MNO.TO · 2025-02-24 12:00:00

Meridian Drills Multiple High-Grade Intercepts at Cabaçal Including

Drill Results

Press Release TSX: MNO - OTCQX: MRRDF

Meridianmining.co

8th Floor, 4 More London Riverside | London SE1 2AU | United Kingdom

20.9m @ 6.5g/t AuEq (4.4% CuEq)

LONDON, United Kingdom, February 24, 2025 / Accesswire / Meridian Mining UK. S (TSX: MNO),

(Frankfurt/Tradegate: 2MM) (OTCQX: MRRDF) (“Meridian” or the “Company”) is pleased to provide a

drilling update f rom the advanced Cabaçal Cu-Au-Ag VMS project (“Cabaçal”). These results (“Table 1”)

are highlighted by CD-639’s 20.9m @ 6.5g/t AuEq (4.4% CuEq) from 95.3m, including 7.1m @ 9.2g/t AuEq

(6.2% CuEq) from 104.0m (“Figure 1”). The results further confirm extensions and projections of Cabaçal’s

multiple stacked layers of VMS mineralization hosting robust high-grades of Au-Cu-Ag. Drilling continues

with further results pending.

Mr. Gilbert Clark, CEO, comments: “ Today’s excellent results are all adding to the strengths of the

advanced stage Cabaçal Au-Cu-Ag project. Since October last year, an updated geological model has been

guiding the ongoing drill program, and these new “targeted” intercepts are the result of this model. We

are in the last phases of Cabaçal’s PFS, and these and the future results will be used in Cabaçal’s

subsequent studies. With the recent capital raise of CAD 17.2M now closed, the Company is focused on

advancing Cabaçal’s and Santa Helena’s resource development program and its belt sc ale exploration

programs in 2025.”

CABAÇAL UPDATE

Today’s results reported from Cabaçal have returned excellent results following the completion of our

geological review of Cabaçal.

Several holes were drilled into the up-dip section of Cabaçal’s Eastern Copper Zone (“ECZ”), the northeast

and shallowest flank of the deposit. These were designed as infill holes for further confidence in the early

phases of the potential starter pit. Results include:

• CD-623: 15.4m @ 1.7g/t AuEq (1.1% CuEq) from 16.2m; including:

o 4.9m @ 3.8g/t AuEq (2.5% CuEq) from 24.0m;

• CD-634: 14.4m @ 1.1g/t AuEq (0.7% CuEq) from 39.0m; including:

o 7.4m @ 1.9g/t AuEq (1.3% CuEq) from 39.0m; and

• CD-625: 9.9m @ 1.1g/t AuEq (0.7% CuEq) from 23.5m.

HIGHLIGHTS :

 Meridian drills layers of shallow Au-Cu-Ag high-grade mineralization at Cabaçal

— CD-639: 20.9m @ 6.5g/t AuEq (4.4% CuEq) from 95.3m; including:

o 7.1m @ 9.2g/t AuEq (6.2% CuEq) from 104.0m

— CD-636: 26.6m @ 2.6g/t AuEq (1.8% CuEq) from 176.3m including:

o 15.7m @ 4.1g/t AuEq (2.7% CuEq) from 187.2m

— CD-606: 7.3m @ 5.9g/t AuEq (4.0% CuEq) from 78.7m

 Near surface up-dip extensions of high-grade Au-Cu-Ag mineralization added

 High-grade gold dominant zone grading up to 56.7g/t Au drilled at Cabaçal

Press Release TSX: MNO - OTCQX: MRRDF

Meridianmining.co

Figure 1: Cabaçal plan view with results reported today.

ECZ targeted drilling is ongoing, with infill of the potential starter pit shell to confirm zones of historical

geological data.

A number of holes have been drilled into the Central Copper Zone (“CCZ”) of Cabaçal. CD-639 traversed

the upper stacked layers of disseminated mineralization before traversing the Cu -rich basal layer. This

basal zone returned 20.9m @ 6.5g/t AuEq (4.4% CuEq) from 95.3m, including 7.1m @ 9.2g/t AuEq (6.2%

CuEq) from 104.0m.

CD-614 confirmed shallow Cu dominant mineralization, returning 23.2m @ 1.5g/t AuEq (1.0% CuEq) from

17.8m, including 9.3m @ 2.7g/t AuEq ( 1.8% CuEq ) from 21.6m. Peak grades of up to 8.1% Cu 1 were

returned from th is intersection. The hole continued on to the lower layers of mineralization including

22.4m @ 0.6g/t AuEq (0.4% CuEq) from 43.0m, 21.5m @ 2.2g/t AuEq (1.5% CuEq) from 111.2m, including

12.0m @ 3.2g/t AuEq (2.1% CuEq) from 119.0m, and 8.8m @ 1.6g/t AuEq (1.1% CuEq) from 165.0m.

