TIDMMAFL
RNS Number : 6157A
Mineral & Financial Invest. Limited
13 September 2018
Mineral and Financial Investments Limited
Investment Update: 22 Hole Drilling Program Begins at The
High-Grade
Lagoa Salgada Polymetallic VMS Project In Portugal
Highlights:
-- A twenty-two (22) Drill Hole program totaling 7,750m initiated within LS-1 Zone.
-- The program includes downhole geophysics, re-logging and
assaying of historical drilling and a complete structural
reinterpretation of the property in the context of the overall
regional geology.
-- Drilling has already commenced, with two collar drill rigs
mobilized at site and the first diamond drill hole underway
-- The exploration Program also includes plans to re-log the
historical drilling conducted on the Rio de Moinhos Sector in the
eastern section of the property.
-- All exploration costs are borne by Ascendant as part of its
US$9.0 million required project expenditures to increase their
stake to 50%
George Town, Cayman Island, September 13, 2018 - Mineral and
Financial Investments Ltd. ("The Company", "M&FI", or "MAFL")
today provide an update on the activities of TH Crestgate GmbH ("TH
Crestgate" or "THC"), a company in which M&FI have a 49%
investment. THC and Ascendant Resources Inc. ("Ascendant") its 25%
partner in Redcorp Empreedimentos Mineiros Lda. ("Redcorp") which
owns the Lagoa Salgada Project, has started an exploration program
at the high-grade Lagoa Salgada polymetallic volcanic massive
sulphide Project ("Lagoa Salgada" or the "Project) located on the
Iberian Pyrite Belt ("IPB") in Portugal.
As previously announced the exploration program includes 22
diamond drill holes with a total of 7,750 meters divided over three
primary areas within the LS-1 area: The Main Zone, the Stockwork
Zone and the new Central Zone. The drill program is expected to
expand the known deposits and is targeted to be completed by the
end of the current year.
In addition to drilling, the exploration program includes
downhole geophysics, relogging and assaying of historical drilling
in the area and a complete structural reinterpretation of the
property in the context of the overall regional geology. Given the
structural controls seen at similar deposits within the IPB, the
latter should aid in the development of the exploration program
over the entire land package.
"We are very pleased that the partnership between THC and
Ascendant has already started with a 22-hole drill program," stated
Jacques Vaillancourt, Chairman of Mineral and Financial
Investments. "We understand there is a strong sense of optimism by
the THC and Ascendant teams".
He continued, "Lagoa Salgada already hosts a Mineral Resource,
as announced earlier today, and this drill program will be the most
comprehensive completed on the Project to date."
Lagoa Salgada - Proposed Drill holes for the 2018 Drill
Program
http://www.rns-pdf.londonstockexchange.com/rns/6157A_1-2018-9-12.pdf
As outlined in the recent Technical Report update (MAFL RNS
dated September 13, 2018), Lagoa Salgada currently has 5.84 million
tonnes of Indicated Resources at 8.88% ZnEq and 2.01 million tonnes
of Inferred Resources at 7.82% ZnEq in the LS-1 Deposit and 2.22
million tonnes at 4.8% ZnEq in the LS-1 Central Deposit. The Lagoa
Salgada Project represents a potentially high-grade, polymetallic
zinc-lead-copper exploration opportunity in a low risk, established
and prolific jurisdiction. The Project covers 10,700 hectares with
17 gravimetric targets identified, with only the LS-1 and LS-1
Central areas having been significantly tested.
Targeted Drilling Campaign Details
Redcorp's planned drill program, entirely funded by Ascendant,
includes 22 diamond drill holes for an estimated total of 7,750
meters divided over three primary areas. 9 holes totaling
approximately 3,000 meters are planned for the Main Zone (LS-1
resource area) and will focus on rapidly expanding this high-grade
massive sulphide target. 8 holes totaling approximately 3,400
meters are planned for the Stockwork Zone (LS-1 Central resource
area) to further delineate the size of the known stock-work
mineralization. A further 5 holes totaling approximately 1,350
meters will be drilled in the newly named Central Zone, located
between the Main and Stockwork Zones, to explore for displaced
extensions of both the Main and Stockwork Zones. See Figure 1 below
for the planned drill hole locations. Ascendant anticipates that
this focused drilling program has the potential to materially
increase the size of the known Mineral Resources at the Project,
highlighting its potential to be the next major, minable, discovery
within the IPB. Drilling has already commenced, with two collar
drill rigs mobilized at site and the first diamond drill hole
underway.
