Mineral & Financial Investment Limited excited to launch Ascendant exploration program at Lagoa Salgada
“We hope that this exploration program will greatly improve the tonnage and the copper grade”, declared President Jacques Vaillancourt
Mineral & Financial Investment Limited (LON: MAFL) has announced the start of work on Ascendant Resources Inc’s fall exploration program on the Lagoa Salgada VMS project in Portugal.
Ascendant’s program is part of a progressive acquisition of the project through its joint venture agreement with Redcorp Empreedimentos Mineiros (75% owned by MAFL).
This program follows strong results from a preliminary economic assessment, announced in January 2020, and includes 2,700 meters of downhole induced polarity (IP) drilling and surveys.
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The plan is to increase and significantly improve the tonnage in the southern copper rich area of ââthe project. It currently has an indicated resource of 2.47 mln tonnes and 6.09 mln tonnes of indicated resources.
“We are delighted to see Ascendant continue exploration activities in the South Zone. Covid-19 and market conditions have created challenges that Ascendant and Redcorp have been able to overcome,” said Jacques Vaillancourt, President of ‘Mineral & Financial Investments‘ in a press release. .
âAscendant has been a good partner and has come together and we expect it will continue to fulfill all of its obligations to M&FI in a timely manner. We hope that this exploration program will significantly improve the tonnage and the copper (and copper equivalent) grade, âhe added.
Vaillancourt noted that project information to date suggests that the southern area has the potential to be considerably larger than the northern project area. It is believed to be largely composed of copper-rich stockwork mineralization which may lend itself to bulk mining methods at a sufficient size.
âPrevious drilling programs have been extremely successful, as evidenced by an exceptional drill-to-tonnage ratio,â added Vaillancourt.
âThis is characteristic of a project in the early stages of discovery. Nevertheless, we are convinced that we have only started to demonstrate what is possible in Lagoa Salgada.
“As exploration progresses we hope to find the feed system, substantial showings of chalcopyrite in the copper stockwork mineralization discovered to date, leads Ascendant to believe that this is an important next step on this path. “