3.2g/t AuEq from 78.9m 20+ intercepts of Cu-Au-Ag mineralization grading higher than 10 gram-meters AuEq
8th Floor, 4 More London Riverside | London SE1 2AU | United Kingdom
Meridian assays multiple stacked layers of high-grade Cu-Au-Ag including CD-544: 38.2m @
3.2g/t AuEq from 78.9m
20+ intercepts of Cu-Au-Ag mineralization grading higher than 10 gram-meters AuEq
LONDON, United Kingdom, October 29, 202 4 / Accesswire / Meridian Mining UK S ( TSX: MNO ),
(Frankfurt/Tradegate: 2MM) (OTCQX: MRRDF) (“Meridian” or the “Company”) is pleased to announce
further strong results from its advanced Cabaçal Cu-Au-Ag project (“Cabaçal”), located in the state of Mato
Grosso Brazil. Multiple wide zones of stacked Cu-Au-Ag mineralization overprinted by a later stage gold
event, continue to be defined and extended, highlighted by CD -544 assaying: 38.2m @ 3.2g/t AuEq or
2.1% CuEq, CD-595 assaying 12.4m @ 3.3g/t AuEq or 2.2% CuEq, and CD-571 assaying 22.2m @ 1.7 g/t
AuEq or 1.2% CuEq (“Figure 1”). These represent only a small selection of the many strong results returned
to date within the PEA open pit1 (“Table 1”). Further results from Cabaçal are pending.
HIGHLIGHTS REPORTED TODAY
• Meridian assays further strong copper, gold, and silver mineralization at Cabaçal;
• Cabaçal PFS drill program assay multiple stacked zones of strong Cu-Au-Ag mineralization;
o CD-544: 10.9m @ 2.6g/t AuEq / 1.7% CuEq from 78.9m;
3.4m @ 11.0g/t AuEq / 7.4% CuEq from 92.6m;
10.4m @ 3.1g/t AuEq / 2.1% CuEq from 114.1m;
o CD-595: 11.7m @ 1.2g/t AuEq / 0.8% CuEq from 57.9m;
10.6m @ 1.7g/t AuEq / 1.1% CuEq from 83.2m;
12.4m @ 3.3g/t AuEq / 2.2% CuEq from 99.9m;
5.4m @ 2.0g/t AuEq / 1.4% CuEq from 117.9m;
o CD-576: 2.3m @ 5.1g/t AuEq / 3.4% CuEq from 38.5m;
4.5m @ 3.6g/t AuEq / 2.4% CuEq from 51.9m;
8.5m @ 1.3g/t AuEq / 0.8% CuEq from 68.0m;
o CD-566: 20.0m @ 1.8g/t AuEq / 1.2% CuEq from 91.3m;
14.8m @ 1.8g/t AuEq / 1.2% CuEq from 114.3m;
15.0m @ 1.9g/t AuEq / 1.3% CuEq from 138.7m; and
• Twenty-one intercepts returned where assays exceeded 10-gram meters gold equivalent.
*See technical note for true thickness estimate and separate AuEq and CuEq equations.
Mr. Gilbert Clark, CEO, comments: “ We are strongly encouraged by these excellent results, even after
more than 100,000 metres of drilling at Cabaçal, we are still improving the definition of the high grade
trends and confirming stacked zones of high-grade Cu-Au-Ag mineralization. This continues to show the
significance of this advanced VMS open pit deposit and its potential to become Brazil’s next near-term
producer. One of my general observations of open pit mining is that a viable project needs to have greater
than 10-gram meters of gold mineralization within open pitable depths to be indicative of a workable
1 See Cabaçal Gold-Copper Project NI 43-101 PEA March 30, 2023, https://meridianmining.co/cabacal/
deposit. This press release has over twenty such intervals alone and it represents only a small sample
population of the Cabaçal drill hole database.”
