TIDMMAFL
RNS Number : 4830I
Mineral & Financial Invest. Limited
19 June 2017
The following replaces the Investment Update announcement
released at 7:00 under RNS number 3724I.
The announcement is being re-released to include a link to a PDF
document.
In addition, the table which refers to the results of the drill
hole (the first table in the announcement) referred to drill hole
LS DH-01. This was a typographical error and has been amended to
the correct reference LS-MS-01.
Finally, the contact details at the end of the announcement have
been amended to include the Company's broker, Jon Belliss, Beaufort
Securities Limited +44 207 382 8300. These details were previously
omitted in error.
The remainder of the text has not been amended.
The corrected version of the announcement appears below.
MINERAL & FINANCIAL INVESTMENTS LIMITED
("Mineral & Financial", "MAFL", or the "Company")
Investment Update
Lagoa Salgada Exploration Program strikes 88.0m of 11.85% Zinc
Equiv.(1)
HIGHLIGHTS:
- LS MS-01 drill hole strikes 88.0m of 11.85% zinc equiv. (1) ,
including 28.0m of 20.63% Zn equiv.(1)
- LS MS-01 drill hole is the first hole of LS-1 resource expansion program
- LS-1 Exploration program to expand resource from 4.5Mt to 8.0Mt-10Mt on track
- Substantial gold-rich zones, including 2m at 30 g/t gold and 16m at 3.3 g/t gold
- LS ST-03 strikes 11 distinct semi-massive to massive sulphide
intervals in conjunction with very high levels of sericitic
alteration
- 16 other anomalies still to be fully explored
George Town, Cayman Island - June 19, 2017 - Mineral &
Financial Investments is very pleased to announce drill results
from its 49%-owned subsidiary, TH Crestgate GmbH, a private
Swiss-based investment company. TH Crestgate has released the first
assay results from its new drilling campaign to expand the LS-1
resource. The holes were completed by wholly owned local
subsidiary, Redcorp Empreedimentos Lda, on the100%-owned Lagoa
Salgada zinc-copper project in southern Portugal.
The 6-hole drill program, announced and initiated in June 2017,
is focussed on expanding the existing LS-1 Resource. The current
resource is 4.5Mt, with a zinc equivalent grade of 8.2% (see RNS of
August 27, 2015). This drilling program is targeting expanding the
resource by 75% to 125% to between 8.0Mt and 10.0Mt.
The first hole of a six hole program being undertaken by TH
Crestgate has returned with the first hole assays. The LS_MS_01
drill hole is located in the northern part of the current resource.
This angled hole intercepted mineralization 34 meters above where
mineralization was previously thought to begin. The LS_MS_01 drill
hole is mineralized from 140m depth (where the assaying began) and
extended to the bottom of the hole at 276m. The average zinc
equivalent(1) grade over 136.0m is 8.58%.
Cu Zn
Equiv. Equiv.
Depth Thickness Cu Zn Pb Au Ag
Hole (m) (m) (%) (%) (%) (g/t) (g/t) (%)[1] (%)(1)
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
152
LS MS-01 to 240 88.00 0.41 4.22 3.08 1.60 87.07 5.66% 11.85%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 152 8.14
(Gossan) to 161 9.00 0.13 0.54 3.58 7.04 138.78 % 17.05%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 161
(Massive-Sulphide) to 240 79.00 0.45 4.64 3.02 0.98 81.18 5.38% 11.27%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 200
(Massive-Sulphide) to 240 40.00 0.33 4.64 3.02 1.51 118.43 7.27% 15.23%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 214
(Massive-Sulphide) to 240 28.00 0.31 8.95 5.10 2.27 162.50 9.85% 20.63%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Jacques Vaillancourt, Chairman of Mineral and Financial,
commented: "This hole is a very positive and hugely encouraging
first hole. The size and grade of this intercept gives us
confidence that our targeted resource increase to between 8.0Mt and
10.0Mt at LS-1 is achievable. IN addition to the LS-1 resource and
the newly identified Central Sector mineralization, Lagoa Salgada
hosts at least 16 other gravimetric anomalies that need to be
explored using 21(st) century intelligence and technology. This
underscores our belief that Lagoa Salgada could host more than one
orebody that could become a mine. M&FI has a strong working
capital position of GBP2.5 million of which GBP1.0 million is in
cash, which will allow us comfortably to support our 49% interest
in TH Crestgate.
LOCATION OF LS-1 SECTOR RESOURCE & "CENTRAL SECTOR" ALONG
WITH NEW (Green) AND HISTORICAL (Black) DRILL HOLES
http://www.rns-pdf.londonstockexchange.com/rns/4830I_-2017-6-19.pdf
The LS-1 resource expansion drill program of 6 angled holes will
additionally help define the true width of the mineralization.
Based on cost estimates provided by TH Crestgate to Mineral &
Financial, the Company has adequate resources to provide support
for this programme. There are 4 geological zones characterizing the
mineralization of the Lagoa Salgada project, and specifically the
LS-1 zone. The first is tertiary cover, then there is a gossan cap
and then massive sulphides. Alternatively the massive sulphides may
be substituted with zones of stock-works.
