MNO.TO · 2022-05-03 12:00:00

Meridian Assays Broadest Zone of Copper- Gold Mineralization in the CNWE Further high-grade and open results of copper-gold and gold only mineralization is redefining the greater Cabaçal belt scale potential

Drill Results

Meridian Assays Broadest Zone of Copper-

Gold Mineralization in the CNWE

Further high-grade and open results of copper-gold and gold only mineralization is redefining the

greater Cabaçal belt scale potential

LONDON

May 3, 2022

/CNW/ - Meridian Mining UK S (TSX: MNO), (

Frankfurt

/Tradegate: 2MM) &

(OTCQB: MRRDF), ("Meridian" or the "Company") is pleased to announce that it has drilled the

broadest zone of copper-gold mineralization within Cabaçal's Northwest Extension ("CNWE") with

CD-106 returning

103.3m

@ 0.6% CuEq from

23.7m

, including

5.8m

@ 4.3% CuEq from

80.0m

Results from CD-106 continue the positive pattern of results delivered from the cross-strike resource

definition program in the CNWE[1] and includes the high-grade structural overprint with intercepted

gold veins grading up to 67.8 g/t Au over

0.40m

. Meridian is also pleased to announce further

positive infill drill results, within the CNWE and the Cabaçal Mine, results have returned broad zones

of copper-gold mineralization with over printing high-grade gold veins hosting visible gold. Drilling is

ongoing at Cabaçal with further results pending.

Highlights of today's announcement:

Meridian drills broadest zone of copper-gold VMS mineralization todate at the CNWE;

Cabaçal

assays further high-grade gold, and copper-gold from cross-strike drilling in

CNWE

;

Drill results reported today:

CD-106 assays:

103.3m

@ 0.6% CuEq

(0.2% Cu, 0.6g/t Au & 0.5g/t Ag) from

23.7m

;

Including:

5.8m @ 4.3% CuEq

(0.2% Cu, 7.0g/t Au & 0.8g/t Ag) from

80.0m

;

High grade-gold overprinting structure assays

18.0g/t Au over

0.45m

from

84.95m

(sample: CBDS12872);

67.8g/t Au over

0.40m

from

85.4m

(sample: CBDS13926);

CD-101 assays:

36.2m

@ 1.0% CuEq

(0.2% Cu, 1.3g/t Au & 0.9g/t Ag) from

54.6m

;

Including:

7.8m @ 3.9% CuEq

(0.6% Cu, 5.4g/t Au & 1.8g/t Ag) from

83.0m

;

High grade-gold overprinting structure assays

37.7g/t Au over

0.4m

from

86.65m

(sample: CBDS12871);

34.0g/t Au over

0.45m

from

87.05m

(sample: CBDS12872);

Positive results with infill drilling at the immediate northern limit of the Cabaçal Mine;

CD-109 assays:

50.7m

@ 0.5% CuEq

(0.2% Cu, 0.6g/t Au & 0.6g/t Ag) from

14.0m

;

Including

11.2m

@ 1.8% CuEq

(0.3% Cu, 2.4g/t Au & 1.8g/t Ag) from

52.1m

;

High grade-gold overprinting structure assays:

12.1g/t Au over

0.8m

from

52.1m

(samples: CBDS14278);

14.6g/t Au over

0.3m

from

52.9m

(samples: CBDS14279); and

CD-109's High-grade gold overprinting structure remains open towards the CNWE.

Note: Copper Equivalents ("CuEq") have been calculated using the formula CuEq = ((Cu%*Cu

price 1% per tonne) + (Au ppm*Au price per g/t) + (Ag ppm*Ag price per g/t) + (Zn%*Zn price 1%

per tonne)) / (Cu price 1 % per tonne). Commodity Prices: Copper and Zinc ("Zn") prices from

LME Official Settlement Price dated

April 23, 2021

USD per Tonne: Cu =

USD 9,545.50

and Zn =

USD 2,802.50

. Gold & Silver prices from LBMA Precious Metal Prices USD per Troy ounce: Au =

USD 1781.80

(PM) and Ag =

USD 26.125

(Daily). The CuEq values are for exploration purposes

only and include no assumptions for metallurgical recovery.

