TIDMMAFL
RNS Number : 0141N
Mineral & Financial Invest. Limited
14 January 2019
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Lagoa Salgada Exploration Program Successfully Expands and
Improves Grades at The Main Massive Sulphide Zone and Significantly
Expands The Stockwork Zone
HIGHLIGHTS:
-- Excellent results from new holes drilled, such as: LS_MS_19
which intersected 79.4m of high grade Massive Sulphide which
contained 10.16% of Zn Eq.; LS_MS_16 which intersected 76.6m of
9.84% ZnEq, and; LS_MS_17 which intersected 30.8m of 15.6%
ZnEq.
-- Newly identified tin mineralization increases ZnEq grade by 15% in the Main Zone
-- IP survey identifies 1.6km anomaly which includes the 2 known mineral deposits
-- Geophysics work significantly expands the Project's overall
exploration potential by identifying new targets
-- Drill results expected to significantly increase new Mineral
Resource in NI 43-101 estimate due by end of January
GEORGE TOWN CAYMAN ISLANDS, January 14, 2019 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the
"Company") is very pleased to announce the results from the first
full drill program completed by Redcorp Empreedimentos Mineiros
Lda. (Redcorp), funded and guided by Ascendant Resources
(Ascendant) as part of Ascendant's previously announced earn-in
agreement with TH Crestgate, Mineral and Financial's wholly owned
subsidiary. In conjunction with Ascendant, M&FI is very pleased
to announce these transformational results from this 20-hole drill
program totaling 7,077 meters. Additionally, an additional
geophysics program was completed at the Lagoa Salgada, a
polymetallic VMS Project located on the Iberian Pyrite Belt ("IPB")
in Portugal. The IPB is home to some of the world's largest
volcanogenic massive sulphide mines.
Drill Hole Highlights:
-- LS_MS_19: Intersected 79.4m massive sulphide zone at 0.64%
Cu, 1.94% Pb, 3.36% Zn, 0.57g/t Au, 60.11g/t Ag and 0.17% Sn
(10.16% ZnEq)
-- LS_MS_16: Intersected 76.6m massive sulphide zone at 0.48%
Cu, 2.06% Pb, 3.43% Zn, 0.39g/t Au, 40.30g/t Ag and 0.22% Sn (9.84%
ZnEq)
-- LS_MS_17: Intersected 30.8 meters of high-grade massive
sulphide at 0.32% Cu, 8.44% Pb, 1.91% Zn, 1.79g/t Au, 61.39g/t Ag
and 0.26% Sn (15.6% ZnEq)
The drill program at Lagoa Salgada consisted of 12 holes (3,964
meters) in the Main Massive Sulphide Zone and 8 holes (3,113
meters) in the Stockwork Zone. The program has been very successful
at confirming and expanding high-grade mineralization in the Main
Massive Sulphide Zone and in expanding and improving the continuity
of the sulphide mineralization in the Stockwork Zone. Results from
the Main Massive Sulphide Zone indicate additional massive sulphide
mineralization at grades in excess of 10% ZnEq. The identification
of tin mineralization within the massive sulphides has contributed
significantly to this grade improvement. In the Stockwork Zone
results indicate that a thick, well mineralized ore zone has not
yet been fully defined.
Concurrent geophysical work has confirmed a strong 1.6 km long
chargeability anomaly which includes the Main Massive Sulphide and
Stockwork Zones. The Residual Bouguer Gravity Map that includes the
Chargeability anomaly identifies numerous additional anomalies
within Lagoa Salgada's property boundary.
Jacques Vaillancourt, Chairman of M&FI stated "We are very
pleased by the success of the latest exploration program at Lagoa
Salgada. The drill results have more than exceeded our expectations
in identifying similar high-grade massive sulphide and stockwork
mineralization identified in previous drill campaigns at Lagoa
Salgada. The addition of newly identified high-grade tin
mineralization in the Main Zone provides further confidence in the
potential to quickly increase high-grade tonnes to the known
Mineral Resource. An update to the Mineral Resource Estimate is
expected in January."
