TIDMMAFL
RNS Number : 9945B
Mineral & Financial Invest. Limited
10 April 2017
MINERAL & FINANCIAL INVESTMENTS LIMITED
("Mineral & Financial", "MAFL", or the "Company")
Drilling Results from TH Crestgate's 1(st) Drill Hole at Lagoa
Salgada Shows 40 meters of 6.3% Zinc Equivalent(2)
HIGHLIGHTS:
TH Crestgate, in which MAFL has a 49% investment confirms:
- Assays from 1t(s) drill hole of drill program just received from ALS
- First hole intersected a significant mineralization of 167m of 2.26% Zn equivalent(2)
- A higher-grade interval of 40m with 6.3% Zn equivalent(2) and
21m of 11.02% Zn equivalent also intersected
- Remainder of drill-hole results should be received over the next 3 - 6 weeks
- Full results of the drill program, when complete, should
confirm whether the Central Sector is an extension of the LS-1 ore
body, or an entirely new discovery.
George Town, Cayman Island - April 10, 2017 - Mineral &
Financial Investments is pleased to announce that TH Crestgate, a
private Swiss-based investment company in which MAFL holds a 49%
interest, has released the assay results from the first hole of its
four hole drilling campaign, done by its wholly-owned local
subsidiary, Redcorp Empreedimentos Lda, on its 85%-owned Lagoa
Salgada zinc-copper project in southern Portugal. This drill
program is focussing on the "Central Sector" and was announced and
initiated in December 2016. Three of the four holes have been
completed. The assay results from the first hole have just been
received from laboratories owned by ALS in Seville, Spain.
The 13,400-hectare Lagoa Salgada project currently has 17
identified gravimetric anomalies, one of which hosts a preliminary
resource, dubbed the LS-1 zone. The "Central Sector" is located
within the LS-1 zone and is approximately 1,200 meters south east
of this existing 4.5 million tonne zinc-leaed resource. The Central
Sector was the subject of a 4 drill-hole program undertaken by a
previous operator in the early nineties. This current drill program
is designed to expand the understanding and economic value of the
Central Sector.
The hole announced today, LS ST-01, is a vertical step-out hole
35 metres to the North of the historic LS-20 hole, drilled by Rio
Tinto. This historic hole was fully re-logged by Redcorp and some
intervals from that drill hole that were never assayed before were
sent to ALS for TH Crestgate, and yielded 93 metres of core hosting
2.85% of copper equivalents[1]. Detailed results of LS ST-01 are
outlined below:
Cu Equiv. Zn Equiv.
Depth Thickness Cu Zn Pb Au Ag
Hole (m) (m) (%) (%) (%) (g/t) (g/t) (%)[2] (%)2
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
143
LS ST-01 to 309 167.00 0.20 1.13 0.59 0.05 6.89 1.08% 2.26%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
176
Including to 216 40.00 0.42 3.59 1.76 0.04 13.50 3.00% 6.29%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
195
Including to 216 21.00 0.75 6.24 3.15 0.05 23.52 5.26% 11.02%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
200
Including to 213 13.00 0.98 7.89 3.96 0.06 30.08 6.68% 13.98%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
The core from the 2(nd) hole (LS ST-02) is currently with ALS.
The 3(rd) hole (LS ST-03) has been completed and the core is being
prepared to be sent to the ALS facilities. The 4(th) . Hole (LS
ST-04) is still drilling in the hard rock and as of March 31(st)
was at 260 meters of depth.
Jacques Vaillancourt, Chairman of Mineral and Financial,
commented: "Although this is only the first hole - we are extremely
encouraged by the size and grade of the mineralized intercept. We
are eagerly looking forward to the results from of the next 3
holes. These holes will establish whether this is a new discovery
within Lagoa Salgada, or an extension of the LS-1 resource 1 km to
the north. We have always held the belief that Lagoa Salgada can
very realistically host numerous ore bodies."
The geological team, led by Joao Barros B.Sc (Eng.), M.Sc.
(Geo.), continues to consider and evaluate a hypothesis that Lagoa
Salgada's Central Sector may host a late intrusive or alteration
event that clearly overprints the normal volcano-sedimentary
system. After a review of the historic Central Sector's historical
exploration data, it was apparent that the sector's high-grade
intervals are inconsistent with a classic massive sulphide
structure.
Map of Location of LS-1 Sector resource and location of "Central
Sector"
http://www.rns-pdf.londonstockexchange.com/rns/9945B_-2017-4-9.pdf
Asset Description
The Lagoa Salgada resource centred around the LS-1 gravimetric
anomaly. There are a total of 17 gravimetric anomalies on the
property. These anomalies remain to be fully tested. The previously
completed petrographic study focused on the LS-1 area of the Lagoa
Salgada property and also indicated the presence of anomalously
high levels of indium.
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 more than one
hundred meters of sediments of the Sado Tertiary basin (Lima et
al., 2013, see below).
The historical, Canadian Institute of Mining (CIM) compliant,
resource estimate, located on LS-1, completed in 2012 by Paul
Daigle, P.Geo, and previously announced on 14 December 2016, is
summarized below:
Category Gross Net Attributable
---------------------- ---------------------------------------------------------------- ------------------------------------------------------
Contained Contained
LS-1 Tonnes Mineral Grade Metal Units Tonnes Mineral Grade Metal Units
Sector
---------------------- --------------------- --------- ------- ------------ ------- ---------- --------- ------- ------------ --------
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). Mr Barroshas more than 13 years of
relevant experience in the field of activity concerned. Mr Barros
is a Member of the Portuguese Engineers Association. Mr. Barrosis
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 includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For more information:
Katy Mitchell, WH Ireland +44 161 832 2174
Jacques Vaillancourt, Chairman +44 0780 226 8247
[1] Cu. equivalency calculated using the following spot prices:
Cu $5,768 /t; Zn $2,707/t; Pb $2,224/t; Au $1,188/oz.; Ag
$16.50/oz.
[2] Cu. and Zn. equivalency calculated using the following spot
prices: Cu $5,782 /t; Zn $2,761/t; Pb $2,304/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
DRLUGUGGCUPMGBB
(END) Dow Jones Newswires
April 10, 2017 02:00 ET (06:00 GMT)
Grafico Azioni Mineral & Financial Inve... (LSE:MAFL)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Mineral & Financial Inve... (LSE:MAFL)
Storico
Da Lug 2023 a Lug 2024
