MNO.TO · 2022-01-31 12:00:00

Metallurgical Drill Program

Exploration Programs Metallurgy & Processing

Meridian Assays 66.1m @ 1.0 %CuEq from

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

U.S./

High grade gold overprint of VMS copper-gold layers continues with assays up to 9.6 g/t Au and

6.6% Cu

LONDON

Jan. 31, 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 and exploration programs at its camp scale Cabaçal Copper-Gold VMS

Project ("Cabaçal") in

Mato Grosso, Brazil

. The metallurgical drilling program is ongoing, and first

assay results have been returned from holes completed in the Cabaçal mine's Central Copper Zone

("CCZ"), dispatched prior to the Christmas – New Year closure period. The program has returned

broader zones of Copper-Gold VMS mineralization than expected, overprinted by high-grade veins

hosting visible gold, further confirming extensive unexploited potential at Cabaçal.

Highlights of today's update:

High-grade gold overprinting the VMS copper-gold mineralization assayed at Cabaçal;

Meridian reports copper-gold-silver mineralization at Cabaçal exceeding 1.0 % CuEq over

65m

;

Meridian's metallurgical drill program assays extensive layers of copper-gold mineralization from

shallow depths;

CD-088 assays

66.1m

@ 1.0% CuEq

(0.6% Cu, 0.6g/t Au & 1.2g/t Ag from

14.1m

;

including:

34.1m

@ 1.6% CuEq (0.9% Cu, 1.0g/t Au, 1.9g/t Ag & 0.1% Zn) from

45.1m

; including:

9.9m

@ 2.0% CuEq (1.2% Cu, 1.2g/t Au, 2.5g/t Ag & 0.1% Zn) from

59.0m

; and

4.8m

@ 4.5% CuEq (2.6% Cu, 3.1g/t Au & 5.3g/t Ag) from

73.7m

;

Significant zones of high-grade gold mineralization confirmed as being unmined, with peak

gold assay values of 9.4 – 9.6 g/t Au;

9.6 g/t Au, 1.8% Cu, 3.6g/t Ag over

0.35m

from

65.5m

(CBDS11059);

9.4g/t Au, 6.6% Cu, 13.0g/t Ag over

0.9m

from

75.5m

(CBDS11070);

The upper copper zone is broader and shallower than limit of historical sampling reported;

CD-085 returned wide uninterrupted interval of Cu-Au-Ag mineralization in the CCZ; including:

86.2m

@ 0.5% CuEq (0.4% Cu, 0.1g/t Au & 0.9g/t Ag) from

21.0m

; including:

0.6m

@ 1.4% CuEq (1.0% Cu, 0.6g/t Au, 2.3g/t Ag, 0.1% Zn) from

54.0m

;

0.5m

@ 1.4% CuEq (1.0% Cu, 0.5g/t Au, 2.5g/t Ag, 0.2% Zn) from

57.0m

;

0.4m

@ 2.5% CuEq (2.2% Cu, 0.6g/t Au & 1.7g/t Ag) from

87.5m

;

12.8m

@ 1.2% CuEq (0.8% Cu, 0.5g/t Au, 3.2g/t Ag, 0.1% Zn) from

94.4m

; and

2.5m

@ 0.9% CuEq (0.5% Cu, 0.6g/t Au, 1.9g/t Ag, 0.1% Zn) from

114.5m

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.

Adrian McArthur

, CEO and President of Meridian, comments, "the frequency that we are now

seeing and assaying higher grade gold intervals, often with visible gold, overprinting the VMS

copper-gold-silver layers of the historical mine is driving a key project upside. These strong gold

intervals drilled and assayed by Meridian, are at higher grades than the historical 3.0g/t gold cut-off

used by BP Minerals / Rio Tinto. They show that within the mine's limit, zones of high-grade gold

overprinting the "VMS" copper-gold layers were not mined and as we have recently discovered

extend to the Northwest and Southeast. Of equal importance, is that the results of these

metallurgical holes are within the mine's limits where historical production reports documented

recoveries of greater than 90% for copper and gold and +85 % for silver by conventional processes.

This gives us a strong expectation on what our own results will be from this metallurgical program.

