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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mineral & Financial Investments Limited | LSE:MAFL | London | Ordinary Share | KYG6181G1055 | ORD 1P (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.50 | 4.55% | 11.50 | 11.00 | 12.00 | 11.50 | 11.00 | 11.00 | 100,344 | 14:56:21 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Metal Mining Services | 2.39M | 1.55M | 0.0420 | 2.74 | 4.24M |
From Apr 2019 to Apr 2024
TIDMMAFL
RNS Number : 0141N
Mineral & Financial Invest. Limited
14 January 2019
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Lagoa Salgada Exploration Program Successfully Expands and Improves Grades at The Main Massive Sulphide Zone and Significantly Expands The Stockwork Zone
HIGHLIGHTS:
-- Excellent results from new holes drilled, such as: LS_MS_19 which intersected 79.4m of high grade Massive Sulphide which contained 10.16% of Zn Eq.; LS_MS_16 which intersected 76.6m of 9.84% ZnEq, and; LS_MS_17 which intersected 30.8m of 15.6% ZnEq.
-- Newly identified tin mineralization increases ZnEq grade by 15% in the Main Zone -- IP survey identifies 1.6km anomaly which includes the 2 known mineral deposits
-- Geophysics work significantly expands the Project's overall exploration potential by identifying new targets
-- Drill results expected to significantly increase new Mineral Resource in NI 43-101 estimate due by end of January
GEORGE TOWN CAYMAN ISLANDS, January 14, 2019 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is very pleased to announce the results from the first full 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. In conjunction with Ascendant, M&FI is very pleased to announce these transformational results from this 20-hole drill program totaling 7,077 meters. Additionally, an additional geophysics program was completed at the Lagoa Salgada, a polymetallic VMS Project located on the Iberian Pyrite Belt ("IPB") in Portugal. The IPB is home to some of the world's largest volcanogenic massive sulphide mines.
Drill Hole Highlights:
-- LS_MS_19: Intersected 79.4m massive sulphide zone at 0.64% Cu, 1.94% Pb, 3.36% Zn, 0.57g/t Au, 60.11g/t Ag and 0.17% Sn (10.16% ZnEq)
-- LS_MS_16: Intersected 76.6m massive sulphide zone at 0.48% Cu, 2.06% Pb, 3.43% Zn, 0.39g/t Au, 40.30g/t Ag and 0.22% Sn (9.84% ZnEq)
-- LS_MS_17: Intersected 30.8 meters of high-grade massive sulphide at 0.32% Cu, 8.44% Pb, 1.91% Zn, 1.79g/t Au, 61.39g/t Ag and 0.26% Sn (15.6% ZnEq)
The drill program at Lagoa Salgada consisted of 12 holes (3,964 meters) in the Main Massive Sulphide Zone and 8 holes (3,113 meters) in the Stockwork Zone. The program has been very successful at confirming and expanding high-grade mineralization in the Main Massive Sulphide Zone and in expanding and improving the continuity of the sulphide mineralization in the Stockwork Zone. Results from the Main Massive Sulphide Zone indicate additional massive sulphide mineralization at grades in excess of 10% ZnEq. The identification of tin mineralization within the massive sulphides has contributed significantly to this grade improvement. In the Stockwork Zone results indicate that a thick, well mineralized ore zone has not yet been fully defined.
Concurrent geophysical work has confirmed a strong 1.6 km long chargeability anomaly which includes the Main Massive Sulphide and Stockwork Zones. The Residual Bouguer Gravity Map that includes the Chargeability anomaly identifies numerous additional anomalies within Lagoa Salgada's property boundary.
Jacques Vaillancourt, Chairman of M&FI stated "We are very pleased by the success of the latest exploration program at Lagoa Salgada. The drill results have more than exceeded our expectations in identifying similar high-grade massive sulphide and stockwork mineralization identified in previous drill campaigns at Lagoa Salgada. The addition of newly identified high-grade tin mineralization in the Main Zone provides further confidence in the potential to quickly increase high-grade tonnes to the known Mineral Resource. An update to the Mineral Resource Estimate is expected in January."
