14th Jan 2019 14:17
LONDON (Alliance News) - Mineral & Financial Investments Ltd on Monday said that results from the Lagoa Salgada polymetallic project in Portugal have identified similar high-grade mineralisation as previous campaigns.
Shares In Mineral & Financial were up 16% at 8.90 pence on Monday afternoon.
Mineral & Financial is a mining investor and acquired a 75% stake in miner Redcorp Empreedimentos Mineiros Lda back in October, which in turn owns 75% of Lagoa Salgada.
Highlights from the 20-hole drill programme, which totalled 7,077 metres, include an intersected 79.4 metre massive sulphide zone in hole 19 at 0.6% copper; 1.9% lead; 3.4% zinc; 0.6 grams of gold per tonne of ore; 60.1 grams of silver per tonne of ore; and 0.2% tin.
The program consisted of 12 holes in the main massive sulphide zone and eight in the stockwork zone.
Results from the main zone suggest additional massive sulphide mineralisation at grades exceeding a 10% zinc equivalent, with the identification of tin mineralisation contributing strongly to this result.
According to Mineral & Financial, the programme has successfully confirmed and expanded the high-grade mineralisation in the main massive sulphide zone and improved the continuity of the sulphide mineralisation in the stockwork zone.
However, a thick well-mineralised ore zone has not yet been fully defined at the stockwork zone.
"The drill results have more than exceeded our expectations in identifying similar high-grade massive sulphide and stockwork mineralization identified in previous drill campaigns at Lagoa Salgada," said Mineral & Financial Chair Jacques Vaillancourt.
"The addition of newly identified high-grade tin mineralization in the main zone provides further confidence in the potential to quickly increase high-grade tonnes to the known mineral resource. An update to the mineral resource estimate is expected in January," Vaillancourt added.
Vaillancourt also noted that, as well as the drill campaign, ground and downhole induced polarization surveys have identified a 1.6 kilometre anomaly which includes the two known mineral deposits.
"The [induced polarization] anomaly is also coincident with a significant regional gravity anomaly which greatly expands exploration potential to the east," said Vaillancourt.
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