TIDMMAFL
RNS Number : 6158N
Mineral & Financial Invest. Limited
27 October 2016
Mineral and Financial Investment Limited
("MAFL" "M&FI" or the "Company")
Update on Investment in TH Crestgate -
Presence of Indium, Selenium at Lagoa Salgada Lead-Zinc Project,
Portugal
HIGHLIGHTS:
- TH Crestgate completes Petrographic study on 4 holes at Lagoa Salgada
- Project showing significantly higher Indium and Selenium
content than expected as well as the previously identified Zinc,
Lead, Copper, Silver and Gold
- Petrographic Study was completed by University of Porto Geoscience Department
- Petrographic Study is part of a broader exploration program currently underway
TH Crestgate GmbH ("TH Crestgate"), a private Swiss investment
company in which MAFL hold a 49% stake, has provided the following
update on its activities:
TH Crestgate recently commissioned the University of Porto
Geoscience Department to undertake a petrographic study on its 85%
owned Lagoa Salgada Zinc-Lead project located on the Iberian Pyrite
Belt in Portugal. The results of this study indicate significant
showings in both Indium (In) and Selenium (Se) in addition to the
known indications of Zinc, Lead, Copper, Silver and Gold.
The petrographic study focused on detailed descriptions of rocks
and their composition. Analysis of microscopic fluid inclusions
within mineral grains with a heating stage on a petrographic
microscope provides clues to the temperature and pressure
conditions existent during the mineral formation. The
mineralization is mainly in Copper, Lead and Zinc, but TH Crestgate
commissioned the study to asses the potential for Gold, Silver and
Indium credits.
The study also identified indicator materials typically
associated with Copper and Selenium systems containing higher
grades in the Lagoa Salgada deposit. The deposit has now been shown
to contain half micron discrete crystals of Indium mineralisation
in chalcopyrite, associated with cassiterite, and on the contact
with sphalerite, all them as inclusions of euedric arsenopyrite
crystal.
Eighteen discrete Indium minerals are known, and these are found
only in Indium-rich systems. The control of richness in Indium
seems to be correlated with presence of Cu and Sn minerals in the
neighbour.
The study covers existing holes: PX-01; PX-03; PX-04-A, AND
PX-08. The following are some of the observations from some of the
samples, the full details of which are set out below.
- Single sample returned values with three times more Indium
content than the best value found on other deposits within the same
ore body (Oliveira et al. [see citation below])
- A breccia was sampled with 1.5-meter thickness (LS28_2) and
showed Copper (Cu) (1,01%), Lead (Pb) (4,46%) and Zinc (Zn) (5,23%)
and 194 ppm of Selenium (Se).
- The average of three (3) samples with four (4) meter
thicknesses on this borehole LS28 is 99 ppm Selenium, and the
nearby borehole LS26 has 3 m sequence with 101 ppm in average.
- Additional holes located in the "Central Sector" of the LS-1
zone on the Lagoa Salgada property were previously analyzed and
discussed in an academic study by Oliveira et al (2011).
o In the borehole LS5 Selenium ran as high as 146 ppm Se.
o Hole LS-28 showed Cu (1,01%), Pb (4,46%) and Zn (5,23%) with
194 ppm of Selenium over a 1.5m thickness.
o A sample of breccia with 1.5 meter thickness with Cu (1,01%),
Pb (4,46%) and Zn (5,23%) has 194 ppm of Selenium. Hole LS-26 has 3
m sequence with 101 ppm of Indium
o TH Crestgate has not independently verified these results.
Jacques Vaillancourt, Chairman of Mineral and Financial,
commenting today, said: "The directors of TH Crestgate have advised
us that now they have successfully vended the Spanish lead zinc
assets from their portfolio they are now focusing on progressing
value from the Portuguese lead zinc assets acquired from Portex in
2015. We believe Petrographic studies are an extremely cost
effective way to make metallurgical determinations and we believe
the results demonstrate very positive indications of credits from
gold, indium and selenium. Combined with the Lead-Zinc resource and
the belief that there is a copper-bearing zone in the "Central
Sector", which is about 1,000 meters south of the known LS1
Indicated and Inferred resource, TH Crestgate believes there is
significant value that remains to be identified at Lagoa Salgada.
TH Crestgate is now completing an Induced Polarity (IP) Study on
the project to help it assess how to progress along one of the
numerous pathways available to us from Lagoa Salgada."
