Mineral and Financial Investments Limited (LON:MAFL) said there has been a 44% uplift to the measured and indicated (M&I) resources at the Lagoa Salgada South Zone in Portugal.
The M&I resource at the deposit now stands at 4.4Mt at 1.51% copper equivalent.
Inferred resources also rose by 21% to 7.7 Mt at 1.41% copper equivalent.
Lagoa Salgada South remains open to the north and south on strike and at depth, MF&I added.
A phase II drill program is underway to expand South Zone, added MF&I, in addition to the Lagoa Salgada North Zone M&I resource.
The new Mineral Resource Estimate was completed after the recent Phase 1 drill program focused primarily on step-out drilling in the South Zone to increase the resources along strike, said the statment.
Drilling tested the strong geophysical anomaly in the South Zone which remains open to further expansion.
Results demonstrate material growth in the stockwork copper-dominant mineralization with the conversion of significant resources into the Indicated and Inferred categories. To date, the South Zone has been delineated by a total of 9,134 meters of drilling.
The Phase II drill program commenced in late January 2021.
Jacques Vaillancourt, M&FI’s chief executive, said: “The assay results from the drill holes of the Phase 1 drill program showed that, as press released in January 2021, the 50m step-out holes included long intercepts with substantial grades that were highly encouraging and confirmed our partner’s, Ascendant Resources, resource expansion thesis of the South Zone to the south and east.
“The updated Mineral Resource Estimate and the large increase in resulting tonnage at consistent grades, highlights how it is possible to add material volume to the overall size of the South Zone Resource.
“There is justified cause for high optimism that Lagoa Salgada can be grown quickly and efficiently to a size of economic significance to M&FI. The whole Lagoa Salgada Project now has a total resource of almost to 25Mt”