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Mineral & Financial (MAFL)

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Monday 27 November, 2017

Mineral & Financial

Investment Update

RNS Number : 5083X
Mineral & Financial Invest. Limited
27 November 2017
 

 

Mineral and Financial Investments Limited

("MAFL" or the "Company")

 

Geophysical Work Program At Lagoa Salgada Provides Definition To Size and Scale of The Massive Sulphide Center of LS-1 Resource

 

HIGHLIGHTS:

-    Mise-à-la Masse geophysical study confirms the centre of the LS-1 resource is a massive sulphide

-    Mise-à-la Masse study provides indicative dimensions of the massive and semi-massive sulphide portion of the LS-1 resource of over 475m of length and 200m of width.

-    LS-1 Resource is composed of 3 distinct, contiguous zones: massive-sulphide, gossan and stock-work

-    16 other known anomalies of the Lagoa Salgada property still left to be explored.

-    Results from Hole LS-MS-05 intercepted mineralized zones,  impacted by faulting

-    Resource Update on LS-1 expected to be completed before year-end.

 

George Town, Cayman Island - November 27, 2017 - Mineral & Financial Investments is very pleased to announce that its  49%-owned investment, TH Crestgate GmbH, a private Swiss-based investment company, has completed a Geophysical Mise-à-la Masse (MALM) program on the LS-1 resource within the 100% owned Lagoa Salgada project. Mise-à-la Masse is also known as DC Resistivity Survey. This geophysical program was conducted by a team of four professionals from International Geophysical Technology (IGT) of Madrid. The survey was done on holes LS-MS-01, LS-MS-03 and LS-MS-06.  

 

Jacques Vaillancourt, Chairman of Mineral and Financial, commented: "Mise-à-la Masse" is essentially down-hole version of an Induced Polarity (IP) study. The study gives greater definition of detail to the ore-body's massive and semi massive sulphides dimensions. As we have mentioned previously, the LS-1 is composed of three types of mineralization: massive and semi-massive sulphides, stockworks, and gossan. These results were excellent and exceeded our expectations of the dimensions we had hoped for from the Massive and semi-massive ore body. TH Crestgate remains on track to complete a resource update by year end on the LS-1 resource. We continue to expect that the resource  will be increased"

The basis of this DC Geo-electrical method for mineral exploration is to earth one current electrode (A) of a pair in a conducting ore body intersected by a drill hole, the other electrode (B) being far away (at infinity) and measures the resulting distribution of potentials on the surface when a DC. current pulse flows through electrodes A - B. Studies of this type have also been termed "charged-body potential studies" or "applied potential studies" (D.S. Parasnis).

The MALM method is normally used for mapping ore deposits with high electrical conductivities such as sulfide bodies. When a voltage is applied between A & B electrodes, electric potential develops which can be measured on the surface and mapped. Electrical potentials are measured using a pair of electrodes (M, N) moving at incremental distances along survey lines that extend over the prospecting area. The shape and size of localized conductive deposits is reflected by the pattern of the electrical potential measured on the surface.

 

The electrical potential shows a maximum over the conductive body, so if it is elongated in a particular direction the potential map at the surface will be elongated as well. The maximum values of potential will be over the upper edge of the conductive body (see Figure 1). For a homogeneous half-space the potential map will show a spherical pattern centered on the horizontal projection of the A electrode.

 



 

 

The Mise-à-la-Masse Method

(Figure 1)

 

http://www.rns-pdf.londonstockexchange.com/rns/5083X_-2017-11-24.pdf 

 

The following conclusions were taken directly from the study:

 

1.   The Tertiary cover may relax the potential values at the surface, but this effect does not mask the influence of the conductive ore bodies where electrode A was earthed in the surveyed drill holes.

2.   From the potential maps IGT interpreted that the conductors intersected by LS-MS-01, LS-MS-03 and LS-MS-06 drill holes look to be the same one. Drill hole LS-MS-01 has intersected it close to its SE end, LS-MS-03 has hit it at its central section, where the ore body shows its maximum thickness and LS_MS_06 shows it at its NW end. This conductive body (semi-massive sulfide deposit) extends with N1600E azimuth along 500 meters approximately, it is centered in the study area along stations 400 m from line L-2 to line L-7.

3.   Looking in detail to the potential profiles, three independent conductive axis can be differentiated. Results are exactly coincident for drillholes LS-MS-01 and LS-MS-03 and it looks like drill hole LS-MS-06 has intersected an independent conductor.

