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Mineral & Financial Investments Limited’s (LON:MAFL) subsidiary, Canadian-listed Ascendant Resources Inc (TSE:ASND) has filed a technical report for a maiden preliminary economic assessment (PEA) for its Lagoa Salgada project in Portugal to the Ontario Securities Commission.

The AIM-listed company said the PEA had outlined “a highly profitable project” with 10.3mln tonnes of measured and indicated resources and 2.5mln tonnes of inferred resources in the north zone. The resource includes zinc, lead, copper, gold and silver.

WATCH: Mineral & Financial Investments hails ‘positive and robust’ Lagoa Salgada study

While reported resources from drilling in the south and central zones were not included in the PEA, the company said both areas were expected to have “a significant benefit to future development”.

“Lagoa Salgada represents a substantial standalone project that has significant potential for growth, expansion and additional value creation”, the group said.

The shares jumped 8.4% to 9.8p in mid-afternoon trading.