He continued, "In addition to the drill program the company has
completed ground and downhole IP surveys. The results from these
surveys have identified a 1.6 km IP anomaly coincident with the
massive sulphide mineralization intersected by the drill program
from the layered massive sulphides in the northwest (Massive
Sulphide Zone) to the Stockwork Zone in the southeast. The IP
anomaly is also coincident with a significant regional gravity
anomaly which greatly expands exploration potential to the
east."
Drill Hole Details
Tables 1 and 2 below provide assay results for 9 holes in the
Main Massive Sulphide Zone and 5 holes in the Stockwork Zone. Drill
holes in this program were collared in an area targeting the
eastern expansion of the known main volcanogenic massive sulphide
mineralization contained within the current Mineral Resource
Estimate as defined in the National Instrument 43-101 report dated
January 5, 2018 and targeting expansion of the Stockwork Zone.
The drill holes were drilled at an angle of 60(o) to provide
additional information of the true thickness and orientation of the
ore zone. Significant thickness of gossan and massive sulphide
mineralization were intersected in holes LS_MS_07, LS_MS_16 through
LS_MS_20. In several of the holes, including LS_MS_07, LS_MS_16,
LS_MS_18 and LS_MS_19, a second massive sulphide horizon was
intersected on the west side of a major fault identifying a
possible new lens.
Figure 1: Plan View of the 2018 Planned Drill Holes
http://www.rns-pdf.londonstockexchange.com/rns/0141N_1-2019-1-14.pdf
Introduction of Tin in Mineralization
A significant achievement of the exploration program has been
the identification of cassiterite (SnO2) associated with the Main
Massive Sulphide Zone. The IBP is known for having areas rich in
tin, however, there has been no historical assaying for tin on
previous drill holes at Lagoa Salgada. As such, Ascendant has
incorporated into the exploration program the analysis of all
historic (2017) and current drill holes in the Main Massive
Sulphide Zone being tested for tin (Sn). Significant tin values
have been recognized in the holes and are being reported in Table 1
below for the current LS_MS holes. In many of the holes the results
are material and add an average 1.5% to the ZnEq grade. The tin is
significant in the gossan, massive sulphide and stringer zones of
the Main Massive Sulphide Zone. In the Q1- 2019 period Redcorp will
complete a preliminary metallurgical recovery test work assessment
which will provide guidance on expected mineral recovery levels
Geophysical Surveys
In addition to the drill program, recently completed ground and
downhole IP surveys have identified a chargeability anomaly 1.6
kilometers long by 200-300 meters wide that is coincidental with
the sulphide mineralization both in the Main Massive Sulphide Zone
and the Stockwork Zone (Figure 2). This broad N-S zone of elevated
chargeability can be traced from the Main Massive Sulphide Zone
southwards to beyond the zone where the Stockwork Zone was drilled
in 2018 with no evidence of a gap or eastward offset in
mineralization suggested by a 2016 IP/Res survey. The IP 3D model
suggests that the drilling at the Main Massive Sulphide Zone is
coincident with the chargeability anomaly. However, the model for
the Stockwork Zone suggests the stronger part of the anomaly lies
to the east and remains untested. Furthermore, on the southern
lines (lines 14 and 15) on the eastern extremity, a new anomaly is
appearing with the possibility of a new zone developing that is
also untested.
Figure 2: IP Survey Map Coincident with Known Mineral
Resources
http://www.rns-pdf.londonstockexchange.com/rns/0141N_1-2019-1-14.pdf
The IP anomaly is also coincident with the more extensive
regional Bouguer gravity anomaly that stretches southeast by
approximately 8km to the Rio de Moinhos Target (Figure 3),
highlighting a significant number of targets for the future.
Pseudosections prepared for the 2018 IP lines indicate a second
target southeast of the Main Massive Sulphide Zone, near the
eastern end of lines 8-10 and extending as far south as line 14.
