Mineral & Financial Investments Ltd (AIM:MAFL) (MAFL) has reported more bumper-grade intersections from drilling in the north zone of the Venda Nova deposit at Lagoa Salgada in Portugal.
Subsidiary Redcorp said three holes were drilled to support metallurgical variability testing with best grades including 20.5% zinc over 58 metres (m) in one hole and significant copper and silver in the others.
MAFL noted: “The intersections of these drill holes display potentially outstanding thicknesses and grade, which continue to highlight the significant scale and quality of the Venda Nova deposit.”
The drilling will feed into a Bankable Feasibility Study due for completion by the end of the first quarter of 2023, with two additional infill holes currently in progress.
In a statement, Jacques Vaillancourt, M&FI's chief executive, added: "As Redcorp and [partner and operator] Ascendant near the completion of their metallurgical and infill drill program at Venda Nova, results continue to confirm high-grade mineralisation in the North Zone and extend the potential for a new high-grade copper feeder zone at depth, substantially enhancing future resource potential.”
MAFL shares rose 6% to 15p.