TIDMMAFL
RNS Number : 7595K
Mineral & Financial Invest. Limited
12 July 2017
MINERAL & FINANCIAL INVESTMENTS LIMITED
("M&FI"; "Mineral & Financial" or the "Company")
Lagoa Salgada LS-1 Exploration Program Strikes Outstanding
105.0m of 10.24% Zinc Equiv.(1) On Second Hole Of Resource
Expansion Program
Notice of AGM
HIGHLIGHTS:
- LS-MS-02 drill hole strikes 105.0m of 10.24% zinc equiv. (1) ,
including 20.0m of 20.10% Zn equiv.(1)
- LS-MS-02 drill hole is the second hole of LS-1 resource expansion program
- First two holes of resource expansion program strike thicker
zones, with grades exceeding historical resource grades
- LS-1 exploration program on track, with objective to expand resource from 4.5Mt to 8.0Mt-10Mt
George Town, Cayman Island - July 12, 2017 - Mineral &
Financial Investments is very pleased to announce drill results
from its 49%-owned investment, TH Crestgate GmbH, a private
Swiss-based investment company. TH Crestgate has released the first
assay results from its new drilling campaign to expand the LS-1
resource at the 100%-owned Lagoa Salgada zinc-copper project in
southern Portugal.. The holes were completed by wholly owned local
subsidiary, Redcorp Empreedimentos Lda. The 6-hole drill program,
announced and initiated in June 2017, is focussed on expanding the
existing LS-1 Resource. The current resource is 4.5Mt, with a zinc
equivalent grade of 8.2% (see RNS of August 27, 2015). This
drilling program is targeting expanding the resource by 75% to 125%
to between 8.0Mt and 10.0Mt.
The second hole of a six-hole program being undertaken by TH
Crestgate has just returned with assays. LS-MS-02 is a 70(deg)
drill hole located in the northern half of the current resource 55m
to the south of the first hole, LS-MS-01. This angled hole
intercepted mineralization 45.5 meters above where mineralization
was previously thought to begin. The LS-MS-02 drill hole is
mineralized from 150m depth (where the assaying began) and extended
to the bottom of the hole at 280m. The average zinc equivalent(1)
grade over 140.0m is 7.79%.
Cu Zn
Equiv. Equiv.
Depth Thickness Cu Zn Pb Au Ag
Hole (m) (m) (%) (%) (%) (g/t) (g/t) (%)[1] (%)(1)
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
LS-MS-02 150
(new) to 255 105.00 0.27 4.48 3.05 0.94 59.47 4.89% 10.24%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 150
(Gossan) to 160 10.00 0.18 0.76 2.66 1.59 67.20 3.40% 7.11%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 160
(Massive-Sulphide) to 230 70.00 0.29 5.67 3.68 1.02 68.25 5.86% 12.28%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 166
(Massive-Sulphide) to 230 64.00 0.28 6.90 4.42 1.25 81.44 7.05% 14.76%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 199
(Massive-Sulphide) to 230 28.00 0.31 8.23 6.06 1.72 95.13 8.78% 18.40%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 206
(Massive-Sulphide) to 226 20.00 0.25 9.37 7.01 1.50 101.75 9.60% 20.10%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
152
LS-MS-01 to 240 88.00 0.41 4.22 3.08 1.60 87.07 5.66% 11.85%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 152 8.14
(Gossan) to 161 9.00 0.13 0.54 3.58 7.04 138.78 % 17.05%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 161
(Massive-Sulphide) to 240 79.00 0.45 4.64 3.02 0.98 81.18 5.38% 11.27%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 200
(Massive-Sulphide) to 240 40.00 0.33 4.64 3.02 1.51 118.43 7.27% 15.23%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Including 214
(Massive-Sulphide) to 240 28.00 0.31 8.95 5.10 2.27 162.50 9.85% 20.63%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
Source: Tectra-Tech Wardrop
Jacques Vaillancourt, Chairman of Mineral and Financial,
commented: "This second hole continues to validate our belief that
the resource can be expanded from its historical size of 4.5Mt.
This outstanding second hole follows on from TH Crestgate's first
highly encouraging first hole. What is enormously encouraging is
that the grade in the first two drill holes is running 25% greater
than the historical grade of 8.2% zincequivalent(1) ..
LOCATION OF LS-1 SECTOR RESOURCE & "CENTRAL SECTOR" ALONG
WITH NEW (Green) AND HISTORICAL (Black) DRILL HOLES
http://www.rns-pdf.londonstockexchange.com/rns/7595K_-2017-7-11.pdf
The LS-1 resource expansion drill program of 6 angled holes will
additionally help define the true width of the mineralization.
Based on cost estimates provided by TH Crestgate to Mineral &
Financial, the Company has adequate resources to provide support
for this programme. There are 4 geological zones characterizing the
mineralization of the Lagoa Salgada project, and specifically the
LS-1 zone. The first is tertiary cover, then there is a gossan cap
and then massive sulphides. Alternatively the massive sulphides may
be substituted with zones of stock-works.
CROSS SECTION OF LS MS-02 NTERSECTION OVERLAYED WITH THE
HISTORICAL RESOURCE ESTIMATE OF LAGOA SALGADA
http://www.rns-pdf.londonstockexchange.com/rns/7595K_-2017-7-11.pdf
Asset Description
The Lagoa Salgada resource is centred on one gravimetric anomaly
called LS-1. There are a total of 17 gravimetric anomalies on the
property. These anomalies remain to be fully tested. A petrographic
study recently undertaken by TH Crestgate focused on the LS-1 area
of the Lagoa Salgada property and also indicated the presence of
anomalously high levels of indium in sphalaritic zones of
mineralization. The orebody is composed of a central stock work
zone - a more than 700m 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 LS-1 Resource Summary
---------------------- -------------------------------------------------------------------
Contained
LS-1 Tonnes Mineral Grade Metal Units
Sector
---------------------- --------------------- ---------- -------- ------------ --------
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.
---------- -------- ------------ --------
Indicated 2,942,000 Au (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.
---------- -------- ------------ --------
Inferred 1,554,000 Au (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.
---------- -------- ------------ --------
Total 4,496,000 Au (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 is
employed by Redcorp Empreedimentos Mineiros, Lda., a wholly owned
subsidiary of TH Crestgate GmbH, and has 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.
Notice of AGM
The Company also confirms that it has dispatched a Notice of AGM
to shareholders. The Company's AGM will be held on 25 July 2017 at
10am at the offices of WH Ireland Limited, 24 Martin Lane, London,
EC4R 0DR.
For more information:
Katy Mitchell, WH Ireland +44 161 832 2174
Jon Belliss, Beaufort Securities Limited +44 207 382 8300
Alastair Ford, M&FI COO +44 780 226 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.
These statistics relate to 100% of the reserves attributable to
the licence. MAFL retains only a 49% interest in TH Crestgate.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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