_________________________

See Meridian press release April 26, 2022

Adrian McArthur

, CEO and President of Meridian, comments: "The Cabaçal drill program is

continuing to deliver significant results that are above our expectations, pushing the original

envelope of copper-gold VMS mineralization out further than we ever expected and it still remains

open. We have identified multiple open extensions to the broad copper-gold VMS layers,

overprinted by sets of high-grade gold veins, and now, separate layers of gold only mineralization,

all at shallow depths within the CNWE and the Cabaçal Mine. As we now have to cover a much

greater area than first expected, hosting the same strong metrics and near surface potential for

future development as an open pit operation. The Company is mobilizing an additional drilling

team from the drilling contractor Willemita to accommodate these multiple open zones. The

additional time needed to close off these new open zones while completing the infill and

verification program, and include all the results in the initial resource statement means we have

decided to push back its release to the end of the 3

Quarter. This new expansion of

mineralization types is just not limited to the Cabaçal Mine, with discoveries of gold only

mineralization at C4A's

44m

@ 1.5g/t Au and confirmation of gold only zones at the Santa Helena

mine with BP's drill-hole JUSPD101 returning

18.9m

@ 1.3g/t Au; all bordering to existing VMS

mineralization. This is all combining to expand the long-term potential of Cabaçal's scalability."

Cabaçal Drilling Update

At Cabaçal, the current three drill rigs remain deployed in resource definition activities with results

continuing to highlight opportunities within the Cabaçal Mine sphere and open mineralization along the

CNWE. Angled drilling within the mine and along the Northwest Extension has returned further

strong results, detecting significant copper-gold and gold only mineralization extending into areas not

previously detected in the wide-spaced vertical drilling of BP Minerals. This program is continuing to

build cross-strike drill coverage to test the lateral extent of the VMS host package and distribution of

gold expressed in the later stage overprinting structures. These results, and those from Meridian's

current program reflect those of BP Mineral's that there is a general strengthening of copper grades

from the northwest to the southeast and that the gold overprint is consistent along the entirety. The

zones of gold only mineralization is a significant new discovery by Meridian.

Results reported today are for CD-101 and CD-106 from the CNWE, and a CD-099, an angled hole

drilled in the northern limit of the Cabaçal Mine.

CD-106 is collared

470m

northwest of the limit of the mine's underground development, and

185m

south-east of CD-113. Results reported are:

CD-106:

103.3m

@ 0.6% CuEq

(0.2% Cu, 0.6g/t Au, 0.5g/t Ag) from

23.7m

, Including:

5.8m

@ 4.3% CuEq

(0.2% Cu, 7.0g/

Au, 0.8g/

Ag) from

80.0m

The high-grade gold overprint was present with a peak gold grade of:

0.4m

@ 67.8 g/t Au

from

85.4m

(sample: CBDS13926).

The results are in line with the Company's belief that the angled drilling program will provides a

better approach for mapping out the distribution of both the shallow-dipping VMS stratigraphy and

the steeper-dipping structural overprint. An additional drill crew is being mobilized to accelerate the

program, in light of the continuing strong results in comparison to those encountered in the wide

spaced historical drilling of Cabaçal Northwest Extension. The Company is also considering

mobilizing additional drill rigs and expanding its Cabaçal team. Infill drilling is ongoing to confirm the

linkage between the CD-106 intersection and other mineralized trends in the CNWE.

Meridian Assays Broadest Zone of Copper-Gold Mineralization in the CNWE (CNW Group/Meridian

Mining UK Societas)

Figure 1. Distribution of results reported today. Areas of interest for angled infill drilling are

highlighted in grey, focusing first on the mine and including in the long-term reconnaissance

programs toward TR-20.

CD-101 – an infill hole along the main CNWE trend. The results continue to emphasis the wide

footprint of mineralization and the overprinting high-grade gold veins. Results reported are:

13.3m

@ 0.5% CuEq (0.5% Cu, 0.1g/t Au & 0.4g/t Ag) from

23.8m

; and

36.2m

@ 1.0% CuEq

(0.2% Cu, 1.3g/t Au & 0.9g/t Ag) from

54.6m

; including:

7.8m

@ 3.9% CuEq

(0.6% Cu, 5.4g/t Au & 1.8g/t Ag) from

83.0m

The high-grade gold overprint was present with a peak gold grade of:

0.85m

@ 35.7 g/t Au

from

86.65m

(samples: CBDS12871, CBDS12872).

The program will focus more on completion of a 50 x

50m

drill pattern in key areas and consider any

final infill requirements for conversion to measured resources in a final stage of pre-development

drilling.

CD-109 an optional metallurgical hole from the Cabaçal Mine's Southern Copper Zone. The results

continue to emphasis the wide footprint of mineralization and the overprinting high-grade gold veins.

