TIDMMAFL
RNS Number : 3120V
Mineral & Financial Invest. Limited
02 November 2017
Mineral & Financial Investments Limited
("MAFL" or the "Company")
Elevated Indium And Selenium Content Assayed At
Lagoa Salgada Hole LS-MS-02 (105m Of 10.24% Zinc Eq.(1) );
Indium And Selenium Also Present In LS-1's Central Sector
Area
HIGHLIGHTS:
- Recent hole LS-MS-02 re-assayed and shows meaningful and consistent indium (In) content
- Assay included indium grades as high as 107g/t over 2.0m
- The re-assayed hole LS-MS-02 contained indium averaging 28 g/t
over 80.0 meters, including 23.0m at 54.5 g/t and including 6.0m
averaging 85.1g/t
- Selenium (Se) averaged 48.2 g/t over 80m, which includes 17m
with 104.1 g/t and 8.0m with 153 g/t.
- Central Sector holes LS-ST-01 and LS-ST-02 selectively
re-assayed and also found to carry In & Se
- Indium is a critical raw material for information technology
markets, including fibre optics, mobile phones and all types of
computers.
George Town, Cayman Island - November 2, 2017 - Mineral &
Financial Investments is very pleased to announce assay results
from its 49%-owned investment, TH Crestgate GmbH, a private
Swiss-based investment company. TH Crestgate has released its first
indium and selenium assay results from the winter and spring
drilling campaign on the Central Sector at the 100%-owned Lagoa
Salgada zinc-lead-copper project in southern central Portugal. The
holes were completed by wholly-owned local subsidiary, Redcorp
Empreedimentos Lda.
Hole LS-MS-02 of the recent drill program was re-assayed by ALS
in Seville, Spain. The full intercept assayed was 80.0m. This
contained 28.01 gr/t of indium, including 23.0m of 54.5 g/t, 6.0m
of 85.1g/t and 2.0m of 106.8 g/t. The indium grades are much higher
in the massive-sulphide rich areas of the LS-1 resource, than in
the stockwork-rich areas of the Central Sector. Selenium was also
present in the LS-MS-02 hole. Selenium graded 48.1 g/t over 80.0m.
Highest measurable observations exceeded 250 g/t in both the LS-1
hole and the Central Sector hole. The assay methodology will only
read to a maximum of 250/t without having to re-do the assay a
third time.
Indium And Selenium Assays On Holes In LS1 Resource &
Central Sector
Thickness Indium (In) Selenium
Hole Depth (m) (m) gr/t (Se) gr/t
----------- ----------- ---------- ------------ -----------
LS-MS-02 150 to 229 79.00 28.01 48.16
----------- ----------- ---------- ------------ -----------
Including 151 to 166 16.00 5.27 104.10
----------- ----------- ---------- ------------ -----------
Including 159 to 166 8.00 3.99 153.06
----------- ----------- ---------- ------------ -----------
Including 186 to 208 23.00 54.51 31.06
----------- ----------- ---------- ------------ -----------
Including 187 to 192 6.00 85.07 39.37
----------- ----------- ---------- ------------ -----------
Including 187 to 188 2.00 106.8 43.80
----------- ----------- ---------- ------------ -----------
LS-ST-01 195 to 215 20.00 1.22 78.00
----------- ----------- ---------- ------------ -----------
Including 206 to 211 10.00 2.61 130.34
----------- ----------- ---------- ------------ -----------
LS-ST-02 329 to 361 32.00 1.92 64.20
----------- ----------- ---------- ------------ -----------
Including 329 to 330 1.00 10.00 >250.00
----------- ----------- ---------- ------------ -----------
Including 329 to 334 6.00 4.33 106.40
----------- ----------- ---------- ------------ -----------
Including 344 to 346 3.00 4.16 94.40
----------- ----------- ---------- ------------ -----------
Including 350 to 352 2.00 3.19 84.50
----------- ----------- ---------- ------------ -----------
Including 357 to 359 3.00 2.26 118.33
----------- ----------- ---------- ------------ -----------
Including 329 to 330 1.00 10.00 >250.00
----------- ----------- ---------- ------------ -----------
The selective assays come from the Central Sector holes LS-ST-01
and LS-ST-02 drilled in the first half of 2017, located in an area
where the mineralization is predominantly stockwork, immediately to
the south of the 4.5 million tonne LS-1 resource. Although indium
is not normally present in stockwork zones, there were consistent
quantities in the assayed zones in these areas. The indium content
was not as rich as in the LS-1 zone as it is not as rich in
sphalerite and arsenopyrite rich massive sulphides.
Recent Drill Results from hole LS-MS-02 in LS-1 Resource
Area
Cu Zn
Equiv. Equiv.
Depth Thickness Cu Zn Pb Au Ag
Hole (m) (m) (%) (%) (%) (g/t) (g/t) (%)(2) (%)(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%
--------------------- -------- ---------- ----- ----- ----- ------- ------- -------- --------
TH Crestgate is currently selectively testing core from other
holes drilled in the LS-1 historical resource area. The completed
drill program's objective is to expand the existing historical 4.5
million tonne resource. TH Crestgate expects to be reporting
further assays for indium and selenium after reporting zinc, lead,
copper, gold and silver contents, as they require a separate
assaying process.
