Mineral and Financial Investments Ltd’s investee Redcorp Empreedimentos Mineiros released a positive update from the Lagoa Salgada project in Portugal.
Redcorp and venture partner Ascendant Resources have identified copper rich stockworks below the North zone at the Venda Nova area, along with a copper-rich transition/enrichment zone at the North zone. Meanwhile, lateral to the South zone, they have identified a potential massive sulphide lens.
Additionally, the partners identified a new drill ready geophysical anomalies from a Deep Penetrating Electromagnetic Survey (DPEM).
"The infill drilling and DPEM programs have uncovered some very positive unexpected outcomes which solidify our long-held belief that the Lagoa Salgada property is still in the very early discovery phase of exploration, with significant untapped resource growth remaining,” M&FI chief executive Jacques Vaillancourt said in a statement.
“The potential to grow both the North and South zones of Venda Nova, which are approximately 400 meters apart, as well as a prospective new target to the northeast of the property has the potential to be transformational for Redcorp.
“We look forward to initiating future drilling programs as we look to expand the overall resource potential on the greater Lagoa Salgada land package."
In London, MAFL shares climbed 1.65p or 15.35% to change hands at 12.4p.