- North Zone: Total Measured & Indicated Resources +71% to 10.3Mt; Grade is maintained at 9.1% Zn Equivalent
- Measured Mineral Resources increased by 57% to 2.8 Mt at 10.7% ZnEq1.
- 70% increase in the precious metal rich gossan zone to 1.7 Mt at 4.6g/t AuEq.
- Total NI 43-101 Measured and Indicated Resources of 12.8Mt and Inferred Resources of 10.3Mt.
- This follows 2018 success which more than doubled Measured, Indicated & Inferred Resources to 20.7Mt from the 10.0Mt reported in August 2018, with overall grades being maintained
- Drilling in the Central and South Zones identified Copper rich sulphide mineralization. Future drill programs will focus on expanding and upgrading the strong potential anticipated in these zones.
The new resource assessment follows a modest 8,164m drill program that provides strong encouragement for a Preliminary Economic Assessment to be published before the year end
GEORGE TOWN CAYMAN ISLANDS, NOVEMBER 8, 2019 – Mineral and Financial Investments Limited (LSE-AIM: MAFL) (“M&FI” or the “Company”) is very pleased to announce that Ascendant is filing the Technical Report, as had been stated in the September 25, 2019 RNS, entitled, “Technical Report on the Resource Estimate Update for the Lagoa Salgada Project Setúbal District Portugal”, supporting the updated Mineral Resource Estimate, significantly upgrading the resources at the Lagoa Salgada Volcanogenic Massive Sulphide (“VMS”) Project in Portugal. The Technical Report dated November 5, 2019 has an effective date of September 5, 2019 and was prepared in accordance with Canadian National Instrument 43-101 (“NI 43-101”) and will be used as a basis for the Preliminary Economic Assessment (“PEA”) to be completed by year end. The following data is a repeat of the information set out in the announcement dated 25 September 2019.
Redcorp Empreedimentos Mineiros Lda. (Redcorp) ran a relatively modest 8,164-metre, 24-hole, drill program focused primarily on infill drilling to increase the confidence in the grade and tonnage of the North Zone, with four holes designed to test the strong geophysical anomaly in the Central and South Zones. Results demonstrate material growth in the North Zone (the main massive sulphide) with the conversion of significant resources into the Measured & Indicated (“M&I”) category. To date the North Zone has been delineated by less than a total of 76 holes.
The North Zone is characterized as a zinc-rich massive sulphide deposit with a precious metal rich oxide gossan lying on top. The four widely spaced holes in the Central and South Zones, have identified a copper-rich sulphide zone that will be the focus of the next phase of drilling to expand these zones. All zones sit on a continuous coincidental Induced Polarization (“IP”) chargeability anomaly with an estimated geological strike length of 1.7km. The most recent drill program corroborated a strong correlation between the IP chargeability anomaly to the massive sulphide mineralization, leaving significant encouragement in the exploration upside to continue to expand the resource. All zones remain open along strike and at depth.
The North Zone, which makes up the majority of the updated Mineral Resource Estimate saw a substantial conversion of Inferred Resources to M&I Resources, growing by 71%. This was the focus of the 8,164-metre drill program in 2019 which saw 20 new holes drilled in the North Zone. The Central and South Zones were tested by only 4 holes primarily to test the continuation of the strong geophysical anomaly. While drilling was limited, the results to date are very encouraging to support the future expansion of the total resource with indicated growth from all zones. Further drilling will be required to expand and upgrade these resources in the future.