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Redcorp Empreedimentos Mineiros Lda, Mineral and Financial Investments' 75% owned investee company, has received an updated Mineral Resource Estimate, funded by Ascendant for the copper rich South Zone at its Lagoa Salgada project located on the Iberian Pyrite Belt in Portugal.
The new Mineral Resource Estimate was prepared in accordance with Canadian National Instrument 43-101 by Micon International and resulted in a significant upgrade and expansion of the resources at the South Zone at the Lagoa Salgada Volcanogenic Massive Sulphide Project.
The South Zone is less than 1000m from the North Zone. The Lagoa Salgada North Zone hosts a zinc rich Measured and Indicated resource of 10.334M tonnes (using 2.9 % cut-off grade) at an Avg ZnEq grade of 9.06% and an Inferred resource of 2.502M tonnes (using a 2.8% cut-off grade) grading 5.93% ZnEq2.
Jacques Vaillancourt, president & CEO of M&FI, stated: 'The assay results from the drill holes of the Phase 1 drill program showed that the 50m step-out holes included long intercepts with substantial grades that were highly encouraging and confirmed our partner's, Ascendant Resources, resource expansion thesis of the South Zone to the south and east.
'The updated Mineral Resource Estimate and the large increase in resulting tonnage at consistent grades, highlights how it is possible to add material volume to the overall size of the South Zone Resource. There is justified cause for high optimism that Lagoa Salgada can be grown quickly and efficiently to a size of economic significance to M&FI. The whole Lagoa Salgada Project now has a total resource of almost to 25Mt.'
At 1:14pm: (LON:MAFL) Mineral Financial Investments Ltd share price was 0p at 7.75p