Central Sector Drilling
TH Crestgate has also reported the results of drill-hole LS
ST-03 which was the last hole of the Central Sector 4 hole drilling
program. This drill program succeeded in identifying a mineralized
zone 180m in length, 140m in width and up to 240m in thickness. LS
ST-03 was a 145m step-out hole to the east of hole LS ST-02. The LS
ST-03 hole was drilled to a total depth of 425 m of depth at a
60(0) angle.
Drill-hole LS ST-03 was planned to intercept the 12m lens of
massive sulphides intersected in the LS 23 historical drill hole.
The LS ST-03 drill hole intersected many lenses of semi-massive and
massive sulphides of minor expression (10.00 - 20.00 cm). In total,
this drill hole intersected 11 different massive sulphide
intervals. The amount of sericitic alteration can be seen to be
very high and the number of semi-massive and massive sulphides
sectors found indicates that this section is at the edges of a
massive sulphides zone. Although the hole did not yield the grades
intersected elsewhere in the Central Sector, it provide a large
amount of technical information that proves that this sector
warrants further exploration works in the future, with a particular
focus on the massive sulphides. The LS_ST_03 drill hole appears to
confirm the existence of at a stockwork mineralization that is
distinct, but adjacent to, the massive sulphide mineralization that
hosts the LS-1 preliminary resource of the LS-1 (see "Asset
Description" below)
Cross Section of Current Resource Drilling at Lagoa Salgada
http://www.rns-pdf.londonstockexchange.com/rns/4830I_-2017-6-19.pdf
Hole Depth Thickness Cu Zn Pb Au Ag Cu Equiv. Zn Equiv.
(m) (m) (%) (%) (%) (g/t) (g/t)
(%)(1) (%)(1)
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
202 to
LS ST-03 204 2.00 0.26 0.08 0.04 0.05 3.00 0.42% 0.88%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
297 to
LS ST-03 306 9.00 0.16 0.06 0.02 0.02 4.56 0.26% 0.54%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
304 to
Including 306 2.00 0.44 0.09 0.04 0.03 9.00 0.60% 1.27%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
319 to
LS ST-03 321 2.00 1.18 0.08 0.02 0.04 11.50 1.37% 2.30%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
325 to
LS ST-03 328 3.00 0.21 0.33 0.14 0.12 9.33 0.60% 1.25%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
342 to
LS ST-03 345 3.00 0.43 0.05 0.02 0.10 7.00 0.61% 1.27%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
388 to
LS ST-03 390 3.00 0.08 0.07 0.03 0.40 10.50 0.50% 1.06%
----------- ------- ---------- ----- ----- ----- ------- ------- ---------- ----------
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-lead polymetallic preliminary resource. The
'Central Sector' was the subject of a 4 drill-hole program
undertaken by a previous operator in the early nineties.
Asset Description
The Lagoa Salgada resource is centred on one gravimetric anomaly
called LS-1. There are a total of 17 gravimetric anomalies on the
property. These anomalies remain to be fully tested. A petrographic
study recently undertaken by TH Crestgate 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 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).
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 LS-1 Resource Summary
---------------------- -------------------------------------------------------------------
Contained
LS-1 Tonnes Mineral Grade Metal Units
Sector
---------------------- --------------------- ---------- -------- ------------ --------
Pb (%) 2.94 190,686,436 Lbs.
---------------------- --------------------- ---------- -------- ------------ --------
Zn (%) 3.40 220,521,729 Lbs.
---------- -------- ------------ --------
Cu (%) 0.34 22,052,173 Lbs.
---------- -------- ------------ --------
Ag (g/t) 54.72 5,175,824 Oz.
---------- -------- ------------ --------
Indicated 2,942,000 Au (g/t) 0.82 77,562 Oz.
---------------------- --------------------- ---------- -------- ------------ --------
Pb (%) 2.50 85,648,710 Lbs.
---------------------- --------------------- ---------- -------- ------------ --------
Zn (%) 1.80 61,667,071 Lbs.
---------- -------- ------------ --------
Cu (%) 0.35 11,990,819 Lbs.
---------- -------- ------------ --------
Ag (g/t) 51.00 2,548,073 Oz.
---------- -------- ------------ --------
Inferred 1,554,000 Au (g/t) 0.78 38,971 Oz.
---------------------- --------------------- ---------- -------- ------------ --------
Pb (%) 2.79 276,335,146 Lbs.
---------------------- --------------------- ---------- -------- ------------ --------
Zn (%) 2.85 282,188,800 Lbs.
---------- -------- ------------ --------
Cu (%) 0.34 34,042,992 Lbs.
---------- -------- ------------ --------
Ag (g/t) 53.43 7,723,897 Oz.
---------- -------- ------------ --------
Total 4,496,000 Au (g/t) 0.81 116,532 Oz.
---------------------- --------------------- ---------- -------- ------------ --------
Source: Tetra-Tech Wardrop
Financial Results
The Company expects to release financial results before the end
of the month.
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 14 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.
For more information:
Katy Mitchell, WH Ireland +44 161 832 2174
Jon Belliss, Beaufort Securities Limited +44 207 382 8300
Alastair Ford, Chief Operating Officer +44 780 226 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
END
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