Figure 1: Cabaçal drill highlights
CABAÇAL DRILL RESULTS
Results reported today from Cabaçal (“Table 1”), continue to define the multiple stacked horizons of Cu-
Au-Ag VMS type mineraliz ation that has been over printed by a later stage high -grade gold event. This
recent drilling program has been focused more in the mine sphere, in areas where Meridian’s angled drill
program had not been completed, or where the historical drill programs only partially sampled the core
resulting in an underestimation in the mineralization’s grade and extent. Meridian’s angled drilling defines
both the VMS Cu-Au-Ag horizons and the gold over print, while its vertical drilling results “completes” the
vertical profile of the VMS stacked layers correcting the partial under represent ation of the historical
results (“Figure 2”).
A selection of the results is highlighted below:
• CD-544
o 38.2m @ 3.2g/t AuEq / 2.1% CuEq from 78.9m; Including
5.1m @ 5.1g/t AuEq / 3.4% CuEq from 84.8m;
2.4m @ 15.1g/t AuEq / 10.1% CuEq from 92.6m;
10.4m @ 3.1g/t AuEq / 2.1% CuEq from 114.1m;
o 3.4m @ 11.0g/t AuEq / 7.4% CuEq from 92.6m;
o 21.1m @ 2.6g/t AuEq / 1.8% CuEq from 103.5m; Including
4.5m @ 3.7g/t AuEq / 2.5% CuEq from 106.9m;
10.4m @ 3.1g/t AuEq / 2.1% CuEq from 114.1m;
• CD-595
o 11.7m @ 1.2g/t AuEq / 0.8% CuEq from 57.9m;
o 10.6m @ 1.7g/t AuEq / 1.1% CuEq from 83.2m;
o 12.4m @ 3.3g/t AuEq / 2.2% CuEq from 99.9m; Including
2.2m @ 13.1g/t AuEq / 8.8% CuEq from 110.1m;
5.4m @ 2.0g/t AuEq / 1.4% CuEq from 117.9m;
• CD-592
o 20.1m @ 1.2g/t AuEq / 0.8% CuEq from 44.8m; Including
4.3m @ 2.6g/t AuEq / 1.8% CuEq from 44.8m;
• CD-586
o 4.2m @ 3.4g/t AuEq / 2.3% CuEq from 62.1m;
o 7.2m @ 1.1g/t AuEq / 0.8% CuEq from 68.7m;
• CD-581
o 14.9m @ 1.3g/t AuEq / 0.9% CuEq from 61.8m;
• CD-579
o 21.9m @ 1.6g/t AuEq / 1.1% CuEq from 58.6m; Including
7.6m @ 2.7g/t AuEq / 1.8% CuEq from 59.8m;
• CD-576
o 2.3m @ 5.1g/t AuEq / 3.4% CuEq from 38.5m;
o 4.5m @ 3.6g/t AuEq / 2.4% CuEq from 51.9m;
o 8.5m @ 1.3g/t AuEq / 0.8% CuEq from 68.0m;
• CD-571
o 11.8m @ 1.2g/t AuEq / 0.8% CuEq from 24.9m;
o 22.2m @ 1.7g/t AuEq / 1.2% CuEq from 65.1m; Including:
4.6m @ 5.2g/t AuEq / 3.5% CuEq from 69.5m;
• CD-566
o 20.0m @ 1.8g/t AuEq / 1.2% CuEq from 91.3m; Including
2.9m @ 8.6g/t AuEq / 5.8% CuEq from 91.8m;
o 14.8m @ 1.8g/t AuEq / 1.2% CuEq from 114.3m; Including
4.1m @ 3.6g/t AuEq / 2.4% CuEq from 114.3m; and
o 15.0m @ 1.9g/t AuEq / 1.3% CuEq from 138.7m; Including:
7.6m @ 2.8g/t AuEq / 1.9% CuEq from 140.7m.