He continued, "In addition to the drill program the company has completed ground and downhole IP surveys. The results from these surveys have identified a 1.6 km IP anomaly coincident with the massive sulphide mineralization intersected by the drill program from the layered massive sulphides in the northwest (Massive Sulphide Zone) to the Stockwork Zone in the southeast. The IP anomaly is also coincident with a significant regional gravity anomaly which greatly expands exploration potential to the east."
Drill Hole Details
Tables 1 and 2 below provide assay results for 9 holes in the Main Massive Sulphide Zone and 5 holes in the Stockwork Zone. Drill holes in this program were collared in an area targeting the eastern expansion of the known main volcanogenic massive sulphide mineralization contained within the current Mineral Resource Estimate as defined in the National Instrument 43-101 report dated January 5, 2018 and targeting expansion of the Stockwork Zone.
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 gossan and massive sulphide mineralization were intersected in holes LS_MS_07, LS_MS_16 through LS_MS_20. In several of the holes, including LS_MS_07, LS_MS_16, LS_MS_18 and LS_MS_19, a second massive sulphide horizon was intersected on the west side of a major fault identifying a possible new lens.
Figure 1: Plan View of the 2018 Planned Drill Holes
http://www.rns-pdf.londonstockexchange.com/rns/0141N_1-2019-1-14.pdf
Introduction of Tin in Mineralization
A significant achievement of the exploration program has been the identification of cassiterite (SnO2) associated with the Main Massive Sulphide Zone. The IBP is known for having areas rich in tin, however, there has been no historical assaying for tin on previous drill holes at Lagoa Salgada. As such, Ascendant has incorporated into the exploration program the analysis of all historic (2017) and current drill holes in the Main Massive Sulphide Zone being tested for tin (Sn). Significant tin values have been recognized in the holes and are being reported in Table 1 below for the current LS_MS holes. In many of the holes the results are material and add an average 1.5% to the ZnEq grade. The tin is significant in the gossan, massive sulphide and stringer zones of the Main Massive Sulphide Zone. In the Q1- 2019 period Redcorp will complete a preliminary metallurgical recovery test work assessment which will provide guidance on expected mineral recovery levels
Geophysical Surveys
In addition to the drill program, recently completed ground and downhole IP surveys have identified a chargeability anomaly 1.6 kilometers long by 200-300 meters wide that is coincidental with the sulphide mineralization both in the Main Massive Sulphide Zone and the Stockwork Zone (Figure 2). This broad N-S zone of elevated chargeability can be traced from the Main Massive Sulphide Zone southwards to beyond the zone where the Stockwork Zone was drilled in 2018 with no evidence of a gap or eastward offset in mineralization suggested by a 2016 IP/Res survey. The IP 3D model suggests that the drilling at the Main Massive Sulphide Zone is coincident with the chargeability anomaly. However, the model for the Stockwork Zone suggests the stronger part of the anomaly lies to the east and remains untested. Furthermore, on the southern lines (lines 14 and 15) on the eastern extremity, a new anomaly is appearing with the possibility of a new zone developing that is also untested.
Figure 2: IP Survey Map Coincident with Known Mineral Resources
http://www.rns-pdf.londonstockexchange.com/rns/0141N_1-2019-1-14.pdf
The IP anomaly is also coincident with the more extensive regional Bouguer gravity anomaly that stretches southeast by approximately 8km to the Rio de Moinhos Target (Figure 3), highlighting a significant number of targets for the future. Pseudosections prepared for the 2018 IP lines indicate a second target southeast of the Main Massive Sulphide Zone, near the eastern end of lines 8-10 and extending as far south as line 14. This target shows a clear association with the anomaly shown on the map of residual Bouguer Gravity. We are establishing a naming convention referring to the greater areas within Lagoa Salgada region as indicated on Figure 3. Note that the Company's work to date has be focused within the LS West area.