Sampling Results:
HOLE NUMBER SAMPLES FROM (METERS) TO (METERS) STRATIGRAPHY
------------- ---------- -------------- ------------ ----------------
PX01-01 Chert / Jaspe
------------- ---------- -------------- ------------ ----------------
PX01-02 Chert / Jaspe
---------- ----------------
PX01-03 167.55 168.15 Chert / Jaspe
------------------------ -------------- ------------ ----------------
PX01 PX01-04 142,85 143.60 Gossan
------------- ---------- -------------- ------------ ----------------
PX03-05 145.00 145.80 Gossan
------------------------ -------------- ------------ ----------------
PX03-06 Gossan
---------- -------------- ------------ ----------------
PX03-07 Supergene
---------- -------------- ------------ ----------------
PX03-08 Supergene
---------- ----------------
PX03-09 Supergene
---------- ----------------
PX03-10 152.95 153.70 Supergene
------------------------ -------------- ------------ ----------------
PX03-11 157.70 158.70 Supergene
------------------------ -------------- ------------ ----------------
PX03-12 168.00 169.10 Massive Sulfide
------------------------ -------------- ------------ ----------------
PX03-13 Massive Sulfide
---------- -------------- ------------ ----------------
PX03 PX03-14 168.00 169.10 Massive Sulfide
------------- ---------- -------------- ------------ ----------------
PX04A PX04A-15 173.75 174.30 Supergene
------------- ---------- -------------- ------------ ----------------
PX04A-16 184.20 185.20 Massive Sulfide
------------------------ -------------- ------------ ----------------
PX04A-17 207.60 208.60 Massive Sulfide
------------------------ -------------- ------------ ----------------
PX08 PX08-18 150.80 151.80 Supergene
------------- ---------- -------------- ------------ ----------------
PX08-19 165.85 166.70 Massive Sulfide
------------------------ -------------- ------------ ----------------
PX08-20 202.90 204.85 Stockwork
------------------------ -------------- ------------ ----------------
TH Crestgate's 100% owned subsidiary Redcorp is the operator of
the asset.
The historical, Canadian Institute of Miming (CIM) compliant,
resource estimate, 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
---------------------- --------------------- --------- ------- ------------ ------- ---------- --------- ------- ------------ --------
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
Asset Description
The Lagoa Salgada resource is focused on one gravimetric anomaly
called LS-1. There are a total of 17 gravimetric anomalies on the
property that remain to be fully tested. The petrographic study
focused the LS-1 area of the Lagoa Salgada property. The ore body
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).
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 13 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, 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.
Reference: "Report on the Ore Mineralogy of Samples from the
Lagoa Salgada, Volcanogenic Massive Sulphide (VMS) Deposit,
Southern Portugal" conducted by the University of Porto's
Department of Geosciences (Antonio Guerner Dias, Alexandre Lima,
Sara Leal, and J. Barros).
For more information:
Katy Mitchell, WH Ireland +44 161 832 2174
Laurence Read, Director +44 20 3289 9923
Notes to editors
Indium (Chemical symbol: In) is a relatively rare mineral and
trades at around USD $700 per Kg. Indium produced in industry comes
as the by-product of smelting zinc and lead sulfide ores, some of
which can contain 1% indium. World production comes mainly from
Canada and is around 75 tonnes per year, reserves of the metal are
estimated to exceed 1,500 tonnes. Most indium is used to make
indium tin oxide (ITO), which is an important part of touch
screens, flatscreen TVs and solar panels. This is because it
conducts electricity, bonds strongly to glass and is transparent.
Indium nitride, phosphide and antimonide are semiconductors used in
transistors and microchips. Indium metal sticks to glass and can be
used to give a mirror finish to windows of tall buildings, and as a
protective film on welders' goggles. It has also been used to coat
ball bearings in Formula 1 racing cars because of its low friction.
An indium alloy has been used for fire-sprinkler systems in shops
and warehouses because of its low melting point.
Selenium (Chemical symbol: Se) rarely occurs in its elemental
state or as pure ore compounds in the Earth's crust and trades at
around USD $60 per Kg. Commercial quantities of selenium are
recovered as a byproduct of the electrolytic refining of copper
where it accumulates in anode residues. Growth in consumption was
driven by the development of new uses, including applications in
rubber compounding, steel alloying, and selenium rectifiers. By
1970, selenium in rectifiers had largely been replaced by silicon,
but its use as a photoconductor in plain paper copiers had become
its leading application. During the 1980s, the photoconductor
application declined (although it was still a large end-use) as
more and more copiers using organic photoconductors were produced.
In 1996, continuing research showed a positive correlation between
selenium supplementation and cancer prevention in humans, but
widespread direct application of this important finding did not add
significantly to demand owing to the small doses required. In the
late 1990s, the use of selenium (usually with bismuth) as an
additive to plumbing brasses to meet no-lead environmental
standards became important.
This information is provided by RNS
The company news service from the London Stock Exchange
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