Good results have been delivered in drilling across the Southern, Central and Eastern Copper Zones of the
Cabaçal deposit . Notable results included the Southern Copper Zone ’s (“SCZ”) hole CD-544, which
traversed three mining voids, but with very strong Cu-Au results above below and between the historical
mining levels. The main mineralized zone re turned 38.2m @ 3.2g/t AuEq / 2.1% CuEq from 78.9m. The
hole included several zones above the historical underground mining cut -off grade of 3g/t Au (including
5.1m @ 4.7g/t Au, 0.3% Cu & 1.2g/t Ag from 84.8m, 2.4m @ 14.9g/t Au, 0.2% Cu, 1.2g/t Ag from 92.6m ,
4.8m @ 3.0g/t Au, 0.9% Cu & 2.3g/t Ag from 114.1m). Mineralization below 112.5m in CD-544 continued
below the lower limit of two historical holes (JUSPD407, JUSPD409), which were terminated without
traversing the full mine sequence.
In the Central Copper Zone (“CCZ”), CD-592 illustrates the limitations of some of the historical sampling
based on past visual protocols. This hole twinned an historical position (JUSPD278), in which sampling
started at an initial depth of 50.55m. CD-592 intersected shallow levels of disseminated copper-dominant
mineralization: 14.6m @ 0.6g/t AuEq / 0.4% CuEq from 14.8m (including one sample grading up to 2.04
% Cu; CBDS86217, 17.76 - 18.17m). The hole continued through the mine sequence, intersecting 20.1m
@ 1.2g/t AuEq / 0.8% CuEq from 44.8m, but with the highest grade interval corresponding to the historical
unsampled position: 4.3m @ 2.6g/t AuEq / 1.8% CuEq (2.4g/t Au, 0.2% Cu & 0.4g/t Ag) from 44.8m. BP
historically had limited assaying in the dissemi nated Cu mineralization, and the result shows how gold
mineralization has at times been missed by these past sampling practices in areas of lower levels of
sulphide mineralization (“Figure 2”).
Figure 2: Left drill traces JUSPD278 (unsampled from surface to - 50m), and CD-592 (to the right), which
locally assays 4.3m @ 2.6g/t AuEq / 1.8% CuEq (2.4g/t Au, 0.2% Cu & 0.4g/t Ag) from 44.8m . Results
Illustrate how high-grade Au rich mineralization (photo) is defined by Meridian’s complete assaying of the
drill profile. Drilled traces labelled by AuEq (g/t).
In the more copper -dominant Eastern Copper Zone (“ECZ”), CD-579 provided another example of the
benefits from the infill program. Historically unsampled but shallow disseminated mineralization of the
deposit went unsampled in the historical drill hole JUSPD179. In this previously unsampled area, CD-579
assayed 8.5m @ 0.8g/t AuEq / 0.5% CuEq from 10.0m, defining an un-dip extension of a copper-dominant
layer that represents material that is now expected to be processed rather than become waste. CD-579
continued through the broader main mine sequence, returning 21.9m @ 1.6g/t AuEq / 1.1% CuEq from
58.6m, including 7.6m @ 2.7g/t AuEq / 1.8% CuEq from 59.8m . These multiple stacked layers of copper-
dominant VMS mineralization were ignored due to the high-grade gold cut-off of the historical mining.
The ongoing program continues to cover areas where historical core was only partially sampl ed, leaving
gaps in the historical assay sequence, and in other areas to continue to confirm the void model in more
sparsely drilled areas.
ABOUT MERIDIAN
Meridian Mining is focused on:
• T
he development and exploration of the advanced stage Cabaçal VMS gold-c
opper project;
• T
he initial resource definition at the second high -grade VMS asset at Santa Helena as first stage
of Hub and Spoke development strategy;
• Regional scale exploration of the Cabaçal VMS belt to expand the Hub and Spoke strategy; and
• Exploration in the Jaurú & Araputanga Greenstone belts (the above all located in the State of Mato
Grosso, Brazil).
