Mineral & Financial Invest. Limited Redcorp & Ascendant Begin Drill Program (2552T)
23 Novembre 2021 - 11:59AM
UK Regulatory
TIDMMAFL
RNS Number : 2552T
Mineral & Financial Invest. Limited
23 November 2021
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Investment Update: Redcorp & Ascendant Begin Drill Program
in Support Feasibility Study for The Lagoa Salgada Project
HIGHLIGHTS:
-- Drill program is planned to total 15,000 meters to help
support the feasibility study planned to be completed by
Q4-2022.
-- The drill program will be divided between the North and South
zones of the Venda Nova zone located within the Lagoa Salgada
Project.
-- The drill program will comprise:
o Infill and exploration drilling with the aim to upgrade,
expand and improve the grade of the existing resource.
o Supportive drilling for the upcoming Feasibility Study,
and
o 6 dedicated metallurgical drill holes.
-- The upcoming Feasibility Study is a follow-on from the
September 2021 PEA on the Venda Nova. Zones of the Lagoa Salgada
project indicating a Pre-tax NPV(@8%) of US$341.6M and an IRR of
68.2% (see announcement September 13, 2021).
Grand Cayman, Cayman Islands - 23 November 2021 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the
"Company") is extremely pleased to announce that its 75% owned
Redcorp Empreedimentos Mineiros Lda ( " Redcorp " ) and Ascendant
Resources Ltd ( " Ascendant " ) have commenced a drill program that
will be used to support an upcoming Feasibility Study at its Lagoa
Salgada VMS project, located in the Iberian Pyrite Belt of
Portugal. The development costs are funded and guided by Ascendant
Resources, which owns 25% of Redcorp, as part of Ascendant's
previously announced earn-in agreement with M&FI (please refer
to the RNS of August 1, 2018 which has been amended (see
announcement dated July 1, 2020)).
The drill program is planned to consist of approximately 15,000
meters of diamond drilling divided between the north and south
zones of the Venda Nova orebody. The program will include 6
dedicated metallurgical drill holes; 4 in the north zone and 2 in
the south zone. Most of the planned drill holes will be a
combination of infill and exploration drilling on both the North
and South zones with the aim to upgrade all Inferred resources to
Measured and Indicated categories to support the completion of a NI
43-101 Feasibility Study in 2022. One of the aims of the drill
program is to upgrade resources but there is the potential to
increase the overall tonnage and grade of both the North and South
sectors by expanding the higher-grade zones.
Jacques Vaillancourt, President & CEO of M&FI stated,
"We are very excited that Redcorp and Ascendant are beginning this
drill program that will support the Feasibility Study at Lagoa
Salgada. The Feasibility Study is intended to demonstrate and
highlight the robust potential of Lagoa Salgada as indicated by the
Preliminary Economic assessment and show the potential for further
resource growth in the future to enhance the potential of the
project for the longer term ."
The planned infill drill program and feasibility study are
commencing following the completion of NI 43-101 Preliminary
Economic Assessment ("PEA") entitled "NI 43-101 Technical Report
and PEA for the Lagoa Salgada Project", which is available on
Ascendant's website and SEDAR. The PEA highlighted a low capital
intensive project (initial capex US$132 million) with a Pre-Tax
NPV(@8%) of US$346.1million and an IRR of 68.1% at conservative
long term metal prices. The PEA presents a low capex, low operating
cost, high margin underground mining operation with strong
economics to support the opportunity for significant benefit to the
Company, local stakeholders, and will boost Portugal's economy
through exports, taxes and local employment.
Proposed Drilling at Lagoa Salgada
(Fig. 1)
http://www.rns-pdf.londonstockexchange.com/rns/2552T_1-2021-11-23.pdf
Redcorp / Ascendant will also be undertaking a surface TEM
geophysics survey as part of this field program. This program will
use larger loops to help define potential extensions to the known
orebodies, both laterally and at depth as well as developing new
exploration targets in known prospective areas.
Proposed EM Geophysics at Lagoa Salgada
(Fig. 2)
http://www.rns-pdf.londonstockexchange.com/rns/2552T_1-2021-11-23.pdf
REVIEW OF TECHNICAL INFORMATION
The scientific and technical information in this press release
has been reviewed and approved by 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 16 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 75% owned subsidiary of M&FI, and has
consented to the inclusion of the material in the form and context
in which it appears.
FOR MORE INFORMATION:
Jacques Vaillancourt - Mineral & Financial Investments Ltd. +44 780 226 8247
Katy Mitchell and Ben Good - WH Ireland Limited +44 207 220 1666
Jon Belliss - Novum Securities Limited +44 207 382 8300
Dominic Baretto - Yellow Jersey PR Limited +44 203 004 9512
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