Figure 3: Gravimetric Survey Map with High Bouguer Gravity Coincident with Known Mineral Resources
http://www.rns-pdf.londonstockexchange.com/rns/0141N_1-2019-1-14.pdf
Table 1: Drill Intersections
Main Zone (Massive Sulphide Zone)
Hot Features
Premium
From To Length True Cu Pb Zn Sn Au Ag Zn Eq(2)
Width
(m) (m) (m) (m) (%) (%) (%) (%) (ppm) (ppm) With
Sn (%)
------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_07* 168.95 300.00 131.05 106.15 0.54 2.72 3.22 0.17 0.81 77.86 11.51
including 176.00 297.00 121.00 98.01 0.58 2.89 3.42 0.18 0.87 82.95 12.24
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
gossan 168.95 182.15 13.20 11.35 0.06 1.00 0.23 0.35 1.73 143.08 10.32
including 176.00 181.00 5.00 4.30 0.11 1.57 0.25 0.76 3.91 324.80 21.87
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
1st MS 182.15 253.90 71.75 55.25 0.33 4.49 4.89 0.14 1.09 98.21 14.91
including 216.00 236.00 20.00 15.40 0.20 6.35 8.07 0.18 1.58 112.20 21.00
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 262.00 274.00 12.00 9.24 3.19 0.14 0.91 0.33 0.01 28.42 12.68
Including 264.00 273.00 9.00 6.93 4.06 0.16 1.03 0.30 0.01 27.56 14.94
including 269.00 273.00 4.00 3.08 8.22 0.26 1.44 0.27 0.01 47.75 26.68
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
2nd MS 280.35 289.60 9.25 7.12 0.44 0.89 2.58 0.26 0.29 44.40 7.53
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_08 189.00 373.25 184.25 149.24 0.11 0.04 0.34 n.m. 0.02 5.32 0.81
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 208.00 219.00 11.00 8.47 0.56 0.15 1.20 n.m. 0.09 24.27 3.56
Including 209.00 218.00 9.00 6.94 0.67 0.15 1.25 n.m. 0.10 27.89 4.01
Including 213.00 218.00 5.00 3.85 1.04 0.22 1.60 n.m. 0.15 45.60 5.92
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
and 305.00 306.00 1.00 0.77 0.82 0.02 1.26 n.m. 0.05 15.00 3.90
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_09 194.00 370.00 176.00 142.56 0.12 0.02 0.24 n.m. 0.01 2.97 0.68
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 215.00 217.00 2.00 1.54 0.67 0.08 1.29 n.m. 0.01 22.50 3.71
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 267.00 268.00 1.00 0.77 0.08 0.18 1.85 n.m. 0.05 49.00 3.51
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 284.00 290.00 6.00 4.62 0.86 0.01 1.20 n.m. 0.03 5.83 3.67
Including 284.00 289.00 5.00 3.85 1.02 0.01 1.39 n.m. 0.02 6.80 4.30
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 320.00 322.00 2.00 1.54 1.13 0.01 0.61 n.m. 0.03 15.00 4.03
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
STKW 331.00 332.00 1.00 0.77 0.87 0.04 0.99 n.m. 0.00 11.00 3.59
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_10 146.40 267.00 120.60 97.69 0.05 0.09 0.37 0.01 0.05 3.89 0.81
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
gossan 147.00 149.00 2.00 1.72 0.80 0.28 1.33 0.07 0.07 0.00 4.31
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
Stringer 233.00 261.00 28.00 21.56 0.03 0.13 0.72 0.00 0.07 6.04 1.20
