TIDMMAFL
RNS Number : 0367E
Mineral & Financial Invest. Limited
15 October 2018
MINERAL AND FINANCIAL INVESTMENTS LIMITED
First Hole in Current Drill Program at Lagoa Salgada LS-1 Main
Zone
Strikes 108m Grading 10.25% Zinc Equivalent
Highlights:
-- LS-MS-07 is first step out hole of the new program, approx. 30m. east of the Main Zone
-- Intersected 107.9[1]m. of high-grade mineralization grading
10.25% ZnEq[2], approximately 30m. longer than anticipated by
previous intercepts; significant intercepts include:
o 10.7m gossan cap at 1.73g Au/t and 143.08 g Ag/t (7.64% ZnEq),
which Includes 5.79m higher grade at 3.19g Au/t and 264.29g Ag/t
(13.43% ZnEq)
o 59.2 m massive sulphide zone at 0.33% Cu, 4.49% Pb, 4.89% Zn,
1.09g Au/t and 98.21g Ag/t (13.89% ZnEq), which Includes 13.9 m
high-grade lead zone at 0.68% Cu, 6.69% Pb, 4.44% Zn, 1.55% Au/t
and 150.24g Ag/t (18.25% ZnEq) and Second 22.3 m high-grade lead
zone at 0.21% Cu, 5.73% Pb, 7.43% Zn, 1.28g Au/t and 101.67g Ag/t
(17.73% ZnEq) and 16.5 m high-grade zinc zone at 0.2% Cu, 6.35% Pb,
8.07% Zn, 1.58g Au/t and 112.20g Ag/t (19.65% ZnEq)
-- New zone of high-grade chalcopyrite rich stringer
mineralization of 9.9 meters grading 3.19% Cu or 10.22% ZnEq
intersected at depth post fault zone, supporting view of the fault
displacement of the ore zone, this includes 3.3m grading 8.22% Cu
or 24.68% ZnEq.
-- Intersection of second massive sulphide zone of 7.6 m grading
0.44% Cu,0.89% Pb, 2.58% Zn, 0.29g Au/t and 44.4g Ag/t (5.72%
ZnEq), demonstrating additional massive sulphide at depth and west
of a known fault.
-- An additional 9.9 meters of 3.19% Copper in new displacement zone at depth
GEORGE TOWN CAYMAN ISLANDS, October 15, 2018 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the
"Company") is very pleased to announce the results from the first
drill hole, LS_MS_07, from the recently initiated 22 hole drill
program at the high-grade Lagoa Salgada polymetallic volcanogenic
massive sulphide Project ("Lagoa Salgada"), located in the Iberian
Pyrite Belt ("IPB") in Portugal; home to some of the world's
largest VMS mines. The program is being led by Ascendant Resources
executed by Redcorp Empreedimentos Mineiros Lda.
Jacques Vaillancourt, Chairman of M&FI said "We continue to
be very pleased by the work done by our operating partner Ascendant
with the most current exploration results in Redcorp. We are very
encouraged by these results from our exploration program at Lagoa
Salgada. These are a continuation of the strong results achieved
previously. While still early in the current drill program, the
results from this first hole support Ascendant's view of the
potential to rapidly expand the current known high-grade, massive
sulphide mineralization that has been identified in previous
drilling campaigns on the Project and provides confidence to
quickly increase Mineral Resources. The new intersection at depth
which was unexpected further increases the overall potential of the
project."
Drill Hole Details
Drill hole LS MS 07 was collared 30 meters east of previous
drill holes in the area targeting the eastern expansion of the
known Main Zone massive sulphide mineralization contained within
the current resource as defined in the NI 43-101 report dated
January 5, 2018. The hole was drilled at an angle of 60 (o) to
provide more information of the true thickness and orientation of
the ore zone. Gossan mineralization was intersected down hole at
depth of 169 meters (vertical depth 146.3 meters), and the massive
sulphide zone at a depth of 182 meters, approximately 30 meters
earlier (i.e. shallower) than anticipated based upon the previous
interpretation of the ore body. The hole intersected two zones of
massive sulphide. The first intersection of 71.75 meters from at
182.15 meters to 253.90 meters grading on average 13.89% ZnEq,
demonstrating the consistency of the mineralization in both ore
body dimension and grades, and supporting the extension of the LS-1
Deposit to the east.
