MERIDIAN REPORTS GOLD AND BASE METAL ASSAYS UP TO 6.7% CUEQ AT SANTA HELENA Santa Helena intercepts multiple zones of shallow high-grade copper-gold-silver and zinc mineralization
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MERIDIAN REPORTS GOLD AND BASE METAL ASSAYS UP TO 6.7% CUEQ AT SANTA HELENA
Santa Helena intercepts multiple zones of shallow high-grade copper-gold-silver
and zinc mineralization
LONDON, United Kingdom, October 23, 2023 / Accesswire / Meridian Mining UK S (TSX: MNO) (OTCQX:
MRRDF) (Frankfurt/Tradegate: 2MM) (“Meridian” or the “Company”) is pleased to report further strong
intercepts of shallow copper, gold, silver , and zinc mineralization at the Santa Helena mine (“Santa
Helena”). New results include CD-329: 6.8m @ 4.9% CuEq from 38.7m; CD-332: 5.8m @ 4.5% CuEq from
32.2m, and CD-335: 7.2m @ 4.0% CuEq from 35.5m (“Figure 1”). Santa Helena is one of many high priority
targets within the 55km Cabaçal Volcanic Massive Sulphide (“VMS”) belt. Locally it is part of a highly
prospective open trend, that through drilling, soil surveys, and geophysics has now been extended to over
~3.1km (“Figure 2”).
Drilling continues at Santa Helena and at the Cabaçal mine with further results pending.
HIGHLIGHTS REPORTED TODAY
• Further shallow high-grade gold and base metals intercepted at Santa Helena;
• Santa Helena returns near-surface high-grade gold and base metal mineralization:
o CD-329: 6.8m @ 4.9% CuEq (1.2% Cu, 1.4g/t Au, 52.7g/t Ag & 10.5% Zn) from 38.7m;
o CD-332: 5.8m @ 4.5% CuEq (1.1% Cu, 0.7g/t Au, 36.0g/t Ag & 10.9% Zn) from 32.2m;
o CD-335: 7.2m @ 4.0% CuEq (1.5% Cu, 2.1g/t Au, 43.4g/t Ag & 5.4% Zn) from 35.5m;
Including:
1.7m @ 6.7% CuEq (3.0% Cu, 2.7%g/t Au, 63.6g/t Ag & 8.9% Zn from 36.4m;
• The prospective and open Santa Helena VMS trend now mapped over ~3.1km; and
• Cabaçal infill and extension drilling continues to deliver robust gold and copper mineralization.
True width is considered to be 80 to 90% of intersection width.
Mr. Gilbert Clark, CEO, comments: “The Company is very pleased with the continued flow of strong gold
and base metal intersection s from Santa Helena at depths within easy r each of a potential open pit
development. In addition, our ongoing geophysical program continues to map the prospective VMS target
horizon as the survey continues to extend southeast from Santa Helena. Santa Helena’s host geology has
now been mapped over a 3.1km, and is open along strike and down plunge, delivering more upside to test
going forward. Santa Helena is evolving to be a second potential open pitable resource target within the
Cabaçal belt and is only a short trucking distance to the Cabaçal mine.”
SANTA HELENA DRILL PROGRAM
Santa Helena is a Cu-Au-Ag & Zn VMS deposit located ~9km to the southeast of the Cabaçal Mine . It has
over 10,000m of historical drilling and is one of a series of exploration targets along the 11km Cabaçal
Mine Corridor. The Company commenced initial drilling in August 2023 as part of a verification program,
to validate the historical data in line with NI43-101 requirements, and to initiate scout drilling for resource
extensions defined by geophysics. The Company's compilation of historical drill data indicated that many
past holes were not completely sampled , that reconciliation of surveyed drilled positions and mine
workings suggested that the high-grade massive sulphide mineralization was only partially mined. and
that extensions of near -surface mineralization to the east were also not int egrated into the historical
resource calculations1. The Company has concluded that this historical resource area is considered open.
Figure 1: Longitudinal section through the Santa Helena deposit showing recent results.
The Company has completed seventeen holes to date, with results reported thus far confirming strong
near-surface mineralization2, including:
• CD-311: 19.1m @ 1.3% CuEq from 8.0m, including 4.9m @ 4.6% CuEq from 22.2m;
• CD-321: 23.1m @ 1.0% CuEq from 6.1m, Including 3.6m @ 3.3% CuEq from 10.0m; and
• CD-325: 14.9m @ 3.1% CuEq from 26.3m, including 6.7m @ 4.3% CuEq from 27.5m.
The latest result s (“Table 1”) have continued to test mineralization in the historical mine area , building
out from the earlier CD-325 intersection. The results confirm the extension of robust widths of high-grade
mineralization that remain open along strike and down plunge.
CD-332 was drilled ~65m, west -northwest of CD-325 , and returned 5.8m @ 4.5% CuEq (1.1% Cu, 0.7g/t
Au, 36.0g/t Ag & 10.9% Zn) from 32.2m. The hole terminated in an expected mining void. Results compare
to earlier holes at the site, PM01A : 6.2m @ 6.0% CuEq (2.0% Cu, 1.3g/t Au, 52.5g/t Ag & 11.8% Zn) from
33.4m, and JUCHD046: 12.4m @ 5.0% CuEq (1.4% Cu, 1.4g/t Au, 63.3g/t Ag & 9.8% Zn) from 31.4m.
