TIDMMAFL
RNS Number : 8454F
Mineral & Financial Invest. Limited
09 November 2022
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Investment Update: Redcorp Reports High-Grade Copper Intercept
Extending 550-Metre by 200 Metre Step-Out Hole At Lagoa Salgada
Highlights
-- Hole LS ST_42 returned 6.9 m @ 1.59 % Cu (1.99 % CuEq(1) )
-- Located 300m from previously reported high grade copper
intercept in hole LS ST_31 (16m @ 2.6% Cu (4.33% CuEq)
-- Extends the previously defined copper rich footwall lens by
an additional 200m to 550 m strike length
-- Results support definition of stacked high-grade copper lens for future resource potential
-- Hole ST-42 extends mineralization beyond the current resource
and should upgrade the metal endowment of neighbouring blocks, once
integrated into future resource updates.
(1) Equivalency calculations are based on in-situ values only.
Commodity prices used are as follows: Zn: US$1.20/lb, Pb:
US$1.00/lb, Cu: US$3.50/lb, Ag: US$20/Oz, and Au: US$1,650/Oz
George Town, Cayman Islands - 9 November 2022 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or
the "Company") is pleased to announce full assay results of a
200-meter step-out drill hole at Venda Nova South at the Lagoa
Salgada Project, Portugal. This asset is held by MAFL's investment
entity, Redcorp Empreedimentos Mineiros Lda ("Redcorp") and
Ascendant Resources Inc, who are operating the site. The Company
understands that the scope of this drill hole was to test the down
plunge extension of the recently identified high-grade footwall
Copper lens (please refer to M&FI Press Release from July
28(th) ).
Jacques Vaillancourt, President & CEO of M&FI stated, "
We are very pleased to share these latest drill results from
Redcorp, as the current drill program is not only upgrading current
known resources but also continues to add new exploration potential
to define new high-grade copper mineralisation at Venda Nova South
which could substantially enhance the resource potential at Venda
Nova. We believe the intersections within LS_St_42 displays
outstanding thicknesses and grade which continue to highlight the
significant scale and quality of the Venda Nova Deposit and the
Lagoa Salgada Project. Additionally, this supports management's
view that Lagoa remains in the early stages of exploration to fully
define its resource potential as seen at other mines in the
region."
As of October 31(st) , 2022, Redcorp has completed 21 drill
holes (9 Metallurgy holes and 12 infill/extensional holes)
totalling 9,378 m with an additional 3 drill holes currently in
progress (see Table 1 and Figure 1).
LS_ST_42 Drill Hole Highlights (True thickness):
-- 6.9 m at 1.59% Cu (1.99% CuEq containing 1.59% Cu, 0.24% Zn,
0.11% Pb, 21.5 g/t Ag and 0.31 g/t Au) from 790m down hole
HIGH-GRADE COPPER LENS
Hole ST-42 was collared in the northern section of Venda Nova
South and targeted the deep-down plunge extension of the Cu rich
lens previously outlined in the central/north segment of Venda Nova
South (e.g. Hole ST_31, 16m (apparent width) @ 2.6% Cu and 4.33%
CuEq). Mineralization in the main intercept of the hole, 6.9 m
(true width) @ 1.59% Cu (1.99 % CuEq) from 790m, is associated to
veins and semi massive pods of chalcopyrite.
As was the case of hole ST_31, hole ST-42 extends mineralization
beyond the current resource and more importantly confirms the
high-grade nature of the copper mineralization that will have a
notable impact upgrading the metal endowment of neighbouring
blocks, once integrated into future resource updates.
The confirmation of the ore characteristics, copper tenor and
general geometry of the copper lens is extremely prospective as it
supports the size predictions and structural control (possible
stretching along folding axis linear direction). Given the depth of
this target, Ascendant believes that the most effective way to
continue the infill and extensional drilling is to consider
underground pads.
PLAN VIEW OF VENDA NOVA WITH LOCATIONS OF THE REPORTED DRILL
HOLES AND WIREFRAMES OF NEW DOMAINS
(Fig.1)
LONG SECTION ALONG THE FOOTWALL LENS HIGHLIGHTING HOLE
ST_42.
(Fig. 2)
COLLAR INFORMATION
(Table 1)
Hole Id UTM East UTM North Dip Azimuth Depth
ST_42 * 547388 4231779 60 240 891.95
--------- ---------- ---- -------- -------
-- Datum WGS84 Zone 29 N
RELEVANT INTERCEPTS
(Table 2)
Length
(m) Zn
Hole From To Cu True Width Pb Ag Au Sn CuEq
ID (m) (m) % (m) % % g/t g/t % % (1)
ST_42 417 419 0.38 2.0 1.7 1.35 0.12 9.00 0.14 1.06
----- ----- ----- ------- ----------- ----- ----- ------ ----- ----- ---------
ST_42 727 729 0.79 2.0 1.7 0.09 0.13 13.00 0.05 0.02 1.08
----- ----- ----- ------- ----------- ----- ----- ------ ----- ----- ---------
ST_42 766 770 0.96 4.0 3.4 0.04 0.02 10.50 0.04 0.03 1.20
----- ----- ----- ------- ----------- ----- ----- ------ ----- ----- ---------
ST_42 790 798 1.59 8.0 6.9 0.24 0.11 21.50 0.08 0.01 1.99
----- ----- ----- ------- ----------- ----- ----- ------ ----- ----- ---------
ST_42 828 830 0.97 2.0 1.7 0.05 0.04 18.00 0.31 0.01 1.43
----- ----- ----- ------- ----------- ----- ----- ------ ----- ----- ---------
Quality Assurance and Quality Control
Core samples are retrieved from the core barrel by the drilling
crew. Each core box is labeled with the drill hole number, the
depth intervals, and an arrow indicating the downhole direction.
Core samples retrieved from the barrel are immediately transferred
to the core boxes and transported after to the logging facilities
in batches. After the logging, core is cut in half and placed in
labeled sample bags with the sample tags and transported to the
sample preparation lab of ALS Lab, in Seville, Spain. Samples are
dried, crushed to 70 % passing 2 mm, split and finally pulverized
to 85 % passing 75 <MU>m. Pulp samples are then sent to their
analytical Laboratory in Galway, Ireland, for analysis. The core
samples are analyzed for gold (ppm) by fire assay (Au--AA25), and
for the other elements by two different ICP Multi element analysis:
1) (ME-ICPORE) - base metal ores and mill products by optical
emission spectrometry using the Varian Vista inductively coupled
plasma spectrometer 2) ME-MS61r: Four-acid digestion paired with
ICP-MS and ICP-AES with REE analytes included.
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. No significant QAQC failure issues were
identified in the reported batches.
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
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in
the United Kingdom pursuant to the European Union (Withdrawal) Act
2018. Upon the publication of this announcement via Regulatory
Information Service (RIS), this inside information is now
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