The Preliminary Economic Assessment technical report (the “PEA Technical Report”) dated March 30,
2023, entitled: "Cabaçal Gold- Copper Project NI 43 -101 Technical Report and Preliminary Economic
Assessment, Mato Grosso, Brazil” outlines a base case after-tax NPV5 of USD 573 million and 58.4% IRR
from a pre -production capital cost of USD 180 million, leading to capital repayment in 10.6 months
(assuming metals price scenario of USD 1,650 per ounces of gold, USD 3.59 per pound of copper, and USD
21.35 per ounce of silver). Cabaçal has a low All-in-Sustaining-Cost of USD 671 per ounce gold equivalent
for the first five years, driven by high metallurgical recovery, a low life -of-mine strip ratio of 2.1:1, and
the low operating cost environment of Brazil.
The Cabaçal Mineral Resource estimate consists of Indicated resources of 52.9 million tonnes at 0.6g/t
gold, 0.3% copper and 1.4g/t silver and Inferred resources of 10.3 million tonnes at 0.7g/t gold, 0.2%
copper & 1.1g/t silver (at a 0.3 g/t gold equivale nt cut-off grade). Santa Helena mine area generated an
initial Exploration Target with a tonnage range of 3.2 –7.2 Mt grading between 3.0 - 3.2g/t AuEq*, which
gives a potential high-grade metal inventory range of between 306,000 to 763,000 AuEq ounces, located
within 10km of the proposed Cabaçal mill site.
Readers are encouraged to read the PEA Technical Report in its entirety. The PEA Technical Report may
be found on the Company's website at www.meridianmining.co and under the Company's profile on
SEDAR+ at www.sedarplus.ca.
The qualified persons for the PEA Technical Report are: Robert Raponi (P. Eng), Principal Metallurgist with
Ausenco Engineering), Scott Elfen (P. E.), Global Lead Geotechnical and Civil Services with Ausenco
Engineering), Simon Tear (PGeo, EurGeol), Principal Geological Consultant of H&SC, Marcelo Batelochi,
(MAusIMM, CP Geo), Geological Consultant of MB Geologia Ltda, Joseph Keane (Mineral Processing
Engineer; P.E), of SGS, and Guilherme Gomides Ferreira (Mine Engineer MAIG) of GE21 Consultoria
Mineral.
On behalf of the Board of Directors of Meridian Mining UK S
Mr. Gilbert Clark - CEO and Director
Meridian Mining UK S
Email: [email protected]
Phone: +1 778 715-6410 (BST)
Twitter: https://twitter.com/MeridianMining
Stay up to date by subscribing for news alerts here: https://meridianmining.co/subscribe/
Further information can be found at: www.meridianmining.co
Technical Notes
Samples have been analysed at ALS laboratory in Lima, Peru. Samples are dried, crushed with 70% passing
85% passing 200µm. Routine gold analyses have been conducted by Au
-AA2
4 (fire assay of a 50g charge
with AAS finish). High
-gr
ade samples (>10g/t Au) are repeated with a gravimetric finish (Au
-G
RA22), and
base metal analysis by methods ME -ICP61 and OG62 (four acid digest with ICP -AES finish). Visible gold
intervals are sampled by metallic screen fire assay method Au
-S
CR21. Samples are held in the Company’s
secure facilities until dispatched and delivered by staff and commercial couriers to the laboratory. Pulps
and coarse rejects are retained and returned to the Company for storage. The Company submits a range
of quality control samples, including blanks and gold and polymetallic standards supplied by Rocklabs,
ITAK and OREAS, supplementing laboratory quality control procedures. Approximately 5% of archived
samples are sent for umpire laboratory analysis, including any lots exhibiting QAQC outliers after
discussion with the laboratory. In BP Minerals sampling, gold was analysed historically by fire assay and
base metals by three acid digest and ICP finish at the Nomos laboratory in Rio de Janeiro. Silver was
analysed by aqua regia digest with an atomic absorption finish. True width is considered to be 80 -90% of
intersection width. Assay figures and intervals are rounded to 1 decimal place. In the main CD -544
composite, void intersections have been treated as zero meters / zero grade for calculations (void were
intersected at 92.64 - 89.82m and 100.67 - 96.03m). Gold equivalents for Cabaçal are calculated as:
AuEq(g/t) = (Au(g/t) * %Recovery) + (1.492*(Cu% * %Recovery)) + (0.013*(Ag(g/t) * %Recovery)), and
Copper equivalents are calculated as: CuEq(%) = (Cu(%) * %Recovery) + ( 0.670*(Aug/t * %Recovery)) +
(0.0087*(Ag(g/t) * %Recovery)) where:
• Au_
recovery_ppm = 5.4368ln(Au_Grade_ppm)+88.856
• Cu_recovery_pct = 2.0006ln(Cu_Grade_pct)+94.686
• Ag_recovery_ppm = 13.342ln(Ag_Grade_ppm)+71.037
Recoveries based on 2022 metallurgical testwork on core submitted to SGS Lakefield
Qualified Person
Mr. Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian Mining and a Qualified Person as defined by
National Instrument 43-101, has reviewed, and verified the technical information in this news release.
