MNO.TO · 2021-11-09 12:00:00

Meridian's CD-072 & CD-070 confirms high- grade Cu-Au VMS and high-grade Au veins extending 750m from Cabaçal mine; Northwest Extension remains open

Exploration Programs

Meridian's CD-072 & CD-070 confirms high-

grade Cu-Au VMS and high-grade Au veins

extending 750m from Cabaçal mine; Northwest

Extension remains open

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE

U.S./

LONDON

Nov. 9, 2021

/CNW/ - Meridian Mining UK S (TSXV: MNO) (

Frankfurt

: 2MM) (Tradegate:

2MM) (OTCQB: MRRDF) ("Meridian" or the "Company") is pleased to provide an update on results

from its ongoing drilling program at its camp scale Cabaçal Copper-Gold VMS Project ("Cabaçal") in

Mato Grosso, Brazil

. Hole CD-072 was drilled as part of its ongoing delineation program along the

Cabaçal Northwest Extension ("CNWE") targeting high grade Copper ("Cu") Gold ("Au") VMS type

mineralization overprinted by high-grade Au structures along its length (Figure 1). CD-072's strong

zone of VMS Cu-Au mineralization returned

49.0m

@ 1.4% CuEq* including a series of high-grade

Au veins grading

3.2m

@ 21.4g/t Au.

50m

Northwest of CD-072, CNWE's highest-grade zone of Cu

within a VMS feeder pipe has been cored by hole CD-070 which assayed

1.1m

@ 4.5% CuEq. CD-

070's Cu zone has potential extensions defined by an underlying Borehole Electromagnetic ("BHEM")

conductor.

Meridian also reports that it has completed a review of BP Minerals' ("BP") historic Induced

Polarization ("IP") data that has defined chargeability anomalies which are not only extending

laterally out, but also extending below the Cabaçal VMS footwall unit ("TAC"). Meridian's, and BP's

historical drill programs have traditionally been halted at, or only partially below the TAC, an area

that remains untested but now prospective.

Highlights of today's update:

Meridian extends Cabaçal's Cu-Au VMS system with overprinting high-grade gold veins by

750m

;

Meridian intersects wide footprint of VMS copper-gold-silver mineralization with overprinting

high-grade Au structures:

CD-072:

49.0m

@ 1.4% CuEq

(0.4% Cu, 1.6g/t Au, 1.2g/t Ag) from

43.0m

, including:

12.4m

1.0% Cu, 6.0g/t Au

, 2.8g/t Ag from

73.3m

, including:

3.2m

1.4% Cu

21.4g/t Au

, 5.3g/t Ag from

79.4m

;

Peak Au assays of

58.4g/t Au

over

0.45m

;

32.5g/t Au

over

0.55m

;

CD-070: returns northwestern-most intersection of high-grade Cu within bedded chalcopyrite

zone:

1.1m

@ 4.5% CuEq (4.0% Cu, 0.8g/t Au, 6.5g/t Ag from

62.5m

);

Underlying off-hole Cabaçal type BHEM conductive plate measures

125m

75m

;

Alteration suggests a satellite feeder "pipe" to main Cabaçal system; and

Digitization and analysis of historical IP data from 1980's BP surveys shows chargeability

responses projecting into and below VMS footwall.

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.

___________

Sample CBDS08329: 58.4g/t Au, 0.8% Cu, 3.4g/t Ag, 80.90 - 81.35m.

