Meridian Reports Multiple Zones of High- Grade Copper-Gold at Cabaçal
Meridian Reports Multiple Zones of High-
Grade Copper-Gold at Cabaçal
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
U.S/
New parallel trend of overprinting structures hosting visible gold defined within the Northwest
Extension
LONDON
,
March 22, 2022
/CNW/ - Meridian Mining UK S (TSXV: MNO), (
Frankfurt
/Tradegate:
2MM) & (OTCQB: MRRDF), ("Meridian" or the "Company") is pleased to provide an update on
results from its ongoing drilling programs at its camp scale Cabaçal Copper-Gold VMS Project
("Cabaçal") in
Mato Grosso, Brazil
. Further zones of strong copper ("Cu"), gold ("Au") and silver
("Ag") mineralization have been assayed from the Company's metallurgical drilling program (Figure
1). Meridian also reports that within the Cabaçal Northwest Extension ("CNWE"), CD-099 has
intersected a 2
nd
trend of overprinting gold structures, located ~70m west-northwest of the first
defined high-grade gold trend with visible gold observed in later-stage veining (Photo 1). This new
auriferous structure remains open to the northwest and
950m
southeast back to the Cabaçal mine.
Recent angled drilling within the Cabaçal Mine area has identified further late-stage structures,
hosting visible gold, overprinting the flat-lying VMS copper-gold layers. Additionally, CD-096 has
intersected a later stage structure with visible gold overprinting the copper-gold VMS layers outside
of the mined area and extending the local over-printing gold trend (one of several) to the southeast;
where it remains open. Over
11,000m
of drilling remains to be completed and further assays are
pending.
Highlights of today's update:
Meridian reports further multiple broad zones of copper-gold-silver mineralization at Cabaçal;
Meridian identifies 2
nd
Zone of overprinting structures hosting visible gold within the Cabaçal
Northwest Extension;
Meridian intersects multiple overprinting structures hosting visible gold within and extending out
from the Cabaçal mine's copper-gold VMS layers;
CD-087 assays
31.4m
@ 0.8% CuEq* (0.7% Cu, 0.2g/t Au, 2.0g/t Ag & 0.1% Zn) from
31.0m
;
Including:
13.3m
@ 1.6% CuEq (1.3% Cu, 0.4g/t Au, 4.0g/t Ag & 0.2% Zn) from
49.1m
;
CD-091 assays
39.2m
@ 0.7% CuEq (0.5% Cu, 0.2g/t Au, 3.2g/t Ag & 0.2% Zn) from
77.8m
;
Including:
11.5m
@ 1.3% CuEq (1.0% Cu, 0.4g/t Au, 3.9g/t Ag & 0.1% Zn) from
80.6m
;
6.1m
@ 1.1% CuEq (0.6% Cu, 0.2g/t Au, 8.8g/t Ag & 0.8% Zn) from
111.0m
; and
CD-097 assays
36.7m
@ 0.8% CuEq (0.6% Cu, 0.2g/t Au, 3.9g/t Ag & 0.1% Zn) from
51m
;
Including:
11.9m
@ 1.6% CuEq (1.3% Cu, 0.4g/t Au, 8.9g/t Ag & 0.1% Zn) from
61.8m
.
* 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 ("Cu") 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 ("Au") & Silver ("Ag") 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.
Dr
Adrian McArthur
, CEO and President of Meridian, comments, "We are continuing to see broad
layers of VMS style mineralization hosting strong grades of copper-gold-silver from shallow depths
at Cabaçal. Recovered core from CD-087, 091 & 097 will form part of the metallurgical program,
with assays to be included in the upcoming resource calculation. Along the CNWE, we have started
the cross-strike infilling drill program targeting possible repetitions of the first zone of high-grade gold
overprinting the known VMS copper-gold-silver layers. Success has been immediate. A broadening
footprint of VMS mineralization, overprinted by late-stage veining with visible gold was intersected in
hole CD-099, collared
70m
to the west-northwest of CD-072, which returned
49.0m
@ 3.0% CuEq
(0.4% Cu, 4.3g/t Au & 1.2g/t Ag) from
43.0m
, including
12.4m
@ 11.0%CuEq (1.0% Cu, 16.6/t Au &
2.8g/t Ag) from
73.3m
[1]. There is potential for further high-grade gold overprinting structures within
the CNWE to be present, as multiple trends are seen within the historical mine's limits;
950m
to the
southeast of CD-072 & CD-099. Recently completed angled drill holes CD-093, 097, 098, 099 & 100
are within the mine's limits and have intersected multiple structures hosting visible gold. Additionally,
CD-096 collared immediately outside of the mine workings encountered the visible-gold overprint;
one of several zones extending out from the mine to the southeast. As a result of this frequency for
visible gold overprinting the VMS mineralization, we have re-logged the Avanco hole AMCD-1505[2]
and identified previously non-recorded visible gold and now this hole is being re-assayed by metallic
screen fire assay methods. The impact of these potentially higher-grade gold zones is that they may
be one of several positive influences for the future Cabaçal resource statement compared to that of
the historical resource
2
. We still have 3 drill rigs operating on site with over
11,000m
of drilling to go
and we look forward to reporting future results".
