TIDMMAFL
RNS Number : 6381L
Mineral & Financial Invest. Limited
16 May 2022
MINERAL & FINANCIAL INVESTMENTS LIMITED
Investment Update: Redcorp Provides update of Geological and
Exploration Activities at Lagoa Salgada Project in Portugal
HIGHLIGHTS:
-- Copper Stockworks Identified Below Current Venda Nova North Mineralization
-- Discovery Of Copper Rich Enrichment Zone at Venda Nova North
-- Potential For New Massive Sulphide Lens at Venda Nova South
-- Additional Geophysical Anomalies Identified on Lagoa Salgada Property
GEORGE TOWN, CAYMAN ISLANDS, May 16, 2022 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the
"Company") is pleased to report an investment update from its
investment, Redcorp Empreedimentos Mineiros Lda and Ascendant
Resources Inc. (who are operating the site), which include the
following:
i. Identification of copper rich stockworks below the North zone at Venda Nova;
ii. Identification of a Copper rich transition/enrichment zone at the North zone at Venda Nova;
iii. Identification of a potential massive sulphide lens lateral
to the South zone at Venda Nova; and
iv. New drill ready geophysical anomalies identified from the
results of the Deep Penetrating Electromagnetic Survey
("DPEM").
Jacques Vaillancourt, CEO of M&FI stated, "The infill
drilling and DPEM programs have uncovered some very positive
unexpected outcomes which solidify our long-held belief that the
Lagoa Salgada property is still in the very early discovery phase
of exploration, with significant untapped resource growth
remaining. The potential to grow both the North and South zones of
Venda Nova, which are approximately 400 meters apart, as well as a
prospective new target to the northeast of the property has the
potential to be transformational for Redcorp. We look forward to
initiating future drilling programs as we look to expand the
overall resource potential on the greater Lagoa Salgada land
package."
North Zone of Venda Nova: Copper Rich Stockwork
Based on recent drilling, the results for which have not yet
been received, a new potential copper zone has been identified at
depth in the North zone of Venda Nova (shown in Fig. 2.).
The new Stockworks zone occurs downdip from the northern segment
of the North Zone and has been identified as a result of visual
intercepts from hole LS_MS-41 (assays pending). Visual inspection
of the core identifies a potential Copper rich stringer zone with
seams of semi massive chalcopyrite that spatially relates to the
higher Copper grades in the massive sulphide, suggesting a possible
feeder zone. Further updates will be provided when the results of
the assays have been received.
Copper feeders can generate high grade ore zones in VMS systems
and can also include high gold values. The results of hole MS -41,
if they confirm the visual observations, will prompt follow up and
a subdomain effort within the stringer zone that in the current
resource model only contributes minor tonnage.
Drill core and cross section along hole LS_MS-41
(fig. 1)
http://www.rns-pdf.londonstockexchange.com/rns/6381L_1-2022-5-16.pdf
North Zone of Venda Nova: Copper Rich Secondary Enrichment
Zone
A new understanding of metal domaining has been developed
because of the ongoing infill and metallurgical drill program at
the North Zone; principally, the presence of an enriched copper
blanket in the shallower part of the massive sulphide ore which is
immediately below the gossan. The identification of this zone,
which is rich in copper and silver (as highlighted by the results
of MET_MS_01 previously reported in press release dated May 3(rd) ,
2022) has a different mineral profile than the massive sulphides
which has a potential for a significant impact on optimizing
recoveries for the project.
Longitudinal 3D view of the North Zone
(Fig.2)
http://www.rns-pdf.londonstockexchange.com/rns/6381L_1-2022-5-16.pdf
The enhanced understanding of the metal domaining has aided in
further refinement of "Primary metal zoning" which is a common
characteristic in Volcanic Massive Sulphide ("VMS") systems, which
tend to have Copper dominated ore spatially separated from Zinc/
lead Ore. Additionally, secondary processes (oxidation and metal
re-distribution) can generate the gold rich gossan caps and related
enriched secondary sulphide blankets in the upper levels of the
massive sulphides.
The new sub domaining of the massive sulphide body follows
Geochem proxies based on metal ratios. The Geochem proxies analysis
is being extrapolated to the entire North zone sector, making use
of the historic geochemical database, preliminarily defining a
continuous secondary horizon (Copper rich) underlying the Gossan
and overlying the primary mineralization.
As we better understand the mineralogy and zoning of the
deposit, we can further refine the metallurgical process and
potential to enhance overall recoveries. These results are being
built into the metallurgical testwork program that is currently
underway.
South Zone of Venda Nova: Massive Sulphide Potential
In the South zone, the new drill results from 3 May 2022 have
identified the presence of "Cap rocks" (Hanging wall volcanics
similar to the massive sulphide lenses in the North) suggesting the
potential proximity of a new zone of massive sulphides. The Cap
rocks crossed in hole LS_ST-29 are overlying the Exhalative
sedimentary unit that represents the hanging wall of the fissural
ore (stockwork ore) of the south zone (see Figure 3.). This
stratigraphic observation is relevant as it reveals the potential
of connecting the north and south zones along a trend that is yet
untested immediately to the east of the drilled pattern that has
targeted mainly the fissural ore in the south zone.
