Mineral and Financial Investments Ltd (LON:MAFL) said the latest results from its drilling programme at the Lagoa Salgada VMS project in Portugal have continued to demonstrate significant high-grade massive sulphide mineralisation.
The results from the last five holes drilled will form the basis for expanding and upgrading the current mineral resource estimate.
Drill hole LS_MS_39 was the highest-grade hole drilled at Lagoa Salgada. It intercepted 46.95m of 0.39% copper, 6.26% lead, 7.30% zinc, 1.37 grams per tonne of gold, 165.63g per tonne of silver and 0.20% tin (21.9% zinc equivalent).
"The results being achieved at Lagoa Salgada confirm our belief in both the geology and the team exploring the deposit,” said chairman Jacques Vaillancourt.
“The North Zone (formerly the called LS-1) represents a significant portion of the current Mineral Resource Estimate and with these results, Ascendant is confident in the ability to expand and upgrade the Resource Estimate. The discovery of the copper rich zone highlights the similar characteristics compared to other major VMS deposits in the Iberian pyrite Belt.
“The ongoing exploration success also has the Redcorp team extremely encouraged about the mineable potential of the project, which will be formalized with the completion of a preliminary economic assessment by the end of the year."