Mineral and Financial Investments Ltd (LON:MAFL) said it is encouraged by the latest drilling at the Lagoa Salgada zinc-lead-copper project in Portugal.
A three-hole drill programme and a new geological model had shown a modest increase in inferred resources at the south zone of the project’s Venda Nova deposit,
Results suggested “significant potential for further growth of the resource.”
The company’s president and chief executive officer Jacques Vaillancourt added: “The Venda Nova deposit.. at Lagoa Salgada continues to deliver impressive resource growth and indicates significant potential for future expansion.
“While the resource update is modest in size, it is impressive given the budgeted amount of drilling….
“These advances support our belief that Lagoa Salgada could well be the next world-class mine on the Iberian Pyrite Belt.
“The new resource and enhanced knowledge will be incorporated into the upcoming Preliminary Economic Assessment…which is expected to be available by the end of July.
“The PEA will include both the North and South Zones and is expected to demonstrate the robust economic potential at Lagoa Salgada.”
The company’s shares climbed 6.52% or 0.75p to 12.25p.