Mineral & Financial Investments Ltd (AIM:MAFL) said a drill programme has begun that will be used to support a feasibility study at the Lagoa Salgada VMS project in Portugal.
M&FI’s 75% owned Redcorp, in partnership with Ascendant Resources, which owns the other 25% of Redcorp, plan to drill a total of 15,000 meters to help support a NI 43-101 feasibility study they aim complete by the end of 2022.
The drill programme will comprise infill and exploration drilling with the aim to upgrade, expand and improve the grade of the existing resource, be supportive for the upcoming feasibility study, and provide six dedicated metallurgical drill holes.
Development costs are funded and guided by Ascendant Resources as part of the previously announced earn-in agreement with M&FI on 1 August.
Jacques Vaillancourt, president and CEO of M&FI, said: “The feasibility study is intended to demonstrate and highlight the robust potential of Lagoa Salgada as indicated by the preliminary economic assessment and show the potential for further resource growth in the future to enhance the potential of the project for the longer term.”