In addition, a new high-grade intersection of stringer
chalcopyrite mineralization of approximately 12 meters at the
interval of 262 to 273 meters grading 3.19% copper or 10.22% ZnEq
was encountered; including a 4m interval grading 8.22% copper or
24.68% ZnEq. This new zone represents the first intersection of a
copper rich stringer zone in the Main Zone west of a known fault
zone. A second zone of massive sulphide was encountered at a depth
of 280.35 m to 289.60 grading 5.72% ZnEq. This zone is
significantly higher in copper than the Main Zone and represents
significant upside potential to expand the deposit at depth.
Mineralized intervals are given in Table 1 and are shown in Figure
1 below which highlights the LS-MS-07 intersection relative to
other drill holes in the area. It should be noted that
intersections reported are down hole widths as the deposit is under
150 m of Tertiary cover and the geometry of the Main Zone has not
been fully defined yet. At this time, we believe that the Main Zone
is near the nose of a NNW-plunging fold structure, and there has
been subsequent faulting.
Significant Drill Intersections
(Table 1)
Hole LS-MS-07
From To Core Apparent Cu Pb Zn Au Ag ZnEq[3]
(m) (m) Length Width (%) (%) (%) (g/t) (g/t) (%)
------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
General All 168.95 300.00 131.1 107.8 0.54 2.72 3.22 0.81 77.86 10.25
------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Incl. 176.00 297.00 121.0 99.7 0.58 2.89 3.42 0.87 82.95 10.90
-------------------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Gossan All 168.95 182.15 13.2 10.7 0.06 1.00 0.23 1.73 143.08 7.64
------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Incl. 175.00 182.15 7.2 5.8 0.10 1.34 0.25 3.19 264.29 13.43
-------------------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Massive
Sulphide
Zone All 182.15 253.90 71.8 59.2 0.33 4.49 4.89 1.09 98.21 13.89
------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Incl. 182.15 199.00 16.9 13.9 0.68 6.69 4.44 1.55 150.24 18.25
-------------------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Incl. 210.00 237.00 27.0 22.3 0.21 5.73 7.43 1.28 101.67 17.73
-------------------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Incl. 216.00 236.00 20.0 16.5 0.20 6.35 8.07 1.58 112.20 19.65
-------------------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Copper
Stockwork All 262.00 274.00 12.0 9.9 3.19 0.14 0.91 0.01 28.42 10.22
------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Incl. 264.00 273.00 9.0 7.4 4.06 0.16 1.03 0.01 27.56 12.64
-------------------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Incl. 269.00 273.00 4.0 3.3 8.22 0.26 1.44 0.01 47.75 24.68
-------------------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Massive
Sulphide All 285.35 289.60 9.3 7.6 0.44 0.89 2.58 0.29 44.40 5.72
------- ------- ------- -------- --------- ----- ----- ----- ------- ------- --------
Drilling continues at Lagoa with additional drill results
expected throughout the fourth quarter of 2018. In total, the
exploration program at Lagoa includes 22 diamond drill holes with a
total of approximately 7,750 meters divided over three primary
areas; the Main Zone, the Stockwork Zone and the new Central Zone.
The drill program is expected to expand the known deposits and is
targeted to be completed by the end of the current year. In
addition to drilling, the exploration program includes downhole
geophysics, relogging and assaying of historical drilling in the
area, and a complete structural reinterpretation of the property in
the context of the overall regional geology. Given the structural
controls seen at similar deposits within the IPB, the latter will
aid in the development of the exploration program over the entire
land package. See Figure 2 below for detailed planned drill
holes.
