TIDMMAFL
RNS Number : 6154I
Mineral & Financial Invest. Limited
05 December 2022
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Investment update: redcorp intersects 58m @ 20.51% zn equivalent
and 14m @ 2.34% cu at the venda nova north zone, lagoa salgada
Highlights
-- M etallurgical drill program at North Zone of Venda Nova now complete
-- Additional high-grade intercepts at North Zone (Massive Sulphides), including:
o 58 meters @ 20.51% Zinc Equivalent(1) (Zn Eq.) from 165m of
depth
o Extension of copper rich subdomain below the North Zone with
new intercept of 14m @ 2.34% Copper or 12.53 % Zn Eq(1) . from
252m
-- As of Nov. 29(th) 10,453m of drilling in 23 holes completed
in support of Feasibility Study, two additional holes in the South
Zone for a total of 985m are currently being drilled
George Town, Cayman Islands - 5 December 2022 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or
the "Company") is pleased to provide an investment update from
Redcorp Empreedimentos Mineiros Lda ("Redcorp").
Redcorp is pleased to announce assay results from an additional
three holes drilled to support metallurgical variability testing in
the North Zone of Venda Nova at the Lagoa Salgada VMS Project,
Portugal. Portugal. This asset is held by MAFL's investment entity,
Redcorp, and Ascendant Resources Inc ("Ascendant"), 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 announcement dated 28 July 2022 ). To date, Redcorp has
completed 23 drill holes (11 Metallurgy holes reported and 12
infill holes) totalling 10,453 meters as part of the overall drill
program to support the completion of the Bankable Feasibility Study
expected to be completed by the end of Q1/23. Two additional infill
holes are currently in progress in the South Zone for a total of
985m. Assays reported today represent full results received as of
22 November 2022 and include three metallurgical holes collared in
the North zone: Met_MS_05, Met_MS_06, and Met_MS_07.
Jacques Vaillancourt, M&FI's CEO, commented: "As Redcorp and
Ascendant near the completion of their Metallurgical and Infill
drill program at Venda Nova, results continue to confirm high-grade
mineralisation in the North Zone and extend the potential for a new
high grade copper feeder zone at depth, substantially enhancing
future resource potential. Further exploration in the future will
aim to more fully define this copper rich zone as we look to grow
the overall resource potential they see at the Lagoa Salgada
property"
The intersections of these drill holes display potentially
outstanding thicknesses and grade, which continue to highlight the
significant scale and quality of the Venda Nova Deposit. In
addition to the grade profile, the assay results provide support to
the ongoing Feasibility Study for the metallurgical variability
testing which is part of the final stages of the metallurgical
program that is underway to optimize mill design, flowsheets and to
confirm the recoveries to produce clean and saleable zinc, lead and
copper concentrates.
The three holes collared in the North zone confirm the existing
domains and support Redcorp's revised expectation for grades in
each of the domains. Notably hole Met_MS_07 intercepted 58.1 m of
Primary Massive Sulphide from 165.0m (averaging 20.51% ZnEq(1) )
following 6.2m @ 13.9% Zn Eq. of Transition Massive Sulphide.
Additionally, both holes Met_MS_06 and Met_MS_07 confirmed the
high grade Cu-Ag mineralization within the newly domained
Transition Zone. Met_MS_06 intercepting 7.2m @ 2.01% Cu and 149.4
g/tonne Ag and Met_MS_07 intercepting 6.2m @ 1.24% Cu and 210.5
g/tonne Ag.
Met_MS_05 intercepted a notable high grade copper zone of 14m of
apparent width starting at 252m averaging 12.53% ZnEq (including
2.34% Copper alone). High grade copper in the stringer domain has
been previously reported in other holes (e.g. MS_41A), spatially
always adjacent to the contact with the overlaying massive
sulphides. Ascendant is planning additional holes targeting this
copper endowed area to further refine and subdomain the stringer
zone. The Company believes the higher-grade copper mineralization
found in this part of the stringer zone could be a potential feeder
zone as is typically found in many VMS style deposits on the
Iberian Pyrite Belt.
Hole location and collar positions are shown in Figure 1 and
Table 1 below.
PLAN VIEW OF THE VA NOVA WITH LOCATION OF THE REPORTED DRILL
HOLES (Fig.1)
CROSS SECTION NORTH ZONES
(Trace Locations Included In Figure 1) (Fig.2)
Collar Information
( Table 1)
Hole Id UTM UTM Elevation Dip Azimuth Depth
East* North*
Met_MS_05 546881 4232176 88.3 60 290 414.7
------- -------- ---------- ---- -------- ------
Met_MS_06 546798 4231996 86.2 60 355 489.8
------- -------- ---------- ---- -------- ------
Met_MS_07 546896 4231922 87.3 60 315 300
------- -------- ---------- ---- -------- ------
Datum: WGS 84 Zone 29N
Relevant Economic Intercepts by Domain
(Table 2)
Hole Intercept Domain From To Apparent Zn Cu Pb Ag Au Sn ZnEq(1)
ID # * m m width % % % g/t g/t % %
m
Met_MS_05 1 Gossan 163.2 172.1 8.9 0.58 0.14 2.90 28.4 0.49 0.38 9.05
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
Transition
2 MS 172.1 178 5.9 0.20 1.68 4.40 47.6 0.90 0.25 14.50
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
Primary
3 MS 178 250 72 3.48 0.27 2.24 36.2 0.31 0.20 9.75
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
4 Stringer 252 266 14 0.97 2.34 0.11 41.9 0.02 0.35 12.53
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
5 Stringer 290 300 10 3.28 0.20 1.68 68.6 0.79 0.08 9.64
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
Met_MS_06 6 Gossan 154 163.8 9.8 0.24 0.06 2.38 115.1 5.01 0.67 23.23
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
Transition
7 MS 163.8 171 7.2 0.05 2.01 0.97 149.4 1.24 0.19 15.32
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
Primary
8 MS 171 179 8 1.26 0.22 1.21 13.3 0.06 0.06 4.01
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
Primary
9 MS 191 213.1 22.1 0.42 0.44 0.12 16.0 0.11 0.06 3.10
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
Primary
10 MS 240.9 246.7 5.8 0.52 0.49 0.12 18.3 0.08 0.04 3.15
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
Met_MS_07 11 Gossan 135.05 158.8 23.75 0.50 0.04 2.28 49.4 0.12 0.11 5.25
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
Transition
12 MS 158.8 165 6.2 0.18 1.24 2.40 210.5 0.48 0.14 13.90
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
Primary
13 MS 165 223.1 58.1 6.33 0.23 6.47 127.4 1.22 0.20 20.51
---------- ----------- ------- ------ --------- ----- ----- ----- ------ ----- ----- --------
* Intercept labeled in Longitudinal Section
(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, Au: US$1,650/Oz and Sn:
US$12/lb.
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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END
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