TIDMMAFL
RNS Number : 4229O
Mineral & Financial Invest. Limited
07 November 2016
Mineral and Financial Investment Limited
("MAFL" "M&FI" or the "Company")
Update on Investment in TH Crestgate GmbH -
IP Study Completed at Lagoa Salgada Lead-Zinc Project,
Portugal
HIGHLIGHTS:
- TH Crestgate, 49% owned by M&FI, completes 6km IP study on
the Lagoa Salgada Project located on Iberian Pyrite Belt in south
central Portugal.
- IP Study shows significant anomalies with moderately high
chargeability aligned with known mineralization
- The anomalies are interpreted to be metal sulphides, such as copper stock-works.
- Current objective is to assess copper potential, given grade
and intercept length, as part of same mineralisation or as a
separate control system
- Full re-assaying of historical drill holes of 'Central Sector'
bearing high-grade copper intercepts underway.
Mineral & Financial Investments Limited today reports on
results and progress from the Induced Polarization ("IP Study")
programme and data review currently underway at the Lagoa Salgada
located 100 km SE of Lisbon. The asset is owned and operated
through TH Crestgate GmbH ("TH Crestgate"), a private Swiss
investment company in which MAFL hold a 49% stake.
The Lagoa Salgada project has 17 gravimetric anomalies, of which
the LS-1 preliminary resource represents but one of the anomalies.
The IP work program was specifically focused on the Central Sector,
which begins immediately to the south of the LS-1 area which hosts
Lagoa Salgada's preliminary Lead / Zinc. The program consisted of 5
IP 1,200m lines with an average 200m spacing. The area under IP
study covers the central sector, which contains holes LS1, LS2,
LS12, LS18, LS06044, LS-20, LS-23, LS-26, LS-27, LS-28, LS-30, and
LS-31. The IP program was designed to provide additional
informational guidepost for future exploration in the area. The
current geological thesis that is held is that this is a stock
copper-rich stock-work halo which surrounds the LS-1 VMS
deposit.
The results of this study have determined the existence of a
number of anomalies moderately high chargeability aligned with
known mineralization. The results of the works appear to indicate
the presence anomalies due to the effect of metal sulphides such as
"stock-work" or scattered in the VMS.
Jacques Vaillancourt, Chairman of Mineral and Financial,
commenting today, said: "In conjunction with the earlier
Petrographic studies, the work completed was value accretive and
points towards the presence of more mineralization than is
currently reflected in the preliminary resource estimate on LS-1.
Combined with the lead / zinc resource and the belief that there is
a copper-bearing stock-work 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 the re-assaying of holes LS-20, LS-23, LS26 and LS-28.
These were only partially assayed, despite indications that
mineralization extends beyond the high grade segments."
Location of IP lines at Lagoa Salgada
http://www.rns-pdf.londonstockexchange.com/rns/4229O_-2016-11-4.pdf
In the following images showing the chargeability and
resistivity from the various areas tested. In images LS-2 LS-4 and
LS-5 a large chargeability anomaly can be seen at approximately
150m of depth. Drill holes are being planned to test these
anomalies in the near future.
http://www.rns-pdf.londonstockexchange.com/rns/4229O_1-2016-11-4.pdf
TH Crestgate's 100% owned subsidiary, Redcorp Empredeementos
Lda, the operator of the Lagoa Salgada asset, recently commissioned
and completed an Induced Polarization (IP) study on the Lead Zinc
Project. The Lagoa Salgada Project, which is 85% owned by Redcorp
and 15% owned by EDM, Portugal's national mining company, is
located in the northern portion of Portuguese section of Iberian
Pyrite Belt. The Iberian Pyrite Belt is a known and prolific host
of Volcanogenic Massive Sulphide (VMS) deposits. VMS deposits are
important sources of copper, zinc, lead, gold, and silver (Cu, Zn,
Pb, Au, and Ag). These deposits form at or near the sea-floor where
circulating hydrothermal fluids driven by magmatic heat are
quenched through mixing with bottom waters or pore waters in
near-sea floor lithologies. Massive sulphide lenses vary widely in
shape and size and may be pod like or sheet-like. They are
generally stratiform and may occur as multiple lenses. These
mineralised lenses can be identified as gravimetric anomalies. The
Lagoa Salgada has project 17 gravimetric anomalies, of which the
LS-1 preliminary resource represents but one of the anomalies.
Volcanogenic massive sulphide deposits range in size from small
pods of less than a tonne to supergiant accumulations like that of
Rio Tinto, also on the Iberian Pyrite Belt, in Spain at 1.5 Bt
(billion metric tons); Kholodrina (Russia), 300 Mt (million metric
tons); Windy Craggy (Canada), 300 Mt; Brunswick No. 12 (Canada),
230 Mt; and Ducktown (United States), 163 Mt. Massive ore in VMS
deposits consists of >40 percent sulphides, usually pyrite,
pyrrhotite, chalcopyrite, sphalerite, and galena; non-sulphidede
gangue typically consists of quartz, barite, anhydrite, iron (Fe)
oxides, chlorite, sericite, talc, and their metamorphosed
equivalents. Ore composition may be Pb-Zn-, Cu-Zn-, or
Pb-Cu-Zn-dominated, and some deposits are zoned vertically and
laterally.
The results of this study have determined the existence of a
number of anomalies moderately high chargeability aligned with
known mineralization. The results of the works appear to indicate
the presence anomalies due to the effect of metal sulphides such as
"stock-work" or scattered in the VMS.
Previous operators only partially assayed drill hole LS-20. TH
Crestgate's team now believes that the mineralized intercepts are
greater than the initial drill results released by previous
operators would indicate. The assays taken, due to budgetary and /
or time issues, focused only on the visible high-grade areas, such
as:
Hole Depth Thickness Cu (%) Zn Pb Au Ag (g/t)
(m) (%) (%) (g/t)
------- ---------- ---------- ------- ----- ----- ------- ---------
215.1 to
LS-20 230.7 15.55 3.81 3.85 3.82 0.29 0.4
------- ---------- ---------- ------- ----- ----- ------- ---------
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 Au
Indicated 2,942,000 (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 Au
Inferred 1,554,000 (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 Au
Total 4,496,000 (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. An earlier petrographic
study focused on the LS-1 area of the Lagoa Salgada property. The
ore body 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 (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.
For more information:
Katy Mitchell, WH Ireland +44 161 832 2174
Laurence Read, Director +44 20 3289 9923
Notes to editors
Induced Polarization:
The Induced Polarization (IP) method extends the resistivity
method by making an additional measurement of the ability of the
ground to store electrical charge. Originally developed for mineral
exploration, it is now finding new applications in the fields of
environmental and engineering geophysics. IP instruments measure
both the conductive and capacitive properties of the subsurface
using either time domain or frequency domain techniques. The low
frequency capacitance of rocks and soils is primarily a function of
the surface chemical properties of the sample. In non-metallic
samples the IP response is an indicator of surface area and charge
density of the material. IP measurements are therefore sensitive to
clay content as well as mineralogy and pore fluid composition. IP
methods have been used to estimate the hydraulic properties of
rocks and soils as well as to map subsurface contamination. The
method is also sensitive to subsurface metals.
This information is provided by RNS
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