This target shows a clear association with the anomaly shown on the
map of residual Bouguer Gravity. We are establishing a naming
convention referring to the greater areas within Lagoa Salgada
region as indicated on Figure 3. Note that the Company's work to
date has be focused within the LS West area.
Figure 3: Gravimetric Survey Map with High Bouguer Gravity
Coincident with Known Mineral Resources
http://www.rns-pdf.londonstockexchange.com/rns/0141N_1-2019-1-14.pdf
Table 1: Drill Intersections
Main Zone (Massive Sulphide Zone)
From To Length True Cu Pb Zn Sn Au Ag Zn Eq(2)
Width
(m) (m) (m) (m) (%) (%) (%) (%) (ppm) (ppm) With
Sn (%)
------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_07* 168.95 300.00 131.05 106.15 0.54 2.72 3.22 0.17 0.81 77.86 11.51
including 176.00 297.00 121.00 98.01 0.58 2.89 3.42 0.18 0.87 82.95 12.24
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
gossan 168.95 182.15 13.20 11.35 0.06 1.00 0.23 0.35 1.73 143.08 10.32
including 176.00 181.00 5.00 4.30 0.11 1.57 0.25 0.76 3.91 324.80 21.87
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
1st MS 182.15 253.90 71.75 55.25 0.33 4.49 4.89 0.14 1.09 98.21 14.91
including 216.00 236.00 20.00 15.40 0.20 6.35 8.07 0.18 1.58 112.20 21.00
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 262.00 274.00 12.00 9.24 3.19 0.14 0.91 0.33 0.01 28.42 12.68
Including 264.00 273.00 9.00 6.93 4.06 0.16 1.03 0.30 0.01 27.56 14.94
including 269.00 273.00 4.00 3.08 8.22 0.26 1.44 0.27 0.01 47.75 26.68
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
2nd MS 280.35 289.60 9.25 7.12 0.44 0.89 2.58 0.26 0.29 44.40 7.53
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_08 189.00 373.25 184.25 149.24 0.11 0.04 0.34 n.m. 0.02 5.32 0.81
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 208.00 219.00 11.00 8.47 0.56 0.15 1.20 n.m. 0.09 24.27 3.56
Including 209.00 218.00 9.00 6.94 0.67 0.15 1.25 n.m. 0.10 27.89 4.01
Including 213.00 218.00 5.00 3.85 1.04 0.22 1.60 n.m. 0.15 45.60 5.92
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
and 305.00 306.00 1.00 0.77 0.82 0.02 1.26 n.m. 0.05 15.00 3.90
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_09 194.00 370.00 176.00 142.56 0.12 0.02 0.24 n.m. 0.01 2.97 0.68
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 215.00 217.00 2.00 1.54 0.67 0.08 1.29 n.m. 0.01 22.50 3.71
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 267.00 268.00 1.00 0.77 0.08 0.18 1.85 n.m. 0.05 49.00 3.51
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 284.00 290.00 6.00 4.62 0.86 0.01 1.20 n.m. 0.03 5.83 3.67
Including 284.00 289.00 5.00 3.85 1.02 0.01 1.39 n.m. 0.02 6.80 4.30
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 320.00 322.00 2.00 1.54 1.13 0.01 0.61 n.m. 0.03 15.00 4.03
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 331.00 332.00 1.00 0.77 0.87 0.04 0.99 n.m. 0.00 11.00 3.59
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_10 146.40 267.00 120.60 97.69 0.05 0.09 0.37 0.01 0.05 3.89 0.81
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
gossan 147.00 149.00 2.00 1.72 0.80 0.28 1.33 0.07 0.07 0.00 4.31
