TIDMMAFL
RNS Number : 9456N
Mineral & Financial Invest. Limited
15 August 2017
Minerals and Financial Investments Limited
Lagoa Salgada LS-1 Resource Expansion Program - Hole LS-MS-03
Strikes 13.0m Of 12.42%(1) Zinc Equivalent; Discovery Of New
Mineralized Zone grading 1.24% Copper
HIGHLIGHTS:
- LS-MS-03 drill hole strikes 131m of 0.49% copper, including 20m of 1.24% copper
- Copper grades more than double to 1.24% at depth (231m)
- Massive sulphide zone of 28.0m grading 8.85% zinc equiv(1) .,
including 13m of 12.42% zinc equiv.(1)
- LS-MS-03's new stockwork zone is copper rich, could be economic without by-product credits
- First three holes of resource expansion program strike larger zones, along with higher grades.
George Town, Cayman Island - August 15, 2017 - Mineral &
Financial Investments is very pleased to announce its 49%-owned
investment, TH Crestgate GmbH, a private Swiss-based investment
company has released the third set of assay results from its new
drilling campaign designed to try to expand the LS-1 resource at
the 100%-owned Lagoa Salgada zinc-copper project in southern
Portugal.
The holes were completed by wholly-owned local subsidiary,
Redcorp Empreedimentos Lda. The current resource is 4.5Mt, with a
zinc equivalent grade of 8.2% (see RNS of August 27, 2015). This
drill program, announced and initiated in June 2017, is focussed on
expanding the existing LS-1 Resource. The current resource is
4.5Mt, with a zinc equivalent grade of 8.2%. This drilling program
is targeting expanding the resource by 75%-to-125% to between 8.0Mt
and 10.0Mt, although at this stage there can be no guarantee that
can be achieved.
Drill Results Hole LS-MS-03
Cu Equiv. Zn Equiv.
Depth Thickness Cu Zn Pb Au Ag
Hole (m) (m) (%) (%) (%) (g/t) (g/t) (%)[1] (%)(1)
--------------------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
LS-MS-03 147 2.08
(New) to 278 131.0 0.49 0.83 1.18 0.24 41.4 % 4.36%
--------------------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 147
(Gossan) to 160 13.0 0.41 0.75 4.91 0.61 30.1 3.37% 7.07%
--------------------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 160
(Massive-Sulphide) to 188 28.0 0.49 1.51 2.74 0.61 123.2 4.22% 8.85%
--------------------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 175
(Massive-Sulphide) to 188 13.0 0.26 2.69 4.36 1.03 189.2 5.93% 12.42%
--------------------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 204
(Stock work) to 278 74.0 0.59 0.66 0.15 0.04 19.2 1.19% 2.49%
--------------------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 223
(Stock work) to 277 54.0 0.72 0.70 0.16 0.03 20.8 1.36% 2.85%
--------------------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 230
(Stock work) to 266 36.0 0.92 0.56 0.14 0.03 14.8 0.77% 1.62%
--------------------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 231
(Stock work) to 259 28.0 1.05 0.81 0.13 0.03 25.6 1.75% 3.67%
--------------------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 231
(Stock work) to 251 20.0 1.24 0.86 0.11 0.02 26.2 1.97% 4.12%
--------------------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
The third hole of a six-hole program being undertaken by TH
Crestgate has just returned with assays. LS-MS-03 is a 70(deg)
drill hole located in the northern half of the current resource 50m
to the south of the first hole, LS-MS-02. This angled hole
intercepted mineralization 50m above where mineralization was
previously thought to begin. The LS-MS-03 drill hole is mineralized
from a depth of 147m (where the assaying began) to the bottom of
the hole at 331m. The hole intercepted 28m of massive sulphides in
what had been an unknown area of mineralization. This intercept
carries an average grade of 8.85% zinc equivalent(1) , which is
slightly above the historical preliminary resource grade of 8.2%.
