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Wednesday 24 May, 2017

Mineral & Financial

Third Exploration Hole At Lagoa Salgada

RNS Number : 0356G
Mineral & Financial Invest. Limited
24 May 2017
 

 

 

MINERAL & FINANCIAL INVESTMENTS LIMITED

("Mineral & Financial", "MAFL", or the "Company")

 

Third Exploration Hole At Lagoa Salgada Highlights Three Mineralized Zones, Indicating It's Part Of Larger Mineralized System; Assays Of 9.80% Zinc Equiv1

 

HIGHLIGHTS:

 

-   3rd hole strikes large mineralized zone with intercepts as high as 8m of 9.80% Zn equiv.1

-   Mineralization is respectively a 110m and 150m step-out from first and second holes (LS ST-01) of this drilling program and 200m from the historic LS 28 hole.

-   Three higher grade mineralized channels encountered within a larger zone of mineralization.

-   Results  to date suggests that mineralization is part of a larger mineralized system.

-   Mineralisation remains open at depth and along strike

-   Remainder of drill-hole results expected  within 10 days.

George Town, Cayman Island - May 24, 2017 - Mineral & Financial Investments is pleased to announce drill results from its 49%-owned subsidiary, TH Crestgate GmbH, a private Swiss based investment company. TH Crestgate has released the assay results from the third hole of its 4 hole drilling campaign in the Central Sector LS-1 Area of the Lagoa Salgada Project, hole LS ST-04. The holes were completed by TH Crestgate's wholly owned local subsidiary (Redcorp Empreedimentos Lda), on its 85%-owned Lagoa Salgada zinc-copper project in southern Portugal, 100km SE of Lisbon. This 4-hole drill program announced and initiated in December 2016 is focussed on the "Central Sector", which is immediately to the SE of the LS-1 historic resource, and is designed to complement historic drilling. The assay results from the final hole (LS ST-03) of the program are expected from ALS in Seville, Spain shortly.

 

LS ST-04 is an important hole as it was drilled to be perpendicular to the mineralization and cross mineralized structures 200m NE from historic hole LS-28. The hole confirms the mineralized area both in width and depth. The length of the intersection brings TH Crestgate one step closer to confirming the thesis that the mineralization will be large in tonnage.

 

Additionally, hole LS ST-04 confirms the presence of three main corridors of medium grade mineralization with intervals of 22 to 40 meters of 2.6% to 4.0 Zn Eq.  Each of these corridors also hosts higher grade intervals of 5% Zn Eq.

 

This hole appears to confirm that the mineralized zone is a stock-work mineralization that is distinct, but adjacent to the massive sulphide mineralization that hosts the preliminary resource centred around LS-1 (see "Asset Description" below). The mineralization remains open at depth, to the east and to the west.

 

Hole

Depth (m)

Thickness (m)

Cu (%)

Zn (%)

Pb (%)

Au (g/t)

Ag (g/t)

Cu Equiv.

(%)1

Zn Equiv.

(%)1

LS ST-04

168 to 408

240.00

0.13

0.77

0.45

0.01

6.69

0.75%

1.58%

LS ST-04 (C-1)

168 to 190

22.00

0.26

2.06

1.02

0.13

7.96

1.74%

3.66%

Including

180 to 190

10.00

0.52

4.03

1.99

0.01

15.57

2.44%

5.11%

Including

181 to 189

8.00

0.63

4.71

2.42

0.02

17.50

4.03%

8.45%

LS ST-04 (C-2)

287 to 310

23.00

0.26

1.14

0.97

0.02

6.87

1.25%

2.62%

Including

287 to 294

7.00

0.51

2.05

1.38

0.03

11.33

2.16%

4.42%

Including

306 to 310

4.00

0.43

2.38

1.83

0.01

11.50

2.42%

5.06%

LS ST-04 (C-3)

368 to 408

40.00

0.36

1.82

1.07

0.02

24.52

1.91%

4.01%

Including

377 to 393

16.00

0.64

3.20

1.71

0.02

40.00

3.28%

6.87%

Including

382 to 390

8.00

0.99

4.52

2.24

0.03

60.37

4.68%

9.80%

85% ownership of project

 

Alastair Ford, Chief Operating Officer of Mineral and Financial, stated: "We continue to be encouraged by the results TH Crestgate is delivering from the Lagoa Salgada project. This latest hole indicates that we are dealing with a very large mineralized system, given the length of the mineralization.. This third hole's mineral characteristics are consistent with the first 2 holes, but immediately adjacent to the LS-1 resource. This hole further confirms our belief that Lagoa Salgada hosts numerous ore bodies."