Drilling Update
Results were received from three additional holes from the metallurgical program. Hole CD-087 was
drilled in the Eastern Copper Zone (ECZ), and returned a result of
31.4m
@ 0.8% CuEq (0.7% Cu,
0.2g/t Au, 2.0g/t Ag & 0.1% Zn) from
31.0m
, including
13.3m
@ 1.6% CuEq (1.3% Cu, 0.4g/t Au,
4.0g/t Ag, 0.2% Zn) from
49.1m
. The result is consistent with the copper-dominant stringer sulphide
mineralization of the ECZ and in line with expectations.
Hole CD-091 was drilled within the Southern Copper Zone (SCZ), representing the down-dip portion
of the Cabaçal mineral system. The hole intersected upper copper-dominant disseminated sulphide
horizons, including a higher-grade stringer interval (
0.5m
@ 6.5% Cu, 0.4g/t Au, 14.7g/t Ag, 0.1%
Zn) from
29.2m
. The hole passed through a mining void from 73.3 to
77.4m
, was reduced to NQ
core diameter, and passed into a broader lower zone of
39.2m
@ 0.7% CuEq (0.5% Cu, 0.2g/t Au,
3.2g/t Ag, 0.2% Zn) from
77.8m
, including
11.5m
@ 1.3% CuEq (1.0% Cu, 0.4g/t Au, 3.9g/t Ag,
0.1% Zn) from
80.6m
and
6.1m
@ 1.1% CuEq (0.6% Cu, 0.2g/t Au, 8.8g/t Ag, 0.8% Zn) from
111.0m
. The elevated zone of zinc in the lower interval included
2.1m
@ 0.9% Cu, 0.4g/t Au, 20.8g/t
Ag, 2.1% Zn from
111m
. Previous mine studies conducted by Canadian VMS specialists (Mason and
Kerr) toward the end of mine operations in 1990 concluded that there may be potential for an offset
zinc-dominant component to the Cabaçal system, possibly further down-dip
________________________
1
Meridian Mining news release dated November 29, 2021
2
Meridian Mining news release dated August 26, 2020
Figure 1: Drill Results Reported today. (CNW Group/Meridian Mining UK Societas)
A further hole in the ECZ, CD-097, returned
36.7m
@ 0.8% CuEq (0.6% Cu, 0.2g/t Au, 3.9g/t Ag &
0.1% Zn) from
51.0m
, Including
11.9m
@ 1.6% CuEq (1.3% Cu, 0.4g/t Au, 8.9g/t Ag & 0.1% Zn)
from
61.8m
. The principal intersection targeted was located below additional upper lower grade
horizons
5.5m
@ 0.3% CuEq (0.2% Cu, 0g/t Au, 1.3g/t Ag, 0% Zn) from
8.6m
;
15.2m
@ 0.2%
CuEq (0.1% Cu, 0.1g/t Au, 0.2g/t Ag, 0% Zn) from
32.9m
. The CD-097 zone included one of the
highest-grade copper sulphide samples drilled in the program to date (CBDS12056, 66.65 -
67.10m
:
12.3% Cu, 4.4g/t Au, 82.7g/t Ag over
0.45m
). The inclined hole will be tested for off-hole conductors
with bore-hole geophysics, after surface programs in progress over the C2A target advance.
Cabaçal Northwest Extension
Drilling in the CNWE has continued, with the initial stages of cross-strike drilling commencing. The
objective of the program will be to delineate the shallow-dipping copper-gold-silver mineralized VMS
stratigraphy and the network of late stage overprinting gold structures. Mineralization is expected to
exhibit some periodicity, related to footprint of the VMS system.
Initial drilling of this infill program, at the northern limits of the CNWE has, via CD-099, returned
visible gold at shallow depth associated with quartz veining and coarse copper sulphide stringer
mineralization (sample CDDS12548; 38.2 -
38.6m
). The position of CD-099's gold intersection is
stratigraphically shallower compared to CD-072's, and the Company considers this to be a new
structural position, indicating a deflection or stepping of the gold trend to the west of the previous
projection.
