Mineral and Financial Investments Limited shares soared higher as it reported bumper grades from six holes drilled between November 2021 and March 2022 at the Venda Nova deposit at its Lagoa Salgada, Portugal.
Results included 109m at a huge grade of 20.2% zinc equivalent from one hole, 84.6m at 8.95% in another and a high-grade zone of copper-silver at a grade of over 9%.
“The high-grade tenor of these results is expected to significantly increase the contained metal in both deposits,” MFI said in a statement.
“In addition, the new holes have now identified a new subdomain within the massive sulphides in the north zone.”
Jacques Vaillancourt, CEO, said: "Redcorp's metallurgical and infill drilling program continues to enhance the potential resource and economic opportunity we see at Lagoa Salgada and these exceptional high-grade results and new enrichment blanket demonstrate we are still in the early stages of understanding the mineral endowment at the Venda Nova area.
"With these strong results we continue to focus on rapidly progressing our feasibility study; however, we continue to believe there is still significant upside at Venda Nova and the greater Lagoa Salgada land package."
Shares jumped 48% to 14.4p.