demonstrating the high-grade nature of mineralization over wide intervals in the gossan and in the massive sulphide lenses are highlighted above. Elevated gold values underlie the high-grade mineralization in the gossan lens while gold, silver, zinc and lead were strong contributors to high-grade mineralization in the massive sulphide lens.
Three drill holes successfully tested new targets in the Central and South Zones. Results from LS_ST_16 (see below) demonstrated high grade mineralization with elevated copper values that are thought to be consistent with the expected mineralization in the Central & South Zones. These two highly prospective zones will be drilled extensively in the next Phase of drilling.
Tremendous success has been achieved in correlating drilling results to anticipated mineralization with downhole Induced Polarized ("IP") surveys in the North and South Zones in the LS West Region during the 2018 and 2019 drill programs. As a result, the Company intends to overlay an IP survey on an 8 kilometre gravity anomaly identified in the northern portion of the property (the LS North and LS East regions) with the intent of identifying new targets along this highly prospective trend.
Jacques Vaillancourt, Chairman of M&FI stated "Lagoa Salgada is proving to be an exceptional VMS host; this is especially apparent as seen by the high-grade and significant intervals of the 2019 drill results. The North Zone represents the vast majority of the current Mineral Resource Estimate, yet Ascendant's management is highly confident it can expand and upgrade this deposit as well as the Central and South Zones."
He continued, "Ascendant are also very optimistic with the exploration potential on the 8 km gravity anomaly in the northern portion of the property. They are applying the same diligence and strategy as successfully applied to the LS West Region. With the 2019 program exceeding our expectations thus far, we look forward to additional results to come over the summer months as well as providing an updated Mineral Resource in the third quarter."
Drill Hole Details
Tables 1 and 2 below provide assay results for the 15 holes (4,275 metres) in the North Massive Sulphide Zone (see Figure 1) and 1 hole (410 metres) in the South Stockwork Zone (see Figure 2). Drill results from the 15 holes in the North Massive Sulphide Zone highlight the high-grade nature of the gossan and massive sulphide lenses. The metal distribution is different in the gossan from that of the massive sulphide. The gossan is gold, tin, silver and lead enriched. The massive sulphide lens is lead, zinc, silver, gold and tin enriched. The tin occurs as cassiterite in both the gossan and massive sulphide. The lead and zinc are galena and sphalerite respectively. Most of the silver is associated with galena and there is a small amount of tetrahedrite. The gold is free in the gossan and associated with the sulphides in the massive sulphides.
The drill holes were drilled at an angle of 60o to provide additional information of the true thickness and orientation of the ore zone. Significant thickness of gossan and massive sulphide mineralization were intersected in holes 14 of the 15 holes in the north zone see tables for detail.
