Mineral & Financial Investments Ltd (LON:MAFL) jumped more than 15% in early deals after its associate company, TH Crestgate, unveiled some impressive drilling results.
TH Crestgate – in which MAFL holds a 49% interest – released the assays from the first hole of its four-hole drilling campaign at its 85%-owned Lagoa Salgada zinc-copper project in Southern Portugal.
The hole, LS ST-01, included an intercept of 167 metres (m) at 1.08% copper equivalent and 2.26% zinc equivalent.
A higher-grade interval of 40m with 6.29% zinc equivalent and 21m of 11.02% zinc equivalent was also intersected.
“Although this is only the first hole, we are extremely encouraged by the size and grade of the mineralized intercept,” said MAFL chairman Jacques Vaillancourt.
“These holes will establish whether this is a new discovery within Lagoa Salgada, or an extension of the LS-1 resource 1 km to the north. We have always held the belief that Lagoa Salgada can very realistically host numerous ore bodies.”
The current drill program at Lagoa is focusing on the ‘central sector’ and three holes have so far been completed.
The core from the second hole is still being analysed at the lab, the third hole core is being readied to be sent to the lab while TH Crestgate is still drilling the fourth and final hole.
Shares added 18% to trade at 18p in morning trading on Monday.
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