Strong supporting positions assisting with modelling in this area include results from adjacent holes:

1 Sample CBDS89751: 22.05- 22.5m; 8.12% Cu, 0.559g/t Au & 17.5g/t Ag.

Press Release TSX: MNO - OTCQX: MRRDF

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• CD-636: 26.6m @ 2.6g/t AuEq (1.8% CuEq) from 176.3m; including:

o 15.7m @ 4.1g/t AuEq (2.7% CuEq) from 187.2m;

• CD-608: 53.1m @ 0.9g/t AuEq (0.6% CuEq) from 64.3m; including:

o 9.5m @ 1.9g/t AuEq (1.3% CuEq) from 82.1m; and

• CD-617: 7.3m @ 2.8g/t AuEq (1.9% CuEq) from 90.4m.

Some of the CCZ holes have been drilled at orthogonal angles, to intersect projected extensions of known

Au-Cu-Ag mineralization unable to be drilled on the regular grid due to topographic constraints. Drill hole

CD-639 was drilled at a steep angle to the south-east to cross a fence of historical vertical holes in which

data was incomplete. Holes CD-636, CD-614, CD-608, CD-617 were drilled at moderate to steep angles to

the south. CD -614 was drilled from a position where historical drilling in JUSPD -025 had returned

indications of shallow copper mineralization with a sample of up to 10% Cu, from 9.74 - 10.22m in a

broader copper halo, but records of weathering characteristics were incomplete.

Several holes were drilled into Cabaçal’s Southern Copper Zone (“SCZ”) down-dip section. CD-606 twinned

a hole with lost data, but records indicating that a sample returning >5g/t gold ha d been encountered.

CD-606 intercepted a gold -dominant zone returning 7.3m @ 5.9g/t Au from 78.7m, including a sampl e

returning 0.73m @ 56.7 g/t Au from 80.5m. CD-611, drilled at a slight rotation to strike, returned multiple

intersections including 7.0m @ 1.3g/t AuEq (0.9% CuEq) from 112.7m, 23.2m @ 0.8g/t AuEq (0.6% CuEq)

from 128.1m, and 14.6m @ 1.5g/t AuEq (1.0% CuEq) from 153.8m. CD-626 drilled through various upper

disseminated mineralization layers and a lower layer which included 14.9m @ 0.8g/t AuEq (0.5% CuEq)

from 144.7m, 5.6m @ 1.2g/t AuEq (0.8% CuEq) from 161.9m, and 9.6m @ 3.5g/t AuEq ( 2.4% CuEq) from

182.9m. CD-609 traversed a mining void but returned intersections including 2.1m @ 5.2g/t AuEq ( 3.5%

CuEq) from 47.0m, 14.5m @ 1.3g/t AuEq (0.9% CuEq) from 65.0m.

A number of holes were drilled to test lower grade sectors of the Cabaçal’s Northwest Extension, returning

mineralization but without a projection of the higher-grade lodes. The principle focus of the infill program

which is expected to conclude in the first half of the year will be on consolidating information where data

has been lost from the historical records, after attempts to locate those were exhausted. Drilling will also

contribute core to the final phase of metallurgy for the definitive feasibility study, which will include

samples representing the first five years of planned production.

ABOUT MERIDIAN

Meridian Mining is focused on:

• The development and exploration of the advanced stage Cabaçal VMS gold-copper project;

• The initial resource definition at the second high er-grade VMS asset at Santa Helena as the first

stage of the Cabaçal Hub development strategy;

• Regional scale exploration of the Cabaçal VMS belt to expand the Cabaçal Hub 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.

Press Release TSX: MNO - OTCQX: MRRDF

Meridianmining.co

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 equivalent cut-off grade).

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), Princi pal 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

8th Floor, 4 More London Riverside

London SE1 2AU, United Kingdom

Email: [email protected]

Ph: +1 778 715-6410 (BST)

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

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‐AA24 (fire assay of a 50g charge

with AAS finish). High‐grade samples (>10g/t Au) are repeated with a gravimetric finish (Au‐GRA22), 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‐SCR21. 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, except in the case of those listed in Table 1 as “Subparallel , for which true width is 40‐

0% of intersection width. Assay figures and intervals are rounded to 1 decimal place. 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:

• A

u_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

Press Release TSX: MNO - OTCQX: MRRDF

Meridianmining.co

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.

