TIDMMAFL
RNS Number : 7594O
Mineral & Financial Invest. Limited
02 February 2023
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Investment Update: Redcorp Announces New High Grade Copper
Results Supporting the Growth Potential of the High Grade Copper
Corridor at the Venda Nova South Zone
HIGHLIGHTS
-- Significant intercepts confirm high-grade copper endowment in
Venda Nova South Zone, including the recent outlined footwall
trend.
- Met_St_04: 10m @ 2.89% CuEq from 286m; and 10m @ 1.46% CuEq from 352m
- ST_27: 9m @ 2.29% CuEq from 568m; and 4m @ 2.63% CuEq from 414m
- ST_30: 5m @ 1.99% CuEq from 339m, 3m @ 3.93% CuEq from 395m; and 10m @ 1.97% CuEq from 423m
-- Results validate and improve conversion of inferred to indicated resources
-- Metallurgical drill program at Venda Nova now complete
George Town, Cayman Islands - 2 February 2023 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or
the "Company") is pleased to report assay results from the latest
drill holes executed in the Venda Nova South Zone as part of the
metallurgical, infill and extensional drilling campaign started in
2022. Of note from these results is the higher tenor of copper
intercepted that supports the ongoing delineation of a high grade
copper domain within the South Deposit.
Jacques Vaillancourt, President & CEO stated: " We continue
to be very pleased by the results of Redcorp's 2022 drill program
at Lagoa Salgada. Not only do we expect strong conversion and
upgrading of resources to support our ongoing feasibility study but
these results reinforce our belief that the Venda Nova Deposit and
the Lagoa Salgada project as a whole will continue to grow the
resource base and that overall Lagoa Salgada remains in the
discovery phase. Additionally, we are encouraged by the
confirmation that South Zone also appears to hold copper dominated
mineralization similar to what we are seeing at depth in the North
Zone. Additional drilling in the future is expected to expand on
these discoveries ."
As of January 30, 2023, Redcorp/Ascendant has completed 27 drill
holes (11 Metallurgy holes reported and 16 infill and step-out
drill holes) totalling 12,804 meters as part of the overall drill
program to support the ongoing Feasibility Study for Venda Nova.
Results of the final variability, step-out and infill drill holes
in the South Zone will be included in the resource update to
support the Feasibility Study. Results reported today represent
full results received as January 28, 2023.
Highlights (True Width) of the infill variability metallurgical
drilling program results include:
Met_St_03:
- 4m @ 1.77% CuEq from 226m; and
- 5m @ 1.71% CuEq from 322m
Met_St_04:
- 2m @ 3.65% CuEq from 246m; and
- 10m @ 2.89% CuEq from 286m; and
- 10 m @ 1.46% CuEq from 352m
Highlights of the infill / drilling results include:
ST_27:
- 4m @ 2.63% CuEq from 414m; and
- 9m @ 2.29% CuEq from 568m
ST_30:
- 5m @ 1.99% CuEq from 339m: and
- 3m @ 3.93% CuEq from 395m; and
- 10m @ 1.97% CuEq from 423m
Infill drill hole ST_27 was drilled at the north edge of the
current indicated resources envelope. This drill hole is expected
to spatially extend the conversion of inferred resource into the
indicated category both along strike and down dip. Notable
intercepts include 9m @ 2.29% CuEq (1.9% Cu) from 568m including 2m
@ 7.8% of Cu from 576m. This intercept confirms the geometry of the
high-grade copper footwall trend, discussed previously after the
reported results of holes ST_31 and ST_42 (see press release of
November 9, 2022). Copper, along this trend, occurs in the form of
chalcopyrite within veinlets and semi massive (submeter) lenses,
concentrated in the low stratigraphically stacked fisssural
corridors.
Infill drill hole ST_30 was drilled immediately north of the
envelope that outlines the extent of the Indicated portion of the
resource in the current internal update. The addition of this hole
will likely extend the boundary of Indicated Resources both along
strike and down dip. Notable intercepts include 4m @ 1.77% CuEq
(0.88% Cu) from 226m and 6m @ 1.71% CuEq (0.42% Cu) from 322m.
