24th Jul 2019 16:08
(Alliance News) - Mineral & Financial Investments Ltd on Wednesday reported "very strong results" from a drill programme at the the Lagoa Salgada polymetallic project in Portugal.
The mining investor acquired a 75% stake in miner Redcorp Empreedimentos Mineiros Lda back in October. Redcorp, in turn, owns 75% of Lagoa Salgada and conducted the drill programme.
Mineral & Financial said results of Redcorp's programme, which was funded by Ascendant Resource as part of an earn-in agreement, are likely to "significantly expand and upgrade" the massive sulphide deposit in the North Zone of Lagoa Salgada.
The programme had "very strong results with multiple holes with significant length intercepts" of more than 20% zinc equivalent and as high as 30% zinc over 12.2 metres.
A mineral resource update is due in the third quarter of the year and a preliminary economic assessment is expected by the end of the year.
Mineral & Financial Chair Jacques Vaillancourt said: "The North Zone represents the vast majority of the current mineral resource estimate, yet Ascendant's management is highly confident it can expand and upgrade this deposit as well as the Central and South Zones."
He continued: "Ascendant are also very optimistic with the exploration potential on the 8 kilometre gravity anomaly in the northern portion of the property. They are applying the same diligence and strategy as successfully applied to the [Lagoa Salgada] West Region. With the 2019 program exceeding our expectations thus far, we look forward to additional results to come over the summer months as well as providing an updated mineral resource in the third quarter."
Shares in Mineral & Financial were up 1.65 at 7.87 pence on Wednesday afternoon.
Related Shares:
Mineral & Financial Investments