Meridian to Expand Cabaçal Drill Program and Provides Project Update /
Meridian to Expand Cabaçal Drill Program and
Provides Project Update
/
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
U.S./
Fully financed Cabaçal drill program to be expanded by
15,000m
and continued into 2022
LONDON, United Kingdom
,
Nov. 24, 2021
/CNW/ - Meridian Mining UK S (TSXV: MNO) (
Frankfurt
:
2MM) (Tradegate: 2MM) (OTCQB: MRRDF) ("Meridian" or the "Company") is pleased to announce
an extension of the drilling contract at its camp scale Cabaçal Copper-Gold VMS Project ("Cabaçal")
in
Mato Grosso, Brazil
. Meridian has extended the drilling contract by a minimum
15,000m
, to
expand on the successful 1
st
phase of drilling at Cabaçal. The ongoing fully-financed
1
drill program
will target high-grade copper ("Cu") – gold ("Au") and silver ("Ag") open mineralization following the
string of positive results since its inception
2
, particularly the high-grade Cabaçal Northwest
Extension, as well as infilling existing zones within the Cabaçal mine environment. The results of the
program will be combined into the first NI 43-101 resource statement scheduled for the 2
nd
Quarter
2022.
Meridian also announces the rollout of the 14-month Environmental Impact Study ("EIA"), whose
results (ongoing or final) will be used in future critical studies such as the Pre-Feasibility Study
("PFS") and up to and including the future Cabaçal Bankable Feasibility Study ("BFS"). As part of the
advancement of the data needed for these studies, the PFS and BFS, the Company is in final
submissions with two separate groups. One to complete the comminution study and the other to do
the head assays, mineralogy, flotation, and gravity testing. With the extent of historical data
available, the Company is confident these two metallurgical studies will largely confirm the high
recoveries of Cu, Au & Ag to be included in future NI 43-101 reports.
Highlights of today's release:
Meridian extends current drill program at its Cabaçal Copper-Gold Project by 15,000 metres;
Next phase of drilling targeting open copper-gold mineralization is fully financed;
Cabaçal mine area to have extensional and infill drilling extending into 2
nd
Quarter 2022;
Meridian launches Cabaçal Environmental Impact Study;
Brazilian company Sete Soluções e Tecnologia Ambiental contracted to produce EIA;
Cabaçal metallurgical program to commence with comminution, flotation, and gravity studies;
1,100m
of diamond core required for the three studies;
Results will be used in future PFS & BFS, and
Targeting recoveries of >90% for copper and gold, and >80% for silver, based on past
production experience.
Dr
Adrian McArthur
, CEO and President of Meridian, comments, "This initial
15,000m
extension of
the drilling program for the Cabaçal resource definition program reflects the positive results we have
seen from the extensions to the Cabaçal mine, with the Cu-Au mineralization remaining open. The
initiation of the metallurgical programs builds on an extensive operational data from past selective
mining operations and will be an important step in confirming that the same milling parameters
extend beyond the historical mine's limits. Following the close of the recent
$10.4M
financing, the
Company is well financed to continue not only the resource and metallurgical programs, but also to
work in parallel on environmental studies to position the project well on its trajectory for open-pit
development."
Cabaçal's extended drill program will be increased by a minimum
15,000m
and focus on the areas
within and immediately adjacent to the Cabaçal mine. The program to date has confirmed a Cu-
Au+Ag VMS system that is open to the Northwest, Southeast and Southwest; the VMS system sub-
crops to the Northeast. The shallow and gently dipping Cu-Au mineralization means that an
expanded area can be covered by the
15,000m
program, and with further positive results test the
open pit potential over the 2.0km strike length where mineralization has been defined to date.
The Company has commenced the EIA via its contract with Sete Soluções e Tecnologia Ambiental
and will shortly commence two other long-term critical studies as part of the works required within
the Cabaçal Option Agreement
3
("COA"). The EIA will take up to 14 months to complete and will
cover all of the aspects required to be addressed when applying for an Installation Permit ("IP") over
the Cabaçal Cu-Au-Ag mineralization. On granting of a Brazilian IP, a mining company in
Brazil
would
then proceed to Project Finance and mine construction phases. Meridian has decided to commence
the EIA so to achieve the timelines of the COA and in light of the strong confirmation of its ongoing
results compared to historical and the new high-grade Cu-Au Cabaçal Northwest Extension's upside.
The Company will use
1,500m
of the extended drill program to commence comminution, flotation,
and gravity studies across a range of mineral grades, host sulphides mineralogy and free gold
features. This work is projected to be completed by mid 2022. The aim of these studies is to
replicate the high metal recoveries
4
achieved by historical Cabaçal mine production reports of the
late 1980's to the early 1990's. This includes the documented results for the full year Cabaçal mill
recoveries ending
December 31, 1990
:
Total Cu flotation recoveries of 94.6%;
Total Au flotation and gravity recoveries of 93.6%; and
Total Ag flotation and gravity recoveries of 86.9%.
The Company is confident that these studies will be in line with the historical production data.
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 release October 19, 2021
2
See Meridian news release March 16, 2021
3
See Meridian news release August 26, 2020
4
See Meridian Corporate Presentation Annex A
SOURCE
Meridian Mining UK Societas
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For further 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 24-NOV-21