Investment Update

RNS Number : 0261L

Mineral & Financial Invest. Limited

03 September 2019

 

Mineral and Financial Investments Limited

Redcorp Intersects 201.0m 1.33% CuEq¹ (130.65m true width) in Central And South Zones of Lagoa Salgada Project

HIGHLIGHTS:

·     LS_ST_16 - 201.1m of 1.33%[1]^, CuEq (True width 130.6m) which Includes two high grade zones:

o  35.0m of 2.38% CuEq¹ (22.8m true width), and;

o  41.0M of 2.24% CuEq¹ (35.0m true width)

·     A potentially significant anomaly highlighted by IP and mineralization from latest drilling results

·     Strong correlation between IP and drilling success in the North Zone

·     Updated Mineral Resource Est. for Lagoa Salgada expected to be released in September 2019

·     A Preliminary Economic Assessment ("PEA") expected to be completed by end of year.

GEORGE TOWN CAYMAN ISLANDS, September 3, 2019 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is very pleased to announce that 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 GmbH, Mineral and Financial's wholly owned subsidiary (please refer to RNS of August 1, 2018) has intersected copper-rich mineralization in the  Central and South Zones in the final three holes of the first phase of exploration in 2019 at the Lagoa Salgada VMS project ("Lagoa Salgada") located on the Iberian Pyrite Belt ("IPB") in Portugal. The results include the best hole, LS_ST_16, which was reported on July 24, 2019. All drill results from the recently completed exploration program will form the basis for an updated National Instrument 43-101 Mineral Resource Estimate to be reported imminently followed by a Preliminary Economic Assessment ("PEA") by the end of the year.

Jamie Lesser, Chief Operating Officer of Mineral & Financial Investments stated - "The preliminary exploration results achieved to date at Lagoa Salgada's Central and South Zones support our belief in the potential for a meaningful resource which could lead to a mine and remains a very real possibility as this is proving to be a very large system.  The North Zone is a significant discovery on its own, and the addition of the resource Copper rich mineralization in the LS-Central Zone and LS-South Zones highlights the similar characteristics compared to other major VMS deposits in the Iberian Pyrite Belt. The Redcorp team's ongoing exploration success also has them 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:

·      LS_ST_16 - 201.0m (True width 130.6m) at 0.32% Cu, 0.82% Pb, 1.50% Zn, 0.04g/t Au, 12.89g/t Ag and 0.01% Sn (1.33% CuEq^1,2)

·      Including - 35.0m (True width 26.7m) at 0.56% Cu, 1.59% Pb, 2.55% Zn, 0.12g/t Au, 25.66g/t Ag and 0.01% Sn (2.38% CuEq^1,2)

·      Including - 41.0m (True width 26.7m) at 0.58% Cu, 1.13% Pb, 2.66% Zn, 0.03g/t Au, 24.78g/t Ag and 0.01% Sn (2.24% CuEq^1,2)

The drill results reported represent the final holes completed in the first phase of drilling for the 2019 exploration program at Lagoa Salgada. During this phase, 26 holes totaling 8,164 meters were completed on the North, Central and South Zones. Drill results from the last 3 holes in the Central and South Zones have continued to demonstrate significant sulphide mineralization (see table 1 below), greatly extending the stockwork mineralization at depth and along strike.

These remaining three drill holes along with LS_ST_16, tested a very large and strong Induced Polarization ("IP") chargeability anomaly coincident with the gravity anomaly in the Central and South Zones (see Figure 1). This geophysical anomaly is associated with the massive sulphide lenses and stockwork mineralization and intersected new copper-rich mineralization. The drilling was widely spaced (>200-metre spacing between holes) and did not completely test the strong Induced Polarization ("IP") chargeability anomaly that appears to be open to the east and along strike. Further drilling will be necessary to evaluate this zone, but we note that most VMS mines in the Iberian Pyrite Belt ("IBP") have both zinc and copper-rich zones.

With a very limited number of holes drilled into both the Central and South Zones, initial mineralization intercepted has been copper enriched, similar to what is typically found in the core or feeder zones to a VMS deposit. Drilling has intercepted stringer and small lenses of mineralization which is commonly found in the vicinity of massive sulphides. Also, in the North Zone there has been a strong correlation between the IP and Gravity surveys and massive sulphide mineralization. The IP footprint is much larger over the Central and South Zones compared to that of the North Zone, so we are optimistic that with additional drilling in the South and Central Zones we will have success in discovering more massive sulphide mineralization.

