TIDMMAFL
RNS Number : 0356G
Mineral & Financial Invest. Limited
24 May 2017
MINERAL & FINANCIAL INVESTMENTS LIMITED
("Mineral & Financial", "MAFL", or the "Company")
Third Exploration Hole At Lagoa Salgada Highlights Three
Mineralized Zones, Indicating It's Part Of Larger Mineralized
System; Assays Of 9.80% Zinc Equiv(1)
HIGHLIGHTS:
- 3(rd) hole strikes large mineralized zone with intercepts as high as 8m of 9.80% Zn equiv.(1)
- Mineralization is respectively a 110m and 150m step-out from
first and second holes (LS ST-01) of this drilling program and 200m
from the historic LS 28 hole.
- Three higher grade mineralized channels encountered within a larger zone of mineralization.
- Results to date suggests that mineralization is part of a larger mineralized system.
- Mineralisation remains open at depth and along strike
- Remainder of drill-hole results expected within 10 days.
George Town, Cayman Island - May 24, 2017 - Mineral &
Financial Investments is pleased to announce drill results from its
49%-owned subsidiary, TH Crestgate GmbH, a private Swiss based
investment company. TH Crestgate has released the assay results
from the third hole of its 4 hole drilling campaign in the Central
Sector LS-1 Area of the Lagoa Salgada Project, hole LS ST-04. The
holes were completed by TH Crestgate's wholly owned local
subsidiary (Redcorp Empreedimentos Lda), on its 85%-owned Lagoa
Salgada zinc-copper project in southern Portugal, 100km SE of
Lisbon. This 4-hole drill program announced and initiated in
December 2016 is focussed on the "Central Sector", which is
immediately to the SE of the LS-1 historic resource, and is
designed to complement historic drilling. The assay results from
the final hole (LS ST-03) of the program are expected from ALS in
Seville, Spain shortly.
LS ST-04 is an important hole as it was drilled to be
perpendicular to the mineralization and cross mineralized
structures 200m NE from historic hole LS-28. The hole confirms the
mineralized area both in width and depth. The length of the
intersection brings TH Crestgate one step closer to confirming the
thesis that the mineralization will be large in tonnage.
Additionally, hole LS ST-04 confirms the presence of three main
corridors of medium grade mineralization with intervals of 22 to 40
meters of 2.6% to 4.0 Zn Eq. Each of these corridors also hosts
higher grade intervals of 5% Zn Eq.
This hole appears to confirm that the mineralized zone is a
stock-work mineralization that is distinct, but adjacent to the
massive sulphide mineralization that hosts the preliminary resource
centred around LS-1 (see "Asset Description" below). The
mineralization remains open at depth, to the east and to the
west.
Cu Equiv. Zn Equiv.
Depth Thickness Cu Zn Pb Au Ag
Hole (m) (m) (%) (%) (%) (g/t) (g/t) (%)(1) (%)(1)
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
168 to
LS ST-04 408 240.00 0.13 0.77 0.45 0.01 6.69 0.75% 1.58%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
LS ST-04 168 to
(C-1) 190 22.00 0.26 2.06 1.02 0.13 7.96 1.74% 3.66%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
180 to
Including 190 10.00 0.52 4.03 1.99 0.01 15.57 2.44% 5.11%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
181 to
Including 189 8.00 0.63 4.71 2.42 0.02 17.50 4.03% 8.45%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
LS ST-04 287 to
(C-2) 310 23.00 0.26 1.14 0.97 0.02 6.87 1.25% 2.62%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
287 to
Including 294 7.00 0.51 2.05 1.38 0.03 11.33 2.16% 4.42%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
306 to
Including 310 4.00 0.43 2.38 1.83 0.01 11.50 2.42% 5.06%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
LS ST-04 368 to
(C-3) 408 40.00 0.36 1.82 1.07 0.02 24.52 1.91% 4.01%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
377 to
Including 393 16.00 0.64 3.20 1.71 0.02 40.00 3.28% 6.87%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
382 to
Including 390 8.00 0.99 4.52 2.24 0.03 60.37 4.68% 9.80%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
85% ownership of project
Alastair Ford, Chief Operating Officer of Mineral and Financial,
stated: "We continue to be encouraged by the results TH Crestgate
is delivering from the Lagoa Salgada project. This latest hole
indicates that we are dealing with a very large mineralized system,
given the length of the mineralization.. This third hole's mineral
characteristics are consistent with the first 2 holes, but
immediately adjacent to the LS-1 resource. This hole further
confirms our belief that Lagoa Salgada hosts numerous ore
bodies."
LONG SECTION OF LS ST-04 HOLE
http://www.rns-pdf.londonstockexchange.com/rns/0356G_-2017-5-23.pdf
LONG SECTION OF HOLES LS ST-01 & LS ST-02
http://www.rns-pdf.londonstockexchange.com/rns/0356G_1-2017-5-23.pdf
MAP OF LOCATION OF LS-1 SECTOR RESOURCE AND
LOCATION OF "CENTRAL SECTOR" NEW AND HISTORICAL DRILL HOLES
http://www.rns-pdf.londonstockexchange.com/rns/0356G_2-2017-5-23.pdf
The 13,400-hectare Lagoa Salgada project currently has 17
identified gravimetric anomalies as well as a preliminary resource.