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
Stringer 233.00 261.00 28.00 21.56 0.03 0.13 0.72 0.00 0.07 6.04 1.20
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_12 No Significant Mineralization
-------------------------------------------------------------------------------------------
LS_MS_13 167.00 200.00 33.00 26.73 0.05 0.70 1.25 0.03 0.02 10.52 2.55
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
Including 167.00 189.00 22.00 17.82 0.07 0.84 1.42 0.04 0.02 12.77 2.98
======= ======= ======= ======= ===== ====== ===== ===== ====== ======= =========
gossan 151.30 153.05 1.75 1.51 0.09 0.10 0.26 0.02 0.01 0.00 0.64
Stringer 167.00 168.00 1.00 0.77 0.76 0.05 0.15 0.01 0.01 100.00 4.74
Including 173.00 189.00 16.00 12.32 0.04 1.06 1.85 0.05 0.02 10.50 3.55
Including 180.00 187.00 7.00 5.39 0.06 1.60 2.70 0.06 0.03 12.86 5.12
----------- ------- ------- ------- ------- ----- ------ ----- ----- ------ -------
LS_MS_16 163.15 349.00 185.85 150.54 0.29 1.43 2.18 0.15 0.35 27.9 6.59
including 163.15 273.55 110.40 89.42 0.45 2.15 3.17 0.23 0.53 39.8 9.87
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
gossan 163.15 174.10 10.95 9.42 0.15 2.94 0.80 0.34 1.80 35.1 10.18
including 170.00 174.10 4.10 3.53 0.09 2.90 0.48 0.53 4.31 54.3 15.48
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
MS 174.10 273.55 99.45 76.58 0.48 2.06 3.43 0.22 0.39 40.3 9.84
including 194.00 222.00 28.00 21.56 0.28 3.65 5.16 0.20 0.44 43.5 12.47
including 257.00 262.00 5.00 3.85 2.64 0.35 2.12 1.00 0.06 63.60 18.61
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
MS 239.00 273.55 34.55 26.60 0.68 0.86 2.47 0.30 0.26 42.72 8.74
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
Stringer 277.00 284.00 7.00 5.39 0.19 0.63 1.76 0.07 0.19 35.9 4.54
and 312.00 315.00 3.00 2.31 0.15 1.93 2.72 0.13 0.18 28.3 6.85
and 347.00 349.00 2.00 1.54 0.19 2.37 3.30 0.15 0.15 33.5 8.16
LS_MS_17 161.00 199.00 38.00 30.78 0.32 8.44 1.91 0.26 1.79 61.39 15.57
including 162.00 192.00 30.00 24.30 0.40 10.56 2.31 0.34 2.23 73.75 19.35
=========== ======= ======= ======= ------- ===== ====== ===== ===== ====== ======= =========
gossan 162.50 170.75 8.25 7.10 0.16 13.44 1.43 0.60 3.06 52.89 22.12
including 163.00 170.75 7.75 6.67 0.17 12.61 1.44 0.63 3.08 58.38 23.16
=========== ======= ======= ======= ======= ===== ====== ===== ===== ====== ======= =========
MS 170.75 194.30 23.55 18.13 0.45 7.77 2.33 0.19 1.78 79.56 16.47
including 171.00 191.00 20.00 15.40 0.53 9.00 2.86 0.22 2.07 87.05 19.54
Stringer 198.00 199.00 1.00 0.77 0.04 0.43 1.83 0.01 0.23 12.00 3.05
and 259.00 262.00 3.00 2.31 0.07 1.00 1.77 0.03 0.04 16.00 3.56
----------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_18 164.40 304.00 139.60 113.08 0.20 1.04 1.17 0.09 0.29 46.65 4.91
including 167.00 231.00 64.00 51.84 0.35 2.07 1.86 0.19 0.57 92.81 9.30
=========== ======= ======= ======= ------- ===== ====== ===== ===== ====== ======= =========
gossan 164.40 175.90 11.50 9.89 0.12 1.71 0.54 0.39 1.05 69.25 8.41
including 167.00 175.90 8.90 7.65 0.13 1.90 0.46 0.51 1.40 92.22 10.56
=========== ======= ======= ======= ======= ===== ====== ===== ===== ====== ======= =========
