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RNS Number : 8574I
Mineral & Financial Invest. Limited
13 August 2019
 

Mineral and Financial Investments Limited

Investment Update: 46.95m of 21.90% ZnEq1 (36.2m true width) Intercepted in Recent Exploration Drill Program at the Lagoa Salgada VMS Project in Portugal

 

HIGHLIGHTS:

·   LS_MS_39 is Best hole drilled to date in the Lagoa Salgada Project

·   The results from Four Outstanding holes, including:

LS_MS_39 - Intercepted 46.95m (36.2m true width) of 0.39% Cu, 6.26% Pb, 7.30% Zn, 1.37g/t Au, 165.63g/t Ag and 0.20% Sn (21.90% ZnEq)

LS_MS_38 - Intercepted 45.75m (35.5m true width) of 0.19% Cu, 2.28% Pb, 4.01% Zn, 0.70g/t Au, 47.98g/t Ag and 0.13% Sn (9.84% ZnEq) 

·   Drill results from this program will form the basis for an updated Mineral Resource Estimate for Lagoa Salgada expected to be released in Q3-2019

·   A Preliminary Economic Assessment ("PEA") expected to be completed by end of year.

 

GEORGE TOWN CAYMAN ISLANDS, August 13, 2019 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is very pleased to announce the results from the last five holes of the first phase of the 2019 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 (please refer to RNS of August 1, 2018). In conjunction with Ascendant, M&FI is very pleased to announce the additional high-grade drilling results from the North Zone of the Lagoa Salgada VMS project ("Lagoa Salgada") located on the Iberian Pyrite Belt ("IPB") in Portugal. These results include the best hole, LS_MS_39, drilled to date at the project. An additional three holes in the Central and South Zones remain outstanding and are expected over the course of the next several weeks. Drill results from the exploration program to date will form the basis for the updated National Instrument 43-101 Mineral Resource Estimate for Lagoa Salgada in the third quarter followed by a Preliminary Economic Assessment ("PEA") by the end of the year.

Jacques Vaillancourt, Chairman of Mineral & Financial Investments stated - "The results being achieved at Lagoa Salgada confirm our belief in both the geology and the team exploring the deposit. The North Zone (formerly the called LS-1) represents a significant portion of the current Mineral Resource Estimate and with these results, Ascendant is confident in the ability to expand and upgrade the Resource Estimate. The discovery of the copper rich zone highlights the similar characteristics compared to other major VMS deposits in the Iberian pyrite Belt. The ongoing exploration success also has the Redcorp team extremely encouraged about the mineable potential of the project, which will be formalized with the completion of a PEA by the end of the year."

 

Drill Hole Highlights

These most recent drill results represent the final holes completed in the first phase of drilling for the 2019 exploration program in the North Zone at Lagoa Salgada. In total during this phase, 24 holes totaling 7,964 metres were completed of which 20 holes focused on the North Zone and 4 holes were focused on the South and Central zones within the LS West Region. Drill results from these last 5 holes have continued to demonstrate significant high-grade massive sulphide mineralization (see table 1 below).  These drill results, along with those already released (see press release dated July 24, 2019), are expected to contribute significantly to expanding and upgrading the current Mineral Resource Estimate. These holes intersected massive sulphide mineralization both extending the mineralization at depth and along strike. The holes demonstrated the high-grade nature of the massive sulphide are highlighted above. In the South zone, hole LS_ST_16 was reported on July 24, 2019 and assays are pending for three additional holes from the South and Central zones. Two holes in the South zone were pre-collared but will be completed in a future program when the focus is expanded beyond the North Zone.

 

Assay results from the 5 drill holes reported today have continued to demonstrate significant high-grade massive sulphide mineralization over good widths (see table 1 below), which, combined with previous results (see press release dated July 24, 2019), are expected to contribute significantly to expanding and upgrading Ascendant's current Mineral Resource Estimate. Today's reported holes continue to intersect massive sulphide mineralization both extending the mineralization at depth and along strike, demonstrating the high-grade nature of the North Zone.

 

Results also support the potential future extensions of the North Zone in all directions. For example, as Drill hole LS_MS_40 and wedge hole LS_MS_40b indicate, the massive sulphide mineralization continues north under the north-dipping Alpine fault where a second massive sulphide lens was intersected. Drill hole LS_MS_39, which not only is the highest-grade hole drilled at Lagoa Salgada and having one of the thickest intersections thus far, is the southern-most hole drilled in the North Zone, allowing for more potential massive sulphide mineralization continuity to the south of the known North Zone. The drill holes LS_MS_37 and LS_MS_38 intersected multiple massive sulphide horizons opening the zone up to both the west and to the east for potentially more mineralization and the possibility of additional lenses.