Sample CBDS08327: 32.5g/t Au, 3.0% Cu, 18.8g/t Ag, 79.70 - 80.25m

Adrian McArthur

, CEO and President of Meridian, comments, "Cabaçal's Northwest extension

continues to replicate the mineralization characteristics of the Cabaçal mine, as seen with CD-072's

envelope of disseminated / stringer Cu-Au mineralization, hosting a series of discrete high-grade Au

overprinting structures. These results build CNWE's growing cluster of high-grade Cu-Au

intersections, with drilling now expanded to test this

300m

of mapped Cu-Au geochemical upside,

that is open. The Company's surface EM and BHEM surveys, complemented by reviews of historical

data continue to develop strong targets. CD-070's underlying off-hole BHEM conductor is below its

4.5% CuEq intercept and presents a strong follow up target being the highest-grade Cu intersection

in this sector of the CNWE. Intriguingly, our reviews of BP's historical IP data, now digitized and

reprocessed shows a zone of conductivity extending into the footwall. This immediately underlying

anomaly, which may reflect a separate or an extension of the VMS hydrothermal system into the

footwall and will be tested by drilling. With the drilling continuing we look forward to future assay

results from this evolving camp-scale asset."

Figure 1: Cross section of CD-072 results, in relation to historical JUSPD231. Left assay is CuEq%,

right assays are Cu %, Au g/t & Ag g/t. Zn & Pb not displayed. (CNW Group/Meridian Mining UK

Societas)

The adjacent hole CD-070 collared to the north, and slightly offset from the projection of CD-072's

gold trend, commenced in a lower-grade copper halo at

37.0m

. A zone of more heavily disseminated

mineralization assayed

7.0m

@ 0.9% CuEq (0.7% Cu, 0.2g/t Au, 2.3g/t Ag & 0.3% Zn) from

62m

including bedded sulphides, that assayed

1.1m

@ 4.5% CuEq (4.0% Cu, 0.8g/t Au & 6.5g/t Ag) from

62.5m

. Peak assays were 4.8% Cu, 1.0 g/t Au & 7.8 g/t Ag

, with a lower interval of increasing

Zinc

_______________

Sample CBDS08188: 1.0g/t Au, 4.8% Cu & 7.8g/t Ag, 62.85-63.6m;

Sample CBDS08194: 1.6% Zn, 0.7% Pb & 4.2g/t Ag 67.0 - 68.0m;

CD-072 & CD-070 extend a localized zone of strong VMS Cu-Au mineralization overprinted by high-

grade gold veins, to

250m

in strike, that includes Meridian's

[5]

CD-046, CD-049 (and BP's

JUSPD216) within the CNWE's

750m

out from the Cabaçal mine that includes CD-054

[6]

(Figure 2).

Figure 2: Top: Cross section of CD-072, Bottom: Drill map showing results reported today. (CNW

Group/Meridian Mining UK Societas)

______________

See Meridian Mining news releases September 2 and September 7, 2021.

See Meridian Mining news release September 13, 2021.

Results were received for an infill hole in the lower-grade up-dip portion of the Eastern Copper Zone,

CD-069, which returned

32.8m

@ 0.5% CuEq (0.4% Cu, 0.1g/t Au, 1.6g/t Ag & 0.1% Zn) from

43.0m

Aspects of CNWE's metal distribution are reminiscent of the Cabaçal mine. The increasing copper

content, presence of chloritic alteration, and increasing grade in bedded sulphide / sulphide breccia

suggests proximity to a separate feeder system related to the overall mineralizing event. Within the

Cabaçal geological mine study by Canadian VMS specialists (Mason and Kerr, 1990

), it was noted

that metals exhibited zonal patterns radially dispersed around feeder pipes, with the mine's Central

Zone ("CZ") being more prominently developed. The core of CZ's hot central pipe included a zone

with gold locally absent, interpreted to relate to a later staged event which not only introduced the

Cu mineralization but also redistributed earlier gold mineralization within the Cu stockwork.

The next phase of drilling will include holes tracking the CNWE's Cu-Au VMS layers and high-grade

Au veins' trend to the northwest, along with the commencement of an infill program across strike and

back towards the mine. A portion of BP's 1980's holes that were drilled along the CNWE using

narrow AQ diameter core barrels will be repeated during this phase. The Company wishes to test,

whether excessive deviation or the smaller sample size may not have adequately represented the

position of and/or the local VMS Cu-Au content.