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_12 No Significant Mineralization
-------------------------------------------------------------------------------------------
LS_MS_13 167.00 200.00 33.00 26.73 0.05 0.70 1.25 0.03 0.02 10.52 2.55
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
Including 167.00 189.00 22.00 17.82 0.07 0.84 1.42 0.04 0.02 12.77 2.98
======= ======= ======= ======= ===== ====== ===== ===== ====== ======= =========
gossan 151.30 153.05 1.75 1.51 0.09 0.10 0.26 0.02 0.01 0.00 0.64
Stringer 167.00 168.00 1.00 0.77 0.76 0.05 0.15 0.01 0.01 100.00 4.74
Including 173.00 189.00 16.00 12.32 0.04 1.06 1.85 0.05 0.02 10.50 3.55
Including 180.00 187.00 7.00 5.39 0.06 1.60 2.70 0.06 0.03 12.86 5.12
----------- ------- ------- ------- ------- ----- ------ ----- ----- ------ -------
LS_MS_16 163.15 349.00 185.85 150.54 0.29 1.43 2.18 0.15 0.35 27.9 6.59
including 163.15 273.55 110.40 89.42 0.45 2.15 3.17 0.23 0.53 39.8 9.87
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
gossan 163.15 174.10 10.95 9.42 0.15 2.94 0.80 0.34 1.80 35.1 10.18
including 170.00 174.10 4.10 3.53 0.09 2.90 0.48 0.53 4.31 54.3 15.48
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
MS 174.10 273.55 99.45 76.58 0.48 2.06 3.43 0.22 0.39 40.3 9.84
including 194.00 222.00 28.00 21.56 0.28 3.65 5.16 0.20 0.44 43.5 12.47
including 257.00 262.00 5.00 3.85 2.64 0.35 2.12 1.00 0.06 63.60 18.61
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
MS 239.00 273.55 34.55 26.60 0.68 0.86 2.47 0.30 0.26 42.72 8.74
------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
Stringer 277.00 284.00 7.00 5.39 0.19 0.63 1.76 0.07 0.19 35.9 4.54
and 312.00 315.00 3.00 2.31 0.15 1.93 2.72 0.13 0.18 28.3 6.85
and 347.00 349.00 2.00 1.54 0.19 2.37 3.30 0.15 0.15 33.5 8.16
LS_MS_17 161.00 199.00 38.00 30.78 0.32 8.44 1.91 0.26 1.79 61.39 15.57
including 162.00 192.00 30.00 24.30 0.40 10.56 2.31 0.34 2.23 73.75 19.35
=========== ======= ======= ======= ------- ===== ====== ===== ===== ====== ======= =========
gossan 162.50 170.75 8.25 7.10 0.16 13.44 1.43 0.60 3.06 52.89 22.12
including 163.00 170.75 7.75 6.67 0.17 12.61 1.44 0.63 3.08 58.38 23.16
=========== ======= ======= ======= ======= ===== ====== ===== ===== ====== ======= =========
MS 170.75 194.30 23.55 18.13 0.45 7.77 2.33 0.19 1.78 79.56 16.47
including 171.00 191.00 20.00 15.40 0.53 9.00 2.86 0.22 2.07 87.05 19.54
Stringer 198.00 199.00 1.00 0.77 0.04 0.43 1.83 0.01 0.23 12.00 3.05
and 259.00 262.00 3.00 2.31 0.07 1.00 1.77 0.03 0.04 16.00 3.56
----------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_18 164.40 304.00 139.60 113.08 0.20 1.04 1.17 0.09 0.29 46.65 4.91
including 167.00 231.00 64.00 51.84 0.35 2.07 1.86 0.19 0.57 92.81 9.30
=========== ======= ======= ======= ------- ===== ====== ===== ===== ====== ======= =========
gossan 164.40 175.90 11.50 9.89 0.12 1.71 0.54 0.39 1.05 69.25 8.41
including 167.00 175.90 8.90 7.65 0.13 1.90 0.46 0.51 1.40 92.22 10.56
