Meridian Finalizes JV with Orosur Mining on Ariquemes Tin Province
Meridian Finalizes JV with Orosur Mining on
Ariquemes Tin Province
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
U.S./
Joint Venture formed to create tin-focussed Company in
Brazil's
second largest tin province.
LONDON
,
Jan. 13, 2022
/CNW/ - Meridian Mining UK S (TSXV: MNO) (
Frankfurt
: 2MM)
(Tradegate: 2MM) (OTCQB: MRRDF) ("Meridian" or the "Company") today provides an update on
its Ariquemes Tin Exploration Portfolio ("Ariquemes"), announcing that it has signed a Joint Venture
Agreement (the "Agreement" or the "JV") with Orosur Mining Inc. ("Orosur"). The Agreement
provides a mechanism for a staged earn-in by Orosur into the mineral concessions currently held via
Meridian Mineração Jaburi S.A., a wholly owned subsidiary of Meridian. Ariquemes comprises an
extensive land package in
Brazil's
second largest tin field. Geophysical and geochemical datasets
released by the Companhia De Pesquisa De Recursos Minerais ("CPRM"; Geological service of
Brazil
) highlights highly prospective signatures consistent with the tin-bearing granites within the
Ariquemes area. The Company welcomes the partnership with Orosur, which will allow it to pursue
its particular strategic focus on its Cabaçal Cu-Au Project in the state of
Mato Grosso
while retaining
exposure to Ariquemes' long-term potential upside.
Highlights of today's update:
Meridian signs a Joint Venture of its Ariquemes tin portfolio with Orosur Mining Inc;
Orosur shall have the exclusive right for a staged earn-in on the Ariquemes Project;
Expenditure of
USD 1,000,000
to earn an initial 51% interest over a 24-month period;
Expenditure of
USD 2,000,000
to earn a 75% interest, after which Meridian can contribute
or dilute to a royalty; and
JV on Ariquemes allows Meridian to focus on its Cabaçal Cu-Au Project in the state of
Mato
Grosso
.
Dr
Adrian McArthur
, CEO and President of Meridian, comments, "Meridian has communicated for
some time its intent to find a suitable partner to advance Ariquemes. Orosur's Board and
Management team have extensive experience in
South America
and concluded a legal due diligence
and positive field review at the end of 2021. We are pleased now to announce the signing of the JV
Agreement which creates a focussed vehicle to explore the prospective Ariquemes district. The
progressive strengthening of the tin price over the past two years has created a resurgence of
interest in the belt and optimal conditions for a tin-focussed company to explore for a new generation
of discoveries. Both Orosur and Meridian believe the Ariquemes district to be highly prospective. The
Agreement allows Meridian to maintain its focus on the Cabaçal VMS copper-gold Belt, its strategic
priority, and it wishes Orosur well in pursuing success in Ariquemes for all stakeholders."
Ariquemes
Meridian Mining consolidated a large landholding within the world class Ariquemes Tin District of
Rondônia,
Brazil's
second largest tin field. The area has been evaluated through CPRM's "Áreas de
Relevante Interesse Mineral" program - an initiative with Federal backing. The Ariquemes district
was selected based on its contribution to
Brazil's
economy, and the need to reconsider the
prospectivity based on available geophysical datasets. Key observations of the datasets and reports
released by the CPRM include:
Cassiterite and Gold were detected in pan-concentrates from a CPRM stream-sediment
sampling program (Figure 1). The sampling was conducted at a district scale. The responses
are at trace levels, but are considered significant in showing mineralized sources;
The radiometric responses have identified signatures associated with two mineralized granite
series – the Rondônia Suite to the west, and the Santa Clara Suite to the east. The responses
extend beyond the mapped granite boundaries, suggesting the granites project under shallow
cover;
The distinctive magnetic signature of tin-bearing granite series extends beyond areas of
exposure and projects beneath younger cover sediments within the Ariquemes Project Area. A
broad envelop of interest occupied by clusters of favourable magnetic anomalies has been
defined;
Within the Company's license area, the more detailed 1:100,000 maps recently produced as
part of the study now show the presence of the prospective granites, along strike to active tin
mines, and elsewhere, requiring prospecting follow-up when the licenses are granted.
Figure 1: Ariquemes JV area. (CNW Group/Meridian Mining UK Societas)
About Orosur Mining Inc
Orosur Mining is a TSXV and AIM listed company with a head office in
Canada
. It has interests in
the Anza gold exploration project in
Colombia
(run in partnership with Newmont and Agnico Eagle),
and has a strong technical management team, led by CEO
Brad George
, who has 30 years'
experience in global mineral exploration, development and financing with a long history in
South
America
.
Terms of the Ariquemes Joint Venture Agreement
Orosur or any of its subsidiaries shall have the exclusive right to acquire a 51% interest in the
Ariquemes Project by expending
USD 1,000,000
on exploration within an initial 24-month period.
Orosur may terminate the Agreement at any time with 60 days' notice during this Period by
providing written notice to Meridian;
Orosur or any of its subsidiaries will be the operator of the JV;
Following the exercise of the First Option, Orosur shall have the right to acquire an additional
24% interest in the Ariquemes Project (for an aggregate interest of 75%) by incurring an
additional
USD 2,000,000
in exploration expenditures;
After the second option period, funding of the Agreement would be on a pro rata basis. In the
event that either Party's interest is diluted to 10% or less, its interest shall be converted to a
royalty of 1% of net smelter returns on all minerals thereafter produced. The royalty, which shall
be subject to a purchase option of
USD 1,000,000
for the other Party, includes customary
terms for royalties of this type.
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.
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 16:30e 13-JAN-22