 

LONG SECTION OF LS ST-04 HOLE

 

http://www.rns-pdf.londonstockexchange.com/rns/0356G_-2017-5-23.pdf

 

 

LONG SECTION OF HOLES LS ST-01 & LS ST-02

 

http://www.rns-pdf.londonstockexchange.com/rns/0356G_1-2017-5-23.pdf

 

 

MAP OF LOCATION OF LS-1 SECTOR RESOURCE AND

LOCATION OF "CENTRAL SECTOR" NEW AND HISTORICAL DRILL HOLES

 

http://www.rns-pdf.londonstockexchange.com/rns/0356G_2-2017-5-23.pdf 

 

 

The 13,400-hectare Lagoa Salgada project currently has 17 identified gravimetric anomalies as well as a preliminary resource. The preliminary resource is located on one of these gravimetric anomalies, the LS-1 zone. The Central Sector is located within the LS-1 zone and is approximately 1200 meters SE of LS-1's 4.5 million tonne zinc / lead polymetallic preliminary resource. The 'Central Sector' was the subject of a 4 drill-hole program undertaken by a previous operator in the early 1990's. The current drill program is meant to confirm and expand the understanding and economic value of the Central Sector.  The core from the 4th hole (LS ST-03) is currently with ALS and TH Crestgate expect assay results within the next 10 days

 

 

Asset Description

 

The Lagoa Salgada resource is focused on one gravimetric anomaly, LS-1. There are a total of 17 gravimetric anomalies on the property. These anomalies remain to be fully tested. The petrographic study focused on the LS-1 area of the Lagoa Salgada property and also indicated the presence of anomalously high levels of indium. The orebody is composed of a central stock work zone - a more than 700 m 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

Gross

Net Attributable

 

LS-1 Sector

 

Tonnes

 

Mineral

 

Grade

Contained Metal

 

Units

 

Tonnes

 

Mineral

 

Grade

Contained Metal

 

Units

 

 

Indicated

 

 

2,942,000

Pb (%)

2.94

190,686,436

Lbs.

 

 

2,500,700

Pb (%)

2.94

162,083,471

Lbs.

Zn (%)

3.40

220,521,729

Lbs.

Zn (%)

3.40

187,443,469

Lbs.

Cu (%)

0.34

22,052,173

Lbs.

Cu (%)

0.34

18,744,347

Lbs.

Ag (g/t)

54.72

5,175,824

Oz.

Ag (g/t)

54.72

4,399,450

Oz.

Au (g/t)

0.82

77,562

Oz.

Au (g/t)

0.82

65,927

Oz.

 

 

Inferred

 

 

1,554,000

Pb (%)

2.50

85,648,710

Lbs.

 

 

1,320,900

Pb (%)

2.50

72,801,404

Lbs.

Zn (%)

1.80

61,667,071

Lbs.

Zn (%)

1.80

52,417,011

Lbs.

Cu (%)

0.35

11,990,819

Lbs.

Cu (%)

0.35

10,192,196

Lbs.

Ag (g/t)

51.00

2,548,073

Oz.

Ag (g/t)

51.00

2,165,862

Oz.

Au (g/t)

0.78

38,971

Oz.

Au (g/t)

0.78

33,125

Oz.

 

 

Total

 

 

4,496,000

Pb (%)

2.79

276,335,146

Lbs.

 

 

3,821,600

Pb (%)

2.79

234,884,874

Lbs.

Zn (%)

2.85

282,188,800

Lbs.

Zn (%)

2.85

239,860,480

Lbs.

Cu (%)

0.34

34,042,992

Lbs.

Cu (%)

0.34

28,936,543

Lbs.

Ag (g/t)

53.43

7,723,897

Oz.

Ag (g/t)

53.43

6,565,313

Oz.

Au (g/t)

0.81

116,532

Oz.

Au (g/t)

0.81

99,052

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, who is employed by Redcorp Empreedimentos Mineiros, Lda., a wholly owned subsidiary of TH Crestgate GmbH, 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

Jacques Vaillancourt, Chairman                       +44 0780 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.


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