MS 175.90 247.80 71.90 55.36 0.31 1.67 1.70 0.11 0.34 73.76 7.24
including 175.90 231.00 55.10 42.43 0.39 2.09 2.09 0.14 0.44 92.91 9.10
including 175.90 197.00 21.10 16.25 0.59 3.75 3.25 0.27 0.64 159.00 15.34
----------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
Stringer 249.00 250.00 1.00 0.77 0.21 0.11 1.88 0.02 0.03 17.00 3.15
and 259.00 261.00 2.00 1.54 0.17 0.67 1.63 0.02 0.18 15.00 3.49
and 281.00 283.00 2.00 1.54 0.04 0.86 2.38 0.04 0.03 8.00 3.78
and 291.00 293.00 2.00 1.54 0.24 0.12 2.36 0.04 0.15 19.50 4.11
----------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
2nd MS 300.60 303.30 2.70 2.08 0.35 0.22 0.77 0.02 0.18 31.75 2.50
including 301.00 303.00 2.00 1.54 0.52 0.27 1.04 0.04 0.28 39.00 4.32
----------- ------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_19 168.40 344.00 175.60 142.24 0.46 1.37 2.39 0.13 0.44 45.67 7.33
including 169.00 280.00 111.00 89.91 0.60 2.00 3.18 0.18 0.63 63.86 10.10
=========== ======= ======= ======= ======= ===== ====== ===== ===== ====== ======= =========
gossan 168.40 177.50 9.10 7.83 0.19 2.45 1.00 0.32 1.19 95.50 8.13
including 174.00 177.50 3.50 3.01 0.23 3.10 0.49 0.35 2.63 223.25 11.13
=========== ======= ======= ======= ======= ===== ====== ===== ===== ====== ======= =========
MS 177.50 280.65 103.15 79.43 0.64 1.94 3.36 0.17 0.57 60.11 10.16
including 236.00 280.65 44.65 34.38 0.73 1.63 3.25 0.25 0.49 66.13 10.50
Alunite 258.60 264.80 6.20 4.77 2.77 0.22 0.84 0.57 0.04 121.86 13.64
----------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
2 lens
MS 311.70 314.40 2.70 2.08 0.73 0.35 2.00 0.05 0.31 25.75 4.03
----------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
Stringer 293.00 295.00 2.00 1.54 0.50 0.52 2.88 0.02 0.11 27.50 5.66
and 306.00 308.00 2.00 1.54 0.07 0.16 0.36 0.46 0.17 17.50 4.81
and 325.00 327.00 2.00 1.54 1.60 0.58 1.97 0.13 0.32 50.50 9.41
and 343.00 345.00 2.00 1.54 0.13 2.24 2.74 0.10 0.05 16.50 6.33
-----------
LS_MS_20 141.00 198.00 57.00 46.17 0.06 0.71 0.57 0.03 0.16 24.68 2.32
141.00 163.00 22.00 18.04 0.09 1.26 0.33 0.06 0.17 40.87 3.19
=========== ---------
gossan 146.60 171.10 24.50 21.07 0.08 1.07 0.29 0.05 0.23 33.44 2.87
including 151.00 163.00 12.00 10.32 0.14 1.45 0.26 0.09 0.16 24.67 3.50
including 149.00 155.00 6.00 5.16 0.05 2.88 0.48 0.17 0.18 14.50 5.19
including 162.00 164.00 2.00 1.72 0.71 0.46 0.10 0.02 0.42 109.50 5.87
Stringer 178.00 181.00 3.00 2.31 0.07 0.96 2.25 0.03 0.16 21.75 3.81
including 197.00 199.00 2.00 1.54 0.07 0.61 2.49 0.03 0.12 14.00 3.99
----------- ------- ------- ------- ------- ----- ------ ----- ----- ------ -------
* Hole LS_MS_07 was originally reported in the Company's press
release dated October 15, 2018 and is restated here to include the
tin grades previously not reported.
Notes: ZnEq% was calculated as follows: ZnEq% = ((Zn
Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au
Grade*40.19)+(Ag Grade*0.62)+Sn Grade*191.75)/25.35
2 Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu,
US$8.70/lb Sn, US$19.40/oz Ag, and 1,250/oz Au. No recoveries were
applied.
