Mineral & Financial Investment Limited (LON:MAFL) says the first three holes at Lagoa Salgada in Portugal intersected copper-rich mineralisation in the South Zones.
Partner Ascendant Resources (25%) is carrying out the drilling in an area of known copper-rich mineralisation.
Jacques Vaillancourt, M&FI’s executive chairman said: "The results from the first three holes of Redcorp/Ascendant's drill program in the South Zone confirms the thesis that it is copper-rich, with grade intensity improving as we move south and east.
"We are excited to see this exploration continue activities in the South Zone where the results continue to expand the extent of the mineralization.
"This bodes very well for Redcorp/Ascendant finding more stockwork mineralization and demonstrating that this project has the potential to be yet another future large producer on the belt, comparable with Neves Corvo and Aguas Tenidas."
M&FI added that the intersections included 4.20 m at a grade of 3.59% copper equivalent; 10.50 m at 3.61%, and one bonanza interval of 1.00m at 14.21% CuEq.