Press Release TSX: MNO - OTCQX: MRRDF

Meridianmining.co

Table 1: Assay results reported in this release.

Hole-Id Dip Azi EOH

(m) Zone Int

(m)

AuE

(g/t)

CuE

(%)

(g/t)

(%)

(g/t)

From

(m)

CD-640 -90 000 69.5 ECZ

12.5 1.6 1.1 0.2 0.9 6.1 46.9

Including 7.7 2.2 1.5 0.3 1.3 9.1 47.7

CD-639 -70 246 133.1 CCZ

22.5 0.6 0.4 0.2 0.3 0.5 33.5

Including 2.3 2.6 1.7 1.4 0.9 1.2 47.5

1.5 0.6 0.4 0.1 0.4 0.4 58.0

15.8 0.6 0.4 0.3 0.3 0.4 61.5

2.1 1.4 0.9 0.6 0.6 0.9 89.7

20.9 6.5 4.4 3.8 1.9 5.8 95.3

Including 7.1 9.2 6.2 6.9 1.6 5.0 104.0

Including 3.4 13.9 9.3 11.0 2.0 7.0 104.0

Including 2.6 18.0 12.1 7.1 7.2 27.2 113.6

CD-638 -60 046 86.6 ECZ

1.4 0.7 0.5 0.1 0.5 0.9 18.6

3.5 0.6 0.4 0.0 0.4 0.2 44.0

1.5 0.6 0.4 0.1 0.4 0.2 50.0

11.7 0.7 0.4 0.2 0.3 1.6 54.0

Including 1.6 2.7 1.8 0.8 1.3 8.6 62.2

1.5 1.3 0.9 0.3 0.7 2.8 70.7

CD-636 -45 179 212.2 CCZ Subparallel Hole

7.0 0.4 0.3 0.0 0.3 0.6 59.0

4.0 0.3 0.2 0.0 0.2 0.5 69.0

2.3 0.4 0.3 0.0 0.3 0.5 75.0

3.3 0.5 0.3 0.0 0.4 0.7 82.0

4.6 0.7 0.4 0.0 0.5 0.9 89.1

12.0 0.4 0.3 0.0 0.3 0.5 96.0

13.7 1.2 0.8 0.6 0.4 0.9 132.3

Including 3.0 1.8 1.2 1.9 0.1 1.6 143.0

3.2 0.3 0.2 0.3 0.0 0.2 163.8

26.6 2.6 1.8 1.4 0.9 3.8 176.3

Including 15.7 4.1 2.7 2.1 1.4 6.0 187.2

Including 1.0 19.2 12.9 14.8 2.9 14.5 190.2

CD-635 -50 060 149.1 CNWE

3.4 0.4 0.3 0.2 0.2 0.2 42.0

2.9 0.3 0.2 0.1 0.2 0.7 53.1

4.3 1.3 0.9 0.4 0.6 2.8 70.0

Including 2.0 2.4 1.6 0.7 1.1 5.4 72.3

3.0 0.4 0.3 0.0 0.3 2.3 82.0

5.5 0.7 0.4 0.1 0.4 1.6 112.8

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Hole-Id Dip Azi EOH

(m) Zone Int

(m)

AuE

(g/t)

CuE

(%)

(g/t)

(%)

(g/t)

From

(m)