Figure 1: Plan View of the Drill Holes in the North Zone within LS West Region
http://www.rns-pdf.londonstockexchange.com/rns/5782G_1-2019-7-24.pdf
Figure 2: Plan View of the All Drill Holes for Lagoa Salgada
http://www.rns-pdf.londonstockexchange.com/rns/5782G_1-2019-7-24.pdf
Table 1: Drill Intersections
|
| From | To | Length | True | Cu | Pb | Zn | Au | Ag | Sn | ZnEq[1,2] |
| Zone | (m) | (m) | (m) | Thickness (m) | (%) | (%) | (%) | (ppm) | (ppm) | (%) | (%) |
LS_MS_21 | stringer | 189.00 | 193.00 | 4.00 | 3.08 | 0.01 | 0.00 | 0.18 | 1.37 | 9.00 | 0.00 | 2.61 |
LS_MS_22 | gossan | 166.50 | 180.25 | 13.75 | 11.83 | 0.19 | 1.77 | 0.73 | 1.20 | 88.36 | 0.19 | 8.92 |
| MS | 180.25 | 258.30 | 78.05 | 60.10 | 0.46 | 2.91 | 3.70 | 0.77 | 81.04 | 0.11 | 11.62 |
| Including | 231.00 | 258.30 | 27.30 | 21.02 | 0.16 | 3.95 | 6.65 | 1.66 | 150.07 | 0.16 | 18.51 |
LS_MS_23 | gossan | 166.00 | 169.00 | 3.00 | 2.58 | 0.08 | 5.59 | 0.51 | 0.57 | 66.33 | 0.17 | 9.60 |
| MS | 169.00 | 178.00 | 9.00 | 6.93 | 0.09 | 3.96 | 0.37 | 1.19 | 79.00 | 0.15 | 9.18 |
LS_MS_24 | gossan | 154.30 | 159.75 | 5.45 | 4.69 | 0.03 | 0.82 | 0.56 | 0.02 | 2.17 | 0.00 | 1.39 |
| stringer | 161.00 | 169.00 | 8.00 | 6.16 | 0.17 | 0.13 | 0.09 | 0.65 | 54.50 | 0.00 | 3.03 |
| and | 209.00 | 217.00 | 8.00 | 6.16 | 0.06 | 1.01 | 1.48 | 0.84 | 22.13 | 0.04 | 4.72 |
LS_MS_25 | MS | 222.90 | 248.30 | 25.40 | 19.56 | 0.21 | 5.23 | 5.76 | 1.29 | 137.32 | 0.23 | 18.32 |
| including | 225.00 | 242.00 | 17.00 | 13.09 | 0.21 | 7.27 | 7.42 | 1.75 | 184.88 | 0.32 | 24.30 |
| 2nd MS | 266.60 | 271.30 | 4.70 | 3.62 | 0.37 | 3.69 | 0.22 | 4.03 | 334.50 | 0.35 | 25.73 |
| stringer | 248.30 | 266.60 | 18.30 | 14.09 | 0.36 | 0.15 | 0.72 | 0.07 | 19.95 | 0.03 | 2.56 |
LS_MS_26 | gossan | 172.40 | 183.00 | 10.60 | 9.12 | 0.16 | 9.79 | 1.13 | 2.54 | 37.64 | 0.39 | 16.52 |
| MS | 183.00 | 241.75 | 58.75 | 45.24 | 0.33 | 3.56 | 0.55 | 0.62 | 58.08 | 0.20 | 8.57 |
| Including | 183.00 | 217.00 | 34.00 | 26.18 | 0.33 | 5.93 | 0.61 | 0.96 | 76.68 | 0.23 | 12.05 |
LS_MS_27 | gossan | 163.50 | 166.50 | 3.00 | 2.58 | 0.17 | 10.67 | 1.90 | 0.07 | 8.25 | 0.91 | 14.58 |
| MS | 166.50 | 179.75 | 13.25 | 10.20 | 0.05 | 0.91 | 0.44 | 0.12 | 10.07 | 0.09 | 2.40 |
| stringer | 209.00 | 212.00 | 3.00 | 2.31 | 0.10 | 0.40 | 2.32 | 0.10 | 14.00 | 0.10 | 4.22 |
LS_MS_28 | gossan | 170.00 | 179.80 | 9.80 | 8.43 | 0.03 | 0.65 | 0.55 | 0.81 | 8.20 | 0.03 | 2.78 |
| MS | 179.80 | 196.80 | 17.00 | 13.09 | 0.54 | 2.71 | 0.70 | 0.94 | 274.24 | 0.32 | 15.37 |
| including | 179.80 | 191.00 | 11.20 | 8.62 | 0.52 | 3.87 | 1.01 | 1.23 | 358.36 | 0.34 | 19.46 |
| 2nd MS | 220.25 | 236.90 | 16.65 | 12.82 | 0.30 | 0.24 | 1.32 | 0.20 | 32.88 | 0.09 | 4.06 |
| 3rd MS | 260.00 | 268.60 | 8.60 | 6.62 | 0.63 | 0.12 | 0.44 | 0.03 | 49.78 | 0.18 | 4.71 |
| 4th MS | 299.50 | 305.00 | 5.50 | 4.24 | 0.49 | 0.07 | 0.76 | 0.13 | 16.33 | 0.04 | 2.74 |
| stringer | 271.00 | 283.00 | 12.00 | 9.00 | 0.78 | 0.06 | 0.55 | 0.03 | 80.58 | 0.69 | 9.90 |
