Meridian’s Drilling Extends High-Grade Gold-Copper Ore Zone at Cabaçal Via Gold Veins Grading up to 276g/t Au
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8th Floor, 4 More London Riverside | London SE1 2AU | United Kingdom
Meridian’s Drilling Extends High-Grade Gold-Copper Ore Zone at Cabaçal Via
Gold Veins Grading up to 276g/t Au
LONDON, United Kingdom, April 29, 2025 / Accesswire / Meridian Mining UK S (TSX: MNO),
(Frankfurt/Tradegate: 2MM) (OTCQX: MRRDF) (“Meridian” or the “Company”) is pleased to announce
that it has drilled one of the highest grading gold veins to date at its advanced Cu -Au-Ag Cabaçal VMS
project (“Cabaçal”). Targeting potential extensions to Cabaçal’s Pre-Feasibility Study’s (“PFS”) high-grade
ore reserves1, CD-654 drilled one of the best grading gold veins to date at Cabaçal, returning 276 g/t Au
over 0.46m. This was within a broader shallow gold-copper-zone that returned 9.9m @ 14.8g/t AuEq
from 29.3m. The Company is also reporting multiple stacked layers of Au -Cu mineralization within
Cabaçal’s PFS pit shell. These results continue to improve the strong upside that remains within Cabaçal
and will be included into a future resource and reserve calculation for Cabaçal’s Definitive Feasibility Study
(“DFS”). Drilling continues and more results are pending.
Mr. Gilbert Clark, CEO, comments: “CD-654’s high-grade gold-copper intercept has confirmed a potential
extension to one of Cabaçal’s shallow higher grade ore zones. The drilling of extremely high -grade gold
veins grading up to 276g/t Au, is a tremendous result in itself, and for the future remodelling of this area.
Having these high-grade results at shallow depths , and potentially more yet to be drilled, can only
positively contribute to the soon to be launched Cabaçal DFS. Over the last few months, we have extended
mineralization both a t Cabaçal and Santa Helena while continuing to advance our regional exploration
programs. These efforts reaffirm the Cabaçal belt’s status, as the premier gold-copper VMS belt in South
America.”
CABAÇAL UPDATE
The ongoing drill program at Cabaçal is aimed to test and potentially unlock further upside identified by
Meridian’s resource development team. Additionally, it increases the local coverage of targeted angled
drilling in areas dominated by historical vertical drilling . This drilling better intercept s any additional
higher-grading gold vein sets, like CD-654’s, hosted within the shallow-dipping Au-Cu VMS mineralization.
1 Meridian Mining news release of March 10, 2025
Highlights:
Meridian drills more stacked layers of shallow high-grade Au-Cu-Ag ore at Cabaçal;
— CD-654: 9.9m @ 14.8g/t AuEq (11.0% CuEq ) from 29.3m; including:
o 1.9m @ 71.4g/t AuEq (53.1% CuEq) from 30.1m;
— CD-667: 38.6m @ 1.4g/t AuEq (1.0% CuEq) from 13.4m including:
o 15.6m @ 2.2g/t AuEq (1.6% CuEq) from 18.3m
Results confirm additional shallow resource potential with drilling at Cabaçal continuing; and
Core samples for DFS phase of Cabaçal’s metallurgy to be dispatched shortly to a Canadian
laboratory, including material for mini-pilot plant test to generate concentrate samples for
marketing.
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Today’s successful results (“Table 1”) are part of th is ongoing drill program that is looking at local
extensions to higher-grade zones of known gold and copper ore.
CD-654 was drilled in a shallow sector of the Eastern Copper Zone (“ECZ”) with historical workings (“Figure
1”) and successfully drilled a projected down-dip extension of high-grade Au-Cu ore. Returning 9.9m @
14.8g/t AuEq (11.0% CuEq) (14.4g/t Au, 0.6% Cu & 2.7g/t Ag) from 29.3m, including 1.9m @ 71.4g/t AuEq
(53.1% CuEq) (72.5g/t Au, 0.9% Cu & 4.3g/t Ag) from 30.1m. This included a higher -grade Au vein set
grading 276 g/t Au over 0.46m (Photo 1) with visible gold . Locally this extension had lacked drilling,
lowering the modelled grade despite being adjacent to a zone where higher -grade gold and copper was
historically mined. Consequently, CD -654 has corrected this, and additional drilling is being reviewed to
test for dip / plunge projections of this high-grade trend.
Photo 1: High grade visible gold and copper mineralization in CD-654 in HQ drill core.