 

The remaining three drill holes, that are expected to be released shortly, tested a new copper-rich zone in the Central and South Zones. These 3 holes tested a strong Induced Polarization ("IP") chargeability anomaly with widely spaced holes (> 200-metre spacing between holes). The mineralization remains open along strike and at depth and further drilling will be necessary to evaluate the potential of this zone. We note that most VMS mines in the IPB have both zinc and copper rich zones.

 

Metallurgical test work has commenced, and the results will be incorporated into the upcoming PEA.

 

 

Drill Hole Details

 

Tables 1 and 2 below provide assay results for the final 5 holes in the North Massive Sulphide Zone (see Figure 1). Drill results from these holes in the North Massive Sulphide Zone highlight the high-grade nature of the massive sulphide lens.

 

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 massive sulphide mineralization were intersected in all 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/8574I_1-2019-8-13.pdf

 

Figure 2: Plan View of the All Drill Holes for Lagoa Salgada

 

http://www.rns-pdf.londonstockexchange.com/rns/8574I_1-2019-8-13.pdf

 

 

 

 

Table 1: Drill Intersections

 

Hole #

Zone

From (m)

To (m)

Length

(m)

True width (m)

Cu

%

Pb %

Zn %

Au (ppm)

Ag (ppm)

Sn

%

ZnEq

%1

LS_MS_34

gossan

136.80

153.90

17.10

14.71

0.05

0.13

0.35

0.04

4.29

0.02

0.94

 

MS

153.90

186.00

32.10

24.72

0.24

1.99

0.51

0.60

55.34

0.27

7.34

 

Including

153.90

172.00

18.10

13.94

0.38

3.38

0.39

0.91

82.17

0.48

11.56

LS_MS_37

gossan

152.50

169.80

17.30

14.88

0.02

0.48

0.36

0.03

3.72

0.14

1.99

 

MS

169.80

237.80

68.00

52.36

0.36

0.56

1.48

0.17

25.46

0.04

4.14

 

Including

204.00

226.00

22.00

16.94

0.36

1.18

3.78

0.41

44.82

0.07

8.07

 

2nd MS

248.70

258.20

9.50

7.32

0.47

0.23

0.72

0.12

26.33

0.04

3.46

 

stringer

237.80

240.00

2.20

1.69

0.44

0.09

0.90

0.15

19.50

0.03

3.26

LS_MS_38

gossan

125.50

142.00

16.50

14.19

0.02

0.01

0.34

0.85

11.12

0.01

2.06

 

MS

179.10

224.85

45.75

35.23

0.19

2.28

4.01

0.70

47.98

0.13

9.84

 

Including

190.00

223.00

33.00

25.41

0.22

3.11

4.64

0.92

62.12

0.15

12.14

LS_MS_39

gossan

134.40

164.55

30.15

25.93

0.17

0.23

0.40

78.90

0.00

3.05

 

MS

164.55

211.50

46.95

36.15

0.39

6.26

7.30

1.37

165.63

0.20

21.90

 

Including

172.00

188.00

16.00

12.32

0.23

8.56

7.45

2.25

256.38

0.17

26.99

LS_MS_40

gossan

164.00

175.00

11.00

9.46

0.08

4.18

0.51

0.60

28.27

0.29

8.40

 

Including

167.00

172.00

5.00

4.30

0.09

6.36

0.51

0.81

34.40

0.45

12.10

 

MS

175.00

201.30

26.30

20.25

0.63

0.66

0.20

0.37

14.81

0.01

3.56

 

Including

190.00

196.00

6.00

4.62

2.65

0.22

0.10

0.61

39.67

0.01

9.31

 

2nd MS

259.50

262.70

3.20

2.46

0.08

2.70

5.26

1.43

130.75

0.10

12.90

LS_MS_40b

MS

260.35

263.00

2.65

2.04

0.05

2.12

4.93

1.29

116.67

0.10

11.94

wedge hole

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 2: Drill Hole Information

 

ID

Easting

Northing

Az.(º)

Dip (º)

Elevation

Status

Depth (m)

LS_MS_34

546932

4231967

250

-60

300

Finished

251.05

LS_MS_37

546703

4232063

70

-60

300

Finished

297.50

LS_MS_38

546693

4231988

70

-60

300

Finished

431.05

LS_MS_39

546751

4231920

70

-60

300

Finished

275.35

LS_MS_40

546822

4232181

307

-60

500

Finished

292.05

 

 

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.

 

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. 

 

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. 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.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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