MNO.TO · 2024-12-16 12:00:00

Shallow gold VMS mineralization continues to be defined west of Santa Helena mine

Corporate Updates

8th Floor, 4 More London Riverside | London SE1 2AU | United Kingdom

Meridian Drills Further High-Grade VMS Mineralization at Santa Helena – 58.9m @ 3.6g/t

AuEq (2.8g/t Au, 0.7% Cu, 19.0g/t Ag & 1.7% Zn)

LONDON, United Kingdom, December 16 , 202 4 / Accesswire / Meridian Mining UK . S ( TSX: MNO ),

(Frankfurt/Tradegate: 2MM) (OTCQX: MRRDF) (“Meridian” or the “Company”) is pleased to provide a

drilling update for the Santa Helena Cu-Au-Ag & Zn deposit (“Santa Helena”). CD-612 has drilled another

lateral extension, assaying 58.9m @ 3.6g/t AuEq* (2.8g/t Au, 0.7% Cu, 19.0g/t Ag & 1.7% Zn), including

a higher-grade zone of 26.8m @ 4.1g/t AuEq (4.2g/t Au, 0.7% Cu, 13.1g/t Ag & 0.8% Zn), in the western

gold domain of the Santa Helena deposit (“Figure 1”, “Figure 2”). This result extends the localized across

strike thickness of CD-605’s1 75.6m @ 4.6g/t AuEq (3.0g/t Au, 1.0% Cu, 30.2 g/t Ag & 2.5% Zn). Drilling is

continuing with further assays pending.

Meridian is also announcing the securing of new licence applications, expanding the Company’s footprint

in the Cabaçal, Jaurú and Araputanga Belts (“Figure 3”).

HIGHLIGHTS REPORTED TODAY

• Meridian extends the western gold mineralization at Santa Helena, drilling 58.9m @ 3.6g/t AuEq;

• Santa Helena assays further gold rich VMS mineralization with CD-612’s 58.9m @ 2.8g/t Au, 0.7%

Cu, 19.0g/t Ag & 1.7% Zn from 29.1m, widening the western gold extension;

o Shallowest high-grade zone assays 26.8m @ 4.1g/t AuEq (4.2g/t Au, 0.7% Cu, 13.1g/t Ag &

0.8% Zn) from 29.1m;

• Ongoing lateral drill results to the west of Santa Helena extend the potential for future open pit

development;

o CD-612 returns a down-hole 212.0 AuEq gram-metre interval within open pitable depths;

• Western gold domain of Santa Helena deposit remains open; and

• Meridian expands land position within the Cabaçal, Jaurú and Araputanga greenstone belts.

*See technical note for true thickness estimate and separate AuEq and CuEq equations.

Mr. Gilbert Clark, CEO, comments:

“CD-612’s 58.9m @ 3.6g/t AuEq is part of the ongoing success we are having in defining this shallow, gold-

dominant western extension to the Santa Helena VMS system. The se western expansion results have

necessitated a revision to Santa Helena’s resource estimation parameters , particularly in the localized

gold rich zone, and consequently the Santa Helena Mineral Resource Estimate is now expected to be

published in early January.”

“We have recently secured potentially significant additional exploration ground to the s outheast of the

Cabaçal belt’s current limits, where we believe that the belt is covered by a younger sedimentary unit. We

look forward to expanding our systematic belt-scale exploration program in the Cabaçal belt in 2025.”

1 Meridian Mining news release of November 20th, 2024.

SANTA HELENA UPDATE

The recent Santa Helena drilling program has focused on the open western domain where our results have

indicated that historical drill programs and the practice of selective assaying have missed significant gold-

rich VMS mineralization. CD -612 has returned 58.9m @ 3.6g/t AuEq of near surface . This equates to a

down-hole interval of 212.0 gram-meters (AuEq) from 21.9m within potential open-pitable depths. CD-

612 has widened the across-strike footprint and allows for a better interpretation up and down dip to CD-

605.