This interval also indicated that the mineralization is open to the
east and down dip. Copper grades more than double to 1.24% at depth
(231m). These grades would be very likely economic to mine without
any by-product credits from any other mineralization.
Jacques Vaillancourt, Chairman of Mineral and Financial,
commented: "This third hole expands the dimensions and tonnage of
the mineralized zone and continues to validate our belief that the
resource can be significantly expanded from its historical size of
4.5Mt. This third hole follows on from the highly encouraging first
and second holes. Additionally, it demonstrates that the stockwork
mineralization, in the stringer zones, likely has sufficient copper
to be economic on its copper content alone. This new copper rich
stringer zone is found in the ore bodies supporting the both the
Neves Corvo and Aljustrel mines located nearby on the Iberian
Pyrite Belt."
CROSS SECTION OF LS MS-03 NTERSECTION OVERLAYED WITH THE
HISTORICAL RESOURCE ESTIMATE OF LAGOA SALGADA
http://www.rns-pdf.londonstockexchange.com/rns/9456N_-2017-8-14.pdf
The LS-1 resource expansion drill program of 6 angled holes will
additionally help define the true width of the mineralization.
Based on cost estimates provided by TH Crestgate to Mineral &
Financial, the Company has adequate resources to provide support
for this programme.
LOCATION OF LS-1 SECTOR RESOURCE & "CENTRAL SECTOR" ALONG
WITH NEW (Green) AND HISTORICAL (Black) DRILL HOLES
http://www.rns-pdf.londonstockexchange.com/rns/9456N_-2017-8-14.pdf
Asset Description
The Lagoa Salgada resource is centred on one gravimetric anomaly
called LS-1. There are a total of 17 gravimetric anomalies on the
property. These anomalies remain to be fully tested. A petrographic
study undertaken by TH Crestgate focused on the LS-1 area of the
Lagoa Salgada property and also indicated the presence of
anomalously high levels of indium in sphalaritic (zinc-rich) zones
of mineralization. The orebody is composed of a central stock work
zone - a more than 700m 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.
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 LS-1 Resource Summary
---------------------- -------------------------------------------------------------------
Contained
LS-1 Tonnes Mineral Grade Metal Units
Sector
---------------------- --------------------- ---------- -------- ------------ --------
Pb (%) 2.94 190,686,436 Lbs.
---------------------- --------------------- ---------- -------- ------------ --------
Zn (%) 3.40 220,521,729 Lbs.
---------- -------- ------------ --------
Cu (%) 0.34 22,052,173 Lbs.
---------- -------- ------------ --------
Ag (g/t) 54.72 5,175,824 Oz.
---------- -------- ------------ --------
Indicated 2,942,000 Au (g/t) 0.82 77,562 Oz.
---------------------- --------------------- ---------- -------- ------------ --------
Pb (%) 2.50 85,648,710 Lbs.
---------------------- --------------------- ---------- -------- ------------ --------
Zn (%) 1.80 61,667,071 Lbs.
---------- -------- ------------ --------
Cu (%) 0.35 11,990,819 Lbs.
---------- -------- ------------ --------
Ag (g/t) 51.00 2,548,073 Oz.
---------- -------- ------------ --------
Inferred 1,554,000 Au (g/t) 0.78 38,971 Oz.
---------------------- --------------------- ---------- -------- ------------ --------
Pb (%) 2.79 276,335,146 Lbs.
---------------------- --------------------- ---------- -------- ------------ --------
Zn (%) 2.85 282,188,800 Lbs.
---------- -------- ------------ --------
Cu (%) 0.34 34,042,992 Lbs.
---------- -------- ------------ --------
Ag (g/t) 53.43 7,723,897 Oz.
---------- -------- ------------ --------
Total 4,496,000 Au (g/t) 0.81 116,532 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 is
employed by Redcorp Empreedimentos Mineiros, Lda., a wholly owned
subsidiary of TH Crestgate GmbH, and has 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
Jon Belliss, Beaufort Securities Limited +44 207 382 8300
Alastair Ford, M&FI COO +44 780 226 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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