Mineral and Financial Investments Ltd said work remains on track to publish a bankable feasibility study on the Venda Nova deposit at the Lagoa Saldada project in Portugal by the end of 2022.
Jacques Vaillancourt, chief executive, added: "The Redcorp/Ascendant team in Portugal continues to work on several fronts.
“We remain confident these programs will deliver a robust development plan for an initial mine at the Venda Nova property.”
Specifically, MFI said 3,520m out of a planned 18,000m drill program had been completed, six metallurgical holes were now being tested while a large anomaly northeast of the current deposit had been detected.
An environmental impact assessment outline has also been submitted to the Portuguese government.