Meridian Announces Cabaçal Project Fourth Installment Payment
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Meridian Announces Cabaçal Project Fourth Installment Payment
LONDON, United Kingdom, July 6, 2023 / Accesswire / Meridian Mining UK S (TSX: MNO) (OTCQX:
MRRDF) (Frankfurt/Tradegate: 2MM) (“Meridian” or the “Company”) announces that the Company has
completed the fourth installment payment (the “Fourth Payment”) pursuant to the terms of the Mineral
Rights Purchase and Sale Agreement (the “Agreement”) for the acquisition of 100% beneficial interest in
the Company’s flagship Cabaçal Copper‐Gold Project (“Cabaçal”), state of Mato Grosso, Brazil. The details
of the Agreement are described in the Company’s news release dated August 26, 2020.
Pursuant to the Agreement, the Vendors of Cabaçal elected to re ceive 1,000,000 common shares of the
Company in lieu of a cash payment of C$300,000 for the Fourth Payment. In accordance with the
applicable securities regulations and policies of the Toronto S tock Exchange, the common shares issued
to Vendors pursuant to the Agreement are subject to a statutory four month and a day hold period.
T h e Comp any i s ag g re ssi ve l y ad van ci ng th e d e ve l op m e nt of t he Cabaçal project and the management
team, led by Dr. Adrian McArthur, CEO, continues to be focused on executing its ongoing work program.
The drill program at Cabaçal is ongoing with three rigs operati ng on site, and a fourth rig expected in the
coming weeks. Assay results are expected to be reported over summer and autumn, as the Company
continues to target the strong upside of Cabaçal, and the belt‐scale upside, commen cing at Santa Helena
(see June 14, 2023).
ABOUT MERIDIAN
Meridian Mining UK S is focused on:
The development and exploration of the advanced stage Cabaçal VMS gold‐copper project;
Regional scale exploration of the Cabaçal VMS belt;
Exploration in the Jaurú & Araputanga Greenstone belts (the abo ve all located in the State of
Mato Grosso, Brazil); and
Exploring the Espigão polymetallic project in the State of Rondônia, Brazil.
Cabaçal is a gold‐copper‐silver rich VMS deposit with the poten tial to be a standalone mine within the
50km VMS belt. Cabaçal’s base a nd precious metal‐rich mineraliz ation is hosted by volcanogenic type,
massive, semi‐massive, stringer, and disseminated sulphides within deformed metavolcanic‐sedimentary
rocks. A later‐stage sub‐vertical gold overprint event has emplaced high‐grade gold mineralization cross‐
cutting the dipping VMS layers.
The Cabaçal Mineral Resource estimate consists of Indicated res ources of 52.9 million tonnes at 0.6g/t
gold, 0.3% copper and 1.4g/t silver and Inferred resources of 1 0.3 million tonnes at 0.7g/t gold, 0.2%
copper & 1.1g/t silver (at a 0.3 g/t gold equivalent cut‐off gr ade), including a higher‐grade near‐surface
zone supporting a starter pit.
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‐ta x NPV5 of USD 573 million and 58.4% IRR
from a pre‐production capital cost of USD 180 million, leading t o c a p i t a l r e p a y m e n t i n 1 0 . 6 m o n t h s
(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 (see press release dated March 6, 2023).
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.meridianminig.co and under the Company's profile on
SEDAR at www.sedar.com.
The qualified persons for the PEA Technical Report are: Robert Raponi (P. Eng), Principal Metallurgist with
Ausenco Engineering), Scott Elfen (P. E.), Global Lead Geotechn ical 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
Dr. Adrian McArthur
CEO and Director
Meridian Mining UK S
Email: [email protected]
Ph: +1 (778) 715‐6410 (PST)
Qualified Person
Dr. Adrian McArthur, B.Sc. Hons, Ph.D. FAusIMM., CEO and Direct or of Meridian as well as a Qualified
Person as defined by National Instrument 43‐101, has reviewed a nd verified the technical information in
this news release.
Stay up to date by subscribing for news alerts here: https://meridianmining.co/contact/
Follow Meridian on Twitter: https://twitter.com/MeridianMining
Further information can be found at: www.meridianmining.co
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 un certainties, as disclosed under the heading "Risk Factors" in under the
heading "Risk Factors" in Meridian's most recent Annual Information Form filed on www.sedar.com.
While these factors and assumptions are considered reasonable b y 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‐lookin g statement, whether as a result of new
information, future events, or results or otherwise.