13th Feb 2019 13:50
LONDON (Alliance News) - Mineral & Financial Investment Ltd on Wednesday said the total resource estimate for the Lagoa Salgada deposits has more than doubled since August as a result of exploration work.
Shares in Mineral & Financial were up 5.8% at 10.05 pence on Wednesday.
The mining investor acquired a 75% stake in miner Redcorp Empreedimentos Mineiros Lda back in October. Redcorp, in turn, owns 75% of Lagoa Salgada.
The mineral resource estimate for the Lagoa Salgada polymetallic project, which is located in Portugal, now stands at 20.7 million tonnes. This compares to 10.0 million tonnes reported in August.
The total resource includes measured, indicated, and inferred mineralisation.
Lagoa Salgada's North Zone has its first measured mineral resource: 1.8 million tonnes at 11% zinc equivalent.
The total measured and indicated resource for the North Zone is 6.0 million tonnes at 9.4% zinc equivalent and the inferred mineral resource is 7.8 million tonnes at 7.4% zinc equivalent.
This gives a total resource for the North Zone of 13.8 million tonnes.
"Given the deposits are located near surface with significant targets identified from the IP and gravimetric survey data, the team are excited about the future progression and overall long-term development potential of the project," said Chair Jacques Vaillancourt.
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