TIDMMAFL
RNS Number : 0889U
Mineral & Financial Invest. Limited
28 July 2022
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Investment Update: Redcorp Reports 12m Intercept of 3.3% Copper
(5.5% CuEq(1) ) and Discovers New Copper Enriched Zone Below
Current South Zone At Its Lagoa Salgada Project, Portugal
HIGHLIGHTS:
-- New High-Grade Copper Zone discovered within the South Zone
-- Hole ST_31 returns 16m @ 2.6% Cu (4.33% CuEq) from 505m;
including 12m @ 3.3% Cu (5.50% CuEq) from 509m
-- New high-grade copper zone intersected at depth below current
resource wireframe with 22m @ 0.83% Cu (2.11% CuEq) from 541m
-- Results define a new High-grade copper lens within the South
Zone, along a strike of length of +300m and open at depth
-- Expected to increase the mineralized volume and the grade of
the existing block model for the South Zone
GEORGE TOWN, CAYMAN ISLANDS, July 28, 2022 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the
"Company") is pleased to report assay results from hole ST_31 from
its investment entity, Redcorp Empreedimentos Mineiros Lda
("Redcorp"), and Ascendant Resources Inc. ("Ascendant"), who are
operating the site, completed as part of the ongoing infill drill
program at the Venda Nova Deposit at the Company's Lagoa Salgada
VMS Project, Portugal. Based on the drill intercepts reported and
in conjunction with prior results, Ascendant has defined a new
High-grade copper zone within the South Zone with potential
extension at depth. The High-grade copper intercepts reported in
hole ST_31 are significant due to the following: 1. Is expected to
increase the mineralized volume and the grade of the existing block
model for the South Zone; 2. Based on data collected to date, it
could support the sub domaining of a high-grade copper dominated
stacked lens towards and beyond the footwall of the existing
constraining wireframe; and 3. It continues to support resource
conversion for the ongoing feasibility study at the Venda Nova
deposit.
As of July 18, 2022, Ascendant has completed 15 drill holes (6
Metallurgy holes and 9 infill holes) totaling 6,118m with an
additional 3 drill holes currently in progress. Assays reported
today represent full results received as of July 26.
Jacques Vaillancourt, President & CEO stated: "As drilling
continues, the understanding of the deposit continues to improve
and highlights that Redcorp /Ascendant could be in the early stages
of defining a greater VMS system at Lagoa Salgada. These results
are yet another in a stream of successive discoveries that have
been uncovered as part of the infill program at Venda Nova and we
believe it positions the project extremely well for both the
upcoming Mineral Resource update targeted for Q3 and future
exploration programs at Lagoa Salgada."
Drill Hole Highlights (apparent thickness):
ST_31
-- 16m at 2.60% Cu (4.33% CuEq containing 2.60% Cu, 2.06% Zn,
0.78% Pb, 68.9 g/t Ag and 0.16 g/t Au) from 505m
-- Including 12m at 3.30% Cu (5.50% CuEq containing 3.30% Cu,
2.57% Zn, 1.00% Pb, 88.7 g/t Ag and 0.20 g/t Au) from 509m
-- 22m at 0.83% Cu (2.11% CuEq containing 0.83% Cu, 0.44% Zn,
0.50% Pb, 44.3 g/t Ag and 0.04 g/t Au) from 541m
-- Including 10m at 1.57% Cu (3.98% CuEq containing 1.57% Cu,
3.92%Zn. 0.95% Pb, 79.6 g/t Ag and 0.06 g/t Au) from 553m
Hole location and collar positions are shown in Figure 1 and
Table 1 below.
Plan view of the Venda Nova with location of the reported drill
holes
(Fig. 1)
http://www.rns-pdf.londonstockexchange.com/rns/0889U_1-2022-7-28.pdf
High-grade Copper Lens
Hole ST-31 results are encouraging, particularly towards the
deeper portion of the hole which targeted the stratigraphic base of
the current South Zone wireframe. Results extend mineralization
beyond the current domain and more importantly define a high-grade
Cu dominated zone of stacked lenses that are expected to have a
notable impact upgrading the metal endowment of neighboring
blocks.
Mineralization in these lenses is believed to represent stringer
veining to semi massive sulphides with a strong Cu component
associated to veins and semi massive pods of chalcopyrite.
Texturally, these copper rich seams are distinctive to the fissural
ore in the central part of the South Zone wireframe preserving
possible primary features including angular vein cross cutting
inter-relations.
A preliminary exercise has been carried out to understand the
context of this high-grade Cu zone integrating current results with
historic data. When highlighting only the copper content in the
South Zone (current resource model, see Figure 3), it is possible
to delineate a trend in the footwall of the current wireframe that
extends for over 300m along strike with a northwest plunge. This
trend outlines composites from 5 drill holes (4 historic and ST_31)
averaging 2.94% Cu (with additional base and precious metal
credits). This subdomain is open along the plunge direction towards
the Northwest.
Hole ST_31 suggests that along this trend both Cu grade and lens
thickness increase towards the Northwest, opening a relevant
extensional upside target zone. Pending holes within the current
infill program will continue to target this potential new zone.
Metal refinement in VMS systems is a common feature. The newly
outlined Cu dominated hanging wall lens, jointly with the Cu-Au
hanging wall outlined earlier during this program (see Ascendant's
June 14 press release), proves that efficient metal zoning (primary
and secondary) occurs in the South Zone of the Venda Nova deposit.