Geophysics Update

Geophysical targets will also form part of the follow-up program. Processing of BHEM geophysics

modelled from a combination of holes (CD-072, CD-070, CD-049) resulted in the identification of a

conductive plate down-dip from the CD-072, CD-049 position, and down-plunge from the CD-070

position. The plate measures 125 x

75m

, with a conductivity thickness commensurate with the

Cabaçal style of BHEM conductors

. The presence of an off-hole plate proximal to strengthening

copper grades is encouraging, with the closest comparable higher-grade mineralization located

300m

to the southeast.

An historical IP dataset was recently digitized and inverted by Brazilian geophysicist,

Eduardo

Henrique

. The dataset shows an IP anomaly over Cabaçal, and its extension to the northwest and

southeast. The survey mapped extensions of the Cabaçal chargeability anomaly along strike over

the northwest extension. Interestingly, strong chargeability and conductivity anomalies project some

distance into the footwall. It is unclear what is sourcing these features – whether they represent part

of a pyritic halo or have prospectivity for Cu-Au mineralization in their own right. Drilling does

generally not penetrate much distance into this unit, and a selection of targeted holes will be drilled

deeper.

____________

See Meridian Mining news release of November 20, 2020.

See Meridian Mining news releases of May 11 and July 8, 2020.

Cabaçal Assay QA/QC Update

Results for CD-064, a

50m

infill hole on the CNWE, have been released from the laboratory, but are

under review, as one of the analytical standards (a commercial standard with a certified Au valued),

submitted with the drill core, was under-reported compared to its certified Au value. Some repeat

analysis will be undertaken on this batch. The Company is undertaking a second phase of umpire

analyses to also review gold and base metal contents with inter-laboratory test at ALS Laboratories,

to check a number of batches where Cu certified standards reported lower than expected values (an

under call) over a period. The Company is liaising collaboratively with SGS in reviewing results of

both Company and Laboratory submitted standard. Periodic checks will also be made with metallic

screen fire assay to test the repeatability of the results with coarse gold at SGS; samples from the

high-grade core of CD-072 will be cross-checked through this method.

Hole Id

Zone

Intercept

Grade

From

CuEq

(m)

(%)

(g/t)

(%)

(m)

CD-064

CNWE

QAQC Check

CD-069

ECZ

7.0

0.5

0.2

0.5

1.0

0.0

28.0

32.8

0.5

0.4

0.1

1.6

0.1

0.0

43.0

CD-070

CNWE

8.0

0.2

0.0

0.2

0.0

37.0

7.0

0.9

0.7

0.2

2.3

0.3

0.1

62.0

Including

1.1

4.5

4.0

0.8

6.5

0.0

62.5

CD-072

CNWE

49.0

1.4

0.4

1.6

1.2

0.0

43.0

Including

12.4

4.6

1.0

6.0

2.9

0.0

73.3

Including

3.2

14.3

1.4

21.4

5.3

0.0

79.4

Drill Details

Hole Id

Dip

Azimuth

EOH

CD-064

-55

060

144.95

CD-069

-50

045

100.15

CD-070

-50

060

111.98

CD-072

-50

060

115.11

* ECZ: Eastern Copper Zone, CNWE: Cabaçal Northwest Extension.

Notes

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. Samples have been analysed at the

accredited SGS laboratory in

Belo Horizonte

. Gold analyses have been 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). 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

80% of downhole lengths and assay figures and intervals rounded to 1 decimal place.

Qualified Person

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:

[email protected]

Ph: +1 (778) 715-6410 (PST)

Stay up to date by subscribing for news alerts here:

https://meridianmining.co/subscribe/

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

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/November2021/09/c4396.html

%SEDAR: 00040264E

For further information:

Dr. Adrian McArthur, CEO, President and Director, Meridian Mining UK S,

Email: [email protected], Ph: +1 (778) 715-6410 (PST)

CO: Meridian Mining UK Societas

CNW 07:30e 09-NOV-21

← Back to feed