TIDMMAFL
RNS Number : 8574I
Mineral & Financial Invest. Limited
13 August 2019
Mineral and Financial Investments Limited
Investment Update: 46.95m of 21.90% ZnEq(1) (36.2m true width)
Intercepted in Recent Exploration Drill Program at the Lagoa
Salgada VMS Project in Portugal
HIGHLIGHTS:
-- LS_MS_39 is Best hole drilled to date in the Lagoa Salgada Project
-- The results from Four Outstanding holes, including:
o LS_MS_39 - Intercepted 46.95m (36.2m true width) of 0.39% Cu,
6.26% Pb, 7.30% Zn, 1.37g/t Au, 165.63g/t Ag and 0.20% Sn (21.90%
ZnEq)
o LS_MS_38 - Intercepted 45.75m (35.5m true width) of 0.19% Cu,
2.28% Pb, 4.01% Zn, 0.70g/t Au, 47.98g/t Ag and 0.13% Sn (9.84%
ZnEq)
-- Drill results from this program will form the basis for an
updated Mineral Resource Estimate for Lagoa Salgada expected to be
released in Q3-2019
-- A Preliminary Economic Assessment ("PEA") expected to be completed by end of year.
GEORGE TOWN CAYMAN ISLANDS, August 13, 2019 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the
"Company") is very pleased to announce the results from the last
five holes of the first phase of the 2019 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 (please refer to RNS of
August 1, 2018). In conjunction with Ascendant, M&FI is very
pleased to announce the additional high-grade drilling results from
the North Zone of the Lagoa Salgada VMS project ("Lagoa Salgada")
located on the Iberian Pyrite Belt ("IPB") in Portugal. These
results include the best hole, LS_MS_39, drilled to date at the
project. An additional three holes in the Central and South Zones
remain outstanding and are expected over the course of the next
several weeks. Drill results from the exploration program to date
will form the basis for the updated National Instrument 43-101
Mineral Resource Estimate for Lagoa Salgada in the third quarter
followed by a Preliminary Economic Assessment ("PEA") by the end of
the year.
Jacques Vaillancourt, Chairman of Mineral & Financial
Investments stated - "The results being achieved at Lagoa Salgada
confirm our belief in both the geology and the team exploring the
deposit. The North Zone (formerly the called LS-1) represents a
significant portion of the current Mineral Resource Estimate and
with these results, Ascendant is confident in the ability to expand
and upgrade the Resource Estimate. The discovery of the copper rich
zone highlights the similar characteristics compared to other major
VMS deposits in the Iberian pyrite Belt. The ongoing exploration
success also has the Redcorp team extremely encouraged about the
mineable potential of the project, which will be formalized with
the completion of a PEA by the end of the year."
Drill Hole Highlights
These most recent drill results represent the final holes
completed in the first phase of drilling for the 2019 exploration
program in the North Zone at Lagoa Salgada. In total during this
phase, 24 holes totaling 7,964 metres were completed of which 20
holes focused on the North Zone and 4 holes were focused on the
South and Central zones within the LS West Region. Drill results
from these last 5 holes have continued to demonstrate significant
high-grade massive sulphide mineralization (see table 1 below).
These drill results, along with those already released (see press
release dated July 24, 2019), are expected to contribute
significantly to expanding and upgrading the current Mineral
Resource Estimate. These holes intersected massive sulphide
mineralization both extending the mineralization at depth and along
strike. The holes demonstrated the high-grade nature of the massive
sulphide are highlighted above. In the South zone, hole LS_ST_16
was reported on July 24, 2019 and assays are pending for three
additional holes from the South and Central zones. Two holes in the
South zone were pre-collared but will be completed in a future
program when the focus is expanded beyond the North Zone.
Assay results from the 5 drill holes reported today have
continued to demonstrate significant high-grade massive sulphide
mineralization over good widths (see table 1 below), which,
combined with previous results (see press release dated July 24,
2019), are expected to contribute significantly to expanding and
upgrading Ascendant's current Mineral Resource Estimate. Today's
reported holes continue to intersect massive sulphide
mineralization both extending the mineralization at depth and along
strike, demonstrating the high-grade nature of the North Zone.
Results also support the potential future extensions of the
North Zone in all directions. For example, as Drill hole LS_MS_40
and wedge hole LS_MS_40b indicate, the massive sulphide
mineralization continues north under the north-dipping Alpine fault
where a second massive sulphide lens was intersected. Drill hole
LS_MS_39, which not only is the highest-grade hole drilled at Lagoa
Salgada and having one of the thickest intersections thus far, is
the southern-most hole drilled in the North Zone, allowing for more
potential massive sulphide mineralization continuity to the south
of the known North Zone. The drill holes LS_MS_37 and LS_MS_38
intersected multiple massive sulphide horizons opening the zone up
to both the west and to the east for potentially more
mineralization and the possibility of additional lenses.