CD-329 was drilled slightly off section to CD-325, twinning historical hole PM16A , which originally
returned 12.9m @ 4.0% CuEq (1.3% Cu, 0.9g/t Au, 50.6g/t Ag & 7.5% Zn) from 33.6m; and 7.0m @ 5.8%
CuEq (2.3% Cu, 3.1g/t Au, 65.5g/t Ag & 7.1% Zn) from 49.8m. The drill hole CD-329 again terminated in a
mining void but returned a strong result of 6.8m @ 4.9% CuEq (1.2% Cu, 1.4g/t Au, 52.7g/t Ag & 10.5%
Zn) from 38.7m.
CD-335 stepped out ~110m east -southeast of CD-325 and was drilled adjacent to two historical holes,
PM11A: 7.9m @ 5.5% CuEq (2.2% Cu, 2.5g/t Au, 58.3g/t Ag & 7.6% Zn) from 37.3m, JUCHD041: 10.4m @
4.2% CuEq (1.8% Cu, 1.5g/t Au, 50.6g/t Ag & 5.8% Zn) from 38.6m. CD-335’s result of 7.2m @ 4.0% CuEq
(1.5% Cu, 2.1g/t Au, 43.4g/t Ag & 5.4% Zn) from 35.5m indicates good continuity of the massive-breccia -
stringer sulphide package.
1 Meridian Mining News Release of March 29, 2022.
2 Meridian Mining News Release of September 12, 2022.
Assay results provide confidence in the historical data and the position of the underground workings, and
emphasise the presence of good widths of high -quality mineralization amenable to evaluation for open
pit extraction.
Recent drilling is probing shallo wer up-dip portions of the deposit which were not systematically drilled
with the prior focus on under-ground development, focussing more in infill and resource extension, whilst
geophysical programs continue to the east.
SANTA HELENA’S EXPANDING NEAR-MINE EXPLORATION CORRIDOR
The Company has continued its Gradient Array Induced Polarization survey (“IP survey”) over the east -
southeastern extensions to Santa Helena, into the Alamo property. This newly defined chargeability
corridor has been extended a further 400m southeastwards, now totaling 2 .0km from the limit of Santa
Helena’s historical resource. The anomaly aligns with gold and base metal soil anomalies defined in BP
surveys, continuing to add valuable context to this target as an extensional corridor for Santa Helena-style
mineralization.
Figure 2: Santa Helena drill results and growing 2.0km eastern exploration extension.
The Company considers that the branching architecture of the chargeability response is suggestive of
cross-strike fold repetition of the VMS horizon . The Company continues to extend the IP survey along
strike and will shortly diversify the program to include Fixed Loop EM along the exte nsional corridor, to
test for conductors that may potentially mark a more copper-dominant sulphide assemblage.
CABAÇAL PROJECT DEVELOPMENT AND RESOURCE DEFINITION PROGRAM
The Company continues with drilling and project development studies at Cabaçal. A phase of
hydrogeological drilling has been completed as part of the program for environmental licencing. Some
drilling has focussed on testing the lateral limits of the resource in the Cabaçal Northwest Extension
(“CNWE”), with further results now pending from the mine area and central portion of the CNWE.
ABOUT MERIDIAN
Meridian Mining UK S is focused on:
• The development and exploration of the advanced stage Cabaçal VMS gold-copper project;
• Regional scale exploration of the Cabaçal VMS belt; and
• Exploration in the Jaurú & Araputanga Greenstone belts (the above all located in the State of
Mato Grosso, Brazil).
Cabaçal is a gold -copper-silver rich VMS deposit with the potential to be a standalone mine within the
50km VMS bel t. Cabaçal’s base and precious metal -rich mineralization is hosted by volcanogenic type,
massive, semi-massive, stringer, and disseminated sulphides within deformed metavolcanic-sedimentary
rocks. A later-stage gold overprint event has emplaced high-grade gold mineralization.
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 (see press release dated March 6, 2023).
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), including a higher -grade near-surface
zone supporting a starter pit.
Readers are encouraged to read the PEA Technical Report in its entirety. The PEA Technical Report may
be fo und on the Company's website at www.meridianmini ng.co and under the Company's profile on
SEDAR at www.sedar.com.
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), Principal 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
Email: [email protected]
Ph: +1 778 715-6410 (PST)
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 SGS laboratory in Belo Horizonte. Samples are dried, crushed with 75%
passing <3 mm, split to give a mass of 250 -300g, pulverized with 95% passing 150#. Gold analyses are
conducted by FAA505 (fire assay of a 50g charge), and base metal analysis by methods ICP40B and
ICP40B_S (four acid digest with ICP -OES finish). Visible gold intervals are sampled by metallic screen fire
assay method MET150-FAASCR. 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 . 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)), where:
• Au_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
Copper equivalents for Santa Helena are based on metallurgical recoveries from the historical resource
calculation, updated with pricing forecasts aligned with the Cabaçal PEA. The metal equivalent formula s
presented as a copper equivalent rather than a zinc equivalent, based on the Companies current
assessment of the metal balance after the past zinc-focussed extraction. CuEq% = (Cu% * 89%Recovery) +
(0.67Au(g/t) * 65%Recovery) + (0.318Zn% * 89%Recovery)) + (0.009Ag(g/t) * 61%Recovery)).
