TIDMMAFL
RNS Number : 3951D
Mineral & Financial Invest. Limited
31 January 2018
Mineral and Financial Investments Limited
Lagoa Salgada Deposit Increased by 114% to a 9.62Mt Resource
HIGHLIGHTS:
-- Lagoa Salgada Resource increased by 114% to 9.62Mt resource,
at the top end of 8.0Mt to 10.0Mt guidance given last year, on
in-fill drill program at LS-1 and new resource at LS-1 Central
Sectors.
-- Zinc grade for the LS-1 total resource is 2.59%. In-situ Zinc
increased by 94.5% to 548.9M/lbs.
-- Lead grade for the LS-1 total resource is 2.59%. In-situ Lead
increased by 98.8% to 549.5M/lbs.
-- Copper grade for the LS-1 total resource is 0.35%. In-situ
Copper increased by 116.2% to 73.6M/lbs.
-- Tin resource in the Gossan will be calculated at a later date.
George Town, Cayman Island - January 31, 2018 - Mineral &
Financial Investments is very pleased to announce its 49%-owned
investment, TH Crestgate GmbH, a private Swiss-based investment
company has received the final draft of the resource update of the
LS-1 deposit at the 100%-owned Lagoa Salgada zinc-lead-copper
project in central southern Portugal.
AGP Mining Consultants Inc. of Canada completed a Technical
Report (43-101) resource evaluation. The deposit's resource tonnage
was increased by 114% to 9.62Mt. The details of the resource can be
seen below:
Category 2018 LS-1 AREA RESOURCE UPDATE SUMMARY
3% cut-off
grade*
-------------- ---------------------------------------------------
Tonnes Mineral Grade Contained Units
Metal
-------------- ---------- --------- ------ ------------ ------
Zn (%) 2.84 356,136,000 Lbs.
-------------- ---------- --------- ------ ------------ ------
Pb (%) 3.01 378,246,653 Lbs.
--------- ------ ------------ ------
Cu (%) 0.32 40,212,269 Lbs.
--------- ------ ------------ ------
Ag (g/t) 54.28 9,947,305 Oz.
--------- ------ ------------ ------
LS-1 Sector
Indicated 5,700,000 Au (g/t) 0.79 144,775 Oz.
-------------- ---------- --------- ------ ------------ ------
Zn (%) 2.50 106,924,070 Lbs.
-------------- ---------- --------- ------ ------------ ------
Pb (%) 2.84 121,465,744 Lbs.
--------- ------ ------------ ------
Cu (%) 0.24 10,264,711 Lbs.
--------- ------ ------------ ------
Ag (g/t) 48.22 3,007,597 Oz.
--------- ------ ------------ ------
LS-1 Sector
Inferred 1,940,000 Au (g/t) 0.66 41,166 Oz.
-------------- ---------- --------- ------ ------------ ------
Zn (%) 1.95 85,120,378 Lbs.
-------------- ---------- --------- ------ ------------ ------
Pb (%) 1.14 49,762,683 Lbs.
--------- ------ ------------ ------
Cu (%) 0.53 23,135,282 Lbs.
--------- ------ ------------ ------
Ag (g/t) 18.55 1,180,864 Oz.
--------- ------ ------------ ------
LS-1 Central
Sector
Inferred 1,980,000 Au (g/t) 0.07 4,456 Oz.
-------------- ---------- --------- ------ ------------ ------
Zn (%) 2.59 548,928,334 Lbs.
-------------- ---------- --------- ------ ------------ ------
Pb (%) 2.59 549,475,080 Lbs.
--------- ------ ------------ ------
Cu (%) 0.30 73,612,262 Lbs.
--------- ------ ------------ ------
Ag (g/t) 45.7 14,135,766 Oz.
--------- ------ ------------ ------
Total 9,620,000 Au (g/t) 0.62 190,397 Oz.
-------------- ---------- --------- ------ ------------ ------
*100% of resource - MAFL own 49% of the project through its
ownership in TH Crestgate GmbH
Source: AGP Mining Consultants (Paul Daigle, P.Geo.)
Jacques Vaillancourt, Chairman of Mineral and Financial, stated
that -" This is an extraordinary result for the first year of
exploration at the Lagoa Salgada Project. Increasing the tonnage
while maintaining the grades of the original LS-1 resource is a
very is a great achievement. Additionally, establishing a maiden
resource for the LS-1 Central Sector is also a very significant
achievement in 12 months. Lagoa Salgada is now the 3(rd) largest
known zinc-lead-copper deposit in Portugal, after the Neves Corvo
and Aljustrel mines. The location of the Lagoa Salgada project on
the Iberian Pyrite Belt (IPB), just north of the 250Mt Aljustrel
mine and to the east of the old Lousal mine, that operated from
1900 to 1988, shows that the ore bodies in the area have very large
scale and long life potential "
M&FI had repeatedly guided towards a range of 8.0Mt to
10.0Mt. This resource update is at the top end of the guidance
given over the past 6 months. LS-1 is one of 17 known anomalies on
the Lagoa Salgada property. The LS-1 area's resource is comprised
of two sectors: The LS-1 Sector resource, which increased its total
tonnage by 69.9% to 7.64Mt, and: The LS-1 Central Sector where a
new maiden inferred resource of 1.98Mt was established. The
mineralogical study completed recently highlighted the presence of
significant tin in the gossan cap of the LS-1 deposit. The Company
is reviewing the resource potential of the high-grade tin assays in
the gossan cap which overlays the LS-1 deposit.