Within the 58.9m of mineralization there are several high-grade sub-sections which include:

• 26.8m @ 4.1g/t AuEq / 2.8% CuEq (4.2g/t Au, 0.7% Cu, 13.1g/t Ag & 0.8% Zn) from 29.1m;

• 2.1m @ 14.3g/t AuEq / 9.6% CuEq (9.1g/t Au, 5.2% Cu, 67.4g/t Ag & 2.1% Zn) from 62.5m; and

• 16.6m @ 4.3g/t AuEq / 2.9% CuEq (2.6g/t Au, 1.1% Cu, 25.7g/t Ag & 2.4% Zn) from 60.5m.

Drilling in the open western sector of Santa Helena, is confirming that the host mine horizon’s poor surface

expression is due to colluvial cover. T he Company’s recent geophysical surveys delineated a continuous

chargeability anomaly extending from the mine area. This anomaly has been converted to robust gold

dominant A u-Cu-Ag & Zn mineralization extending uninterrupted to the west from the edge of Santa

Helena where it remains open . The recent intersection strengthens the interpretation of a thickened

WNW-plunging gold-dominant sector of the sheet, with an interpreted true width of up to 17m. The Santa

Helena VMS package to the east can reach widths of up to 28m and we look forward to further work in

the continuing delineation of these extensions, where previously a gap in the continuity of the sheet has

been projected.

Figure 1: Santa Helena drill results reported today and previous highlights.

The Company has been working since September with an independent consultancy to prepare Santa

Helena for a resource update, during which time they have analysed the recent and historical data to

refine the geological model. A number of aspects of the deposit have required some analysis , including

the historical data, for which at times core intervals were only partially sampled, or for which not all

elements of economic interest were assayed. This can influence the geometric interpretation of the main

sheet and footwall positions. The Company’s recent drilling to the west has required some revisions to

the interpretation which has influenced the schedule , and consequently the timing of the planned

estimation of the mineral resource has been extended and is now expected in early January.

Figure 2: Longitudinal view looking north (top) and plan view (bottom), showing the extent of the newly

intersected mineralization in relation to the 2008 end-of-mine interpreted extents of the VMS layer.

REGIONAL EXPLORATION PORTFOLIO UPDATE

The Company is pleased to report three new licence applications, expanding its footprint in each of the

Cabaçal, Jaurú and Araputanga Belts.

At Cabaçal, the Company has extended its landbank to the southeast, with an area of 7,561 Ha to the east

of the Alamo licence. This is an unexplored frontier region, under a younger cover sequence . A recent

review of the geophysical signature suggest ed that structural trends projecting east- south-east from

Santa Helena continue to extend under this cover , presenting an opportunity for the long- term

exploration of the belt. The licence adds magnetic target corridors of 8 to 9 km strike extent ( ~equal to

the distance between Cabaçal and Santa Helena) . The depth to the interpreted greenstone sequence

needs to be verified, but the magnetic signature indicates that it is at explorable depths.

In the Jaurú Belt, an area of 2 ,116 Ha has been added. The area was selected based on analysis of BP

stream sampling data, which showed clustered gold and base metal anomalies (peak copper : 36 ppm;

peak zinc: 99 ppm, peak lead: 30 ppm; peak gold: 27 counts2). These anomaly thresholds compare well to

reconnaissance levels for the known deposits (Cabaçal: 34 - 56 ppm Cu, 36 - 60ppm Zn, 6 - 13 ppm Pb, 1 -

14 gold counts; Santa Helena: 20 - 36 ppm Cu, 13 - 149 ppm Zn; 8 - 80 ppm Pb, 1 - 30 gold counts).

The new licence in the Araputanga Belt covers a total of 2,337 Ha. It does not have a record of complete

stream geochemical data coverage, lacking gold information, but does have stream anomalies with Cu to

22 ppm, Zn to 87 ppm, and Pb to 38 ppm.

Figure 3: Licence map showing the new applications.

