MINERAL AND FINANCIAL
INVESTMENTS LIMITED
Investment Update: Ascendant
/ Redcorp Approved for EU Sponsored
Cutting Edge Geophysical "Undercover" Program and its Lagoa Salgada
Project
HIGHLIGHTS:
· Lagoa Salgada selected to participate in
the European Union's Project "Undercover"
· "Undercover" is meant to unlock hidden
critical mineral deposits at depth using cutting edge Geophysical
techniques
· Project "Undercover" will employ Seismic
Reflection and Refraction, Magnetotellurics (MT), Gravity and
Magnetic Surveys, Electromagnetic (EM) Surveys, and Joint Inversion
Techniques to delineate potential deposits of critical minerals at
depth.
· The two-year program is fully funded by
the EU under its Horizon Program and is expected to commence in
Q1-2025
Camana Bay, Cayman Islands - 30 September 2024 -
Mineral and Financial Investments Limited
(LSE-AIM: MAFL) ("M&F" "MAFL" or the "Company") is
pleased to provide an update on its investments in Redcorp
Empreedimentos Mineros Lda. ("Redcorp") and Ascendant Resources Inc.
("Ascendant") which are
developing the Lagoa Salgada Polymetallic Project in Portugal (the
Project). The Project is
managed by Ascendant. M&F owns a conditional 20% carried
interest in Redcorp and Ascendant owns the balance (please see the
announcement dated 28 November 2022 for further details).
Redcorp Empreendimentos Mineiros Lda is pleased to
announce its award of EU funding through its participation in the
"Undercover" project. The
project aims to advance mineral exploration by applying
state-of-the-art geophysical technologies to uncover hidden mineral
deposits at significant depths. One of the key focus areas for this
innovative project is Ascendant's flagship Lagoa Salgada Project,
located on Portugal's Iberian Pyrite Belt. The direct labour
savings may represent up to €50,000, however the technical value of
the program may represent up to €1,000,000 of value for the Lagoa
Salgada Project.
The project seeks to transform how
critical raw material deposits are discovered by integrating
advanced geophysical techniques. The application of these methods
will allow Ascendant to explore deeper and more complex mineral
systems, particularly at Lagoa Salgada, which holds significant
potential for zinc, copper, lead, tin,
silver, and gold. A preliminary program has been defined as part of
the application; however, this is to be refined by a panel of
experts during October 2024 to determine any change in scale and
scope. The "Undercover" project is scheduled to run over
36 months, beginning in early 2025. Within the first two years,
exploration efforts will focus on key study sites, including Lagoa
Salgada, with results expected to guide future development and
expansion of the project.
Jacques Vaillancourt, Chief
executive officer of M&F, commented:
"We are pleased to learn that
Redcorp will participate in this EU funded critical minerals
exploration initiative. We are advised that he
"Undercover"project is an exciting initiative, and along
with Ascendant's recently announced AI partnership with the
University of Evora, we believe this demonstrates Ascendant's
commitment to innovation using cutting edge technology to unlock
the vast exploration potential we see at Redcorp's Lagoa Salgada
project. The initial program will be defined in the coming
months and starting works onsite early next year.
"
The involvement of Redcorp, in the
"Undercover" project
should provide substantial benefits to the Lagoa Salgada project.
The associated geophysical technics are targeted for the discovery
of deeper ore bodies which conventional exploration methods may not
be capable of detecting. These new geophysical approaches should
greatly improve the efficiency of future exploration at Lagoa
Salgada, reducing the amount of exploration drilling required and
increasing the likelihood of success. Additionally, the project
will include environmental monitoring such as water management,
ensuring that Lagoa Salgada's exploration aligns with sustainable
mining practices.
At Lagoa Salgada, the focus will be
on applying these advanced geophysical methods to explore
deep-seated anomalies that could represent additional ore bodies
beneath known deposits, similar to other deposits in the region.
The use of seismic imaging, magnetotellurics, and electromagnetic
surveys will allow the team to precisely map subsurface structures,
identify conductive mineral bodies, and develop accurate 3D models
of the deposit.
ADVANCED GEOPHYSICAL METHODS
The "Undercover" project will apply the following
advanced geophysical techniques to the Lagoa Salgada
project:
· Seismic Reflection and
Refraction: Used to create detailed
subsurface images by measuring how seismic waves travel through
different rock layers, helping to locate deep geological structures
that may host mineralization.
