Proactive Investors - Run By Investors For Investors

Mineral & Financial Investment says total resources for the Lagoa Salgada have more than doubled

In an update on the exploration programme, the AIM-listed firm said that Lagoa Salgada's North Zone had its first measured mineral resource of 1.8mln tonnes at 11.02% zinc equivalent
Zinc
Jacques Vaillancourt, Mineral & Financial’s chairman commented: “The increase in scale of the resources represent a significant milestone for Lagoa"

Mineral & Financial Investment Limited (LON:MAFL) shares rose on Wednesday as the firm said total resources for the Lagoa Salgada's polymetallic deposits in Portugal have more than doubled to 20.7mln tonnes, up from the 10.0mln tonnes reported in August 2018, with overall grades being maintained.

In an update on the exploration programme, the AIM-listed firm said that Lagoa Salgada's North Zone had its first measured mineral resource of 1.8mln tonnes at 11.02% zinc equivalent.

READ: Mineral and Financial Investment lauds “transformational results” from first full drill program on Lagoa Salgada

It pointed out that Lagoa Salgada's North Zone now has total measured & indicated mineral resource of 6.0mln tonnes at 9.4% zinc equivalent and inferred mineral resource of 7.8mln tonnes at 7.4% zinc equivalent, for a total resource of 13.8mln tonnes.

The group said the potential remains for further growth along the continuous 1.6 kilometre-long anomaly, and infill drilling provides indication that grade improves with confidence levels.

It noted that the ratio of meters of drilling per million tonnes of resource is high, making the project extremely encouraging and promising for future growth.

Jacques Vaillancourt, Mineral & Financial’s chairman commented: “The increase in scale of the resources represent a significant milestone for Lagoa and the directors believe this validates the initial investment at the lows of the Zinc cycle in 2015. We believe that exploration program was exceptionally well executed and exceeded our expectations by nearly doubling the tonnes in both deposits while concurrently improving the grade profile of the deposits."

He added: "The success of the exploration work in 2018, demonstrates the overall growth potential and scalability of the Project, which Redcorp and Ascendant plans to expand with further exploration work this year.”

In early afternoon trading, shares in Mineral & Financial were 7.9% higher at 10.25p.

View full MAFL profile View Profile

Mineral & Financial Investment Limited Timeline

Related Articles

code
May 08 2019
The venture capital investment company invests in early-stage tech companies, with a portfolio that includes blockchain company, Arcology, and Pressland, an enterprise platform dedicated to fighting false news and misinformation
Blockchain technology
June 07 2019
The investment firm finances and manages the development of early-stage blockchain technology companies
1549886982_asia.jpg
February 28 2019
Investment company Adamas, under Harmony Capital’s management, is focused on opportunities in the SME sector

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use