In fact, visual interpretation of hole LS_ST-29 (assays pending)
identified in the immediate footwall of the cap rock contains
massive pyrite dominated massive sulphide mineralization (see
Figure 3). Moreover, Ascendant had previously highlighted the
occurrence of some discrete massive sulphide lenses contained in
the exhalative sedimentary horizon in the south zone. This area
will be followed up with additional holes that were part of the
original infill program. Future follow up drilling will target the
potential for a massive new sulphide zone in the South zone to
further expand the overall mineral endowment at Venda Nova.
Cross Section of LS_ST-29
(Fig. 3)
http://www.rns-pdf.londonstockexchange.com/rns/6381L_1-2022-5-16.pdf
Lagoa Salgado: New Regional Geophysical Target
Ascendant retained International Geophysical Technology ("IGT")
to undertake 2 phases of Deep Penetrating Electromagnetic ("DPEM")
surveying over the Venda Nova deposit at Lagoa Salgada. Phase one
included two large loops centered along strike of the known
mineralization, both north and south sectors.
Phase one revealed a possible deep anomaly to the northeast of
Venda Nova. To properly constrain and further model this East
anomaly a third loop was completed (Phase 2) in March 2022 (see
Figure 4).
Geophysical anomalies (EM & Chargeability)
(Fig. 4)
http://www.rns-pdf.londonstockexchange.com/rns/6381L_1-2022-5-16.pdf
As shown above, the Phase 2 program identified a new large
target to the northeast of the Venda Nova deposit ("EM Anomaly B")
which the Company believes has the potential to host an additional
massive sulphide lens. The Electromagnetic response in this area is
partially affected by the conductive character of the tertiary
overburden (140m sequence above the permissive volcanic). Results
of the survey have been thoroughly modeled and every effort has
been made to determine if EM Anomaly B is caused by the conductive
overburden or by a combination of the overburden and a more highly
conductive deep body, which could represent a Massive Sulphide
lens. There are several compelling reasons to believe that this
anomaly is caused by a conductive source which is separate but
additional to the regional conductive overburden. The deep response
has been modeled as a subvertical domain with a general azimuth of
330 and a possible depth of 400 m. (See Figure 5.)
Cross section showing modeled plate (Anomaly B) and proximity to
Venda Nova North
(Fig. 5)
http://www.rns-pdf.londonstockexchange.com/rns/6381L_1-2022-5-16.pdf
Anomaly B defined by the Phase 2 work will be drill tested
jointly with other targets using previous geophysical surveys
(e.g., Induced Polarization). Chargeability anomalies along the
contact between the tertiary and volcanic rocks are believed to
represent Gossan zones as proved empirically at Venda Nova. Several
zones have been identified when evaluating the IP 3D inversion over
the tertiary contact surface. These anomalies resemble the Venda
Nova footprints and will be systematically tested.
Additionally, Ascendant is planning borehole EM in the north
sector to penetrate under the conductive gossan seem effectively
reducing any masking and a possible 4(th) DPEM loop to test deeper
roots of the chargeability anomalies mentioned above and outlined
in Figure 4.
In summary the Company is pleased by the results to date of this
year's Geophysical programs confirming:
-- Even though the tertiary overburden exhibits conductive seams
that partially mask deeper responses, both EM and IP accurately
footprint mineralization on bedrock immediately below the tertiary
sedimentary sequence.
-- Both chargeable and conductive zones respond either to gossan
and/ or sulphides. The former being the oxidation product of
primary mineralization.
-- A notable new deep EM conductor has been defined to the
Northeast of Venda Nova. Relevant anomalies tend to be aligned and
follow structural and stratigraphic trends warranting drill
testing
-- Refined stratigraphic framework reveals consistent sequence
with key markers (e.g. Cap rock and massive sulphide) extending
probably for the full combined strike length of the combined
deposits: approximately 1.5 km.
-- The relevance of this stratigraphic correlation is the extent
of untested areas along the permissive stratigraphic horizon
permissive for exhalative or immediate sub sea for massive sulphide
development.
-- Sub domaining of previous bulk domains (e.g. massive sulphide
and Stringer) is a relevant tool for improving processing outcome,
defining dominant metals and as a vectoring exploration tool
As a result of the enhanced understanding of Venda Nova and the
regional exploration work, Ascendant is confident that considerable
resource endowment upside remains on the property. As results of
the infill program continue to become available, Ascendent will
look to develop a separate exploration program to follow up on this
potential.
Review of Technical Information
The scientific and technical information in this press release
has been reviewed and approved by Joao Barros, BSc (Engineering),
MSc (Geology), who has more than 17 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 7 802 268 247
Katy Mitchell and Ben Good, WH Ireland Limited +44 207 220 1666
Jon Belliss, Novum Securities Limited +44 207 399 9400
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