Meridian Announces Corporate and Cabaçal Update
Meridian Announces Corporate and Cabaçal
Update
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
U.S./
"Company receives
CAD 2.37M
from conversion of 2020 warrants and broker units"
LONDON
,
June 3, 2021
/CNW/ - Meridian Mining UK S (TSXV: MNO) (
Frankfurt
: 2MM) ("Meridian"
or the "Company") is pleased to report the receipt of
CAD 2.37M
from conversion of warrants. Since
the start of the year Meridian has received a steady inflow of new capital via the investment of its
shareholders and brokers by converting their Warrants and Broker Units. The funds relate to the
2020 capital raisings
1
, significantly strengthening its balance sheet and reflecting its tight and
supportive shareholder base. The Company is also announcing an update on the historical core
resampling program
2
, from the Cabaçal Copper-Gold VMS project in
Mato Grosso, Brazil
("Cabaçal"). The recently completed resampling program has confirmed, that the selective mining of
high-grade Gold ("Au") at the closed Cabaçal Mine, left behind broad zones of Copper ("Cu") and Au
mineralisation. Significantly, it has also confirmed the grades of the mined high-grade Au structures,
recently intercepted along strike and extending out from the mine.
Highlights of today's updates:
Meridian receives
CAD 2.37 million
capital injection from the conversion of Warrants & Broker
units;
Conversion of Warrants continues with strong shareholder support;
Completed resampling program confirms robust grades of historical Cu-Au mineralisation, with
highlights from verification analyses being:
JUSPD050:
41.9m
@ 1.3% Cu, 1.6g/t Au, 2.3g/t Ag, 0.1% Zn from
98.1m
; and
Assays are consistent with higher-grade gold structures such as that seen in CD-009
2.7m
@ 1.5% Cu, 14.0g/t Au, 7.0g/t Ag
from
86.9m
, within broader Cu-Au layers
3
;
_____________________
1
Meridian Mining News releases of 15 July 2020, 21 December 2020
2
Meridian Mining News Release of May 5, 2021
3
Meridian Mining News Release of May 24, 2021.
Meridian completed two capital raises in 2020 where 57,554,916 Warrants and 2,203,010 Broker
Units were issued. Since the start of the year the Company has seen 19,452,399 Warrants,
1,776,941 Broker Units and 131,335 Broker Warrants exercised, for gross proceeds of
CAD 2.37
million
. It includes 3,671,155 Warrants, Broker Units and Broker Warrants, where the Company is
processing the documents for a pending
CAD 0.42M
. This increase in the Company's cash position
is a welcome sign of support from its shareholders and supporters, that it greatly appreciates; a
summary is provided in Table-1.
Securities exercised
Shares issued
Gross proceeds
Share purchase warrants
19,452,399
2,211,489
Broker Units
1,776,941
138,886
Broker Warrants
131,335
18,021
Total
21,360,675
CAD 2,368,396
Table-1 Summary of securities exercised and gross proceeds.
The Company has completed the first resampling program of core from six historical diamond drill
holes (the "Core") from the core library of the Universidade Federal de
Mato Grosso
("UFMT"). The
Core was drilled by BP Minerals in the 1980's (Figure 1) prior to Cabaçal's acquisition by Rio Tinto in
1989; who closed it down in 1991. The resampling is part of the Company's program to statistically
verify the historical assay database. Results will be incorporated into future resource assessments.
Quarter to half-Core was submitted for analysis after logging and photography. In some holes, only
short intervals of Core were available rather than the complete intersection. The available resampled
intervals of Core returned composited values consistent with the original data.
The highlight of the resampling program is JUSPD050 – one of the more complete diamond holes,
which returned:
41.9m
@ 1.3% Cu, 1.6g/t Au, 2.3g/t Ag & 0.1% Zn
from
98.1m
; including a high-grade zone:
21.4m
@ 2.1% Cu, 1.8g/t Au, 4.3g/t Ag from
116m
, including:
4.0m
@ 0.8 % Cu & 3.9g/t Au from
107.0m
;
0.5m
@ 2.1 % Cu & 3.0 g/t Au from 116.5; and
2.7m
@ 5.6% Cu & 7.7g/t Au from
131.5m
.
This broad composite compared well to the historical result of
41.9m
@ 1.2% Cu, 1.4g/t Au, 3.0g/t
Ag, 0.1% Zn from
98.1m
.