The overall impact of the program was to increase Lagoa Salgada
metal content as follows:
Metal In-situ % Increase Metal Value
content Distribution
(Using Spot
Price)
-------- ------------ ----------- --------------
Zinc
(lbs) 548,928,334 94.5% 38.1%
-------- ------------ ----------- --------------
Lead
(lbs) 549,475,080 98.8% 29.1%
-------- ------------ ----------- --------------
Copper
(lbs) 73,612,262 116.2% 10.4%
-------- ------------ ----------- --------------
Silver
(oz) 14,135,766 83.0% 10.9%
-------- ------------ ----------- --------------
Gold
(oz) 190,397 63.4% 11.4%
-------- ------------ ----------- --------------
To compare the resource increase of the LS-1 Sector only, total
tonnages increased by 70% while grades were essentially unchanged.
This is noteworthy, as the drill program was an infill program of
angled drill holes within the known mineral envelope. Seventy nine
holes (79) have been drilled in the Lagoa Salgada Project, 35 holes
in the LS-1 Area (17 in the LS-1 Sector and 9 in the LS-1 Central
Sector's deposits') executed drill holes were relatively shallow,
averaging 300m (including the 140m of tertiary cover) when compared
to the deposit depth of the mines on the Iberian Pyrite Belt. There
remains significant exploration potential below the known deposit,
additionally the deposit is open to both the south and to the east.
Additional structural work must be done to fully understand the ore
displacement that the surrounding faulting may have caused.
LS-1 2018 Resource LS-1 2012 Resource
(New) (Old)
------------ ----------------------------------------------- --------------------------------- -------- ----------
Contained Contained Metal
Area/ Tonnes Mineral Grade Metal Tonnes Grade Metal Units Content
Category Increase
------------ ---------- ----------- -------- ------------ --------- -------- ------------ -------- ----------
Zn
(%) 2.84 356,136,000 3.40 220,521,729 Lbs. 61.8%
----------------------------------- -------- ------------ --------- -------- ------------ -------- ----------
Pb
(%) 3.01 378,246,653 2.94 190,686,436 Lbs. 98.4%
----------------------------------- -------- ------------ -------- ------------ -------- ----------
Cu
(%) 0.32 40,212,269 0.34 22,052,173 Lbs. 82.4%
----------------------------------- -------- ------------ -------- ------------ -------- ----------
Ag
(g/t) 54.3 9,947,305 54.7 5,175,824 Oz. 92.2%
----------------------------------- -------- ------------ -------- ------------ -------- ----------
LS-1
Sector Au
Indicated 5.7Mt (g/t) 0.79 144,775 2.94Mt 0.82 77,562 Oz. 86.7%
------------ ---------- ----------- -------- ------------ --------- -------- ------------ -------- ----------
Zn
(%) 2.50 106,924,070 1.80 66,667,071 Lbs. 73.4%
----------------------------------- -------- ------------ --------- -------- ------------ -------- ----------
Pb
(%) 2.84 121,465,744 2.50 85,648,710 Lbs. 41.8%
----------------------------------- -------- ------------ -------- ------------ -------- ----------
Cu
(%) 0.24 10,264,711 0.35 11,990,819 Lbs. -14.4%
----------------------------------- -------- ------------ -------- ------------ -------- ----------
Ag
(g/t) 48.2 3,007,597 51.0 2,548,710 Oz. 18.0%
----------------------------------- -------- ------------ -------- ------------ -------- ----------
LS-1
Sector Au
Inferred 1.94Mt (g/t) 0.66 41,166 1.55Mt 0.78 38,971 Oz. 5.6%
------------ ---------- ----------- -------- ------------ --------- -------- ------------ -------- ----------
Zn
(%) 2.8 548,928,334 2.85 282,188,800 Lbs. 64.4%
----------------------------------- -------- ------------ --------- -------- ------------ -------- ----------
Pb
(%) 3.0 549,475,080 2.79 276,335,146 Lbs. 80.8%
----------------------------------- -------- ------------ -------- ------------ -------- ----------
Cu
(%) 0.30 73,612,262 0.34 34,042,992 Lbs. 48.3%
----------------------------------- -------- ------------ -------- ------------ -------- ----------
Ag
(g/t) 52.7 14,135,766 53.4 7,723,897 Oz. 67.7%
----------------------------------- -------- ------------ -------- ------------ -------- ----------
LS-1
Sector Au
Total 7.64Mt (g/t) 0.8 190,397 4.5Mt 0.8 116,532 Oz. 59.6%
------------ ---------- ----------- -------- ------------ --------- -------- ------------ -------- ----------
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 wholly owned
subsidiary of TH Crestgate GmbH, and has consented to the inclusion
of the material in the form and context in which it appears.
This report should be seen as indicative of possible mineral
content and not definitive, as the sample group is insufficient to
arrive at any economic conclusions.
For more information:
Katy Mitchell, WH Ireland Group Limited +44 161 832 2174
Jon Belliss, Beaufort Securities Limited +44 207 382 8300
Jacques Vaillancourt, Mineral & Financial Investments Ltd. +44 780 226 8247
This information is provided by RNS
The company news service from the London Stock Exchange
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