MINERAL AND FINANCIAL
INVESTMENTS LIMITED
Investment Update: Ascendant / Redcorp Initiates Drill Program to Expand the Lagoa Salgada VMS
Project
HIGHLIGHTS:
·
Redcorp/Ascendant has commenced Drill
Program Based Upon Reinterpreted Geophysical Data and New Gravity
Survey data
·
Program Targets The
Massive and
Semi-Massive Sulphide and Promising Zones Surrounding North
& South Zones
· Initial Drill Holes Planned
on North Zone, Targeting Potential Additional Massive Sulphide
Lenses Offset to The South-West and Underneath the Existing PMS
Zone
· Drill Holes Are Targeted in
The South Zone with potential To Expand the Overall
Resource.
·
Drill Program Should Be Completed by Year
End
Camana Bay, Cayman Islands - 1 November 2024 -
Mineral and Financial Investments Limited
(LSE-AIM: MAFL) ("M&F" "MAFL" or the "Company") is
pleased to provide an update on its investments in Redcorp
Empreedimentos Mineros Lda. ("Redcorp") and Ascendant Resources Inc.
("Ascendant") which are
developing the Lagoa Salgada Polymetallic Project in Portugal (the
"Project"). The Project is
being managed by Ascendant. M&F owns a conditional 20% carried
interest in Redcorp and Ascendant owns the balance (please see the
announcement dated 28 November 2022 for further details). M&F
has been advised that Redcorp has initiated
a targeted exploration program at its Lagoa Salgada VMS Project, in
Portugal.
Targeted Exploration Drill
Program
Ascendant advises that the drill
program has been initiated to test promising Massive and
Semi-Massive Sulphide targets based on a combination of data from
Induced Polarization, Electro Magnetic surveys, and detailed
gravity signatures conducted over and surrounding the existing
Venda Nova North and South Zone deposits. These holes have also
been designed to further test, and potentially expand, the
resources within the Venda Nova North and South Zones. Drilling is
expected to be completed by year end.
Initial drill holes are planned in
the North Zone, targeting potential additional Massive Sulphide
lenses offset to the South-West and underneath the existing PMS
zone at the Venda Nova North deposit. This target represents an
opportunity to expand the known high-grade massive sulphide
mineralization in the North deposit. Targeting is based on the
interpretation of the high-density anomaly announced earlier this
year (see Press Release dated 28 February 2024). The second
drill hole is designed to intercept mineralization in the Stringer
zone, intersected by previous drilling.
Additional drill holes are targeted
in the South Zone of Venda Nova with a similar focus to expand the
overall resource potential. Detailed gravimetric surveying has
identified a gravity anomaly up-dip and on the western flank of the
inferred portion of the Stockwork zone which has a similar
signature to the Semi-Massive zone encountered on the eastern
flank. This dense material also sits above the potential Cu-rich
corridors and, from a density perspective, could relate to massive
to semi-massive sulphides.
Further updates will be provided in
due course as appropriate.
Review of Technical Information
The scientific and technical
information in this press release has been reviewed and approved by
Joao Barros, BSc (Engineering), MSc (Geology), who has more than 18
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 20%
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:
Jacques Vaillancourt, Mineral &
Financial Investments Ltd. +44
780 226 8247
Katy Mitchell and Sarah Mather,
Zeus
+44 203 829 5000
Jon Belliss, Novum Securities
Limited
+44 207 382 8300
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 (MAR) as in force in the United Kingdom pursuant to
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement via Regulatory Information Service (RIS), this
inside information is now considered to be in the public
domain.