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information or forward-looking statements
for the purposes of applicable securities laws. These statements address future events and conditions and
so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in Meridian's
most recent Annual Information Form filed on www.sedarplus.ca. While these factors and assumptions
are considered reasonable by Meridian, in light of management’s experience and perception of current
conditions and expected developments, Meridian can give no assurance that such expectations will prove
to be correct. Any forward-looking statement speaks only as of the date on which it is made and, except
as may be required by applicable securities laws, Meridian disclaims any intent or obligation to update
any forward -looking statement, whether as a result of new info rmation, future events, or results or
otherwise.
Table 1: Assay results reported in this release.
Hole-id Dip Azi EOH Zone Int AuEq CuEq Au Cu Ag From
(m) (m) (g/t) (%) (g/t) (%) (g/t) (m)
CD-595 -51 089 123.3 CCZ
11.7 1.2 0.8 0.2 0.7 0.9 57.9
Including 3.0 3.1 2.1 0.8 1.7 1.8 64.8
1.4 0.4 0.3 0.1 0.2 0.8 75.3
0.4 3.7 2.5 3.7 0.1 0.1 79.0
10.6 1.7 1.1 0.9 0.6 0.8 83.2
Including 4.4 3.6 2.4 2.0 1.2 1.5 84.9
12.4 3.3 2.2 3.1 0.2 0.5 99.9
Including 2.2 13.1 8.8 11.6 1.1 1.9 110.1
5.4 2.0 1.4 1.0 0.8 1.4 117.9
CD-592 -90 000 97.9 CCZ
14.6 0.6 0.4 0.1 0.4 0.7 14.8
3.3 0.3 0.2 0.2 0.1 0.4 31.7
20.1 1.2 0.8 0.9 0.3 0.9 44.8
Including 4.3 2.6 1.8 2.4 0.2 0.4 44.8
Including 5.0 1.5 1.0 0.9 0.4 2.9 57.7
0.4 5.9 4.0 0.6 3.7 12.1 67.8
2.8 1.2 0.8 0.3 0.6 3.2 70.2
0.7 0.6 0.4 0.2 0.3 1.6 75.2
0.7 0.7 0.4 0.2 0.4 1.5 86.0
CD-589 -89 000 79.8 CCZ
1.1 0.4 0.3 0.1 0.3 1.0 16.0
9.9 0.4 0.2 0.0 0.2 0.6 24.8
0.7 2.4 1.6 2.5 0.0 0.0 38.3
7.7 0.7 0.4 0.3 0.3 0.3 47.3
4.9 1.0 0.7 0.6 0.4 0.5 60.5
