Mineral & Financial Investments Ltd (AIM:MAFL) (M&FI) said an exploration program has been initiated at the Lagoa Salgada Project in Portugal.
The project is held jointly by M&FI wholly owned subsidiary Mineral and Financial Investments AG, Redcorp Empreedimentos Mineiros Lda, and Ascendant Resources Inc. (TSX:ASND)
M&FI said Redcorp and Ascendant, which are operating the site, are initiating an exploration program targeting several high-priority geophysical anomalies adjacent to the company's existing North and South Zones within the Venda Nova Area.
The program is the first exploration program designed to step out and test the potential for additional mineralized lenses in the Venda Nova area outside of the current known resources. This initial phase will comprise of 6 to 8 DDH holes for a total of 5,000 metres.
M&FI said initial targets have been identified through a concurrence of physical properties consistent with volcanogenic massive sulfide (VMS) deposits and "our success at the North and South zones, namely: high density, conductivity, and chargeability".
The first phase of exploration will focus on two higher-priority targets, which through interpretation of the DPEM survey conducted earlier this year include modelled conductive plates. Both targets have the dimensions and predicted physical properties comparable to the existing North and South Zones at Venda Nova and indicate the potential for sizable concentrations of massive to semi-massive sulphides.
In a statement, Jacques Vaillancourt, chief executive of M&FI said: "We are pleased that Redcorp & Ascendant are commencing a new phase of exploration with the aim of increasing resources and expanding the long-term potential we see at Lagoa Salgada. Ascendant's interpretation of geophysics has contributed tremendously to the understanding of the North and South Zones at Venda Nova and have proven to be a successful exploration tool across the Iberian Pyrite Belt."
He added: "While they continue to progress the Feasibility Study on the North and South zones, we are optimistic that this initial step-out exploration program will begin to unlock the potential for new orebodies at Lagoa Salgada."