· Magnetotellurics
(MT): Measures natural
electromagnetic fields to map subsurface electrical conductivity,
potentially identifying large, conductive mineral
deposits.
· Gravity and Magnetic
Surveys: These methods help detect
variations in the Earth's gravitational and magnetic fields,
identifying dense ore bodies hidden beneath the surface.
· Electromagnetic (EM)
Surveys: EM surveys detect
conductive mineral bodies such as sulphides that host critical
metals like zinc, lead, and copper.
· Joint Inversion
Techniques: This involves combining
data from various geophysical methods to create an integrated,
accurate subsurface model. This will significantly enhance the
precision of mineral targeting and exploration success.
EU
FUNDING THROUGH HORIZON EUROPE
The "Undercover"project is funded by the European
Union under the Horizon
Europe program, the EU's key funding initiative for research
and innovation. Horizon Europe focuses on promoting scientific
excellence, fostering technological advancements, and addressing
global challenges, including sustainable resource management and
securing critical raw materials for Europe's future. This funding
underscores the significance of the "Undercover" project in advancing innovative
exploration techniques while ensuring environmental
responsibility.
"Undercover"aims to transform
Critical Raw Materials (CRM) exploration by extending the mineral
systems concept, currently underutilized in quantitative
exploration, to cover regional, district, and ore scales. The
"Undercover" project is
focused on the following main goals:
· Development of a New
Exploration Strategy: The first
objective of the "Undercover" project is to establish the first
viable strategy for the systematic exploration of CRM deposits
concealed beneath thick cover. This involves advancing the mineral
systems concept for deep mineral exploration.
· Application of Novel
Technologies: The project's second
goal is to develop and integrate new technologies and methods that
are cost-effective and have a low environmental impact. These
include geophysical techniques such as magnetotelluric surveys,
passive and active seismics, and airborne, UAV-borne, and ground
electromagnetics. Geological methods, including geochemistry and
geochronology, will also play a key role.
· Environmental, Social, and
Governance (ESG) Integration: A
crucial third objective is the development of actions that address
and mitigate environmental, social, and governance (ESG) aspects at
every stage of the exploration process, ensuring responsible
exploration practices.
· Mapping Mineral
Systems: The fourth objective is to
map the raw materials potential in both EU and non-EU countries,
focusing on three major mineral belts: the Kuusamo Schist Belt
(Finland), the Iberian Pyrite Belt (Portugal), and the Kalahari
Copper Belt (Namibia). These regions hold significant potential for
CRMs, including cobalt, rare earth elements (REE), and base metals
such as copper, zinc, and lead.
· United Nations Framework for
Classification (UNFC) Promotion: The
project also aims to promote the use of the United Nations
Framework for Classification (UNFC) to enhance a socially and
environmentally sustainable exploration strategy.
· Advancement of Deep
Exploration Technologies: Finally,
"UNDERCOVER" seeks to
advance deep mineral exploration technologies and ensure their
adoption by European exploration and mining stakeholders. The
project aims to inspire confidence among policymakers and
stakeholders, encouraging them to adopt sustainable exploration
outcomes.
For more information on Horizon
Europe, visit
Horizon Europe Program.
Review of Technical Information
The scientific and technical
information in this press release has been reviewed and approved
by Joao Barros, BSc (Engineering), MSc (Geology),
who has more than 18 years of relevant experience in the field of
activity concerned. Mr. Barros is a Member of the Portuguese
Engineers Association. Mr. Barros is employed by Redcorp
Empreedimentos Mineiros, Lda., a 20% owned subsidiary of M&F,
and has consented to the inclusion of the material in the form and
context in which it appears.
The scientific and technical
information contained in this release in relation to metallurgical
test work has been approved and verified by Mr. David Castro López
(MIMMM), who serves as Process Engineer at Minepro Solutions and is
a "Qualified Person" in accordance with National Instrument 43-101
- Standards of Disclosure for Mineral Projects.
FOR MORE INFORMATION:
Jacques Vaillancourt, Mineral &
Financial Investments Ltd. +44
780 226 8247
Katy Mitchell and Sarah Mather, Zeus
Capital
Limited
+44 203 829 5000
Jon Belliss, Novum Securities
Limited
+44 207 382 8300