TIDMMAFL
RNS Number : 0375D
Mineral & Financial Invest. Limited
24 April 2017
Central Sector's 2(nd) Drill Hole Confirms New Discovery at TH
Crestgate's Lagoa Salgada; Strikes 9m of 9.92% Zn equiv.(1) within
a 211m interval of 2.31% Zinc equiv.
HIGHLIGHTS: April 24, 2017
- 2(nd) . hole intersected a large continuously mineralized zone of 211m of 2.31% Zinc equiv.(1)
- Higher grade intersections include 9m of 9.92% Zinc equiv(1)
- This mineralization is a new discovery next to the current LS-1 resource
- 4 distinct corridors of higher mineralization encountered within the 211m mineralized envelope.
- Results of this program, when complete, should confirm the potential scale of the discovery
- Remainder of Drill-hole results should be received over the next 3 - 6 weeks
George Town, Cayman Island - April 24, 2017 - Mineral &
Financial Investments is pleased to announce that it has received
an update on the drill results from its 49%-owned investment, TH
Crestgate GmbH, a private Swiss based investment company.
TH Crestgate has released the assay results from the second hole
of its 4 hole drilling campaign, completed by it's wholly owned
local subsidiary Redcorp Empreedimentos Lda on its 85%-owned 134
km(2) Lagoa Salgada zinc-copper project in southern Portugal, 100km
SE of Lisbon. This 4-hole drill program is focussing on the
"Central Sector" and was announced and initiated in December 2016.
The four holes have been completed. The assay results from the
second hole have just been received from ALS in Seville, Spain. The
core from the 3(rd) hole (LS ST-03) is currently with ALS. Core
from the 4(th) hole (LS ST-04) has been sent this week to the to
the ALS facilities.
The LS ST-02 is important as it was planned to be perpendicular
to the mineralization and to cross mineralized structures as a
60(0) angled hole 130m to the NE of LS-ST-01. The hole confirms the
mineralized area both in width and depth. The directors believe
that the size of the intersection brings TH Crestgate one step
closer to confirming the thesis that the mineralization will be
large in tonnage. Additionally, hole LS ST-02 confirms the presence
of four main corridors of medium grade mineralization with
intervals of 24 to 33 meters of >3% Zn Eq. Within each of these
corridors (i.e. C-1, C-2, C-3 and C-4) there are additional higher
grade intervals of 5% Zn Eq.
This hole confirms that the mineralized zone is a stock work
mineralization that is distinct, but adjacent to, the massive
sulphide mineralization that hosts the LS-1 resource (see "Asset
Description" below). This drilling confirms a mineralizing system
exists at Lagoa Salgada, which the Directors understand gives TH
Crestgate confidence to undertake further exploration in the area
where other similar geophysical anomalies have not been tested.
Cu Equiv. Zn Equiv.
Depth Thickness Cu Zn Pb Au Ag
Hole (m) (m) (%) (%) (%) (g/t) (g/t) (%)(1) (%)(1)
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
177
LS ST-02 to 388 231.00 0.17 1.20 0.63 0.04 7.79 1.10% 2.31%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 197
(C1a) to 204 7.00 0.28 3.05 1.21 0.09 15.57 2.44% 5.11%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 223
(C2a) to 230 7.00 0.27 2.25 2.52 0.01 16.00 2.53% 5.29%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 234
(C2c) to 238 4.00 0.12 3.04 1.77 0.02 6.75 2.36% 4.94%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 269
(C3a) to 276 7.00 0.37 2.59 1.39 0.03 11.57 2.30% 4.81%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 290
(C3b) to 295 5.00 0.39 2.62 1.20 0.08 15.40 2.34% 4.90%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 329
(C4a) to 351 22.00 0.64 2.28 1.32 0.03 29.23 2.58% 5.39%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Including 329
(C4a) to 338 9.00 1.37 4.16 2.20 0.04 46.50 4.74% 9.92%
----------- -------- ---------- ----- ----- ----- ------- ------- ---------- ----------
Jacques Vaillancourt, Chairman of Mineral and Financial,
commented: "Although still early days, the size and continuity of
the mineralized intercept of LS ST-02 exceeded expectations.
Finding a zone of continuous mineralization near the historical
LS-20 hole which has intercepts of >10% Zinc and >15% Copper
and is so near
the current LS-1 preliminary resource is a very positive development. This second hole's mineral characteristics are consistent with TH Crestgate's first hole, LS ST-01, and confirms that this zone is distinct, but geologically related to the nearby LS-1 Resource. Moreover, TH Crestgate's recent geological work points towards our being able to increase the LS-1 resource from the current 4.5 million tonnes with additional drilling. The next 2 holes in the Central Sector will help gauge the scale of the Sector's mineral potential. This hole also confirms our belief that Lagoa Salgada hosts numerous ore bodies."
MAP OF LOCATION OF LS-1 SECTOR RESOURCE AND
LOCATION OF "CENTRAL SECTOR" NEW AND HISTORICAL DRILL HOLES
http://www.rns-pdf.londonstockexchange.com/rns/0375D_-2017-4-21.pdf
The 13,400-hectare Lagoa Salgada project currently has 17
identified gravimetric anomalies as well as a preliminary resource.
The preliminary resource is located on one of these gravimetric
anomalies, the LS-1 zone. The Central Sector is located within the
LS-1 zone and is approximately 1,200 meters SE of LS-1's 4.5
million tonne zinc-leadpolymetallic preliminary resource. The
'Central Sector' was the subject of a 4 drill-hole program
undertaken by a previous operator in the early 1990s. The current
drill program is meant to confirm and expand the understanding of
the Central Sector.
LONG SECTION OF FIRST 2 HOLES IN CURRENT DRILL PROGRAM IN
CENTRAL SECTOR OF LS-1 ZONE OF LAGOA SALGADA
http://www.rns-pdf.londonstockexchange.com/rns/0375D_1-2017-4-21.pdf
The historical, Canadian Institute of Mining (CIM) compliant,
resource estimate, located on LS-1, completed in 2012 by Paul
Daigle, P.Geo, which was announced on 6 December 2016is 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), 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
Jacques Vaillancourt, Chairman +44 0780 226 8247
(1) Cu. and Zn. equivalency calculated using the following spot
prices: Cu $5,782 /t; Zn $2,761/t; Pb $2,307/t; Au $1,252/oz.; Ag
$18.33/oz.
This information is provided by RNS
The company news service from the London Stock Exchange
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