=========== ======= ======= ======= ======= ===== ====== ===== ===== ====== ======= =========
MS 175.90 247.80 71.90 55.36 0.31 1.67 1.70 0.11 0.34 73.76 7.24
including 175.90 231.00 55.10 42.43 0.39 2.09 2.09 0.14 0.44 92.91 9.10
including 175.90 197.00 21.10 16.25 0.59 3.75 3.25 0.27 0.64 159.00 15.34
----------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
Stringer 249.00 250.00 1.00 0.77 0.21 0.11 1.88 0.02 0.03 17.00 3.15
and 259.00 261.00 2.00 1.54 0.17 0.67 1.63 0.02 0.18 15.00 3.49
and 281.00 283.00 2.00 1.54 0.04 0.86 2.38 0.04 0.03 8.00 3.78
and 291.00 293.00 2.00 1.54 0.24 0.12 2.36 0.04 0.15 19.50 4.11
----------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
2nd MS 300.60 303.30 2.70 2.08 0.35 0.22 0.77 0.02 0.18 31.75 2.50
including 301.00 303.00 2.00 1.54 0.52 0.27 1.04 0.04 0.28 39.00 4.32
----------- ------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
LS_MS_19 168.40 344.00 175.60 142.24 0.46 1.37 2.39 0.13 0.44 45.67 7.33
including 169.00 280.00 111.00 89.91 0.60 2.00 3.18 0.18 0.63 63.86 10.10
=========== ======= ======= ======= ======= ===== ====== ===== ===== ====== ======= =========
gossan 168.40 177.50 9.10 7.83 0.19 2.45 1.00 0.32 1.19 95.50 8.13
including 174.00 177.50 3.50 3.01 0.23 3.10 0.49 0.35 2.63 223.25 11.13
=========== ======= ======= ======= ======= ===== ====== ===== ===== ====== ======= =========
MS 177.50 280.65 103.15 79.43 0.64 1.94 3.36 0.17 0.57 60.11 10.16
including 236.00 280.65 44.65 34.38 0.73 1.63 3.25 0.25 0.49 66.13 10.50
Alunite 258.60 264.80 6.20 4.77 2.77 0.22 0.84 0.57 0.04 121.86 13.64
----------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
2 lens
MS 311.70 314.40 2.70 2.08 0.73 0.35 2.00 0.05 0.31 25.75 4.03
----------- ------- ------- ------- ----- ------ ----- ----- ------ ------- ---------
Stringer 293.00 295.00 2.00 1.54 0.50 0.52 2.88 0.02 0.11 27.50 5.66
and 306.00 308.00 2.00 1.54 0.07 0.16 0.36 0.46 0.17 17.50 4.81
and 325.00 327.00 2.00 1.54 1.60 0.58 1.97 0.13 0.32 50.50 9.41
and 343.00 345.00 2.00 1.54 0.13 2.24 2.74 0.10 0.05 16.50 6.33
-----------
LS_MS_20 141.00 198.00 57.00 46.17 0.06 0.71 0.57 0.03 0.16 24.68 2.32
141.00 163.00 22.00 18.04 0.09 1.26 0.33 0.06 0.17 40.87 3.19
=========== ---------
gossan 146.60 171.10 24.50 21.07 0.08 1.07 0.29 0.05 0.23 33.44 2.87
including 151.00 163.00 12.00 10.32 0.14 1.45 0.26 0.09 0.16 24.67 3.50
including 149.00 155.00 6.00 5.16 0.05 2.88 0.48 0.17 0.18 14.50 5.19
including 162.00 164.00 2.00 1.72 0.71 0.46 0.10 0.02 0.42 109.50 5.87
Stringer 178.00 181.00 3.00 2.31 0.07 0.96 2.25 0.03 0.16 21.75 3.81
including 197.00 199.00 2.00 1.54 0.07 0.61 2.49 0.03 0.12 14.00 3.99
----------- ------- ------- ------- ------- ----- ------ ----- ----- ------ -------
* Hole LS_MS_07 was originally reported in the Company's press release dated October 15, 2018 and is restated here to include the tin grades previously not reported.
Notes: 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
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.
