Meridian Uncovers Cabaçal's Most Significant Copper Anomaly at Alvorada Another frontier for copper opens at Cabaçal, found hidden in BP archives
6th Floor, 65 Gresham Street | London EC2V 7NQ | United Kingdom
Meridian Uncovers Cabaçal's Most Significant Copper Anomaly at Alvorada
Another frontier for copper opens at Cabaçal, found hidden in BP archives
LONDON, United Kingdom, February 14, 2023 / Accesswire / Meridi an Mining UK. S ( TSX: MNO),
(Frankfurt/Tradegate: 2MM) (OTCQB: MRRDF) (“Meridian” or the “Company” ) is pleased to provide an
update on the uncovering of the most significant copper anomaly at the Cabaçal Project to date, and on
its ongoing regional and near mine exploration programs.
As a result of the ongoing digitisation and georeferencing of historical BP data, the most significant copper
anomaly within the Cabaçal tenements “Alvorada” has been uncovered from these archives (“Figure 1”).
Its peak copper stream threshold value of 164ppm Cu surpasses the original copper anomalies of Cabaçal
at 56ppm Cu and Santa Helena with 36ppm Cu. With BP’s 1980's exploration focus on gold, and Alvorada
having no associated gold anomaly, it was not followed up at th e time despite its high copper content.
Today it presents a tremendous opportunity for the Company.
Additionally, a drill rig will shortly be moved to C2 Trend whe re a number of strong Induced Polarization
(“IP”), geochemical targets and extensions to the C4‐A gold & silver discovery1 will be tested by diamond
drilling (“Figure 2”). Drilling continues at Cabaçal, and drill results are pending.
HIGHLIGHTS REPORTED TODAY
Meridian uncovers BP’s strongest copper anomaly to date at Alvorada;
The Alvorada geochemical anomaly opens a new frontier for copper exploration at Cabaçal;
H i s t o r i c a l e x p l o r a t i o n f o c u s f o r g o l d , h a s l e f t A l v o r a d a , a s C abaçal’s most significant copper
anomaly, untested since discovery;
Drill rig moving to C2 Trend, relaunching 2023 near mine drill programs;
Cabaçal PEA advancing with the engineering field visit concluded by Ausenco.
Dr. Adrian McArthur, CEO, comments: “Alvorada’s uncovering as Cabaçal’s most significant copper in
stream anomaly, hidden in the thousands of pages of BP reports, h a s e x p o s e d a n e w p r o s p e c t w i t h
exceptional upside potential. Our geologists have been methodically digitizing and georeferencing the
extensive historical databases from the 1980’s and the unlockin g of this new copper prospect is a major
achievement. As we know, BP’s focus in the 1980’s was on high‐g rade gold, and their exploration
programs were concentrated on delineating gold anomalies along Cabaçal’s Mine Corridor, now known
to be largely related to the gold overprint. This has left Alvo rada, the most significant copper anomaly in
the Cabaçal Project, untouched since its original discovery. Al vorada is on one of the Company's recently
successful exploration license applications and post granting, we will quickly commence the first follow
up mapping, geochemical and geophysical programs since its original discovery, that will guide Alvorada’s
inaugural drill program. Two rigs are operating at Cabaçal and shortly one rig will be shortly moved to
the C2 Trend’s gold and copper targets. The Cabaçal PEA is advancing, and we look forward to its
publication in the coming months.”
1 See Meridian Press Release June 21, 2022.
UNCOVERING ALVORADA ‘S COPPER
The discovery and georeferencing of the Alvorada copper anomaly has unlocked an exciting prospect
hidden in the historical data archives, further increasing Cabaçal’s untested upside. Alvorada’s stream
anomaly located on the Company's southern licence application ( 866.261/2021), 14 km south of Santa
Helena, peaked at 164ppm Cu ‐ nearly three times higher than Cabaçal’s (peak 56 ppm Cu) and over four
times higher than Santa Helena’s (peak 36ppm Cu). Adjacent but distal to Alvorada, are historical alluvial
gold workings that suggest the possibility that locally, both a base metal and precious metal system may
be present. Having no associated gold anomaly, the Alvorada prospect was not advanced as per the
original Cabaçal anomaly that went on to further stages of geoc hemical, geophysical and final resource
drilling and production. In 2021 Meridian commissioned a WorldView 3 satellite survey that has outlined
an extensive alteration halo immediately adjacent to Alvorada, further enhancing its prospectivity.
Meridian will engage with local landholders and upon the grant of the licence and permitting, the
Company looks forward launching the first geochemical and geoph ysical programs at Alvorada since its
discovery, with the aim to build a geological model to target t he future and first drill campaign over this
highly prospective copper trend.
Figure 1: Location of Alvorada Copper in stream anomaly; peaking at 164 ppm (strongest in Cabaçal Belt)
2023’S NEAR MINE DRILL PROGRAMS COMMENCING
Near Mine drill programs are being rolled‐out to continue the p rocess of unlocking the strong potential
for further discoveries and expansion of known prospects. A drill rig will shortly be moved to the C2 Trend
where multiple, kilometre‐scale high‐priority targets for gold and base metal located above soil and
geophysical anomalies await The C2 Trend commences only 2.0km S outheast of the Cabaçal Mine and is
highly prospective for similar VMS type deposits and for precio us metal deposits. In 2022 the Company
discovered a new gold and silver deposit, “C4‐A” 2 where surface trenching returned 44.0m @ 1.5g/t Au
then follow up by the discovery hole CD‐139’s 26.4m @ 0.6g/t Au & 25.2g/t Ag. Subsequently the
Company’s completion of geophysical and soil programs has laid out a succession of targets that will
require drill testing throughout 2023, but commencing in February.