As part of the drilling program, Redcorp plans to use the
downhole geophysical survey results to help better define the
dimensions of the mineralization to assist with future exploration
plans, and to undertake further specific gravity surveys and
initial metallurgical testing to support the rapid advancement of
the project.
Relogging & Assaying Of Historical Drilling Rio De Moinhos
Sector
In addition to drilling on the known sulphide targets in the
Main and Stockwork Zones, Redcorp also plans to relog the
historical drilling conducted on the Rio de Moinhos Sector in the
eastern section of the property. This area hosts several
significant anomalies based upon historical gravimetrical studies.
Several of the historical drill holes were reported as having
intersections of massive sulphide mineralization, however, planned
holes on the border of the targets were never completed. As such,
we understand that Ascendant believes this area warrants further
review.
http://www.rns-pdf.londonstockexchange.com/rns/6157A_2-2018-9-12.pdf
Structural Reinterpretation
We understand that Redcorp, based on Ascendant's guidance, also
plans to undertake a significant geologic reinterpretation of Lagoa
Salgada which will help guide future exploration at both known
deposits and additional historic targets as well as potentially
identify new targets. A gravimetric geophysical survey of the
property will be carried out utilizing a tighter resolution than
historically used.
Ascendant estimates the entire exploration program will cost
approximately US$2.2 million
For more information:
Katy Mitchell and Jessica Cave, WH Ireland Limited +44 161 832 2174
Jon Belliss, Novum Securities Limited +44 207 399 9400
James Lesser, Mineral & Financial Investments Ltd. +44 777 957 7216
About TH Crestgate
TH Crestgate GmbH, is a private Swiss investment company in
which MAFL hold a 49% investment stake. TH Crestgate owns and
operates Lagoa Salgada Zinc project 100km SE of Lisbon, through its
Portuguese subsidiary Redcorp Empreedimentos Mineiros Lda. The
deposit's resource tonnage was increased by 114% to 9.62Mt in
January 2018, on in-fill drilling at LS-1 and new resource at LS-1
Central Sectors. Lagoa Salgada is now the 3rd largest known
zinc-lead-copper deposit in Portugal, after the Neves Corvo and
Aljustrel mines. The location of the Lagoa Salgada project on the
Iberian Pyrite Belt (IPB), just north of the 250Mt Aljustrel mine
and to the east of the old Lousal mine, that operated from 1900 to
1988, shows that the ore bodies in the area have very large scale
and long life potential. The mineralogical study completed recently
highlighted the presence of significant tin in the gossan cap of
the LS-1 deposit. The Company is reviewing the resource potential
of the high-grade tin assays in the gossan cap which overlays the
LS-1 deposit.
About Ascendant Resources Inc.
Ascendant (ASND:TSX) is a Toronto-based mining company focused
on its 100%-owned producing El Mochito zinc, silver and lead mine
in west-central Honduras, which has been in production since 1948.
After acquiring the mine in December 2016, Ascendant implemented a
rigorous optimization program aimed at restoring the historic
potential of the El Mochito mine. In 2017, the Company successfully
completed the operational turnaround it set out to achieve with
sustained production at record levels and profitability restored.
The Company now remains focused on cost reduction and further
operational improvements to drive robust free cash flow in 2018 and
beyond. Ascendant is also focused on expanding and upgrading known
resources through extensive exploration work for near-term growth.
With a significant land package of 11,000 hectares and an abundance
of historical data there are several regional targets providing
longer term exploration upside which could lead to further resource
growth. The Company is also engaged in the evaluation of producing
and development stage mineral resource opportunities, on an ongoing
basis. The Company's common shares are principally listed on the
Toronto Stock Exchange under the symbol "ASND". For more
information on Ascendant Resources, please visit our website at
www.ascendantresources.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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