LS_MS_29 | gossan | 162.25 | 167.40 | 5.15 | 4.43 | 0.18 | 1.39 | 2.68 | 0.08 | 4.20 | 0.06 | 5.16 |
| MS | 167.40 | 229.70 | 62.30 | 47.97 | 0.29 | 0.55 | 1.47 | 0.40 | 18.17 | 0.06 | 4.22 |
| including | 184.00 | 190.00 | 6.00 | 4.62 | 0.99 | 0.75 | 0.50 | 2.97 | 37.00 | 0.09 | 10.09 |
| Including | 209.00 | 218.00 | 9.00 | 6.93 | 0.23 | 0.56 | 6.83 | 0.20 | 24.67 | 0.08 | 9.49 |
| 2nd MS | 252.20 | 261.50 | 9.30 | 7.16 | 0.51 | 0.09 | 0.83 | 0.08 | 13.50 | 0.03 | 2.68 |
LS_MS_30 | gossan | 154.90 | 170.50 | 15.60 | 13.42 | 0.06 | 5.99 | 0.33 | 3.95 | 16.56 | 0.61 | 13.19 |
| MS | 170.50 | 203.85 | 33.35 | 25.68 | 0.57 | 1.43 | 0.08 | 1.13 | 81.03 | 0.26 | 8.36 |
| Including | 170.50 | 182.00 | 11.50 | 8.86 | 1.01 | 1.94 | 0.13 | 2.76 | 165.58 | 0.33 | 14.82 |
LS_MS_31 | gossan | 143.95 | 163.70 | 19.75 | 16.99 | 0.03 | 1.79 | 0.43 | 1.01 | 29.50 | 0.43 | 7.18 |
| MS | 163.70 | 213.35 | 49.65 | 38.23 | 0.71 | 0.83 | 2.03 | 0.79 | 63.37 | 0.17 | 8.85 |
| Including | 163.70 | 178.00 | 14.30 | 11.01 | 1.79 | 1.82 | 0.18 | 2.29 | 157.86 | 0.39 | 17.32 |
| 2nd MS | 238.50 | 241.00 | 2.50 | 1.93 | 0.22 | 0.24 | 0.60 | 0.08 | 12.33 | 0.02 | 1.72 |
| stringer | 213.35 | 238.50 | 25.15 | 19.37 | 0.15 | 0.25 | 1.17 | 0.18 | 19.60 | 0.07 | 3.06 |
LS_MS_32 | gossan | 142.85 | 155.00 | 12.15 | 10.45 | 0.03 | 0.90 | 0.58 | 0.08 | 19.67 | 0.18 | 3.48 |
| MS | 155.00 | 214.40 | 59.40 | 45.74 | 0.41 | 1.18 | 1.78 | 1.15 | 74.05 | 0.18 | 8.96 |
| Including | 160.00 | 183.00 | 23.00 | 17.71 | 0.74 | 2.65 | 0.15 | 2.79 | 160.61 | 0.37 | 15.67 |
LS_MS_33 | gossan | 151.80 | 164.10 | 12.30 | 10.58 | 0.04 | 3.98 | 0.44 | 0.22 | 18.17 | 0.29 | 7.26 |
| MS | 164.10 | 196.40 | 32.30 | 24.87 | 0.42 | 6.56 | 5.76 | 1.17 | 184.84 | 0.23 | 21.09 |
| Including | 170.00 | 196.40 | 26.40 | 20.33 | 0.27 | 7.62 | 7.05 | 1.30 | 190.69 | 0.23 | 23.47 |
LS_MS_35 | MS | 207.60 | 256.40 | 48.80 | 37.58 | 0.25 | 4.10 | 6.87 | 1.19 | 99.42 | 0.17 | 17.21 |
| Including | 207.60 | 228.00 | 20.40 | 15.71 | 0.27 | 5.34 | 9.86 | 1.64 | 124.60 | 0.20 | 23.20 |
| Including | 241.00 | 251.00 | 10.00 | 7.70 | 0.19 | 5.76 | 8.55 | 1.52 | 115.30 | 0.19 | 20.99 |
LS_MS_36 | MS | 211,80 | 238,20 | 26,40 | 20,33 | 0,23 | 6,14 | 9,76 | 1,42 | 104,65 | 0,19 | 22,61 |
| Including | 211,80 | 224,00 | 12,20 | 9,39 | 0,26 | 8,34 | 13,19 | 1,96 | 136,33 | 0,22 | 30,14 |
LS_ST_16 | stockwork | 200.00 | 235.00 | 35.00 | 22.75 | 0.56 | 1.59 | 2.55 | 0.12 | 25.66 | 0.01 | 6.30 |
| Including | 218.00 | 230.00 | 12.00 | 7.80 | 0.98 | 2.67 | 3.88 | 0.17 | 40.92 | 0.02 | 10.30 |
| stockwork | 250.00 | 273.00 | 23.00 | 14.95 | 0.24 | 0.94 | 1.79 | 0.02 | 7.35 | 0.02 | 3.61 |
| stockwork | 339.00 | 380.00 | 41.00 | 26.65 | 0.58 | 1.13 | 2.66 | 0.03 | 24.78 | 0.01 | 5.94 |
| Including | 339.00 | 354.00 | 15.00 | 9.75 | 1.11 | 1.66 | 4.82 | 0.05 | 40.33 | 0.01 | 10.45 |
Notes:
1 ZnEq% was calculated as follows: ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62)+Sn Grade*191.75)/25.35
2 Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$8.70/lb Sn, US$19.40/oz Ag, and 1,250/oz Au. No recoveries were applied.