Drill Hole Details

Tables 1 and 2 below provide assay results for the final 3 holes and LS_ST_16 in the Central and South Zones (see Figure 2). Drill results from these holes highlight copper-rich mineralization.

The drill holes were drilled at an angle of 60^o to provide additional information of the true thickness and orientation of the mineralization. Copper-rich mineralization was intersected in all holes in the Central and South Zones, see tables for detail.

Figure 1. Induced Polarization ("IP") Chargeability Anomaly Coincident with the Gravity Anomaly

http://www.rns-pdf.londonstockexchange.com/rns/0261L_1-2019-9-3.pdf

Figure 2: Plan View of the All Drill Holes for Lagoa Salgada

http://www.rns-pdf.londonstockexchange.com/rns/0261L_1-2019-9-3.pdf

Table 1: Drill Intersections

Hole #	Zone	From (m)	To (m)	Length (m)	True width (m)	Cu (%)	Pb (%)	Zn (%)	Au (ppm)	Ag (ppm)	Sn (%)	CuEq[2] %
LS_ST_16	stockwork	179.00	380.00	201.00	130.65	0.32	0.82	1.50	0.04	12.89	0.01	1.33
	Including	200.00	235.00	35.00	22.75	0.56	1.59	2.55	0.12	25.66	0.01	2.38
	Including	339.00	380.00	41.00	26.65	0.58	1.13	2.66	0.03	24.78	0.01	2.24
LS_T1_01	MS	301.00	311.20	1.20	0.78	0.80	0.02	0.03	0.04	10.00	0.02	1.18
	stockwork	369.00	370.00	1.00	0.65	0.76	0.02	0.08	0.08	15.00	0.02	1.04
	stockwork	445.00	447.00	2.00	1.30	0.57	0.27	0.44	0.26	25.00	0.00	1.21
LS_T1_02	stockwork	256.00	258.00	2.00	1.30	0.47	0.17	0.83	0.12	53.00	0.01	1.41
	stockwork	301.00	302.00	1.00	0.65	0.01	0.09	0.14	1.52	10.00	0.00	1.10
LS_T2_01	MS	318.00	320.00	2.00	1.30	0.63	0.04	0.76	0.04	17.00	0.01	1.12
	MS	468.00	469.00	1.00	0.65	0.82	0.43	0.66	0.25	27.00	0.01	1.64
	stockwork	517.00	518.00	1.00	0.65	0.45	0.71	1.47	0.10	26.00	0.00	1.55
	stockwork	552.00	555.00	3.00	1.95	0.36	0.17	1.91	0.11	15.67	0.00	1.36
	stockwork	571.00	572.00	1.00	0.65	0.56	0.19	2.74	0.20	30.00	0.01	2.09
	stockwork	577.00	579.00	2.00	1.30	0.83	0.13	0.65	0.03	11.00	0.01	1.25

Notes:

[1] CuEq% was calculated as follows: CuEq% = ((Zn Grade*25.35) +(Pb Grade*23.15) +(Cu Grade * 67.24) +(Au Grade*40.19) +(Ag Grade*0.62) +Sn Grade*191.75)/67.24

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.

Table 2: Drill Hole Information

ID	Easting	Northing	Az.(º)	Dip.(º)	Elevation	Depth (m)
LS_ST_16	547364	4231303	240	-60	400	410.10
LS_T1_1	547519	4231315	240	-60	400	552.35
LS_T2_1	547311	4231677	240	-60	450	593.80
LS_T1_2	547063	4231345	66	-60	450	484.00

 

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                                   [phone]

Jon Belliss, Novum Securities Limited                                                          [phone]

Jacques Vaillancourt, Mineral & Financial Investments Ltd.                        [phone]

About Mineral and Financial Investments Ltd.

Mineral and Financial is a Cayman Island based London AIM listed investment company which focuses on investing in, as well as financing and advising of natural resource companies, with a particular focus on metals and mineral focused companies. For more information on Ascendant Resources, please visit our website at www.mineralandfinancial.com 

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. 

 

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[1] CuEq% was calculated as follows: CuEq% = ((Zn Grade*25.35) +(Pb Grade*23.15) +(Cu Grade * 67.24) +(Au Grade*40.19) +(Ag Grade*0.62) +Sn Grade*191.75)/67.24. 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.

 

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