Ascendant is confident that the proper domaining of these lenses
will have a significant impact in terms of overall metal endowment
and in processing efficiencies and recoveries.
Cross section of South Zone (Trace locations included in Figure
1)
(Fig. 2)
http://www.rns-pdf.londonstockexchange.com/rns/0889U_1-2022-7-28.pdf
Plan view (left) and longitudinal (right) views of South Zone;
hanging wall high-grade Copper trend outlined.
(Fig. 3)
http://www.rns-pdf.londonstockexchange.com/rns/0889U_1-2022-7-28.pdf
2022 Collar Info (New holes reported in this release and
previously reported holes)
(Table 1)
Hole_Id Scope UTM UTMN Elevation Az. Dip DEPTH Assays Status
E ( )
( (m)
)
ST_31 Infill 547365 4231514 90 240 60 624.7 This Release
-------- ------- -------- ----------- ----- ----- ------- ---------------------
ST_39 Infill 547384 4231687 90 240 60 743.4 Assays Pending
-------- ------- -------- ----------- ----- ----- ------- ---------------------
ST_34 Infill 547550 4231110 90 240 60 Drilling in progress
-------- ------- -------- ----------- ----- ----- ------- ---------------------
ST_36 Infill 547355 4231588 90 240 60 Drilling in progress
-------- ------- -------- ----------- ----- ----- ------- ---------------------
ST_42 Infill 547388 4231779 90 240 60 Drilling in progress
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
MS_41 Infill 546833 4232174 90 307 60 247.7 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
MS_41A Infill 546833 4232174 90 307 60 117.1 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
MS_45 Infill 546788 4231833 90 70 60 346.7 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
ST_28 Infill 547349 4231422 90 240 60 501.0 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
ST_29 Infill 547405 4231460 90 240 60 583.7 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
ST_33 Infill 547500 4231081 90 240 60 329.7 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
ST_48 Infill 547495 4231260 90 240 60 586.4 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
Met_MS_01 Met 546881 4232266 90 250 60 355.7 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
Met_MS_02 Met 546895 4232181 90 250 60 361.7 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
Met_MS_03 Met 546892 4232081 90 250 60 301.9 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
Met_MS_04 Met 546937 4231990 90 250 60 281.0 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
Met_ST_01 Met 547355 4231295 90 240 60 452.7 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Assays Previously
Met_ST_02 Met 547432 4231163 87 240 60 284.7 Reported
-------- ------- -------- ----------- ----- ----- ------- ---------------------
Relevant Intercepts
(Table 2)
DDH From (m) To (m) Apparent Width (m) Cu % Zn % Pb % Ag g/t Au g/t CuEq [1] %
ST_31 225.0 231.0 6.0 0.18 1.51 0.58 15.80 0.02 1.15
ST_31 includes 225.0 227.0 2.0 0.15 2.60 1.23 23.00 0.07 1.79
ST_31 and 427.0 433.0 6.0 0.75 0.38 0.18 14.67 0.07 1.16
ST_31 includes 427.0 431.0 4.0 0.90 0.52 0.25 20.50 0.08 1.45
ST_31 and 505.0 521.0 16.0 2.60 2.06 0.78 68.88 0.16 4.33
ST_31 includes 509.0 521.0 12.0 3.30 2.57 1.00 88.67 0.20 5.50
ST_31 and 541.0 563.0 22.0 0.83 0.44 0.50 44.27 0.04 2.11
ST_31 includes 553.0 563.0 10.0 1.57 3.92 0.95 79.60 0.06 3.98
------- ---------- --------- ------- ------------------- ----- ----- ----- ------- ------- -----------
Quality Assurance and Quality Control
Core samples are retrieved from the core barrel by the drilling
crew. Each core box is labeled with the drill hole number, the
depth intervals, and an arrow indicating the downhole direction.
Core samples retrieved from the barrel are immediately transferred
to the core boxes and transported after to the logging facilities
in batches. After the logging, core is cut in half and placed in
labeled sample bags with the sample tags and transported to the
sample preparation lab of ALS Lab, in Seville, Spain. Samples are
dried, crushed to 70 % passing 2 mm, split and finally pulverized
to 85 % passing 75 <MU>m. Pulp samples are then sent to their
analytical Laboratory in Galway, Ireland, for analysis. The core
samples are analyzed for gold (ppm) by fire assay (Au -- AA25), and
for the other elements by two different ICP Multi element analysis:
1) (ME-ICPORE) - base metal ores and mill products by optical
emission spectrometry using the Varian Vista inductively coupled
plasma spectrometer 2) ME-MS61r: Four-acid digestion paired with
ICP-MS and ICP-AES with REE analytes included.
ALS Laboratories has routine quality control procedures which
ensure that every batch of samples includes three sample repeats,
two commercial standards and blanks. ALS Laboratories is
independent from Ascendant. Ascendant used standard QA/QC
procedures, when inserting reference standards and blanks, for the
drilling program. No significant QAQC failure issues were
identified in the reported batches.
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 50% owned subsidiary of M&FI,
and has consented to the inclusion of the material in the form and
context in which it appears.
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
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
[1] Equivalency calculations are based on in-situ values only.
Commodity prices used are as follows: Zn: US$1.20/lb, Pb:
US$1.00/lb, Cu: US$3.50/lb, Ag: US$20/Oz, and Au: US$1,650/Oz
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END
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