CD-671 drilled down-dip to CD-654, intersected stacked layers of Au-Cu ore, including 3.9m @ 4.4g/t AuEq
(3.2% CuEq) from 57.5m immediately flanking historical workings . Other holes drilled into the ECZ
included:
Zone Hole-id
Int
(m)
AuEq
(g/t)
CuEq
(%)
From
(m)
ECZ CD-647 26.7 1.3 1.0 73.4
ECZ CD-649 27.4 0.5 0.4 26.9
And 17.6 1.0 0.7 72
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Figure 1: CD-654: high-grade 9.9m @ 14.8g/t AuEq (11.0% CuEq) cutting low-grade mineralization in void
model (outlined in red dash). Red arrows indicate higher grade trends.
Shallow drilling (“Figure 2”) also targeted mineralization in the up -plunge flank of the void model of the
Central Copper Zone (“CCZ”). Hole CD- 667 was collared in an area where historical drilling was only
partially assayed. The hole returned a broad zone of mineralization : 38.6m @ 1.4g/t AuEq (1.0% CuEq)
from a depth of just 13.4m, including a higher-grade zone 15.6m @ 2.2g/t AuEq (1.6% CuEq) from 18.3m,
emphasising the presence of shallow mineralization above the mined voids, transitioning into an
unsampled area . Additional mineralization was encountered on the lower side o f the void model ,
returning 7.8m @ 1.2g/t AuEq (0.9% CuEq) from 56.7m.
A series of angled infill holes were drilled into the down-plunge sector of the CCZ. These holes will assist
in modelling grade distribution and improving density modelling in some of the more copper-rich areas of
the deposit. Results include:
Zone Hole-id Int
(m)
AuEq
(g/t)
CuEq
(%)
From
(m)
CCZ CD-656 15.0 1.3 1.0 99.7
Including 1.8 5.6 4.2 110.0
And 35.3 1.7 1.3 118.7
Including 24m 2.1 1.5 125.0
CD-657 21.2 2.0 1.5 64.8
Including 14.5 2.8 2.1 71.5
CD-658 23.5 1.3 1.0 132.8
Including 1.4 7.9 5.9 153.6
CD-659 23.3 1.7 1.3 71.6
Including 9.8 2.8 2.1 81.2
And 4.8 2.5 1.9 98.2
CD-663 31.9 1.2 0.9 47.1
Including 10.9 2.6 2.0 61.4
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Zone Hole-id
Int
(m)
AuEq
(g/t)
CuEq
(%)
From
(m)
CD-665 15.7 0.7 0.5 39.6
And 21.6 1.2 0.9 58.5
And 4.9 2.8 2.0 81.1
CD-666 13.4 1.2 0.9 46.5
And 8.4 1.5 1.1 65.2
Including 4.6 2.5 1.9 65.2
Results confirm the robust grades in the mining area, including between levels for various holes that
intersected voids (CD656: 114.8 - 118.7m; CD-657: 63.0 - 64.8m, 86.0 - 87.4m; CD-658: 94.9 - 98.2m; CD-
665: 56.0 - 58.5m, 80.1 - 81.1m; CD-666: 40.0 - 43.7m, 59.9 - 63.9m).
Lower grade holes CD-641 , CD-642 were drilled into the far up -dip flanking sector of the deposit where
the mineralization profile is truncated by erosion and weathering, and hole CD-650 to cover an unsampled
sector of an historical hole, JUSPD053. A few holes were drilled into more peripheral areas: ECZ extension
(CD645, CD646); Cabaçal South (CD-664).
Figure 2: Cabaçal plan view with results reported today.
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METALLURGICAL PILOT PLANT TESTWORK
The Company is preparing a large selection of diamond core that will be shipped to a Canadian laboratory
for the DFS stage of metallurgical studies. This selection is representative of the ore that will be mined in
the early phases of open pit mining at Cabaçal. It will also provide the Company with a representative
sample of the copper sulphide concentrate (with high gold and silver contents) for marketing purposes
with smelter and trading groups.
ABOUT MERIDIAN
Meridian Mining is focused on:
•
The development and exploration of the advanced stage Cabaçal VMS gold-c
opper project;
•
The initial resource definition at the second higher-grade VMS asset at Santa Helena as the first stage
of the Cabaçal Hub development strategy;
• Regional scale exploration of the Cabaçal VMS belt to expand the Cabaçal Hub strategy; and
• Exploration in the Jaurú & Araputanga Greenstone belts (the above all located in the State of Mato
Grosso, Brazil).
