Mineral & Financial Investments updates on Lagoa Salgada
Source - SMW
Mineral & Financial Investments has issued drill results from its 49%-owned subsidiary, TH Crestgate GmbH, a private Swiss-based investment company.
"This hole is a very positive and hugely encouraging first hole," said chairman Jacques Vaillancourt.
"The size and grade of this intercept gives us confidence that our targeted resource increase to between 8.0Mt and 10.0Mt at LS-1 is achievable," he said in a statement.
"In addition to the LS-1 resource and the newly identified Central Sector mineralization, Lagoa Salgada hosts at least 16 other gravimetric anomalies that need to be explored using 21st century intelligence and technology."
Vaillancourt said this underscored the company's belief that Lagoa Salgada could host more than one orebody that could become a mine.
"M&FI has a strong working capital position of £2.5 million of which £1.0 million is in cash, which will allow us comfortably to support our 49% interest in TH Crestgate."
TH Crestgate had released the first assay results from its new drilling campaign to expand the LS-1 resource.
The holes were completed by wholly owned local subsidiary Redcorp Empreedimentos Lda on the 100%-owned Lagoa Salgada zinc-copper project in southern Portugal.
The 6-hole drill programme, announced and initiated in June 2017, was focussed on expanding the existing LS-1 Resource.
The current resource was 4.5Mt, with a zinc equivalent grade of 8.2%. This drilling programme was targeting expanding the resource by 75% to 125% to between 8.0Mt and 10.0Mt.
- LS MS-01 drill hole strikes 88.0m of 11.85% zinc equiv., including 28.0m of 20.63% Zn equiv.
- LS MS-01 drill hole is the first hole of LS-1 resource expansion program
- LS-1 Exploration program to expand resource from 4.5Mt to 8.0Mt-10Mt on track
- Substantial gold-rich zones, including 2m at 30 g/t gold and 16m at 3.3 g/t gold
- LS ST-03 strikes 11 distinct semi-massive to massive sulphide intervals in conjunction with very high levels of sericitic alteration
- 16 other anomalies still to be fully explored.
At 8:08am: (LON:MAFL) Mineral Financial Investments Ltd share price was +2.38p at 17.5p