Results reported are:

50.7m

@ 0.5% CuEq

(0.2% Cu, 0.6g/t Au, 0.6g/t Ag, 0% Zn) from

14m

; including:

11.2m

@ 1.8% CuEq

(0.3% Cu, 2.4g/t Au & 1.8g/t Ag) from

52.1m

;

2.5m

@ 0.8% CuEq (0.7% Cu, 0.2g/t Au & 2g/t Ag) from

74m

; and

12.3m

@ 0.4% CuEq (0.3% Cu, 0.1g/t Au & 1.4g/t Ag) from

82m

Additional High-Grade Gold Zones Defined.

Reviews of the now compiled historical mineralogical data show that in a number of cases, historical

drilling at the Cabaçal Mine's limits contained logged records of multiple zones hosting visible gold

for which assay data was never reported.

JUSPD161: logged visible gold from 49.02 -

49.56m

; and

JUSPD168: logged visible gold from 57.46 -

58.59m

; 70.5 -

71.52m

These holes are located on the northwestern limit of mine development with samples appearing to

have been separated for a high-sulphur batch that was historically lost. A single level of room and

pillar development projects towards the JUSPD168 position, however never reached JUSPD161's

position. The Company has drilled along strike from these positions with assays pending in holes,

and will follow these trends into the CNWE. These potentially high-grade gold zones were excluded

from the historical resource calculations.

Table 1: Cabaçal Assays reported today.

Hole Id

Zone

Intercept

Grade

From

CuEq

(m)

(%)

(g/t)

(%)

(m)

CD-101

CNWE

13.3

0.5

0.1

0.4

0.0

23.8

7.4

0.1

0.0

0.2

0.0

42.0

36.2

1.0

0.2

1.3

0.9

0.0

54.6

Including

7.8

3.9

0.6

5.4

1.8

0.0

83.0

CD-106

CNWE

103.3

0.6

0.2

0.6

0.5

0.0

23.7

Including

3.7

2.0

0.7

2.1

1.9

0.0

58.4

And

5.8

4.3

0.2

7.0

0.8

0.0

80.0

And

5.6

1.2

1.0

0.3

2.0

0.0

113.9

CD-109

SCZ/CCZ

50.7

0.5

0.2

0.6

0.0

14.0

Including

11.2

1.8

0.3

2.4

1.8

0.0

52.1

Including

6.9

2.1

0.1

3.2

0.2

0.0

52.1

Including

1.1

8.2

0.5

12.7

0.8

0.0

52.1

2.5

0.8

0.7

0.2

2.0

0.0

74.0

12.3

0.4

0.3

0.1

1.4

0.0

82.0

Drill Details

Hole Id

Dip

Azimuth

EOH

CD-101

-49

116.0

CD-106

-48

149.8

CD-109

-46

109.78

* SCZ: Southern Copper Zone, CNWE: Cabaçal Northwest Extension

Notes

True widths are approximately 80% of downhole lengths and assay figures and intervals rounded

to 1 decimal place.

General exploratory holes have been drilled CD-101 was drilled HQ from

surface to end-of-hole. Other holes are drilled HQ through the saprolite and upper bedrock and

then reduced to NQ – mineralized intervals represent half HQ or NQ drill core. Samples have been

analysed at the accredited ALS laboratory in

Lima

. Gold analyses have been conducted by Au-

AA23 (fire assay of a 30g charge with AAS finish). High-grade samples are repeated with a

gravimetric finish (Au-GRA21). Base metal analysis is by methods four-acid digestion and ICP-

AES finish (ME-ICP61a; Cu-OG62 for over-range samples). Samples are held in the Company's

secure facilities until dispatched and delivered by staff and commercial couriers to the laboratory.

The Company submits a range of quality control samples, including blanks and gold and

polymetallic standards supplied by ITAK and OREAS, supplementing laboratory quality control

procedures. True widths are approximately 90% of downhole lengths and assay figures and

intervals rounded to 1 decimal place.

Qualified Person

Adrian McArthur

, B.Sc. Hons, PhD. FAusIMM., CEO and President of Meridian 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

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Further information can be found at

www.meridianmining.co

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 address future events

and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk

Factors" in under the heading "Risk Factors" in Meridian's most recent Annual Information Form filed

www.sedar.com

. 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 information, future events or results or otherwise.

SOURCE

Meridian Mining UK Societas

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/May2022/03/c3018.html

%SEDAR: 00040264E

For further information:

Dr. Adrian McArthur, CEO, President and Director, Executive Chairman,

Meridian Mining UK S, Email: [email protected], Ph: +1 (778) 715-6410 (PST)

CO: Meridian Mining UK Societas

CNW 06:15e 03-MAY-22

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