4.   There is a third small conductive body at the North West edge of the deposit, which is possibly as a result of the folding of the ore body

5.   The ore body appear to dip to the North East

 

 

Frequently Asked Questions About Mise-à-la-masse

 

1.   What is Mise-à-la-masse? MLAM is a "three point" pole-dipole electrical geophysical method that uses an applied voltage to determine the dimensions of a mineralized ore body.  When a voltage is applied to a mineralized outcrop with an opposite polarity applied to a second point far from the outcrop, current will flow through the mineralized zone. Voltage potentials are measured to create voltage contours surrounding the mineralized area. The resulting contour map will give an accurate picture of the shape of a subsurface mineralized area.

 

2.   What is Mise-à-la-masse Survey? A MLAM survey is conducted using a DC power source.  A current cable is connected to a mineralized outcrop or borehole and a second cable is connected to a point far away from the mineralized area. As voltages are measured on the surrounding area, a database of measurements and their associated GPS location is created. A computer contour mapping package is used to create a map of the equipotential voltage contour lines. Contour lines define the direction (strike) and the dip of an ore body in the earth.

 

3.   What are Borehole Mise-à-la-masse'?: When boreholes are available, it is possible to measure voltage potentials, and create contour maps at different levels into the earth. Each contour map gives insight to the dimension of the ore body at each different level. An accurate three-dimensional presentation is obtained.

 

Composite Potential Map from MLAM survey on Holes:

LS-MS-01, LS-MS-03, and LS-MS-06

(Figure 2)

 

http://www.rns-pdf.londonstockexchange.com/rns/5083X_-2017-11-24.pdf 

 

 

DRILL RESULTS FROM HOLE LS-MS-05

 

Drill hole LS-MS-05 was a very difficult hole technically as it pierced thought several fault zones. Drilling was suspended at 260m of depth. Indications are that the drill hole was sub-parallel to a large fault that has cut and displaced the ore body shear zone. Some of the faulted zones were completely sheared. Some intense alteration zones were found. The hole is in the northern most area of the ore. Due to the large amount of faulting there was difficulty recovering the core and the assay results are not seen as being indicative of mineral content in the area. Nevertheless the hole did host some copper as high as 1.21% over one meter, zinc as high 3.02% over one meter, silver as high as 59 g/t over one meter and gold as high as 0.25g/t over one meter. The long section image below shows our interpretation of the geology intercepted in the hole. The information gathered from this hole is not likely to impact the resource estimation, but does help improve our understanding of the controlling structure to the orebody. We continue to believe that there may be mineralization to the East North-East, beyond the faulted zones. This belief is from the indications within historical hole LS-24 that showed the possibility of an eastern extension to the mineralization. This spring's drill program on the Central Sector, which is 700m from the nearest points of the LS-1 resource, showed that mineralization extends much further to the east than previously evidenced. The potential for more mineralisation is now further supported by the MLAM results that indicate that the mineralization extends beyond the eastern fault intersected on LS_05 drill hole. 

 

Long Section of LS-MS-05 hole

(Figure 3)

 

 

http://www.rns-pdf.londonstockexchange.com/rns/5083X_-2017-11-24.pdf 

 

 

LOCATION OF LS-1 SECTOR RESOURCE & "CENTRAL SECTOR" ALONG WITH  NEW (Green) AND HISTORICAL (Black) DRILL HOLES

 

http://www.rns-pdf.londonstockexchange.com/rns/5083X_-2017-11-24.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

 

LS-1 Sector

 

Tonnes

 

Mineral

 

Grade

Contained Metal

 

Units

 

 

Indicated

 

 

2,942,000

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 (g/t)

0.82

77,562

Oz.

 

 

Inferred

 

 

1,554,000

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 (g/t)

0.78

38,971

Oz.

 

 

Total

 

 

4,496,000

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 (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:                                      

Alastair Ford, M&FI

+44 780 226 8247

Katy Mitchell and Jessica Cave, WH Ireland                       

+44 161 832 2174

Jon Belliss, Beaufort Securities Limited          

+44 207 382 8300

 

NOTE TO EDITORS:

The technical specifications of the MLAM survey are summarized below:

·     Line spacing was 100 m with SW-NE orientation.

·     Survey mode: Potential gradient measurements at 20 m intervals.

·     Polarity convention: A+, B- and N electrode of the receiving dipole pointed to the NE. 


·     Intensity for the DC current pulses on the transmitting dipole (A & B): Constant value 2.000 mA for every measurement.

·     Location of electrode A in contact with intersected ore body: At 200 m depth in LS_MS_01, at 175 m depth in LS_MS_03 and at 172 m depth in LS_MS_06.

·     Tie lines were distributed as indicated in Figure 3. Three tie lines, passing across station 240 of each survey line, were measured to get the necessary data to produce a potential map for each data set, that is to say for each surveyed drill hole.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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