The Pre-feasibility Study technical report (the “PFS Technical Report”) dated March 31, 2025, entitled:
"Cabaçal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study” outlines a base case
after-tax NPV5 of USD 984 million and 61.2% IRR from a pre -production capital cost of USD 248 million,
leading to capital repayment in 17 months (assuming metals price scenario of USD 2,119 per ounces of
gold, USD 4.16 per pound of copper, and USD 26.89 per ounce of silver). Cabaçal has a low All -in-
Sustaining-Cost of USD 742 per ounce gold equivalent & production profile of 141,000 ounce gold
equivalent life of mine, driven by high metallurgical recovery, a low life -of-mine strip ratio of 2.3:1, and
the low operating cost environment of Brazil.
The Cabaçal Mineral Reserve estimate consists of Proven and Probable reserves of 41.7 million tonnes at
0.63g/t gold, 0.44% copper and 1.64g/t silver (at a 0.25 g/t gold equivalent cut-off grade).
Readers are encouraged to read the PFS Technical Report in its entirety. The PFS Technical Report may be
found under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website
at www.meridianmining.co
The PFS Technical Report was prepared for the Company by Tommaso Roberto Raponi (P. Eng), Principal
Metallurgist with Ausenco Engineering Canada ULC; Scott Elfen (P. E.), Global Lead Geotechnical and Civil
Services with Ausenco Engineering Canada ULC; John Anthony McCartney, C.Geol., Ausenco Chile Ltda.;
Porfirio Cabaleiro Rodriguez (Engineer Geologist FAIG), of GE21 Consultoria Mineral; Leonardo Soares
(PGeo, MAIG), Senior Geological Consultant of GE21 Consultoria Mineral; Norman Lotter (Mineral
Processing Engineer; P.Eng.), of Flowsheets Metallurgical Consulting Inc.; and, Juliano Felix de Lima
(Engineer Geologist 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
8th Floor, 4 More London Riverside
London SE1 2AU
United Kingdom
Email: [email protected]
Ph: +1 778 715-6410 (BST)
Stay up to date by subscribing for news alerts here: https://meridianmining.co/contact/
Follow Meridian on Twitter: https://twitter.com/MeridianMining
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Further information can be found at: www.meridianmining.co
Technical Notes
Samples have been analysed at ALS laboratory in Lima, Peru. Samples are dried, crushed with 70% passing
85% passing 200µm. Routine gold analyses have been conducted by Au
-
AA24 (fire assay of a 50g charge
with AAS finish). High
-
grade samples (>10g/t Au) are repeated with a gravimetric finish (Au
-G
RA22), and
base metal analysis by methods ME -ICP61 and OG62 (four acid digest with ICP -AES finish). Visible gold
intervals are sampled by metallic screen fire assay method Au
-
SCR21. 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, except in the case of those listed in Table 1 as “Subparallel , for which true width is 40-
60% of intersection width. Assay figures and intervals are rounded to 1 decimal place. Gold equivalents for
new results reported from Cabaçal are calculated as: AuEq(g/t) = (Au(g/t) * %Recovery) + (1.346*(Cu% *
%Recovery)) + (0.013*(Ag(g/t) * %Recovery)), and Copper equivalents are calculated as: CuEq(%) = (Cu(%)
* %Recovery) + ((0.743* (Aug/t * %Recovery)) + ((0.0094*(Ag(g/t) * %Recovery)) where:
• A
u_recovery_ppm = 5.402ln(Au_Grade_ppm)+88.66
• Cu_recovery_pct = 3.906ln(Cu_Grade_pct)+ 95.27
• Ag_recovery_ppm = 30.354ln(Ag_Grade_ppm)+43.691
Recoveries based on 2022 and 2023 metallurgical testwork on core submitted to SGS Lakefield
Qualified Person
Mr. Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian Mining and a Qualified Person as defined by
National Instrument 43-101, has reviewed, verified, and approved the technical information in this news
release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
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.sedarplus.ca . 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 required 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.
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Table 1: Assay Results from Cabaçal Drilling.