Stockwork Zone
From To Length True Cu Pb Zn Au Ag Zn Eq(1)
Width
(m) (m) (m) (m) (%) (%) (%) (ppm) (ppm) (%)
------- ------- ------- ----- ----- ----- ------ ------ ---------
LS_ST_05 187.00 341.00 154.00 100.10 0.06 0.24 0.39 0.03 2.04 0.87
------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 207.00 208.00 1.00 0.65 0.14 1.59 2.09 0.03 7.00 4.14
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 225.00 229.00 4.00 2.60 0.24 1.20 1.36 0.04 7.00 3.32
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 236.00 238.00 2.00 1.30 0.38 1.30 1.80 0.02 13.50 4.35
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 256.00 258.00 2.00 1.30 0.24 1.43 2.07 0.02 8.50 4.24
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 272.00 278.00 6.00 3.90 0.14 0.94 1.55 0.15 5.67 3.14
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
LS_ST_07 170.00 421.00 251.00 163.15 0.26 0.55 1.02 0.04 11.53 2.57
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 170.00 175.00 5.00 3.25 0.70 0.65 0.83 0.08 26.40 4.04
Including 170.00 173.00 3.00 1.95 1.08 0.71 0.68 0.10 38.33 5.30
STKW 187.00 218.00 31.00 20.15 0.65 0.93 1.97 0.13 22.10 5.29
Including 206.00 218.00 12.00 7.80 1.57 1.81 3.55 0.15 44.50 10.69
STKW 228.00 236.00 8.00 5.20 0.34 1.45 1.97 0.05 12.75 4.59
Including 228.00 232.00 4.00 2.60 0.45 1.58 2.40 0.05 14.50 5.46
STKW 249.00 255.00 6.00 3.90 0.50 1.72 2.27 0.07 22.17 5.80
Including 253.00 255.00 2.00 1.30 1.39 4.34 5.90 0.18 59.50 15.28
STKW 274.00 284.00 10.00 6.50 0.59 1.18 1.24 0.09 18.80 4.47
Including 275.00 282.00 7.00 4.55 0.76 1.32 1.29 0.09 23.43 5.24
STKW 337.00 367.00 30.00 19.50 0.38 1.05 2.11 0.02 20.30 4.61
Including 337.00 361.00 24.00 15.60 0.43 1.21 2.44 0.02 23.83 5.30
Including 347.00 350.00 3.00 1.95 1.09 4.80 5.31 0.05 58.33 14.10
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 376.00 378.00 2.00 1.30 0.62 1.56 4.21 0.30 39.50 8.72
STKW 400.00 421.00 21.00 13.65 0.66 0.93 1.71 0.03 32.29 5.16
Including 400.00 409.00 9.00 5.85 1.19 0.86 2.11 0.05 34.44 6.97
Including 418.00 421.00 3.00 1.95 0.73 3.30 3.62 0.03 103.0 11.16
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
LS_ST_08 159.00 338.00 179.00 116.35 0.11 0.44 0.77 0.01 3.30 1.57
Main 170.00 194.00 24.00 15.60 0.30 0.97 1.35 0.02 3.96 3.17
Including 209.00 228.00 19.00 12.35 0.16 0.69 1.79 0.01 6.05 3.02
Including 276.00 291.00 15.00 9.75 0.34 1.20 1.77 0.03 16.93 4.22
Including 333.00 338.00 5.00 3.25 0.27 1.13 2.29 0.01 6.80 4.23
STKW 170.00 177.00 7.00 4.55 0.85 2.55 3.25 0.04 2.71 7.95
Including 171.00 174.00 3.00 1.95 1.78 5.01 6.50 0.07 2.67 15.96
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 219.00 229.00 10.00 6.50 0.32 1.21 2.94 0.01 10.70 5.17
Including 222.00 228.00 6.00 3.90 0.48 1.53 3.72 0.02 14.50 6.77
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 276.00 283.00 7.00 4.55 0.46 1.32 2.43 0.01 15.71 5.26
Including 276.00 279.00 3.00 1.95 0.85 2.30 4.86 0.02 30.33 9.98
STKW 287.00 291.00 4.00 2.60 0.66 1.85 1.45 0.08 31.25 5.05
Including 287.00 289.00 2.00 1.30 0.66 3.15 1.86 0.11 53.50 7.96
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 333.00 334.00 1.00 0.65 0.46 1.92 4.58 0.01 12.00 7.87
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 336.00 337.00 1.00 0.65 0.49 1.89 3.32 0.02 10.00 6.62
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
LS_ST_10 180.00 363.00 183.00 118.95 0.17 0.55 0.84 0.02 5.87 1.97
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
Including 181.00 331.00 150.00 97.50 0.20 0.64 0.98 0.02 6.87 2.29
Including 245.00 331.00 86.00 55.90 0.29 0.89 1.26 0.03 10.03 3.14
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 181.00 196.00 15.00 9.75 0.25 0.99 1.34 0.05 8.53 3.21
Including 181.00 189.00 8.00 5.20 0.43 1.47 1.80 0.07 12.88 4.70
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 245.00 249.00 4.00 2.60 0.59 1.02 3.61 0.08 11.75 6.50
Including 247.00 249.00 2.00 1.30 1.08 1.59 5.95 0.10 20.00 10.90
