CAYMAN ISLANDS – Mineral and Financial Investments Limited (LSE-AIM: MAFL) has reported significant progress in 2024 on the Lagoa Salgada Polymetallic Project in Portugal, managed by Ascendant Resources Inc. and Redcorp Empreedimentos Mineros Lda., with a 20% interest held by M&F. The project, located on the Iberian Pyrite Belt, is advancing towards a potential construction decision in 2025.
Ascendant's updates include promising exploration results, metallurgical advancements, and a submitted Environmental Impact Assessment with approval expected in early 2025. The company has also made strides in optimizing the feasibility study to improve the project's capital expenditure to net present value ratio.
A recent drilling program has revealed a copper-rich feeder system west of the Venda Nova North Deposit, marked by high-grade stringer sulphide mineralization. This discovery could significantly expand the resource base, with assay results pending and expected before the year's end.
Metallurgical test work has demonstrated the ability to produce high-grade concentrates with competitive recovery rates, with mercury levels in zinc concentrates reduced to below 500 parts per million after thermal treatment. Phase II test work is underway, focusing on the Gossan domain, with initial tests showing promising lead, vanadium, and precious metals recoveries.
Ascendant is also optimizing the Definitive Feasibility Study, considering innovative tailings management, flexible infrastructure solutions, and streamlined plant layouts to enhance financial and operational performance.
Collaborations with the University of Lisbon and the University of Évora aim to integrate AI and hyperspectral imaging into exploration and to develop sustainable mining practices. The HYPERMETAL Project, pending approval under the Portugal 2030 funding framework, and the EU-funded UNDERCOVER Project will apply advanced geophysical methods to improve exploration efficiency.
The Lagoa Salgada Project is supported by world-class infrastructure and is positioned to become a significant contributor to Portugal's mining sector and the global supply chain for critical metals. Ascendant's commitment to innovation and sustainability is expected to drive the project's success and deliver value to stakeholders.
This article is based on a press release statement.
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