Mineral & Financial Investments announced that it received an update on the drill results from its 49%-owned investment, TH Crestgate - a private Swiss based investment company - on Monday.
The AIM-traded company said TH Crestgate released the assay results from the second hole of its four hole drilling campaign, completed by its wholly-owned local subsidiary Redcorp Empreendimentos on its 85%-owned 134 square kilometre Lagoa Salgada zinc-copper project in southern Portugal, 100 km southeast of Lisbon.
It said the four hole drill program was focussing on the 'Central Sector', and was announced and initiated in December 2016.
The four holes had now been completed, the board confirmed, and the assay results from the second hole had just been received from ALS in Seville, Spain.
Mineral & Financial said the core from the third hole - LS ST-03 - was currently with ALS and the core from the fourth hole - LS ST-04 - had been sent this week to the to the ALS facilities.
"The LS ST-02 is important as it was planned to be perpendicular to the mineralisation and to cross mineralized structures as a 600 angled hole 130 metres to the north east of LS-ST-01," the board said in its statement.
"The hole confirms the mineralised area both in width and depth.
"The directors believe that the size of the intersection brings TH Crestgate one step closer to confirming the thesis that the mineralisation will be large in tonnage."
Additionally, Mineral & Financial said hole LS ST-02 confirmed the presence of four main corridors of medium grade mineralization with intervals of 24 to 33 meters of >3% Zn Eq.
Within each of those corridors there were additional higher grade intervals of ≧5% Zn Eq.
"This hole confirms that the mineralised zone is a stockwork mineralisation that is distinct, but adjacent to, the massive sulphide mineralization that hosts the LS-1 resource.
"This drilling confirms a mineralising system exists at Lagoa Salgada, which the directors understand gives TH Crestgate confidence to undertake further exploration in the area where other similar geophysical anomalies have not been tested."