Cross section of drill hole LS-MS-07
(Figure 1)
Plan view of the 2018 planned drill holes
(Figure 2)
http://www.rns-pdf.londonstockexchange.com/rns/0367E_1-2018-10-15.pdf
Mineral Resource Estimate for Lagoa Salgada
Tables 2 and 3 below show the current Mineral Resource Estimate
for the Lagoa Salgada Project. The Mineral Resources are currently
confined to the Main and Stockwork Zones only. As shown, the
current Mineral Resource is already significant in both size and
grade, highlighting the potential of this Project to rapidly
advance towards being defined as a potential mineable deposit. Both
the defined Main (LS-1) and Stockwork (LS-1 Central) deposits
remain open in all directions, providing management with the
confidence that a modest drill program has the potential to extend
mineralization along strike and at depth and significantly increase
resources.
As previously announced on September 13, 2018, and following the
acquisition, the net resources of Lagoa Salgada now attributable to
M&FI are as summarized below.
Mineral Resources for the LS-1 & LS-1 Central Deposits at
Lagoa Salgada
Operator (Ascendant / Redcorp)
@ a 3.5% ZnEq cut-off grade
(Updated July 22, 2018)
Category GROSS TO REDCORP(*) NET ATTRIBUTABLE TO M&FI(**) Operator
ZnEq Contained ZnEq Contained Ascendant
LS-1 Tonnes Grade Metal Tonnes Grade Metal /
(%/t) (ZnEq/lbs) (g/t) (Lbs) Redcorp
---------- ------- -------------- ---------- ------- -------------- ----------
Indicated 5,840,000 8.88 1,108,500,000 4,380,000 8.88 831,400,000
---------- ------- -------------- ---------- ------- -------------- ----------
Inferred 2,010,000 7.82 381,500,000 1,507,000 7.82 286,200,000
---------- ------- -------------- ---------- ------- --------------
Sub-total 7,850,000 8.61 1,490,100,000 3,847,000 8.61 1,117,600,000
---------- ------- -------------- ---------- ------- --------------
ZnEq Contained ZnEq. Contained
LS-1 Central Tonnes Grade Metal Tonnes Grade Metal
(%/t) (ZnEq/lbs) (g/t) (ZnEq/Lbs.)
---------- ------- -------------- ---------- ------- --------------
Inferred 2,220,000 4.80 234,900,000 1,665,000 4.80 176,200,000
---------- ------- -------------- ---------- ------- --------------
Sub-total 2,220,000 4.80 234,900,000 1,665,000 4.80 176,200,000
---------- ------- -------------- ---------- ------- -------------- ----------
Source: AGP Mining Consultants Inc , Paul Daigle, P.Geo.
(*) Subject to Final Approval by Portuguese Secretary of State
of EDM's sale of 15% of Lagoa Salgada to Redcorp;
(**) Current Redcorp Ownership: TH Crestgate 75%, Ascendant
25%
(1) Block Matrix is 10mx10mx10m
(2) Grades are estimated by ordinary kriging interpolation
(3) A cut-off grade of 3.5% ZnEq was used to report the Mineral Resource for the LS-1 Deposit
Zinc equivalent metal grade (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
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
(4) No recoveries were applied
(5) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
Shown on a 100% basis. Ascendant holds a 25% interest in Redcorp, the operating subsidiary
(6) which holds an 85% interest in the Lagoa Salgada Project
Qualified Persons
The scientific and technical information in this press release
has been reviewed and approved by C. Tucker Barrie, Ph.D., P.Geo.,
a geologist with over twenty-five years of international experience
in VMS deposit exploration and development, and an independent
consultant to the Company; and by Paul Daigle, P.Geo., Senior
Associate of AGP Mining Consultants Inc. Mr. Daigle is responsible
for the Technical Report and Mineral Resource Estimate for the
Lagoa Salgada Project and is independent of Ascendant. Both
gentlemen are a "Qualified Person" as defined by NI 43-101.
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.
[1] Reported intersections represent the adjusted Apparent Width
of the ore body as opposed to intersected core lengths
[2] ZnEq. or Zinc Equivalent metal grade in this document
includes copper, lead, gold and silver expressed in zinc equivalent
terms, 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 using metal prices of US$1.15/lb Zn, US$1.05/lb
Pb, $3.05/lb Cu, US$19.40/oz Ag, and 1,250/oz Au, without applying
metallurgical recoveries.
[3] 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
Metal prices s`ed: 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
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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