2 Empirical number of number of gold specks in a 5 litre panned channel gravel sample

ABOUT MERIDIAN

Meridian Mining is focused on:

• T

he development and exploration of the advanced stage Cabaçal VMS gold-c

opper project;

• T

he initial resource definition at the second high er-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 Preliminary Economic Assessment technical report (the “PEA Technical Report”) dated March 30,

2023, entitled: "Cabaçal Gold- Copper Project NI 43 -101 Technical Report and Preliminary Economic

Assessment, Mato Grosso, Brazil” outlines a base case after-tax NPV5 of USD 573 million and 58.4% IRR

from a pre -production capital cost of USD 180 million, leading to capital repayment in 10.6 months

(assuming metals price scenario of USD 1,650 per ounces of gold, USD 3.59 per pound of copper, and USD

21.35 per ounce of silver). Cabaçal has a low All-in-Sustaining-Cost of USD 671 per ounce gold equivalent

for the first five years, driven by high metallurgical recovery, a low life -of-mine strip ratio of 2.1:1, and

the low operating cost environment of Brazil.

The Cabaçal Mineral Resource estimate consists of Indicated resources of 52.9 million tonnes at 0.6g/t

gold, 0.3% copper and 1.4g/t silver and Inferred resources of 10.3 million tonnes at 0.7g/t gold, 0.2%

copper & 1.1g/t silver (at a 0.3 g/t gold equivale nt cut-off grade). Santa Helena mine area generated an

initial Exploration Target with a tonnage range of 3.2 –7.2 Mt grading between 3.0 - 3.2g/t AuEq*, which

gives a potential high-grade metal inventory range of between 306,000 to 763,000 AuEq ounces, located

within 10km of the proposed Cabaçal mill site.

Readers are encouraged to read the PEA Technical Report in its entirety. The PEA Technical Report may

be found on the Company's website at www.meridianmining.co and under the Company's profile on

SEDAR+ at www.sedarplus.ca.

The qualified persons for the PEA Technical Report are: Robert Raponi (P. Eng), Principal Metallurgist with

Ausenco Engineering), Scott Elfen (P. E.), Global Lead Geotechnical and Civil Services with Ausenco

Engineering), Simon Tear (PGeo, EurGeol), Principal Geological Consultant of H&SC, Marcelo Batelochi,

(MAusIMM, CP Geo), Geological Consultant of MB Geologia Ltda, Joseph Keane (Mineral Processing

Engineer; P.E), of SGS, and Guilherme Gomides Ferreira (Mine Engineer 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

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

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

-AA2

4 (fire assay of a 50g charge

with AAS finish). High

-gr

ade 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

-S

CR21. 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 ~2 0 -30%

of intersection width for CD. Assay figures and intervals are rounded to 1 decimal place.

Gold equivalents for Santa Helena are based on metallurgical recoveries from the historical resource

calculation, updated with pricing forecasts aligned with the Cabaçal PEA. AuEq (g/t) = (Au(g/t) *

65%Recovery) + (1.492*Cu(%) * 89%Recovery) + (0.474*Zn% * 89%Recovery)) + (0.013 *Ag(g/t) *

61%Recovery)). CuEq (%) = (Cu(%) * 89%Recovery) + (0.318*Zn% * 89%Recovery)) + (0.67*Au(g/t) *

65%Recovery) + (0.0087*Ag(g/t) * 61%Recovery)). Metallurgical testwork is currently in progress to

evaluate recoveries in primary lithologies and saprolite, with formulas to be updated based on revised

recoveries pricing.

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, and verified the technical information in this news release.

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 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 info rmation, future events, or results or

otherwise.

Table 1: Assay results reported in this release.

Hole-

id Dip Azi EOH

(m) Zone Int

(m)

AuEq

(g/t)

CuEq

(%)

(g/t)

(%)

(g/t)

(%)

From

(m)

CD612 -28 318 151.3 SHM Subparallel Hole

58.9 3.6 2.4 2.8 0.7 18.9 1.6 0.9 29.1

Including 26.8 4.1 2.8 4.2 0.7 13.1 0.8 1.5 29.1

Including 16.6 4.3 2.9 2.6 1.1 25.7 2.4 0.2 60.5

Including 2.1 14.3 9.6 9.1 5.2 67.4 2.1 0.1 62.5

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