TIDMMAFL
RNS Number : 8489R
Mineral & Financial Invest. Limited
14 December 2016
MINERAL AND FINANCIAL INVESTMENTS LIMITED
("MAFL", "M&FI" or the "Company")
Commencement Of Drill Program At Lagoa Salgada Zinc-Copper
Project By 49% Owned TH Crestgate GmbH
HIGHLIGHTS:
Commencement of drilling at Lagoa Salgada by TH Crestgate
GmbH
-- MAFL's 49%-owned affiliate TH Crestgate GmbH ("TH Crestgate")
has commenced drilling at the Lagoa Salgada zinc-copper project in
Portugal
-- Four hole drill exploration campaign for a total of 1,700 metres
-- Targeting "Central Sector" of LS-1 Zone within Lagoa Salgada
Project, a highly prospective area for copper
-- Recent work on the "Central Sector" highlighted a possible porphyritic intrusion
-- Lagoa Salgada is located on highly prospective volcanogenic massive sulphide (VMS) ground
George Town, Cayman Island - December 13, 2016 - Mineral &
Financial Investments is pleased to announce that its 49%-owned
subsidiary, TH Crestgate, a private Swiss based investment company,
has initiated a drilling campaign on its 85%-owned Lagoa Salgada
zinc-copper project in southern Portugal.
The drilling will target the central sector of Lagoa Salgada,
following on from recent re-assaying and re-logging work completed
by TH Crestgate, with a particular focus on previously un-sampled
material. A previous operator appears only to have focused on core
that showed visible mineralisation.
But the new testing delivered some highly encouraging
intersections with unexpectedly high copper content. Among the
better intercepts were 93.1 metres at 0.94% copper, 2.22% zinc,
1.46% lead, 0.09 grams per tonne gold and 27 grams per tonne silver
(see MAFL press release dated 7(th) December).
The current drilling aims to investigate the potential of this
copper-bearing area further, to test for the possibility of a
porphyritic intrusion within its volcanogenic massive sulphide
ground (VMS), and to further TH Crestgate's general understanding
of the structures of mineralisation in the central zone. The
drilling will be targeting the IP anomaly extending south of the
existing resource.
Commenting today, Mineral & Financial's chairman Jacques
Vaillancourt said: "We are very encouraged to see TH Crestgate
getting down to work at Lagoa Salgada and will await the outcome of
the drilling with keen interest. The possibility that Lagoa Salgada
may contain copper porphyry is very exciting for Mineral &
Financial as a 49%-shareholder in TH Crestgate. All four holes will
test along strike extensions of this mineralization within the same
1km long anomaly. Furthermore, we are aiding TH Crestgate's efforts
to find a strategic partner to advance this project."
###
ASSET DESCRIPTION
MAFL is advised that the 13,400-hectare Lagoa Salgada project in
Portugal, located 100km SE of Lisbon, which has a preliminary
Zinc/Lead Polymetalic resource focused solely on one of gravimetric
anomaly called LS-1. There are a total of 17 gravimetric anomalies
on the property that are untested, or partially tested. The orebody
is composed of a central stock work zone - a more than 700 metre
thick volcano-sedimentary complex - and a massive sulphide lens in
the northwest. It is covered by a little more than one hundred
meters of sediments of the Sado Tertiary basin (i.e. tertiary
cover).
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
---------------------- --------------------- --------- ------- ------------ ------- ---------- --------- ------- ------------ --------
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
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 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.
This announcement contains inside information that is disclosed
in accordance with the Market Abuse Regulation.
FOR MORE INFORMATION:
Katy Mitchell, WH Ireland & Co. +44 161 832 2174
Jacques Vaillancourt, M&FI Chairman + 44 207 989 0813
MINERAL & FINANCIAL INVESTMENTS LIMITED
190 Elgin Ave.
George Town, Grand Cayman,
KY1-9001, Cayman Island
This information is provided by RNS
The company news service from the London Stock Exchange
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