Hole-id Dip Azi EOH
(m) Zone Int
(m)
AuEq
(g/t)
CuEq
(%)
Au
(g/t)
Cu
(%)
Ag
(g/t)
From
(m)
CD-671 -58 049 100.5 CCZ
12.0 0.5 0.3 0.0 0.3 0.7 18.0
0.3 1.4 1.0 1.3 0.1 0.7 34.1
23.1 1.1 0.8 0.5 0.5 2.6 43.7
Including 9.3 2.4 1.7 1.1 1.0 6.1 57.5
Including 3.9 4.4 3.2 2.1 1.7 9.6 57.5
2.4 1.8 1.4 0.2 1.2 6.1 80.4
1.5 1.8 1.4 0.7 0.9 1.7 89.0
CD-667 -60 045 91.4 CCZ
38.6 1.4 1.0 0.7 0.6 1.3 13.4
Including 15.6 2.2 1.6 1.2 0.8 2.0 18.3
Including 5.7 3.6 2.7 1.3 1.8 4.3 18.3
7.8 1.2 0.9 0.8 0.4 2.2 56.7
4.5 0.2 0.1 0.0 0.1 0.6 66.9
7.0 0.5 0.3 0.2 0.3 0.9 74.5
CD-666 -61 049 100.0 CCZ
11.6 0.5 0.4 0.1 0.4 1.0 11.0
1.8 0.2 0.2 0.0 0.2 0.2 27.8
7.0 0.5 0.4 0.5 0.0 0.3 33.0
13.4 1.2 0.9 0.7 0.4 1.1 46.5
Including 4.0 2.4 1.8 1.4 0.9 2.6 53.7
8.4 1.5 1.1 0.4 0.8 5.2 65.2
Including 4.6 2.5 1.9 0.7 1.4 8.5 65.2
7.6 0.8 0.6 0.2 0.5 1.4 80.0
Including 3.6 1.4 1.1 0.3 0.9 2.8 80.8
CD-665 -59 045 108.8 CCZ
21.4 0.4 0.3 0.0 0.3 0.8 15.0
15.7 0.7 0.5 0.5 0.2 0.3 39.6
21.6 1.2 0.9 0.6 0.5 1.2 58.5
4.9 2.8 2.0 1.8 0.8 3.6 81.1
2.0 0.3 0.2 0.1 0.2 1.5 89.0
CD-664 -49 048 150.2 CCZ
2.5 0.9 0.6 0.1 0.6 1.9 70.5
6.4 0.2 0.2 0.0 0.2 0.5 85.8
8.1 0.5 0.4 0.0 0.3 1.1 97.0
1.8 0.6 0.5 0.1 0.5 1.1 108.0
16.0 0.4 0.3 0.2 0.2 0.9 114.0
Including 0.9 2.3 1.7 1.6 0.7 2.8 126.0
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Hole-id Dip Azi EOH
(m) Zone Int
(m)
AuEq
(g/t)
CuEq
(%)
Au
(g/t)
Cu
(%)
Ag
(g/t)
From
(m)
CD-663 -62 043 100.6 CCZ
25.7 0.4 0.3 0.1 0.3 0.6 12.0
31.9 1.2 0.9 0.8 0.4 1.1 47.1
Including 10.9 2.6 2.0 1.6 0.8 2.6 61.4
3.1 0.1 0.1 0.1 0.1 0.4 84.6
CD-659 -65 048 135.7 CCZ
2.3 0.7 0.5 0.1 0.5 2.0 20.4
13.6 0.5 0.4 0.0 0.4 0.6 32.5
2.8 0.6 0.5 0.2 0.4 0.4 66.1
23.3 1.7 1.3 0.9 0.7 1.4 71.6
Including 9.8 2.8 2.1 1.4 1.2 2.6 81.2
4.8 2.5 1.9 1.1 1.1 2.3 98.2
6.9 1.4 1.0 0.7 0.6 1.3 106.0
0.7 1.4 1.1 0.5 0.7 2.1 120.5
CD-658 -52 044 180.0 SCZ-CCZ
2.2 0.2 0.2 0.0 0.2 0.7 54.0
8.8 0.6 0.4 0.1 0.4 0.9 73.2
5.9 0.3 0.2 0.0 0.2 0.5 111.9
1.6 0.4 0.3 0.1 0.3 0.4 120.4
23.5 1.3 1.0 0.9 0.3 1.6 132.8
Including 1.4 7.9 5.9 6.7 1.1 8.9 153.6
CD-657 -62 035 113.6 CCZ
8.3 0.3 0.2 0.0 0.2 0.6 17.2
6.0 0.3 0.2 0.0 0.2 0.4 28.0
1.0 0.3 0.2 0.0 0.2 0.6 37.3
7.1 1.4 1.0 1.3 0.2 0.2 46.0
6.1 0.6 0.5 0.3 0.3 0.4 56.5
21.2 2.0 1.5 0.9 0.9 3.0 64.8
Including 14.5 2.8 2.1 1.1 1.3 4.2 71.5
Including 7.5 3.5 2.6 1.6 1.6 4.3 72.1
Including 3.3 5.2 3.8 2.7 2.0 4.7 72.1
3.9 0.7 0.5 0.2 0.4 1.8 87.4
2.5 0.2 0.2 0.1 0.1 0.5 98.0