TIDMMAFL
RNS Number : 7359H
Mineral & Financial Invest. Limited
12 June 2017
MINERAL & FINANCIAL INVESTMENTS LIMITED
("Mineral & Financial", "MAFL", or the "Company")
Investment Update: TH Crestgate Initiates Drilling Program To
Expand Lagoa Salgada LS-1 Resource
HIGHLIGHTS:
- TH Crestgate announces a 6 hole drill program on the LS-1 Resource;
- Objective is to expand the resource from 4.5Mt to between 8.0Mt and 10.0Mt
- Drill holes will be angled and should allow for the definition
of the mineralization's true width
- Exploration potential remains very significant
- Resource will remain open to the N-NE and to the S-SE following drilling
- LS-1 is but one of 17 gravimetric anomalies identified to date on the Lagoa Salgada project
George Town, Cayman Island - June 12, 2017 - Mineral &
Financial Investments announces that its 49%-owned investment, TH
Crestgate GmbH, a private Swiss based investment company has
initiated a further exploration program on the LS-1 resource. The
objective of the program is to increase the 4.5M tonnes of
mineralization between 8.0M and 10.0M tonnes.
Lagoa Salgada Location in Portugal & Features Of The Iberian
Pyrite Belt
(Fig. 1)
http://www.rns-pdf.londonstockexchange.com/rns/7359H_-2017-6-9.pdf
Jacques Vaillancourt, Chairman of Mineral and Financial, stated:
"We remain excited about the progress of our investment in TH
Crestgate. The potential expansion of its LS-1 resource could
significantly alter the economics of this project on its own.
However, in conjunction with the mineralization identified in the
Central Sector by the recent drill program, located 1,000 meters to
the south of the LS-1 resource, this potential resource expansion
becomes even more exciting. In addition, there remain 16 other
known gravimetric anomalies on the Lagoa Salgada property that need
to be drilled and could result in additional mineralized zones
being identified and defined. Lagoa Salgada is located in a
jurisdiction that is mining "friendly", and that already hosts some
of Europe's biggest mines nearby. We understand Portugal is very
eager to benefit from the job creation possibilities that a new
mine could create. Lagoa Salgada's is well located with power,
water, and an experienced workforce in the area and is only 5 km
from Grãndola with a population of 20,000.
Map Of Lagoa Salgada With Historic (Black) And Planned (Green)
Drill Holes
(Fig.2)
(See document Link in Fig 1)
TH Crestgate's geological team in Portugal has been modelling
the preliminary 4.5M tonne resource for some time. This modelling
has been done in conjunction with the Laboratorio Nacional de
Energia e Geologia, the Portuguese Government Laboratory for Energy
and Geology, and with Tetra Tech Wardrop.
Lagoa Salgada is part of the Iberian Pyrite Belt (IPB) where
orebodies are typically folded, faulted, and tend to occur mostly
on the subvertical-overturned and intensely faulted limbs of a
southwest-verging anticline (Matos et al., 2003). Lagoa Salgada is
additionally further offset by an east-west-trending Alpine-age
fault in the north, with a 50-m down-throw of the northern block,
the horizontal amount and sense of displacement of which is unknown
(Matos et al., 2000).
There are four types of mineralization at Lagoa Salgada.
Firstly, there is massive sulphide mineralization. Secondly, there
is gossan mineralization, resulting from weathering of the primary
mineralization. Thirdly, there is copper-rich stock work
mineralization. Fourthly, there are medium to high-grade gold
silicified zones which appear structurally controlled. The
mineralized system has been drill tested over a strike extent of
approximately 425m to date and appears to be open to the south and
east.
The massive sulphide mineralization occurs in steeply dipping to
vertical isoclinally folded volcanic rocks. Primary massive
sulphide mineralization has been intersected in several diamond
drill holes. This mineralization has variable, but significant,
base and precious metal values. The best example of this style of
mineralization was intersected in hole LS-22 (Table 1).
LS-22 -- Historical Drill Results
(Table 1)
Cu Zn
Depth Equiv. Equiv.
Thickness Cu Zn Pb Au Ag
Hole (m) (m) (%) (%) (%) (g/t) (g/t) (%)[1] (%)(1)
----------- ------------ ---------- ----- ------ ----- ------- ------- -------- --------
156.5
LS-22 to 218.2 61.65 0.26 9.23 5.79 1.46 85.97 8.87% 18.58%
----------- ------------ ---------- ----- ------ ----- ------- ------- -------- --------
156.5
Including to 177.95 21.40 0.38 9.24 8.12 2.20 87.58 10.46% 21.90%
----------- ------------ ---------- ----- ------ ----- ------- ------- -------- --------
169.2
Including to 187.8 18.60 0.27 13.16 2.42 1.62 83.65 9.50% 10.90%
----------- ------------ ---------- ----- ------ ----- ------- ------- -------- --------
155.75
Including to 159.9 4.15 1.83 1.75 16.8 5.33 465.7 17.83% 37.35%
----------- ------------ ---------- ----- ------ ----- ------- ------- -------- --------
The thick overburden cover and the depth of the mineralized body
renders low angle dipping drilling the deposit challenging. For
this reason, most of the drilling on the deposit has been either
with vertical or steeply dipping drill holes. This has resulted in
drill hole intersections that are sub-optimal and almost parallel
to the primary stratigraphy of the sulphide body. The true
thickness of the deposit therefore cannot be determined from single
drill hole intersections. The thickness of the deposit is inferred
as being somewhere between holes that intersected the massive
sulphide and those that have intersected the footwall or hanging
wall rocks. Additional drilling is required to determine the size
of the known massive sulphide deposit.