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 269.00 304.00 35.00 22.75 0.54 1.88 2.26 0.04 20.23 5.96
Including 269.00 283.00 14.00 9.10 0.89 3.28 2.93 0.04 36.36 9.24
Including 269.00 272.00 3.00 1.95 2.54 5.84 8.73 0.12 85.67 23.10
Including 294.00 304.00 10.00 6.50 0.50 1.41 2.91 0.08 14.60 5.99
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 320.00 322.00 2.00 1.30 0.87 0.82 1.50 0.02 9.50 4.80
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 330.00 331.00 1.00 0.65 0.85 1.33 1.76 0.02 30.00 5.98
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
LS_ST_11 155.00 259.00 104.00 67.60 0.49 0.95 1.53 0.06 15.02 4.16
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
Including 160.00 175.00 15.00 9.75 1.86 0.88 0.66 0.19 39.47 7.67
Including 209.00 259.00 50.00 32.50 0.36 1.32 2.47 0.05 16.06 5.11
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 160.00 175.00 15.00 9.75 1.86 0.88 0.66 0.19 39.47 7.67
Including 165.00 169.00 4.00 2.60 6.54 2.20 0.80 0.32 139.0 24.07
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 201.00 203.00 2.00 1.30 0.36 1.85 2.20 0.03 13.00 5.21
Including 202.00 203.00 1.00 0.65 0.71 3.43 3.79 0.05 25.00 9.49
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 209.00 222.00 13.00 8.45 0.54 2.08 3.85 0.07 25.15 7.90
Including 209.00 217.00 8.00 5.20 0.72 2.34 4.68 0.08 29.50 9.56
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 225.00 229.00 4.00 2.60 0.82 1.69 4.80 0.11 32.75 9.47
Including 227.00 229.00 2.00 1.30 1.56 2.96 8.35 0.21 60.50 16.98
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 234.00 247.00 13.00 8.45 0.37 1.46 2.32 0.06 16.15 5.11
Including 240.00 242.00 2.00 1.30 0.75 2.95 4.68 0.10 32.50 10.32
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
STKW 255.00 259.00 4.00 2.60 0.53 2.25 3.82 0.10 21.75 7.96
Including 256.00 258.00 2.00 1.30 0.91 3.63 5.67 0.10 36.50 12.43
----------- ------- ------- ------- ----- ----- ----- ------ ------ ---------
Notes: 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))/25.35
2 Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz Ag, and 1,250/oz Au. No recoveries were applied.
Table 2: Drill Hole Information
Drill Hole Easting Northing Total Depth Elevation Azimuth Dip
(m)
LS_MS_07* 546900 4232246 346.40 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_08 546946 4232211 373.25 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_09 546957 4232158 371.80 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_10 546902 4232084 291.30 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_12 546949 4232047 317.35 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_13 546952 4231993 302.45 95.00 253 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_14 546761 4231865 300.00 95.00 73 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_16 546868 4232232 356.35 95.00 255 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_17 546843 4232228 332.35 95.00 255 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_18 546918 4232199 310.50 95.00 255 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_19 546794 4232330 375.05 95.00 200 -60
-------- --------- ------------ ---------- -------- ----
LS_MS_20 546936 4231942 160.10 95.00 250 -60
-------- --------- ------------ ---------- -------- ----
LS_ST_05 547311 4231359 401.25 92.00 235 -60
-------- --------- ------------ ---------- -------- ----
LS_ST_07 547360 4231274 453.00 92.00 235 -60
-------- --------- ------------ ---------- -------- ----
LS_ST_08 547304 4231235 347.40 92.00 235 -60
-------- --------- ------------ ---------- -------- ----
LS_ST_10 547350 4231212 396.00 92.00 235 -60
-------- --------- ------------ ---------- -------- ----
LS_ST_11 547384 4231173 407.35 92.00 235 -60
-------- --------- ------------ ---------- -------- ----
* Hole LS_MS_07 was originally reported in the Company's press release dated October 15, 2018
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.
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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