Stockwork Zone
From To Length True Cu Pb Zn Au Ag Zn Eq(1)
Width
(m) (m) (m) (m) (%) (%) (%) (ppm) (ppm) (%)
------- ------- ------- ----- ----- ----- ------ ------ ---------
LS_ST_05 187.00 341.00 154.00 100.10 0.06 0.24 0.39 0.03 2.04 0.87
------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 207.00 208.00 1.00 0.65 0.14 1.59 2.09 0.03 7.00 4.14
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 225.00 229.00 4.00 2.60 0.24 1.20 1.36 0.04 7.00 3.32
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 236.00 238.00 2.00 1.30 0.38 1.30 1.80 0.02 13.50 4.35
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 256.00 258.00 2.00 1.30 0.24 1.43 2.07 0.02 8.50 4.24
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 272.00 278.00 6.00 3.90 0.14 0.94 1.55 0.15 5.67 3.14
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
LS_ST_07 170.00 421.00 251.00 163.15 0.26 0.55 1.02 0.04 11.53 2.57
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 170.00 175.00 5.00 3.25 0.70 0.65 0.83 0.08 26.40 4.04
Including 170.00 173.00 3.00 1.95 1.08 0.71 0.68 0.10 38.33 5.30
STKW 187.00 218.00 31.00 20.15 0.65 0.93 1.97 0.13 22.10 5.29
Including 206.00 218.00 12.00 7.80 1.57 1.81 3.55 0.15 44.50 10.69
STKW 228.00 236.00 8.00 5.20 0.34 1.45 1.97 0.05 12.75 4.59
Including 228.00 232.00 4.00 2.60 0.45 1.58 2.40 0.05 14.50 5.46
STKW 249.00 255.00 6.00 3.90 0.50 1.72 2.27 0.07 22.17 5.80
Including 253.00 255.00 2.00 1.30 1.39 4.34 5.90 0.18 59.50 15.28
STKW 274.00 284.00 10.00 6.50 0.59 1.18 1.24 0.09 18.80 4.47
Including 275.00 282.00 7.00 4.55 0.76 1.32 1.29 0.09 23.43 5.24
STKW 337.00 367.00 30.00 19.50 0.38 1.05 2.11 0.02 20.30 4.61
Including 337.00 361.00 24.00 15.60 0.43 1.21 2.44 0.02 23.83 5.30
Including 347.00 350.00 3.00 1.95 1.09 4.80 5.31 0.05 58.33 14.10
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 376.00 378.00 2.00 1.30 0.62 1.56 4.21 0.30 39.50 8.72
STKW 400.00 421.00 21.00 13.65 0.66 0.93 1.71 0.03 32.29 5.16
Including 400.00 409.00 9.00 5.85 1.19 0.86 2.11 0.05 34.44 6.97
Including 418.00 421.00 3.00 1.95 0.73 3.30 3.62 0.03 103.0 11.16
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
LS_ST_08 159.00 338.00 179.00 116.35 0.11 0.44 0.77 0.01 3.30 1.57
Main 170.00 194.00 24.00 15.60 0.30 0.97 1.35 0.02 3.96 3.17
Including 209.00 228.00 19.00 12.35 0.16 0.69 1.79 0.01 6.05 3.02
Including 276.00 291.00 15.00 9.75 0.34 1.20 1.77 0.03 16.93 4.22
Including 333.00 338.00 5.00 3.25 0.27 1.13 2.29 0.01 6.80 4.23
STKW 170.00 177.00 7.00 4.55 0.85 2.55 3.25 0.04 2.71 7.95
Including 171.00 174.00 3.00 1.95 1.78 5.01 6.50 0.07 2.67 15.96
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 219.00 229.00 10.00 6.50 0.32 1.21 2.94 0.01 10.70 5.17
Including 222.00 228.00 6.00 3.90 0.48 1.53 3.72 0.02 14.50 6.77
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 276.00 283.00 7.00 4.55 0.46 1.32 2.43 0.01 15.71 5.26
Including 276.00 279.00 3.00 1.95 0.85 2.30 4.86 0.02 30.33 9.98
STKW 287.00 291.00 4.00 2.60 0.66 1.85 1.45 0.08 31.25 5.05
Including 287.00 289.00 2.00 1.30 0.66 3.15 1.86 0.11 53.50 7.96