Jacques Vaillancourt, Chairman of Mineral and Financial,
commented: "Indium and selenium were well known to be present at
Lagoa Salgada, and this confirms our understanding as we work
towards the upcoming resource update being completed by AGP out of
Toronto. The presence of indium in the LS-1 resource was
established in a study completed by the University of Porto's
geological research team. The presence of indium and selenium will
potentially increase the economic value of the concentrate, if and
when the Lagoa Salgada project is in production. Indium can be a
valuable addition to concentrate."
Indium and Selenium Distribution within Hole LS-MS-02
http://www.rns-pdf.londonstockexchange.com/rns/3120V_-2017-11-1.pdf
Indium and selenium are known to be present in the Iberian
Pyrite Belt , where the Lagoa Salgada project is located. Known
local producers of these minerals, as by-products in their zinc,
lead and copper concentrate production, are Lundin Mining's Neves
Corvo mine and the neighbouring Aljustrel mine. The average indium
grade in zinc deposits from which it is recovered ranges from 1 g/t
to 100 g/t. Generally, the lead-zinc rich massive sulphide deposits
contain the highest indium concentrations with values of up to
120ppm of indium in sphalerite.(3) The presence of indium at Lagoa
Salgada was initially identified in LS-1 resource by work completed
by the University of Porto. A team of geologists from the
University is completing some work to update the historical
assessment of indium at Lagoa Salgada.
The highest grade in the LS-MS-02 hole was 109ppm (i.e.109 g/t).
The grade of indium in this hole is encouraging and in line with
other deposits in the Iberian Pyrite Belt. If the indium were to be
payable in the concentrate, or allowed for lower treatment charges
offered by the smelter, this would help improve the economics of
any mining operation
Further information on selenium and indium can be found below,
at the end of this release
LOCATION OF LS-1 SECTOR RESOURCE & "CENTRAL SECTOR" ALONG
WITH NEW (Green) AND HISTORICAL (Black) DRILL HOLES
http://www.rns-pdf.londonstockexchange.com/rns/3120V_-2017-11-1.pdf
Asset Description
The Lagoa Salgada resource is centred on one gravimetric
anomaly, 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 sphaleritic zones of
mineralization. The orebody is composed of a central stockwork 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.
For more information:
Katy Mitchell, WH Ireland +44 161 832 2174
Jon Belliss, Beaufort Securities Limited +44 207 382 8300
Alastair Ford, M&FI +44 (0) 20 7467 1709
NOTES FOR EDITORS:
Indium is a soft, silvery metal that is stable in air and water
with the chemical symbol In and the atomic number 49. The spot
price of indium as of October, 2017 was US$207,000/t, and is now up
18% from the lows of this summer. In 2014 Indium prices were as
high as US$750,000/t. Most indium is used to make indium tin oxide,
which is an important part of touchscreens, flat screen TVs and
solar panels. This is because it conducts electricity, bonds
strongly to glass and is transparent. Indium nitride, phosphide and
antimonide are semiconductors used in transistors and microchips.
An indium alloy has been used for fire-sprinkler systems in shops
and warehouses because of its low melting point. Indium metal
sticks to glass and can be used to give a mirror finish to windows
of tall buildings, and as a protective film on welders' goggles. It
has also been used to coat ball bearings in Formula 1 racing cars
because of its low friction.
Indium is one of the least abundant minerals on Earth. It has
been found un-combined in nature, but typically it is found
associated with zinc minerals, and iron, lead and copper ores. It
is commercially produced as a by-product of zinc refining.
Selenium is a chemical element with symbol Se and atomic number
34. The average price per Kg, as estimated by the USGS in 2016 was
US$57.32 per kg. Selenium is a non-metal with properties that are
intermediate between the elements above and below it in the
periodic table, sulphur and tellurium. It rarely occurs in its
elemental state or as pure ore compounds in the Earth's crust.
Selenium is found in metal sulphide ores, where it partially
replaces the sulphur. Commercially, selenium is produced as a
by-product in the refining of these ores, most often during
production. Minerals that are pure selenide or selenate compounds
are known but rare. The chief commercial uses for selenium today
are glassmaking and pigments. Selenium is a semiconductor and is
used in photocells. Selenium is an ingredient in many multivitamins
and other dietary supplements, including infant formula. Selenium
is an essential micronutrient and is used as a human dietary
supplement, a dietary supplement for livestock, and as a fertilizer
additive to enrich selenium-poor soils. Selenium is also used as an
active ingredient in antidandruff shampoos.
Estimates for world consumption of selenium are as follows:
metallurgy (including manganese production): 40%; glass
manufacturing: 25%; agriculture: 10%; chemicals and pigments: 10%;
electronics: 10%; and other uses: 5%.
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.
2 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.
3 U. Schwartz-Schampera, P.M. Herzig, INDIUM: Geology,
Mineralogy and Economics, (Heidelberg, Springer, 2002)
This information is provided by RNS
The company news service from the London Stock Exchange
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