These new drill results have been incorporated into our ongoing geology revision of Cabaçal that is

building upon the significance of the belt's VMS hosted copper-gold system being overprinted by a

later gold event, to realize the potential of this upside. This combination of strong copper-gold

grades, shallow depths, long intersections, and documented high metallurgical recoveries highlights

the strong open pit potential of the Cabaçal mine area. The Cabaçal mine area is one of many

prospects within Meridian's licences that hold the controlling position over the Cabaçal Belt,

extending over a 50km strike length. With the current fully financed drill program extended by

15,000m

, we look forward to further results throughout 2022."

Figure 1: Map of results reported today, with metallurgical results highlighted in yellow. (CNW

Group/Meridian Mining UK Societas)

Drilling Program – Cabaçal and Extensions

Metallurgical hole CD-088 was drilled as a twin of BP Minerals hole JUSPD338 in the CCZ (Figure

2). CD-088 intersected mining voids at 69.48 -

73.68m

and 79.77 -

83.40m

. Despite the

7.8m

mining voids with the higher-grade gold intervals of JUSPD338 being mined, the results of CD-088

compare very favourably to historical intersection, due to the presence of high-grade visible gold

remaining (some of which actually would have met the historical extraction cut-offs).

The broad composite of CD-088 intersected

66.1m

@ 1.0% CuEq (0.6% Cu, 0.6g/t Au & 1.2g/t Ag) from

14.1m

; including

34.1m

@ 1.6% CuEq (0.9% Cu, 1.0g/t Au, 1.9g/t Ag & 0.1% Zn) from

45.1m

; including:

9.9m

@ 2.0% CuEq (1.2% Cu, 1.2g/t Au, 2.5g/t Ag & 0.1% Zn) from

59.0m

; including:

1.7m

@ 3.9% CuEq (1.8% Cu, 3.5g/t Au, & 3.3g/t Ag) from

64.2m

; and

4.8m

@ 4.5% CuEq (2.6% Cu, 3.1g/t Au & 5.3g/t Ag) from

73.7m

JUSPD338 historically intersected (pre-mining):

1.7m

@ 0.5% Cu & 1.9g/t Ag from

18.1m

;

5.6m

@ 0.1% Cu, 0.9g/t Au & 0.4g/t Ag from

35.15m

; and

41.9m

@ 0.9% Cu, 1.0g/t Au & 2.5g/t Ag from

44.0m

The

7.8m

width difference in higher grade zone (

34.1m

in CD-088 compared to

41.9m

in JUSPD338)

reflects the voids intersected in CD-088 (but note that composited grade is virtually unchanged). This

is consistent with the presence of high-grade gold mineralization encountered within the broader

mineralized envelop of CD-088 core where visible gold was observed. The zones may reflect a

degree of a nugget effect in the deposit, and larger diameter core will be considered in strategic

areas.

The intervals in JUSPD338 from 0.0 -

18.1m

, 19.8 -

35.15m

and 40.7 -

44.0m

were unsampled in

the historical program. The upper part of CD-088 encountered a more continuous Cu-Au-Ag layer

than reported by the historical sampling, including:

13.8m

@ 0.3% CuEq (0.3% Cu & 0.7g/t Ag) from

14.1m

and

9.9m

@ 0.4% CuEq (0.1% Cu, 0.6g/t Au & 0.3g/t Ag) from

32.0m

In line with drilling procedures, it was necessary to reduce the core size through the mining voids in

CD-088, and some additional drilling may be conducted to gather the targeted sample mass for the

metallurgical composites, extending the program.

A second metallurgical hole, CD-085, returned a wide interval of mineralization:

86.2m

@ 0.5%

CuEq (0.4% Cu, 0.1g/t Au & 0.9g/t Ag) from

21.0m

, which included some discrete narrow higher-

grade zones, and a lower interval of higher-grade Cu-Au-Ag mineralization:

0.6m

@ 1.4% CuEq (1.0% Cu, 0.6g/t Au, 2.3g/t Ag & 0.1% Zn) from

54.0m

;

0.5m

@ 1.4% CuEq (1.0% Cu, 0.5g/t Au, 2.5g/t Ag & 0.2% Zn) from

57.0m

;

0.4m

@ 2.5% CuEq (2.2% Cu, 0.6g/t Au & 1.7g/t Ag) from

87.5m

;

12.8m

@ 1.2% CuEq (0.8% Cu, 0.5g/t Au, 3.2g/t Ag & 0.1% Zn) from

94.4m

; and

2.5m

@ 0.9% CuEq (0.5% Cu, 0.6g/t Au, 1.9g/t Ag & 0.1% Zn) from

114.5m

The metallurgical program is targeting the spectrum of grade ranges reflecting vertical and lateral

zonation through the Cabaçal system that would be expected in an open-pit geometry.