The preliminary resource is located on one of these gravimetric
anomalies, the LS-1 zone. The Central Sector is located within the
LS-1 zone and is approximately 1200 meters SE of LS-1's 4.5 million
tonne zinc / lead polymetallic preliminary resource. The 'Central
Sector' was the subject of a 4 drill-hole program undertaken by a
previous operator in the early 1990's. The current drill program is
meant to confirm and expand the understanding and economic value of
the Central Sector. The core from the 4th hole (LS ST-03) is
currently with ALS and TH Crestgate expect assay results within the
next 10 days
Asset Description
The Lagoa Salgada resource is focused on one gravimetric
anomaly, LS-1. There are a total of 17 gravimetric anomalies on the
property. These anomalies remain to be fully tested. The
petrographic study focused on the LS-1 area of the Lagoa Salgada
property and also indicated the presence of anomalously high levels
of indium. The orebody is composed of a central stock work zone - a
more than 700 m thick volcano-sedimentary complex - and a massive
sulphide lens in the northwest. It is covered by more than one
hundred meters of sediments of the Sado Tertiary basin (Lima et
al., 2013, see below).
The historical, Canadian Institute of Mining (CIM) compliant,
resource estimate, located on LS-1, completed in 2012 by Paul
Daigle, P.Geo, is summarized below:
Category Gross Net Attributable
---------------------- ---------------------------------------------------------------- ------------------------------------------------------
Contained Contained
LS-1 Tonnes Mineral Grade Metal Units Tonnes Mineral Grade Metal Units
Sector
---------------------- --------------------- --------- ------- ------------ ------- ---------- --------- ------- ------------ --------
Pb
Pb (%) 2.94 190,686,436 Lbs. (%) 2.94 162,083,471 Lbs.
---------------------- --------------------- --------- ------- ------------ ------- ---------- --------- ------- ------------ --------
Zn
Zn (%) 3.40 220,521,729 Lbs. (%) 3.40 187,443,469 Lbs.
--------- ------- ------------ ------- --------- ------- ------------ --------
Cu
Cu (%) 0.34 22,052,173 Lbs. (%) 0.34 18,744,347 Lbs.
--------- ------- ------------ ------- --------- ------- ------------ --------
Ag
Ag (g/t) 54.72 5,175,824 Oz. (g/t) 54.72 4,399,450 Oz.
--------- ------- ------------ ------- --------- ------- ------------ --------
Au
Indicated 2,942,000 Au (g/t) 0.82 77,562 Oz. 2,500,700 (g/t) 0.82 65,927 Oz.
---------------------- --------------------- --------- ------- ------------ ------- ---------- --------- ------- ------------ --------
Pb
Pb (%) 2.50 85,648,710 Lbs. (%) 2.50 72,801,404 Lbs.
---------------------- --------------------- --------- ------- ------------ ------- ---------- --------- ------- ------------ --------
Zn
Zn (%) 1.80 61,667,071 Lbs. (%) 1.80 52,417,011 Lbs.
--------- ------- ------------ ------- --------- ------- ------------ --------
Cu
Cu (%) 0.35 11,990,819 Lbs. (%) 0.35 10,192,196 Lbs.
--------- ------- ------------ ------- --------- ------- ------------ --------
Ag
Ag (g/t) 51.00 2,548,073 Oz. (g/t) 51.00 2,165,862 Oz.
--------- ------- ------------ ------- --------- ------- ------------ --------
Au
Inferred 1,554,000 Au (g/t) 0.78 38,971 Oz. 1,320,900 (g/t) 0.78 33,125 Oz.
---------------------- --------------------- --------- ------- ------------ ------- ---------- --------- ------- ------------ --------
Pb
Pb (%) 2.79 276,335,146 Lbs. (%) 2.79 234,884,874 Lbs.
---------------------- --------------------- --------- ------- ------------ ------- ---------- --------- ------- ------------ --------
Zn
Zn (%) 2.85 282,188,800 Lbs. (%) 2.85 239,860,480 Lbs.
--------- ------- ------------ ------- --------- ------- ------------ --------
Cu
Cu (%) 0.34 34,042,992 Lbs. (%) 0.34 28,936,543 Lbs.
--------- ------- ------------ ------- --------- ------- ------------ --------
Ag
Ag (g/t) 53.43 7,723,897 Oz. (g/t) 53.43 6,565,313 Oz.
--------- ------- ------------ ------- --------- ------- ------------ --------
Au
Total 4,496,000 Au (g/t) 0.81 116,532 Oz. 3,821,600 (g/t) 0.81 99,052 Oz.
---------------------- --------------------- --------- ------- ------------ ------- ---------- --------- ------- ------------ --------
Source: Tetra-Tech Wardrop.
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 14 years of
relevant experience in the field of activity concerned. Mr Barros
is a Member of the Portuguese Engineers Association. Mr. Barros,
who is employed by Redcorp Empreedimentos Mineiros, Lda., a wholly
owned subsidiary of TH Crestgate GmbH, consented to the inclusion
of the material in the form and context in which it appears.
This report should be seen as indicative of possible mineral
content and not definitive, as the sample group is insufficient to
arrive at any economic conclusions.
For more information:
Katy Mitchell, WH Ireland +44 161 832 2174
Jacques Vaillancourt, Chairman +44 0780 226 8247
(1) Cu. and Zn. equivalency calculated using the following spot
prices: Cu $5,782 /t; Zn $2,761/t; Pb $2,307/t; Au $1,252/oz.; Ag
$18.33/oz.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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