3.9 0.7 0.5 0.2 0.4 2.7 126.3

5.9 0.5 0.3 0.1 0.3 1.3 133.4

CD-634 -60 045 75.7 ECZ

3.2 0.4 0.3 0.0 0.3 0.4 14.9

1.3 0.5 0.3 0.1 0.3 0.7 31.0

14.4 1.1 0.7 0.4 0.5 2.9 39.0

Including 7.4 1.9 1.3 0.7 0.8 4.9 39.0

Including 4.8 2.4 1.6 1.0 1.0 5.9 39.0

CD-632 -53 059 64.6 CNWE

2.0 0.4 0.3 0.1 0.2 2.1 18.2

3.3 0.5 0.3 0.1 0.3 0.9 30.8

CD-631 -50 060 55.0 CNWE

4.1 0.5 0.3 0.3 0.1 0.2 13.7

1.5 0.3 0.2 0.3 0.0 0.2 33.0

3.6 0.5 0.3 0.2 0.2 1.1 38.4

CD-629 -56 060 75.3 CNWE

2.1 0.4 0.3 0.4 0.1 0.3 23.9

1.4 1.3 0.9 0.9 0.3 5.7 33.6

1.0 1.0 0.7 0.3 0.5 1.1 39.0

4.1 0.5 0.3 0.2 0.3 1.3 50.7

0.8 0.5 0.3 0.2 0.1 13.2 58.3

CD-628 -53 059 85.6 CNWE

6.0 1.0 0.7 0.6 0.3 0.7 13.5

Including 1.5 3.3 2.2 1.9 1.1 2.4 16.4

10.6 0.5 0.3 0.2 0.2 0.6 22.6

11.0 0.5 0.4 0.2 0.3 1.3 37.0

18.7 0.7 0.5 0.4 0.2 0.9 50.8

Including 0.9 6.8 4.5 6.1 0.5 3.0 63.6

CD-627 -45 239 106.5 CNWE Subparallel Hole

2.9 0.6 0.4 0.1 0.4 0.5 53.9

4.6 0.8 0.5 0.1 0.4 1.6 64.7

2.8 1.0 0.6 0.2 0.5 2.4 71.5

CD-626 -46 225 249.6 SCZ Subparallel Hole

2.6 0.5 0.3 0.0 0.3 1.1 46.4

5.4 0.4 0.3 0.0 0.3 0.6 59.6

8.0 0.3 0.2 0.0 0.2 0.5 68.0

3.0 0.4 0.3 0.0 0.3 0.5 78.0

5.7 0.4 0.3 0.1 0.2 0.8 126.0

3.7 0.2 0.2 0.2 0.1 0.1 138.3

14.9 0.8 0.5 0.2 0.4 1.0 144.7

Including 7.3 1.0 0.7 0.1 0.6 1.4 148.7

5.6 1.2 0.8 0.4 0.6 1.1 161.9

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Hole-Id Dip Azi EOH

(m) Zone Int

(m)

AuE

(g/t)

CuE

(%)

(g/t)

(%)

(g/t)

From

(m)

9.6 3.5 2.4 0.9 1.7 9.5 182.9

Including 7.0 4.5 3.0 1.2 2.2 12.4 184.4

Including 4.9 5.7 3.8 1.7 2.7 14.5 184.4

Including 2.0 11.4 7.7 3.5 5.3 29.8 184.4

CD-625 -50 047 99.9 ECZ

9.9 1.1 0.7 0.1 0.7 3.0 23.5

2.1 1.5 1.0 0.4 0.8 5.1 44.8

2.0 3.5 2.3 1.0 1.7 4.5 49.6

CD-623 -60 044 75.1 ECZ

15.4 1.7 1.1 0.3 1.0 4.9 16.2

Including 4.9 3.8 2.5 0.6 2.2 12.4 24.0

0.9 2.9 1.9 0.4 1.7 6.8 42.7

1.6 1.2 0.8 0.3 0.6 2.3 46.3

CD-619 -90 000 75.1 CSTH Gabbro and TAC

CD-617 -75 193 120.7 CCZ

20.8 0.6 0.4 0.0 0.4 0.9 31.6

23.9 0.5 0.4 0.0 0.4 0.8 58.7

1.2 0.5 0.4 0.1 0.3 1.0 84.5

7.3 2.8 1.9 0.8 1.4 6.0 90.4

Including 3.8 4.8 3.2 1.3 2.4 10.2 93.1

CD-614 -45 181 199.6 CCZ Subparallel Hole

23.2 1.5 1.0 0.1 1.0 2.3 17.8

Including 9.3 2.7 1.8 0.1 1.8 3.8 21.6

Including 0.9 10.2 6.9 0.5 6.6 14.2 21.6

22.4 0.6 0.4 0.0 0.4 1.0 43.0

6.5 0.7 0.4 0.1 0.4 0.7 72.0

7.8 0.5 0.3 0.2 0.2 0.9 81.2

21.5 2.2 1.5 1.2 0.8 1.1 111.2

Including 12.0 3.2 2.1 1.9 1.0 1.5 119.0

Including 1.2 12.7 8.5 8.6 2.8 4.4 126.2

9.4 0.5 0.3 0.3 0.1 1.0 153.5

8.8 1.6 1.1 0.3 0.9 4.8 165.0

Including 4.2 2.5 1.7 0.4 1.4 8.1 167.6

CD-611 -46 092 171.7 SCZ

9.9 0.6 0.4 0.1 0.4 0.9 64.0

3.9 2.3 1.5 0.7 1.1 3.2 89.4

7.0 1.3 0.9 1.2 0.1 0.4 112.7

Including 1.8 4.5 3.0 4.3 0.2 1.1 117.9

2.0 0.5 0.3 0.5 0.1 0.3 123.8

23.2 0.8 0.6 0.6 0.2 0.5 128.1

14.6 1.5 1.0 0.4 0.8 2.6 153.8

Including 6.1 1.9 1.3 0.5 1.0 2.9 157.9

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