Results were received for additional exploratory holes drilled prior to the Christmas – New Year

break. There has been a short hiatus in the sampling schedule, with

Brazil

experiencing part of the

global COVID-19 Omicron wave. The Company's testing protocols identified cases amongst some

members of the site team and drill contractors, who have been isolated and progressively are now

returning to work; no serious cases of illness have been experienced.

___________________________

For the purpose of compositing, mining voids are treated as 0m @ zero grade:

Figure 2: Section of CD-088, showing the broader mineralized footprint compared to the historical

hole (intervals not sampled historically in black along hole trace). Assays labels (CD-088: Left: Ag

g/t, Au g/t & Cu% / Right: CuEq%. JUSPD388: Left: CuEq%

Right: Cu%, Au g/t & Ag g/t). (CNW

Group/Meridian Mining UK Societas)

The northern-most holes within the CNWE showed a transition out of the copper-gold zones into a

more zinc-rich zone and strengthen the assumption that the Cu-Au zones deviates to the west,

mimicking trends in the geophysics. There may be some lateral migration of stepping of the

structural position, with the northern-most holes positioned north of an interpreted E-W structure on

the BP Minerals mapping. The drilling in this northern-most area have also encountered increasing

levels of zinc mineralization, including peak intervals of

4.0m

@ 1.5% Zn from

33.0m

and

3.9m

1.2% Zn from

59.3m

in CD-082. The Company is initiating a range of geophysical approaches to

maximize data over the spectrum of Cabaçal's base metal deposit styles, with dipole-dipole induced

polarization surveys having commenced over the Cabaçal West area (down-dip from the Northwest

extension environment). A lower mineralized internal zone is present within part of the CNWE and is

interpreted as being the transition between the two closely associated VMS feeder systems of the

CNWE and the Cabaçal Central zone. Cross-strike drilling of the CNWE's ~900m strike is now being

planned for Q1 2022; commencing shortly.

Some exploratory drilling targeting the SE extension has been undertaken. Better results: CD-079:

20.7m

@ 0.5% CuEq from

68.3m

, CD-081: 24.1 @ 0.5% CuEq from

90.7m

, are positioned more in

line with the refined strike projection of the main workings, below the gabbro sill to the Southeast.

Some of the holes drilled off the previous projection were mineralized but sub-grade and have now

aided in refining follow-up drill targets, for Q1 2022.

Table 1: Cabaçal Assays reported today.

Hole Id

Zone

Intercept

Grade

From

CuEq

(m)

(%)

(g/t)

(%)

(m)

CD-088

CCZ

66.1

1.0

0.6

1.2

0.0

14.1

Including

34.1

1.6

0.9

1.0

1.9

0.1

0.0

45.1

Including

9.9

2.0

1.2

2.5

0.1

0.0

59.0

Including

1.7

3.9

1.8

3.5

3.3

0.0

64.2

And

4.8

4.5

2.6

3.1

5.3

0.0

73.7

CD-087

pending

CD-086

pending

CD-085

CCZ

86.2

0.5

0.4

0.1

0.9

0.0

21.0

Including

0.6

1.4

1.0

0.6

2.3

0.1

0.0

54.0

And

0.5

1.4

1.0

0.5

2.5

0.2

0.0

57.0

and

0.4

2.5

2.2

0.6

1.7

0.0

87.5

And

12.8

1.2

0.8

0.5

3.2

0.1

0.0

94.4

2.5

0.9

0.5

0.6

1.9

0.1

0.0

114.5

CD-084

CNWE

9.4

0.6

0.3

0.6

0.3

0.0

18.0

Including

1.1

3.8

1.6

3.7

1.9

0.0

23.0

7.3

0.3

0.0

2.7

0.7

0.3

61.8

Hole Id

Zone

Intercept

Grade

From

CuEq

(m)

(%)

(g/t)

(%)

(m)

