Mineral & Financial Invest. Limited Investment Update: Ascendant / Redcorp

RNS Number : 6446K

Mineral & Financial Invest. Limited

01 November 2024

 

 

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.          [phone]

Katy Mitchell and Sarah Mather, Zeus                                          [phone]

Jon Belliss, Novum Securities Limited                                          [phone]

 

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.

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