Mineral & Financial Investment updated the market on Wednesday on TH Crestgate, a private Swiss investment company in which MAFL holds a 49% stake.
The board of the AIM-traded firm said it was advised that the work program has been completed on the Central Sector of the Lagoa Salgada project owned and controlled by TH Crestgate.
Lagoa Salgada, located 100km SE of Lisbon, Portugal, is accessible by highway and benefits from full and easy infrastructure access, the board reported.
It said the work, which involved a geological re-interpretation of four historic drill holes at Lagoa Salgada, revealed long intersections of copper rich polymetallic mineralisation.
Re-logging and re-assaying resulted in identifying a new and different type of mineralisation in addition to the previously identified lead-zinc rich VMS system, a large area of zinc-copper mineralisation in an uncommon altered rock with a stock-work texture.
Recent IP studies showed indications of chargeability anomalies interpreted as sulphide disseminations, the board said, as well as well-defined resistivity boundaries coherent with larger areas comparing with the VMS type bodies, interpreted as stockwork zones;
The work highlighted the potential of a new high tonnage target, according to Mineral & Financial, about 1000m south west of the current resource hosted within in a VMS formation.
"We are pleased with the work being undertaken on our investment in TH Crestgate," saich chairman Jacques Vaillancourt.
"Although they currently have insufficient data to definitively announce the presence of a copper bearing intrusion within the Central Sector's VMS system, nevertheless, the indications of significant prospectivity now present in the Central Sector in addition to the significant resource potential of Lagoa Salgada's known Iberian Pyrite Belt VMS system gives us cause for optimism."
Vaillancourt said TH Crestgate was now evaluating the most efficient sequence of steps required to test and confirm this possible new structural discovery.
"The copper-zinc intervals currently compiled on these geological late events on Central Sector demonstrate that we are in the presence of a big and complex system.
"TH Crestgate is very excited and committed to develop, understand and test this new type of mineralization together with the other unexplored VMS potential structures on the property."