Meridian Drills Strongest Zones of Visible Gold and Chalcopyrite to date at Cabaçal Northwest Extension; Provides Exploration Update Further High-Grade Gold Veins and Cu-Au VMS Layers at CNWE /
Meridian Drills Strongest Zones of Visible
Gold and Chalcopyrite to date at Cabaçal
Northwest Extension; Provides Exploration
Update
Further High-Grade Gold Veins and Cu-Au VMS Layers at CNWE
/
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
U.S./
LONDON, United Kingdom
,
Oct. 21, 2021
/CNW/ - Meridian Mining UK S (TSXV: MNO) (
Frankfurt
:
2MM) (Tradegate: 2MM) (OTCQB: MRRDF) ("Meridian" or the "Company") is pleased to provide an
update on its drilling programs at its Cabaçal Copper-Gold VMS Project ("Cabaçal") in
Mato
Grosso, Brazil
. Drill hole CD-072 targeted high-grade Gold ("Au") and Copper ("Cu") mineralization
50m
northwest of CD-049
1
along the Cabaçal Northwest Extension ("CNWE"; Figure 1) and
intercepted a
45m
zone of strong VMS sulphide mineralization from
40.3m
, with a
2.4m
internal
structural zone from
79.4m
hosting multiple occurrences of the strongest visible gold observed to
date at Cabaçal (Photo 1); assays are pending. The CNWE remains open to the Northwest.
The Company has also completed drill hole CD-066, into the Cabaçal West target, intersecting
disseminated to stringer sulphide mineralization (sphalerite, chalcopyrite, pyrrhotite) associated with
chlorite-sericite-silica alteration and intervals of stratiform carbonate banding. A Bore Hole
ElectroMagnetic ("BHEM") survey on CD-066 has detected the strongest conductor to date at 680
Siemens (almost 10 times the norm of conductors at Cabaçal). The modeling of the conductor
shows that CD-066 clipped the top corner of the plate at ~380m and the Company is now collaring
the next drill hole to target the center of this conductor.
Highlights of today's update:
Cabaçal Northwest Extension returns strongest zone of Visible Gold and VMS sulphides to
date;
Video of high-grade gold vein is available here:
https://twitter.com/MeridianMining
;
CNWE remains open, drilling planned to continue testing for strike extensions;
Cabaçal West intercepts mineralized exhalative VMS pile hosting strongest BHEM conductor to
date – expanded drill program to follow; and
Cabaçal and Cabaçal Northwest Extension are interpreted as two separate VMS Cu-Au feeder
systems plunging down to Cabaçal West's highly conductive BHEM plates.
"CD-072's three veins hosting visible gold truncating strong VMS mineralization within the CNWE,
indicate strong continuity to the CD-049's high-grade gold core of
8.0m
@ 71.3g/t Au & 0.4% Cu",
commented Dr
Adrian McArthur
, CEO and President. "Strong alteration and chalcopyrite dominant
bedded sulphide layers suggest we are now defining a second Cu-Au VMS feeder system
overprinted by a series of high-grade gold veins, similar to that of the Cabaçal Mine, except the
CNWE's high-grade gold vein system is unmined and entirely intact. Ongoing drilling will test for
extensions to the Cabaçal system over a 2km strike length and beyond. Plunging below these two
VMS feeder systems is the mineralized Cabaçal West target, that we now know has the classic
alteration signature to a VMS centre and hosts our strongest BHEM conductor. With these open
results, Cabaçal is demonstrating its high prospectivity for multiple open pit and underground
Copper-Gold resource development programs".
Photo 1: Left: CD-072: one of the high-grade Gold veins encountered with multiple points of visible
Gold circled in red; Right: CD-070: chalcopyrite-dominant mineralization associated with strong
chloritic alteration, interpreted to reflect proximity to a VMS feeder system. (CNW Group/Meridian
Mining UK Societas)
The evolving strike length of these high-grade and shallow gold veins extending out from the Cabaçal
Mine along the CNWE corridor has an immediate impact on how Meridian views the development of
Cabaçal. CNWE's high-grade Au veins are strongly influencing Cabaçal's future planning for technical
and financial studies including but not limited to the repayment of CAPEX time frames, OPEX
estimations and location of mine processing facilities. These high-grade gold veins traversing strong
Cu-Au VMS type layers are a recent discovery by Meridian and have the potential to exceed the
Cabaçal Mine's original mineral endowment, being wholly intact and open.