This pattern is consistent with the results of broad Cu-Au mineralisation intersected by Meridian's
ongoing drilling program, in and outside of the historical workings. Within which, occur more discrete
higher-grade Cu-Au structures and layers such as those intercepted recently by CD-009:
66.1m
@ 0.6% Cu, 0.8g/t Au & 1.8g/t Ag, including higher grade zones of:
2.7m
@ 1.5% Cu, 14.0g/t Au & 7.0g/t Ag (high-grade gold structure) from
86.9m
, and
12.8m
@ 1.7% Cu, 0.5g/t Au, 5.2g/t Ag & 0.1% Zn (copper stringer zone) from
139.7m
.
The complete re-sampled results are available on Meridian's website:
https://meridianmining.co/investors
Figure 1: Location of resampled core and status of the current drill program (CNW Group/Meridian
Mining S.E.)
"Meridian has received further strong financial support from its shareholders and supporters that is
being invested at Cabaçal; an exciting, remerging camp scale copper-gold project" commented Dr
Adrian McArthur
, CEO and President. "These latest assay results from the Cabaçal resampling
program confirm that the historical database of Rio Tinto is robust, as expected from records of
historical mining operations. These assays also tell us, that in conjunction with our ongoing 2021 drill
program, the Cabaçal mine's voids are surrounded by extensive Cu-Au mineralisation, and that the
structures that control high grade Au mineralisation extend out of the mined zone, as seen by CD-
009's shallow
2.7m
@ 14 g/t Au intercept. While our main focus is on the resource development
surrounding the old Cabaçal copper-gold mine, our Brazilian team is expanding its focus and will
expand its evaluation of the NW and SE extensions to Cabaçal".
QUALIFIED PERSON
Dr.
Adrian McArthur
, B.Sc. Hons, PhD. FAusIMM., CEO and President of Meridian Mining as well as
a Qualified Person as defined by National Instrument 43-101, has supervised the preparation of the
technical information in this news release.
On behalf of the Board of Directors of Meridian Mining UK S
Dr.
Adrian McArthur
CEO, President and Director
Meridian Mining UK S
Email:
Ph: +1 (778) 715-6410 (PST)
Stay up to date by subscribing for news alerts here:
https://meridianmining.co/subscribe/
Follow Meridian on Twitter:
https://twitter.com/MeridianMining
Further information can be found at
www.meridianmining.co
NOTES:
Samples have been analysed at the accredited SGS laboratory in
Belo Horizonte
. Gold analyses is
by FAA505 (fire assay of a 50g charge), and FAA35V (fire assay to extinction). Base metal analysis
by methods ICP40B and ICP40B_S (four acid digest with ICP-OES finish). Samples are held in the
company's secure facilities until dispatched and delivered by staff and commercial couriers. The
company submits a range of quality controls samples, including blanks and standards supplied by
ITAK. True widths are interpreted to be ~90% of intersection widths.
ABOUT MERIDIAN
Meridian Mining UK S is focused on the acquisition, exploration and development activities in
Brazil
.
The Company is currently focused on resource development of the Cabaçal VMS Copper-Gold
project, exploration in the Jaurú & Araputanga Greenstone belts located in the state of
Mato
Grosso
; exploring the Espigão polymetallic project and the Mirante da Serra manganese project in
the State of Rondônia,
Brazil
.
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 include, among others,
statements with respect to the Company's plans for exploration, development and exploitation of its
properties and potential mineralisation. These statements address future events and conditions and,
as such, involve known and unknown risks, uncertainties and other factors, which may cause the
actual results, performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements. Such risk factors include,
among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the
timing and success of future exploration and development activities, exploration and development
risks, title matters, inability to obtain any required third party consents, operating risks and hazards,
metal prices, political and economic factors, competitive factors, general economic conditions,
relationships with strategic partners, governmental regulation and supervision, seasonality,
technological change, industry practices and one-time events. In making the forward-looking
statements, the Company has applied several material assumptions including, but not limited to, the
assumptions that: (1) the proposed exploration, development and exploitation of mineral projects will
proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and
(3) any additional financing needed will be available on reasonable terms. The Company expressly
disclaims any intention or obligation to update or revise any forward-looking statements whether as
a result of new information, future events or otherwise except as otherwise required by applicable
securities legislation.
The Company cautions that it has not completed any feasibility studies on any of its mineral
properties, and no mineral reserve estimate or mineral resource estimate has been established.
Geophysical exploration targets are preliminary in nature and not conclusive evidence of the
likelihood of a mineral deposit.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
Meridian Mining S.E.
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For further information:
Dr. Adrian McArthur, CEO, President and Director, Meridian Mining UK S,
Email: [email protected], Ph: +1 (778) 715-6410 (PST)
CO: Meridian Mining S.E.
CNW 07:30e 03-JUN-21