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 333.00 334.00 1.00 0.65 0.46 1.92 4.58 0.01 12.00 7.87
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 336.00 337.00 1.00 0.65 0.49 1.89 3.32 0.02 10.00 6.62
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
LS_ST_10 180.00 363.00 183.00 118.95 0.17 0.55 0.84 0.02 5.87 1.97
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
Including 181.00 331.00 150.00 97.50 0.20 0.64 0.98 0.02 6.87 2.29
Including 245.00 331.00 86.00 55.90 0.29 0.89 1.26 0.03 10.03 3.14
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 181.00 196.00 15.00 9.75 0.25 0.99 1.34 0.05 8.53 3.21
Including 181.00 189.00 8.00 5.20 0.43 1.47 1.80 0.07 12.88 4.70
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 245.00 249.00 4.00 2.60 0.59 1.02 3.61 0.08 11.75 6.50
Including 247.00 249.00 2.00 1.30 1.08 1.59 5.95 0.10 20.00 10.90
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 269.00 304.00 35.00 22.75 0.54 1.88 2.26 0.04 20.23 5.96
Including 269.00 283.00 14.00 9.10 0.89 3.28 2.93 0.04 36.36 9.24
Including 269.00 272.00 3.00 1.95 2.54 5.84 8.73 0.12 85.67 23.10
Including 294.00 304.00 10.00 6.50 0.50 1.41 2.91 0.08 14.60 5.99
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 320.00 322.00 2.00 1.30 0.87 0.82 1.50 0.02 9.50 4.80
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 330.00 331.00 1.00 0.65 0.85 1.33 1.76 0.02 30.00 5.98
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
LS_ST_11 155.00 259.00 104.00 67.60 0.49 0.95 1.53 0.06 15.02 4.16
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
Including 160.00 175.00 15.00 9.75 1.86 0.88 0.66 0.19 39.47 7.67
Including 209.00 259.00 50.00 32.50 0.36 1.32 2.47 0.05 16.06 5.11
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 160.00 175.00 15.00 9.75 1.86 0.88 0.66 0.19 39.47 7.67
Including 165.00 169.00 4.00 2.60 6.54 2.20 0.80 0.32 139.0 24.07
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 201.00 203.00 2.00 1.30 0.36 1.85 2.20 0.03 13.00 5.21
Including 202.00 203.00 1.00 0.65 0.71 3.43 3.79 0.05 25.00 9.49
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 209.00 222.00 13.00 8.45 0.54 2.08 3.85 0.07 25.15 7.90
Including 209.00 217.00 8.00 5.20 0.72 2.34 4.68 0.08 29.50 9.56
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 225.00 229.00 4.00 2.60 0.82 1.69 4.80 0.11 32.75 9.47
Including 227.00 229.00 2.00 1.30 1.56 2.96 8.35 0.21 60.50 16.98
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 234.00 247.00 13.00 8.45 0.37 1.46 2.32 0.06 16.15 5.11
Including 240.00 242.00 2.00 1.30 0.75 2.95 4.68 0.10 32.50 10.32
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 255.00 259.00 4.00 2.60 0.53 2.25 3.82 0.10 21.75 7.96
Including 256.00 258.00 2.00 1.30 0.91 3.63 5.67 0.10 36.50 12.43
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
Notes: ZnEq% was calculated as follows: ZnEq% = ((Zn
Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au
Grade*40.19)+(Ag Grade*0.62))/25.35
2 Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu,
US$19.40/oz Ag, and 1,250/oz Au. No recoveries were applied.