Variability metallurgical drill holes, Met_St_03 and Met_St_04
were collared centrally to the Indicated Resource envelope and
crossed all the corridors that define the current South Zone
domaining. The holes were drilled slightly oblique to the main
orientation of the existing mineralized corridors to provide
additional mass of mineralized rock to properly conduct the
variability metallurgical setting. Results reconcile well with the
new domains and general grade distribution estimates. Significant
intercepts in hole Met_St_03 include 4m @ 1.77% CuEq from 226m and
5m @ 1.71% CuEq from 322m. Best intercepts in hole Met_St_04: 2m @
3.65% CuEq from 246m; 10m @ 2.89% CuEq from 286m; and 12m @ 1.46%
CuEq from 352m.
Hole location and collar positions are shown in Figure 1 and
Table 1 below.
Plan view of the Venda Nova with location of the reported drill
holes (Fig. 1)
Cross sections South Zone (Trace locations included in Figure 1)
(Fig. 2)
Collar Information (Table 1)
Hole Id UTM UTM Elevation Dip Azimuth Depth
East* North*
------- --------
ST_27 547369 4231458 91 60 240 700
------- -------- ---------- ---- -------- ------
ST_30 547373 4231406 91 60 240 640.6
------- -------- ---------- ---- -------- ------
Met_ST_04 546928 4231994 91 60 270 554.6
------- -------- ---------- ---- -------- ------
Met_ST_03 546893 4232069 89 60 270 562.6
------- -------- ---------- ---- -------- ------
Relevant Economic Intercepts by Domain (Table 2)
Hole Id Corridor from to Length True width Cu Zn Pb Ag Au CuEq [1]
----------- --------------
(m) (m) (m) (m) % % % g/t g/t %
----------- -------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
ST_27 C2 sMS 212.0 218.0 6 5.3 0.25 0.71 0.03 8.3 0.05 0.63
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
ST_27 C1 sMS 324.0 326.0 2 1.5 1.27 0.38 0.20 31.0 0.12 1.83
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
ST_27 C1 FR 414.0 418.0 4 3.7 1.49 1.75 0.67 24.5 0.17 2.63
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
ST_27 C2 FR 458.0 462.0 4 3.7 1.09 0.39 0.24 15.5 0.05 1.47
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
ST_27 C3 FR 568.0 578.0 10 9.1 1.90 0.55 0.05 16.4 0.05 2.29
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
ST_30 C3 sMS (new) 174.4 179.0 4.6 2.7 0.09 2.06 0.46 14.1 0.13 1.15
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
ST_30 C2 sMS 273.0 277.0 4 2.6 0.01 0.13 0.03 12.0 1.16 1.04
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
ST_30 C1 FR 339.0 347.0 8 4.6 1.28 0.58 0.41 24.0 0.23 1.99
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
ST_30 C1 FR 395.0 399.0 4 2.9 2.80 0.23 0.10 35.0 0.94 3.93
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
ST_30 C2 FR 423.0 435.0 12 10.1 1.29 0.94 0.43 19.2 0.08 1.97
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_04 C2 sMS 180.0 184.0 4 2.4 0.49 0.31 0.05 15.0 0.14 0.85
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_04 C1 FR 246.0 250.0 4 2.5 2.30 1.10 0.49 77.0 0.17 3.65
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_04 C1 FR 286.0 300.0 14 10.2 1.29 2.14 1.25 41.1 0.17 2.89
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_04 C1 FR 330.0 334.0 4 3.3 0.38 2.03 0.87 21.5 0.14 1.62
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_04 C1 FR 342.0 346.0 4 3.3 2.44 1.96 1.06 35.5 0.09 3.81
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_04 C1 FR 352.0 364.0 12 9.8 0.88 0.74 0.54 14.0 0.06 1.46
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_04 C3 FR 406.0 414.0 8 7.3 0.53 1.41 0.45 14.5 0.04 1.30
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_04 C3 FR 416.0 426.0 10 8.7 0.62 1.48 0.52 18.9 0.04 1.48
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_04 C3 FR 438.0 448.0 10 7.2 0.72 1.06 0.49 15.4 0.06 1.41
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_03 C1 FR 226.0 232.0 6 3.6 0.88 1.77 0.30 13.3 0.10 1.77
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_03 C1 FR 274.0 278.0 4 2.0 0.15 1.47 0.75 14.0 0.05 1.03
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_03 C1 FR 308.0 312.0 4 2.2 0.62 2.14 0.95 17.5 0.10 1.85
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
Met_ST_03 C1 FR 322.0 328.0 6 4.8 0.42 2.21 1.15 17.3 0.06 1.71
-------------- ------ ------ ------- ----------- ----- ----- ----- ----- ----- ---------
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 QA/QC 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
considered to be in the public domain.
[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
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