Table 2: Drill Hole Information
ID | Easting | Northing | Az.(º) | Dip .(º) | Elevation | Status | Depth (m) |
LS_MS_21 | 546787 | 4232310 | 240 | -60 | 300 | Finished | 266.90 |
LS_MS_22 | 546859 | 4232279 | 250 | -60 | 350 | Finished | 311.60 |
LS_MS_23 | 546833 | 4232269 | 250 | -60 | 325 | Finished | 269.40 |
LS_MS_24 | 546810 | 4232261 | 250 | -60 | 300 | Finished | 251.80 |
LS_MS_25 | 546646 | 4232155 | 70 | -60 | 325 | Finished | 291.05 |
LS_MS_26 | 546884 | 4232202 | 250 | -60 | 325 | Finished | 257.70 |
LS_MS_27 | 546867 | 4232177 | 250 | -60 | 325 | Finished | 240.10 |
LS_MS_28 | 546928 | 4232166 | 250 | -60 | 350 | Finished | 360.00 |
LS_MS_29 | 546919 | 4232127 | 250 | -60 | 325 | Finished | 335.40 |
LS_MS_30 | 546878 | 4232080 | 250 | -60 | 300 | Finished | 269.40 |
LS_MS_31 | 546886 | 4232049 | 250 | -60 | 300 | Finished | 297.65 |
LS_MS_32 | 546899 | 4232018 | 250 | -60 | 300 | Finished | 291.00 |
LS_MS_33 | 546929 | 4232000 | 250 | -60 | 300 | Finished | 288.80 |
LS_MS_35 | 546616 | 4232266 | 92 | -60 | 325 | Finished | 293.30 |
LS_MS_36 | 546932 | 4231967 | 250 | -60 | 300 | Finished | 251.05 |
LS_ST_16 | 547364 | 4231303 | 240 | -60 | 400 | Finished | 410.10 |
Quality Assurance and Quality Control
Analytical work was carried out ALS Laboratories. Drill core samples were prepared in ALS Lab, in Seville, Spain. Pulp samples were then sent to their analytical Laboratory in Ireland, for analysis. The core samples are analyzed for gold (ppm) by fire assay (Au‐AA25), and for the other elements by Multi element analysis of base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer (ME-ICPORE). Samples from the Main Resource, LS_MS_DH ID, are also assayed for Tin (Sn) by ICP-AES after Sodium Peroxide Fusion (Sn-ICP81x).
ALS Laboratories has routine quality control procedures which ensure that every batch of samples includes three sample repeats, two commercial standards and blanks. ALS Laboratories is independent from Ascendant. Ascendant used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program.
Qualified Persons
The scientific and technical information in this press release has been reviewed and approved by 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 15 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 75% 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:
Katy Mitchell and Jessica Cave, WH Ireland Limited +44 161 832 2174
Jon Belliss, Novum Securities Limited +44 207 399 9400
James Lesser, Mineral & Financial Investments Ltd. +44 777 957 7216
About Ascendant Resources Inc.
Ascendant is a Toronto-based mining company focused on its flagship 100%-owned producing El Mochito zinc, lead and silver mine in west-central Honduras, which has been in production since 1948. After acquiring the mine in December 2016, Ascendant spent 2017 implementing a rigorous and successful optimization program restoring the historic potential of El Mochito delivering record levels of production with profitability restored. The Company now remains focused on cost reduction and further operational improvements to drive robust profitability in 2018 and beyond. Expanding and upgrading El Mochito's significant Mineral Reserves and Resources through exploration work for near-mine growth is an ongoing focus for the Company. With a significant land package of 11,000 hectares in Honduras and an abundance of historical data, there are several regional targets providing longer term exploration upside which could lead to further resource growth.
Ascendant also holds an interest in the high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal. The Company is engaged in exploration of the Project with the goal of expanding already substantial defined Mineral Resources and testing additional known targets. The Company's acquisition of its interest in the Lagoa Salgada Project offers a low-cost entry point to a potentially significant exploration and development opportunity. The Company holds an additional option to increase their interest in the Project upon completion of certain milestones.
Ascendant Resources is engaged in the ongoing evaluation of producing and development stage mineral resource opportunities, on an ongoing basis. The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant Resources, please visit our website at www.ascendantresources.com.