Hole CD-089 drilled
200m
northwest of the mine's limits, inclined across the projection of the Central
Copper Zone ("CCZ") returned multiple lower grade mineralized intervals, although the projection of
gold-bearing structures out from the mine was seen in an interval with
1.0m
@ 2.6 g/t Au, 0.2% Cu,
1.4 g/t Ag from
33.6m
. With further drilling along this trend, it may potentially develop into another
high-grade zone within the CNWE as variance of the gold grade was seen along the first structural
trend defined by Meridian.
Photo 1: Top CD-099; tray 13 (35.9 – 39.8m), with variably sulphidic late-stage quartz veining “A”,
and bottom detail of visible gold in the same sample interval (sample CDDS12548; 38.2 - 38.6m).
(CNW Group/Meridian Mining UK Societas)
Additional holes with visible gold interactions are pending:
Hole CD-096 (assays pending) from the SCZ contained intervals of visible gold in samples
CBDS13003 (79.0 -
80.0m
), CBDS13094 (144.2 -
144.9m
), CBDS13100 (148.5 -
149.15m
);
Hole CD-100 (assays pending) from the CNWE contained visible gold in sample CBDS12717
(85.0 -
85.4m
). This is a
25m
infill hole between CD-072 and CD-049, both of which returned
high-grade intersections;
Hole CD-104 (assays pending) from the SCZ contained visible gold in sample CBDS13337
(42.8 -
43.25m
); and
Avanco hole AMCD1505 for a metallic screen-fire assay where visible gold was logged by
Meridian (previously missed) in the interval 172.0 - 173.0 (Sample AV-73, 985), for which
original assays reported 0.4 g/t Au.
The frequency the Company is seeing visible gold in these resource infill and metallurgical holes'
core is consistent with the historical operational experience at Cabaçal, from which a high proportion
of the gold was gravity recoverable.
Table 1: Cabaçal Assays reported today.
Hole Id
Zone
*
Intercept
Grade
From
CuEq
Cu
Au
Ag
Zn
Pb
(m)
(%)
(%)
(g/t)
(g/t)
(%)
(%)
(m)
CD-097
ECZ
5.5
0.3
0.2
0.0
1.3
0.0
0.0
8.6
15.2
0.2
0.1
0.1
0.2
0.0
0.0
32.9
36.7
0.8
0.6
0.2
3.9
0.1
0.0
51.0
Including
11.9
1.6
1.3
0.4
8.9
0.1
0.0
61.8
CD-091
CCZ
0.5
6.9
6.3
0.4
14.7
0.1
0.0
29.2
15.4
0.4
0.3
0.1
1.0
0.1
0.0
41.0
7.3
0.2
0.2
0.1
0.2
0.0
0.0
66.0
39.2
0.7
0.5
0.2
3.2
0.2
0.0
77.8
Including
11.5
1.3
1.0
0.4
3.9
0.1
0.0
80.6
And
6.1
1.1
0.6
0.2
8.8
0.8
0.0
111.0
6.7
0.6
0.4
0.2
1.2
0.1
0.0
134.1
CD-089
CNWE
3.0
0.3
0.2
0.1
1.8
0.0
0.0
20.0
1.0
1.8
0.2
2.6
1.4
0.0
0.0
33.6
10.0
0.4
0.3
0.0
1.2
0.0
0.0
51.0
3.2
0.4
0.3
0.2
0.7
0.0
0.0
99.0
5.3
0.5
0.4
0.1
1.3
0.0
0.0
107.7
CD-087
ECZ
31.4
0.8
0.7
0.2
2.0
0.1
0.0
31.0
Including
13.3
1.6
1.3
0.4
4.0
0.2
0.0
49.1
Drill Details
Hole Id
Dip
Azimuth
EOH
CD-097
-60
45
104.89
CD-091
-90
0
100.4
CD-089
-50
60
81.0
CD-087
-50
60
124.1
* CCZ: Central Copper Zone, CNWE: Cabaçal Northwest Extension, CW: Cabaçal West, CSE:
Cabaçal Southeast
Notes
General exploratory holes have been drilled HQ through the saprolite and upper bedrock and then
reduced to NQ – mineralized intervals represent half HQ or NQ drill core. Metallurgical holes are
drilled HQ from surface, and reduced only if voids are intersected (Hole CD-091 was reduced to
NQ from
77.25m
). Samples represent quarter HQ core, and half NQ 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.
Pulps are retained for umpire testwork, and ultimately returned to the Company for storage. 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
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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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 06:30e 22-MAR-22