Business
Redcorp & Ascendant Begin Drill Program
Redcorp & Ascendant Begin Drill Program.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 2552T\n Mineral & Financial Invest. Limited\n 23 November 2021\n \n \n \n \n MINERAL AND FINANCIAL INVESTMENTS LIMITED\n \n \n Investment Update: Redcorp & Ascendant Begin Drill Program in Support Feasibility Study for The Lagoa Salgada Project\n \n \n \n \n \n HIGHLIGHTS:\n \n · \n \n Drill program is planned to total 15,000 meters to help support the feasibility study planned to be completed by Q4-2022.\n \n \n \n · \n \n The drill program will be divided between the North and South zones of the Venda Nova zone located within the Lagoa Salgada Project.\n \n \n \n · \n \n The drill program will comprise: \n \n \n \n o \n \n Infill and exploration drilling with the aim to upgrade, expand and improve the grade of the existing resource.\n \n \n \n o \n \n Supportive drilling for the upcoming Feasibility Study, and\n \n \n \n o \n \n 6 dedicated metallurgical drill holes.\n \n \n \n · \n \n The upcoming Feasibility Study is a follow-on from the September 2021 PEA on the Venda Nova. Zones of the Lagoa Salgada project indicating a Pre-tax NPV@8% of US$341.6M and an IRR of 68.2% (see announcement September 13, 2021).\n \n \n \n \n \n \n \n \n \n \n Grand Cayman, Cayman Islands - 23 November 2021 -\n \n Mineral and Financial Investments Limited (LSE-AIM: MAFL) \n (\"M&FI\" or the \"Company\")\n is\n extremely pleased to announce\n \n that its 75% owned Redcorp Empreedimentos Mineiros Lda (\n \"\n Redcorp\n \"\n ) and Ascendant Resources Ltd (\n \"\n Ascendant\n \"\n ) \n have commenced a drill program that will be used to support an upcoming Feasibility Study at its Lagoa Salgada VMS project, located in the Iberian Pyrite Belt of Portugal. \n The development costs \n are funded and guided by Ascendant Resources, which owns 25% of Redcorp, as part of Ascendant's previously announced earn-in agreement with M&FI (please refer to the RNS of August 1, 2018 which has been amended (see announcement dated July 1, 2020)). \n \n \n The drill program is planned to consist of approximately 15,000 meters of diamond drilling divided between the north and south zones of the Venda Nova orebody. The program will include 6 dedicated metallurgical drill holes; 4 in the north zone and 2 in the south zone. Most of the planned drill holes will be a combination of infill and e...