Table 2: Drill Hole Information
Drill Hole Easting Northing Total Depth Elevation Azimuth Dip
(m)
LS_MS_07* 546900 4232246 346.40 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_08 546946 4232211 373.25 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_09 546957 4232158 371.80 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_10 546902 4232084 291.30 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_12 546949 4232047 317.35 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_13 546952 4231993 302.45 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_14 546761 4231865 300.00 95.00 73 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_16 546868 4232232 356.35 95.00 255 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_17 546843 4232228 332.35 95.00 255 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_18 546918 4232199 310.50 95.00 255 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_19 546794 4232330 375.05 95.00 200 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_20 546936 4231942 160.10 95.00 250 -60
-------- --------- ------------ ---------- -------- ----
LS_ST_05 547311 4231359 401.25 92.00 235 -60
-------- --------- ------------ ---------- -------- ----
LS_ST_07 547360 4231274 453.00 92.00 235 -60
-------- --------- ------------ ---------- -------- ----
LS_ST_08 547304 4231235 347.40 92.00 235 -60
-------- --------- ------------ ---------- -------- ----
LS_ST_10 547350 4231212 396.00 92.00 235 -60
-------- --------- ------------ ---------- -------- ----
LS_ST_11 547384 4231173 407.35 92.00 235 -60
-------- --------- ------------ ---------- -------- ----
* Hole LS_MS_07 was originally reported in the Company's press
release dated October 15, 2018
Quality Assurance and Quality Control
Analytical work was carried out ALS Laboratories. Drill core
samples were prepared in ALS Lab, in Seville, Spain. Pulp samples
were then sent to their analytical Laboratory in Ireland, for
analysis. The core samples are analyzed for gold (ppm) by fire
assay (Au--AA25), and for the other elements by Multi element
analysis of base metal ores and mill products by optical emission
spectrometry using the Varian Vista inductively coupled plasma
spectrometer (ME-ICPORE). Samples from the Main Resource, LS_MS_DH
ID, are also assayed for Tin (Sn) by ICP-AES after Sodium Peroxide
Fusion (Sn-ICP81x).
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.
Qualified Persons
The scientific and technical information in this press release
has been reviewed and approved by 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 15 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:
Katy Mitchell and Jessica Cave, WH Ireland Limited +44 161 832 2174
Jon Belliss, Novum Securities Limited +44 207 399 9400
James Lesser, Mineral & Financial Investments Ltd. +44 777 957 7216
About Ascendant Resources Inc.
Ascendant is a Toronto-based mining company focused on its
flagship 100%-owned producing El Mochito zinc, lead and silver mine
in west-central Honduras, which has been in production since 1948.
After acquiring the mine in December 2016, Ascendant spent 2017
implementing a rigorous and successful optimization program
restoring the historic potential of El Mochito delivering record
levels of production with profitability restored. The Company now
remains focused on cost reduction and further operational
improvements to drive robust profitability in 2018 and beyond.
Expanding and upgrading El Mochito's significant Mineral Reserves
and Resources through exploration work for near-mine growth is an
ongoing focus for the Company. With a significant land package of
11,000 hectares in Honduras and an abundance of historical data,
there are several regional targets providing longer term
exploration upside which could lead to further resource growth.
Ascendant also holds an interest in the high-grade polymetallic
Lagoa Salgada VMS Project located in the prolific Iberian Pyrite
Belt in Portugal. The Company is engaged in exploration of the
Project with the goal of expanding already substantial defined
Mineral Resources and testing additional known targets. The
Company's acquisition of its interest in the Lagoa Salgada Project
offers a low-cost entry point to a potentially significant
exploration and development opportunity. The Company holds an
additional option to increase their interest in the Project upon
completion of certain milestones.
Ascendant Resources is engaged in the ongoing evaluation of
producing and development stage mineral resource opportunities, on
an ongoing basis. The Company's common shares are principally
listed on the Toronto Stock Exchange under the symbol "ASND". For
more information on Ascendant Resources, please visit our website
at www.ascendantresources.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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