The remaining three drill holes, that are expected to be
released shortly, tested a new copper-rich zone in the Central and
South Zones. These 3 holes tested a strong Induced Polarization
("IP") chargeability anomaly with widely spaced holes (>
200-metre spacing between holes). The mineralization remains open
along strike and at depth and further drilling will be necessary to
evaluate the potential of this zone. We note that most VMS mines in
the IPB have both zinc and copper rich zones.
Metallurgical test work has commenced, and the results will be
incorporated into the upcoming PEA.
Drill Hole Details
Tables 1 and 2 below provide assay results for the final 5 holes
in the North Massive Sulphide Zone (see Figure 1). Drill results
from these holes in the North Massive Sulphide Zone highlight the
high-grade nature of the massive sulphide lens.
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 massive sulphide mineralization
were intersected in all holes in the north zone see tables for
detail.
Figure 1: Plan View of the Drill Holes in the North Zone within
LS West Region
http://www.rns-pdf.londonstockexchange.com/rns/8574I_1-2019-8-13.pdf
Figure 2: Plan View of the All Drill Holes for Lagoa Salgada
http://www.rns-pdf.londonstockexchange.com/rns/8574I_1-2019-8-13.pdf
Table 1: Drill Intersections
Hole Zone From To Length True Cu Pb Zn Au Ag Sn ZnEq
# (m) (m) (m) width % % % (ppm) (ppm) % %(1)
(m)
----------- ----------- ------- ------- ------- ------- ----- ----- ----- ------- ------- ----- ------
LS_MS_34 gossan 136.80 153.90 17.10 14.71 0.05 0.13 0.35 0.04 4.29 0.02 0.94
MS 153.90 186.00 32.10 24.72 0.24 1.99 0.51 0.60 55.34 0.27 7.34
Including 153.90 172.00 18.10 13.94 0.38 3.38 0.39 0.91 82.17 0.48 11.56
----------------------- ------- ------- ------- ------- ----- ----- ----- ------- ------- ----- ------
LS_MS_37 gossan 152.50 169.80 17.30 14.88 0.02 0.48 0.36 0.03 3.72 0.14 1.99
MS 169.80 237.80 68.00 52.36 0.36 0.56 1.48 0.17 25.46 0.04 4.14
Including 204.00 226.00 22.00 16.94 0.36 1.18 3.78 0.41 44.82 0.07 8.07
2nd
MS 248.70 258.20 9.50 7.32 0.47 0.23 0.72 0.12 26.33 0.04 3.46
stringer 237.80 240.00 2.20 1.69 0.44 0.09 0.90 0.15 19.50 0.03 3.26
----------------------- ------- ------- ------- ------- ----- ----- ----- ------- ------- ----- ------
LS_MS_38 gossan 125.50 142.00 16.50 14.19 0.02 0.01 0.34 0.85 11.12 0.01 2.06
MS 179.10 224.85 45.75 35.23 0.19 2.28 4.01 0.70 47.98 0.13 9.84
Including 190.00 223.00 33.00 25.41 0.22 3.11 4.64 0.92 62.12 0.15 12.14
LS_MS_39 gossan 134.40 164.55 30.15 25.93 0.04 0.17 0.23 0.40 78.90 0.00 3.05
MS 164.55 211.50 46.95 36.15 0.39 6.26 7.30 1.37 165.63 0.20 21.90
Including 172.00 188.00 16.00 12.32 0.23 8.56 7.45 2.25 256.38 0.17 26.99
----------------------- ------- ------- ------- ------- ----- ----- ----- ------- ------- ----- ------
LS_MS_40 gossan 164.00 175.00 11.00 9.46 0.08 4.18 0.51 0.60 28.27 0.29 8.40
Including 167.00 172.00 5.00 4.30 0.09 6.36 0.51 0.81 34.40 0.45 12.10
MS 175.00 201.30 26.30 20.25 0.63 0.66 0.20 0.37 14.81 0.01 3.56
Including 190.00 196.00 6.00 4.62 2.65 0.22 0.10 0.61 39.67 0.01 9.31
2nd
MS 259.50 262.70 3.20 2.46 0.08 2.70 5.26 1.43 130.75 0.10 12.90
LS_MS_40b MS 260.35 263.00 2.65 2.04 0.05 2.12 4.93 1.29 116.67 0.10 11.94
wedge
hole
Table 2: Drill Hole Information
ID Easting Northing Az.( ) Dip ( Elevation Status Depth
) (m)
LS_MS_34 546932 4231967 250 -60 300 Finished 251.05
------- -------- ------ ----- --------- -------- ------
LS_MS_37 546703 4232063 70 -60 300 Finished 297.50
------- -------- ------ ----- --------- -------- ------
LS_MS_38 546693 4231988 70 -60 300 Finished 431.05
------- -------- ------ ----- --------- -------- ------
LS_MS_39 546751 4231920 70 -60 300 Finished 275.35
------- -------- ------ ----- --------- -------- ------
LS_MS_40 546822 4232181 307 -60 500 Finished 292.05
------- -------- ------ ----- --------- -------- ------
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.
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.
(1) 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. 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.
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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