CD-083

CNWE

11.0

0.2

0.1

1.2

0.1

10.0

15.0

0.1

0.0

1.5

0.2

0.1

25.0

CD-082

CNWE

30.4

0.5

0.2

1.9

0.4

0.2

23.0

Including

4.0

0.5

0.0

1.1

1.5

0.1

33.0

3.9

0.5

0.1

4.3

1.2

0.4

59.3

CD-081

CSE

24.1

0.5

0.1

1.3

0.0

90.7

3.0

0.6

0.4

0.2

3.8

0.2

0.0

118.3

CD-080

CNWE

18.0

0.2

0.1

0.0

0.3

0.0

24.0

11.7

0.2

0.1

0.5

0.1

0.0

45.0

17.7

0.3

0.1

0.4

0.3

0.0

60.1

14.3

0.6

0.4

0.8

0.0

106.7

Including

0.7

3.4

0.9

4.0

6.4

0.2

0.1

120.4

CD-079

CSE

20.7

0.5

0.3

0.8

0.0

68.3

Including

1.1

3.9

0.4

5.6

4.9

0.0

87.0

CD-078

CNWE

7.0

0.2

0.1

0.0

0.2

0.0

19.0

13.2

0.2

0.1

0.2

0.0

35.5

2.6

0.2

0.0

0.2

0.0

55.6

6.0

0.2

0.1

0.0

0.3

0.0

64.0

19.7

0.2

0.1

0.0

84.0

14.9

0.6

0.3

0.4

0.6

0.0

113.0

Including

4.1

0.8

0.2

1.0

0.1

0.0

114.3

CD-077

CNWE

17.0

0.2

0.1

0.2

0.0

12.0

23.5

0.2

0.1

0.0

35.0

0.4

1.2

0.4

1.2

0.5

0.0

89.0

10.7

0.5

0.3

0.2

1.0

0.2

0.0

104.0

Including

1.5

1.7

1.3

0.5

2.2

0.0

107.0

CD-076

CSE

12.0

0.1

0.0

0.4

0.0

57.0

2.0

0.2

0.0

0.2

0.0

75.0

3.0

0.2

0.0

0.3

0.0

82.0

3.3

0.2

0.0

0.3

0.0

97.7

2.3

0.2

0.0

0.3

0.0

111.0

CD-075

6.3

0.2

0.0

1.1

0.0

461.0

5.5

0.2

0.1

0.9

0.2

0.1

495.9

Hole Id

Zone

Intercept

Grade

From

CuEq

(m)

(%)

(g/t)

(%)

(m)

CD-074

CNWE

18.3

0.2

0.0

0.2

0.0

26.0

10.0

0.7

0.5

0.1

2.4

0.0

53.0

18.9

0.6

0.3

0.5

1.1

0.0

77.0

Including

2.8

1.4

1.1

0.5

3.3

0.0

79.2

and

2.8

1.7

0.6

1.8

0.0

88.3

CD-073

CSE

11.8

0.1

0.0

0.2

0.0

83.2

2.5

0.3

0.0

0.6

0.0

100

6.0

0.2

0.1

0.0

0.4

0.0

117

1.3

0.8

0.6

0.2

5.9

0.2

0.0

132.5

CD-067

ECZ

4.5

0.5

0.1

0.7

0.6

0.0

1.5

7.3

0.2

0.1

0.0

0.7

0.0

10.0

13.7

0.4

0.3

0.1

1.3

0.0

30.0

8.1

1.1

0.9

0.3

3.7

0.2

0.0

50.4

Drill Details

Hole Id

Dip

Azimuth

EOH

CD-088

-90

100.4

CD-087

-90

81.0

CD-086

-50

124.1

CD-085

-65

137.2

CD-084

-60

99.1

CD-083

-50

51.8

CD-082

-50

72.4

CD-081

-60

139.2

CD-080

-50

145.5

CD-079

-50

106.0

CD-078

-50

138.1

CD-077

-50

131.6

CD-076

-50

165.9

CD-075

-70

590.8

CD-074

-50

130.1

CD-073

-50

166.2

CD-067

-50

99.80

* 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 (to NQ on the first and BQ after

the second void. Samples represent quarter HQ core, and half NQ-BQ 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). Visible gold intervals are sampled by metallic

screen fire assay method MET150-FAASCR. 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:

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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.

SOURCE

Meridian Mining UK Societas

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/January2022/31/c1685.html

%SEDAR: 00040264E

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 07:30e 31-JAN-22

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