Gossan mineralization results from the weathering of primary
massive sulphide mineralization. It is preserved at Lagoa Salgada
as a result of the Tertiary sedimentary rocks covering the
palaeosurface, in a situation analogous to the Las Cruces copper
deposit in Spain. Gossan mineralization at Lagoa Salgada seems to
be comprised of a lead-rich leached cap underlain by a precious
metal-rich supergene enrichment zone. This is well displayed in
hole LS22, displayed (see Table 1). It should be noted that there
were two holes drilled (PX-02 and PX-05) after the resources was
calculated, which intercepted mineralization believed to be
contiguous to the LS-1 resource, the results of which were not
included in the resource calculation
The mineralization of the central stockwork zone comprises
sulphide veins and semimassive sulphide lenses and is mainly hosted
by a thick (up to 250 m) and strongly chloritized quartz-phyric
rhyodacite unit. This type of mineralization is well-developed in
other IPB deposits, such as Feitais (Aljustrel) and Neves Corvo.
The most recent estimated NI-43-101 Compliant Resource estimate of
the LS-1 section of the Lagoa Salgada Project was completed by
Tetra-Tech Wardrop in 2012, as summarized below in Table 2. The
full estimate is set out in the announcement dated 7 June 2016:
Summarized Resource of LS-1
(Table 2)
Category Tonnage Pb (%) Zn (%) Cu (%) Ag (g/t) Au (g/t)
----------- ---------- ------- ------- ------- --------- ---------
Indicated 2,942,000 2.94 3.40 0.34 54.72 0.82
----------- ---------- ------- ------- ------- --------- ---------
Inferred 1,554,000 2.50 1.80 0.35 51.00 0.78
----------- ---------- ------- ------- ------- --------- ---------
Simplified Geology And Historical Drill Hole Location Map Of
Lagoa Salgada LS-1 Resource
(Fig 3 A & B)
(See document Link in Fig 1)
Outline of the LS-1 VMS Deposit and it's possible extensions to
the NW and SE
(Fig. 4)
(See document Link in Fig 1)
The six proposed angle drill holes are expected to provide a
better definition of the deposits true width. Additionally, the
drill holes should aid in defining the grade variation in the
massive sulphides at depth towards the east. Additionally, the
increase of sample data, and spatial location, of this drilling
further define the continuity of geology and grade. It is hoped
that the six planned drill holes will result in a significant
increase to the existing resource. The following images (fig. 3, 4,
5, 6 and 7) depict both the ore body, the planned drill holes and
the areas of estimated mineralization and potential increased
mineralization which we need to confirm by the planned drilling. In
Fig. 4, planned drill holes are in green. No drilling will be done
to define the potential NW and SE extensions, therefore the
mineralization will remain open along strike.
Possible Extensions Of The VMS Mineralization Of The Lagoa
Salgada Deposit
(Fig. 5)
(See document Link in Fig 1)
3D View (N-NW) Of The Lagoa Salgada Deposit (Red) With The
Estimated Increase Of The Massive Sulphide Resources (Purple) After
The Planned 6 Angle Drill Holes (Green).
(Fig. 6)
(See document Link in Fig 1)
3D View (From Surface) Of The Lagoa Salgada Deposit (Red) With
Estimated The Increase Of The Massive Sulphide Resources (Purple)
After The Planned 6 Angle Drill Holes.
(Fig. 7)
(See document Link in Fig 1)
3D Model (View To NW) Of The Lagoa Salgada Deposit (Red) After
The New Drill Holes And The Estimated Increase (Purple) Of The
Gossan Cap (Brown) Over The Deposit.
(Fig. 8)
(See document Link in Fig 1)
ASSET DESCRIPTION
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 1,2 Km SE of LS-1's 4.5 million
tonne zinc / lead polymetallic preliminary resource.
The Lagoa Salgada resource is focused on one gravimetric
anomaly, LS-1. There are a total of 17 gravimetric anomalies on the
property These anomalies remain to be fully tested. The
petrographic study 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 700 m 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 Net Attributable to TH Crestgate
(100%)
---------------------- -------------------------------------------------------------------
LS-1 Tonnes Mineral Grade Contained Units
Sector Metal
---------------------- --------------------- ---------- -------- ------------ --------
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.
---------- -------- ------------ --------
Au
Indicated 2,942,000 (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.
---------- -------- ------------ --------
Au
Inferred 1,554,000 (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.
---------- -------- ------------ --------
Au
Total 4,496,000 (g/t) 0.81 116,532 Oz.
---------------------- --------------------- ---------- -------- ------------ --------
Source: Tetra-Tech Wardrop
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,
who is employed by Redcorp Empreedimentos Mineiros, Lda., a wholly
owned subsidiary of TH Crestgate GmbH, 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.
N.B. A full version of this press release with all of the maps
and charts inserted is available on our site:
www.mineralandfinancial.com
For more information:
Katy Mitchell, WH Ireland +44 161 832 2174
Jacques Vaillancourt, Chairman +44 0780 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
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