The Gradient Array IP survey is being conducted using the Company's in-house team, utilizing its GDD
GRx8-16c receiver and 5000W- 2400-15A transmitter. Data is processed by the Company’s ind ependent
consultancy Core Geophysics. Geophysical and geochemical exploration targets are preliminary in nature
and not conclusive evidence of the likelihood of a mineral deposit.
Qualified Person
Mr. Erich Marques, B.Sc., MAIG, 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.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 requ ired 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.
Table 1: Results Reported
Santa Helena
Hole-ID Dip Azi EOH
(m)
Zone Int
(m)
CuEq
(g/t)
AuEq
(%)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Zn
(%)
Pb
(%)
From
(m)
CD-335 89 000 65.0 SHM
7.2 4.0 6.0 1.5 2.1 43.4 5.4 0.8 35.5
Including 1.7 6.7 10.0 3.0 2.7 63.6 8.9 0.9 36.4
Including 2.6 5.2 7.8 1.9 3.5 63.0 6.1 1.0 40.1
CD-332 89 000 43.7 SHM
5.8 4.5 6.8 1.1 0.7 36.0 10.9 1.1 32.2
Including 3.9 6.0 8.9 1.4 0.7 44.8 14.9 1.5 34.1
CD-329 89 000 52.0 SHM
6.8 4.9 7.4 1.2 1.4 52.7 10.5 1.7 38.7
Cabaçal
Hole-ID Dip Azi EOH
(m)
Zone Int
(m)
AuEq
(g/t)
CuEq
(%)
Au
(g/t)
Cu
(%)
Ag
(g/t)
From
(m)
CD330 51 044 169.8 SCZ
5.4 0.6 0.4 0.1 0.4 1.3 90.8
3.1 0.3 0.2 0.0 0.2 0.7 100.2
17.3 0.6 0.4 0.1 0.4 1.4 108.4
21.1 0.5 0.4 0.2 0.2 1.2 128.7
CD328 53 057 150.2 CWNE
19.2 0.6 0.4 0.3 0.2 0.7 15.9
Including 4.5 1.7 1.1 1.3 0.3 1.4 29.6
0.9 2.6 1.7 2.4 0.2 0.6 40.9
22.6 0.5 0.3 0.1 0.2 0.5 56.7
3.7 0.7 0.5 0.3 0.3 0.5 95.7
9.6 0.7 0.4 0.1 0.4 0.6 125.6
Including 4.5 1.1 0.7 0.1 0.7 1.0 129.3
CD327 49 060 71.1 CWNE
2.0 0.8 0.6 0.2 0.5 1.2 33.0
2.9 0.6 0.4 0.4 0.1 1.3 38.7
CD326 49 058 75.0 CWNE
3.2 0.4 0.3 0.0 0.3 0.4 37.0
7.0 0.5 0.3 0.4 0.1 0.4 44.0
4.2 2.5 1.7 1.6 0.7 1.6 57.5
Including 1.8 5.0 3.3 3.5 1.1 2.0 57.5
CD324 50 060 60.5 CWNE
1.4 0.3 0.2 0.3 0.0 0.8 19.0
CD323 49 059 100.2 CWNE
4.6 0.3 0.2 0.0 0.2 0.6 17.4
0.8 0.9 0.6 0.7 0.2 1.4 26.7
Cabaçal
Hole-ID Dip Azi EOH
(m)
Zone Int
(m)
AuEq
(g/t)
CuEq
(%)
Au
(g/t)
Cu
(%)
Ag
(g/t)
From
(m)
CD320 50 059 64.0 CWNE
1.0 1.5 1.0 1.6 0.1 0.0 22.0
3.8 1.1 0.7 1.0 0.1 0.5 31.6
CD318 50 060 70.4 CWNE
4.5 0.6 0.4 0.7 0.0 1.2 0.0
1.8 1.7 1.1 0.7 0.8 1.6 47.8
CD317 50 058 80.1 CWNE
2.3 0.4 0.2 0.1 0.2 0.2 46.0
2.3 1.7 1.1 0.6 0.8 1.9 53.0
CD315 49 059 69.0 CWNE
3.1 0.4 0.2 0.4 0.0 0.3 7.0
1.5 1.5 1.0 1.5 0.1 0.0 17.0
4.1 0.6 0.4 0.1 0.3 0.5 27.9
CD297 61 060 43.5 ECZ (abandoned in mining void @ 43.5m)
4.4 0.4 0.3 0.0 0.3 0.9 15.1
0.6 1.9 1.3 0.3 1.1 4.8 23.6
1.5 0.3 0.2 0.0 0.2 1.3 28.8
0.6 1.5 1.0 0.3 0.9 2.6 36.9