2.7 3.2 2.1 2.0 0.9 1.4 68.6
CD-586 -85 152 105.5 SCZ
2.0 0.4 0.3 0.0 0.3 0.5 35.0
4.8 0.9 0.6 0.8 0.1 1.3 51.6
4.2 3.4 2.3 3.1 0.3 0.7 62.1
Including 1.4 9.7 6.5 9.0 0.5 1.7 63.0
7.2 1.1 0.8 0.2 0.7 1.6 68.7
1.9 0.2 0.1 0.1 0.1 0.2 78.4
1.0 1.1 0.7 0.4 0.6 1.4 86.6
CD-581 -89 000 95.7 SCZ
3.6 0.9 0.6 0.1 0.6 1.1 31.5
1.4 1.6 1.1 1.6 0.1 0.4 53.5
1.9 1.0 0.7 0.7 0.3 0.3 56.7
14.9 1.3 0.9 0.7 0.5 1.4 61.8
Including 5.6 2.5 1.7 1.5 0.7 1.8 61.8
Hole-id Dip Azi EOH Zone Int AuEq CuEq Au Cu Ag From
(m) (m) (g/t) (%) (g/t) (%) (g/t) (m)
1.0 3.2 2.1 0.4 1.9 9.7 80.1
CD-579 -89 000 106.6 ECZ
8.5 0.8 0.5 0.1 0.5 1.3 10.0
2.9 0.3 0.2 0.0 0.2 0.6 22.0
7.6 0.4 0.3 0.0 0.3 0.7 30.0
9.4 0.7 0.4 0.1 0.4 0.8 44.0
21.9 1.6 1.1 0.4 0.8 4.3 58.6
Including 7.6 2.7 1.8 0.7 1.4 7.3 59.8
2.8 2.2 1.5 0.4 1.3 2.6 82.7
CD-578 -50 058 129.8 CNWE
1.5 0.4 0.3 0.1 0.3 0.3 34.5
2.7 0.2 0.2 0.2 0.0 0.1 52.0
2.0 1.9 1.3 1.9 0.0 0.1 60.0
10.9 0.6 0.4 0.2 0.3 1.0 77.4
1.3 0.6 0.4 0.1 0.3 1.7 90.3
CD-576 -60 042 85.5 ECZ
7.9 0.4 0.2 0.0 0.2 0.6 4.8
2.3 5.1 3.4 1.0 2.7 18.6 38.5
4.5 3.6 2.4 1.3 1.5 9.0 51.9
Including 3.0 5.1 3.4 1.9 2.1 12.7 52.2
4.8 0.8 0.5 0.2 0.4 3.1 59.2
8.5 1.3 0.8 0.6 0.5 2.0 68.0
CD-575 -50 058 40.0 CNWE
1.4 0.3 0.2 0.1 0.2 2.2 12.7
CD-571 -89 000 118.9 CCZ
11.8 1.2 0.8 0.3 0.7 1.2 24.9
Including 2.4 2.4 1.6 0.2 1.5 2.3 27.4
4.5 1.6 1.1 1.1 0.4 0.5 41.6
Including 1.7 3.6 2.4 2.5 0.9 1.3 44.4
4.2 1.4 0.9 1.0 0.3 0.5 48.8
Including 0.8 5.4 3.6 4.2 0.9 1.1 52.2
3.7 0.7 0.5 0.2 0.4 0.8 59.4
22.2 1.7 1.2 0.8 0.7 2.6 65.1
Including 4.6 5.2 3.5 2.3 2.0 7.7 69.5
Including 8.5 3.3 2.2 1.4 1.3 5.4 69.5
Including 13.3 2.6 1.7 1.2 1.0 4.0 69.5
1.6 0.8 0.5 0.2 0.5 1.8 90.9
2.8 2.7 1.8 1.3 0.9 2.4 100.2
2.6 0.6 0.4 0.3 0.2 0.7 107.5
CD-566 -66 090 166.7 SCZ
1.6 0.6 0.4 0.1 0.4 3.1 36.8
2.4 0.5 0.3 0.0 0.3 1.4 45.0