Figure 1: Drill collar map showing the location of holes completed to date on the NW Extension
(CNW Group/Meridian Mining UK Societas)
Meridian's primary focus is to develop Cabaçal's camp scale, near surface, high-grade gold veins
hosted within Cu-Au (+Zn-Ag) VMS mineralization. During this same period, the additional upside
presented by deeper underground targets such as Cabaçal West will continue to be drilled, but
future programs will be guided by the expected timeline associated with Cabaçal's surface
prospects. Comparative VMS camps have shown that the timelines for the transition to focus a
company's activities from surface opportunities that have been or are nearing exhaustion towards
underground prospects can be measured over a period of decades.
Cabaçal Northwest Extension
CD-070 and CD-072 are the Company's northern-most holes concluded in the CNWE. Both holes
were inclined at 50
o
to an azimuth of 60
o
and were drilled to depths of
112.0m
and
115.1m
respectively.
CD-070 passed through saprolite to
7.2m
and saprock / transition zone to
39.5m
, from where
sulphide abundance increased and continued through to
69.0m
(disseminated and stringer zones,
with particular concentration from 62.0 to
63.6m
(breccia zone)). The contact with the footwall unit
(TAC / felsic volcanic sequence) was intersected at
83.4m
. The high concentrations of sulphides
were unexpected this far north and combined with strong chloritic alteration leads the Company to
believe there is a satellite feeder system. The copper-in-soil anomaly defined by BP Minerals
extends for a further
350m
northwest of CD-070 and remains open, providing a target corridor of at
least 2km extent to test associated with the Cabaçal mineral system.
CD-072 intersected saprolite to
24.7m
and saprock / transition zone to
38.6m
. Disseminated
chalcopyrite was evident from
43.1m
. Disseminated and stringer mineralization persisted through to
a late over-printing quartz vein set containing visible gold, which was developed from 79.4 -
82.1m
.
Disseminated sulphide extended to
88.0m
. The contact with the footwall unit (TAC / felsic volcanic
sequence) was intersected at
92.0m
.
Cabaçal West Update
Hole CD-066 was completed at Cabaçal West, testing the northern sector of the Fixed Loop surface
EM response
2
. Alteration intensity increased down hole at
268.4m
accompanied by punctuated
disseminated Chalcopyrite – Pyrrhotite – Pyrite mineralization. Intervals of more heavily
disseminated to stringer sulphide mineralization were observed intermittently from 367 to
390m
,
coinciding with an in-hole conductivity response. Modelling of the BHEM data indicates that the hole
clipped the top of the anomaly which is modelled with a down-dip extent of
500m
. Hole CD-066 was
initially planned to a depth of
500m
to provide good coupling with the conductor but was extended
when at
492m
the hole again returned disseminated sulphide mineralization co-incident with the
appearance of stratiform carbonate alteration bands through to
533.5m
. Periodic disseminated and
locally stringer sulphide mineralization persisted to
554.6m
. The hole was terminated at
590.6m
. The
hole contained a significantly wider footprint of mineralization and alteration compared to CD-058,
located
130m
to the southeast. A new hole is being collared to intersect the extension of the CD-066
position ~150m down-plunge.
Drilling and Reporting Program
The company has completed 72 holes to date for 9,952 metres. With the closure of the recent
financing the Company has lifted the embargo of assays from SGS, and these will be reported
shortly after standard QAQC review. With the development of the regional targets, the Company
intends to expand the drilling beyond the planned
10,000m
program. CD-058 continuation was
paused due to shipment delays of specialist drill bits and will be revaluated after the follow up hole to
CD-066. At least three drill rigs will continue with delineation programs on the CNWE, Cabaçal mine
area and Cabaçal South, with periodic testing of longer-term development targets.
Qualified Person
Dr.
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
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:
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Follow Meridian on Twitter:
https://twitter.com/MeridianMining
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 include, among others,
statements with respect to the Company's plans for exploration, development and exploitation of its
properties and potential mineralization. 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.
1
See Meridian news releases dated September 7, and September 13, 2021
2
See Meridian news releases dated July 20, and August 23, 2021
SOURCE
Meridian Mining UK Societas
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For further information:
IR contact information: Mr Gilbert Clark, Executive Chairman, Meridian
Mining UK S, Email: [email protected], Ph: +1 (778) 715-6410 (PST)
CO: Meridian Mining UK Societas
CNW 07:30e 21-OCT-21