Figure 2: C2 Trend’s near mine prospective copper‐gold trends
CABAÇAL DRILLING AND PEA UPDATE
The Cabaçal deposit’s infill and expansion drill programs have restarted and will continue well into the
year; further assay results are pending. The Preliminary Econom ic Assessment is progressing well.
Advance reviews by Management have indicated that an expansion to the related Environmental Impact
Assessment (“EIA”) is warranted in 2023 to accommodate the findings. This will not delay the PEA's
publication timeframe.
2 See Meridian Press Release June 21, 2022.
ABOUT CABAÇAL
In November 2020, Meridian signed a Purchase Agreement to acquire 100% ownership of certain licences
covering the historical Cabaçal and Santa Helena mines and the along‐strike licences, from two private
Brazilian companies (“Vendors”). Subsequently, Meridian expande d its land tenure to today’s 50km of
strike length. Cabaçal had two historical, shallow, high‐grade selectively mined underground mines that
cumulatively produced ~34 million pounds of copper, ~170,108 ounces of gold, ~1,033,532 ounces of
silver and ~103 million pounds of zinc via conventional flotation and gravity metallurgical processes.
Meridian has defined an open trend of shallow copper‐gold mineralization centred on the Cabaçal Mine.
This mineralization trends North west‐Southeast, sub‐crops along its Northeast limits, dips to the
southwest at 26° and is up to 90m thick; presenting excellent open‐pit geometry and mineral endowment.
Meridian is currently focused on infill drilling along a 2,000m corridor along this trend.
Cabaçal’s base and precious metal‐rich mineralization is hosted by volcanogenic type, massive, semi‐
massive, stringer, and disseminated sulphides within units of d eformed metavolcanic‐sedimentary rocks
( “ V M S ” ) . A l a t e r ‐ s t a g e s u b ‐ v e r t i c a l g o l d o v e r p r i n t e v e n t h a s e mplaced high‐grade gold mineralization
truncating the dipping VMS layers. It was explored and developed by BP Minerals/Rio‐Tinto from 1983 to
1991 and then by the Vendors in the mid‐2000’s. This historical exploration database includes over 83,000
metres of drilling, extensive regional mapping, soil surveys, metallurgy from production reports, and both
surface and airborne geophysics. The majority of Cabaçal’s prospects remain to be tested.
Cabaçal has excellent infrastructure with access by all‐weather roads, clean electricity provided by nearby
hydroelectric power stations, and local communities provide mining services and employees. Cabaçal
consists of 1 mining license, 1 mining lease application, and 7 exploration claims which total 44,265
hectares. The September 2022 Cabaçal mineral resource estimate consists of Indicated resources of
52.9Mt @ 0.6g/t Au, 0.3% Cu and 1.4g/t Ag and Inferred resources of 9.0Mt @ 0.7g/t Au, 0.2% Cu & 1.1g/t
Ag (0.3 g/t AuEq cut‐off grade), with strong optionality for ta rgeting higher grade mineralization using a
0.5 AuEq cut‐off for the future development studies.
ABOUT MERIDIAN
Meridian Mining UK S is focused on the acquisition, exploration, and development activities in Brazil. The
C o m p a n y i s c u r r e n t l y f o c u s e d o n r e s o u r c e d e v e l o p m e n t o f t h e C a baçal VMS gold‐copper project, the
regional scale exploration of the Cabaçal VMS belt, the exploration in the Jaurú & Araputanga Greenstone
belts all located in the state of Mato Grosso and exploring the Espigão polymetallic project in the State of
Rondônia Brazil.
On behalf of the Board of Directors of Meridian Mining UK S
Dr. Adrian McArthur
CEO and Director
Meridian Mining UK S
Email: [email protected]
Ph: +1 (778) 715‐6410 (PST)
Technical Note
Geophysical targets are preliminary in nature and not conclusiv e evidence of the likelihood of a mineral
deposit. Induced polarization surveys have been conducted by th e Company’s in‐house team utilizing its
GDD GRx8‐16c receiver and 5000W‐2400‐15A transmitter. Results are sent daily for processing and quality
control to the Company’s consultancy, Core Geophysics.
BP stream sediment samples were collected as 1 kg composite gra b samples from channel environments
in the drainage systems. Samples were sieved at 80 mesh, and we re analysed for Cu‐Pb‐Zn‐Ni by Aqua
Regia digest and Atomic Adsorption finish, with gold counts measured through panning of a 5 litre sample.
Statistical studies established 3ppm Cu has a "background" leve l. Quality control involved submission of
standards, blanks, and field duplicate samples.
Qualified Person
Dr. Adrian McArthur, B.Sc. Hons, Ph.D. FAusIMM., CEO of Meridian as well as a Qualified Person as defined
by National Instrument 43‐101, has supervised the preparation o f the technical information in this news
release.
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
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 un certainties, as disclosed under the heading "Risk Factors" in 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 b y 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 required by applicable securities laws, Meridian
disclaims any intent or obligation to update any forward‐lookin g statement, whether as a result of new
information, future events, or results or otherwise.