Shallow high-grade mineralization extends beyond the limits of exploration target.
6th Floor, 65 Gresham Street | London EC2V 7NQ | United Kingdom
Meridian Drills High-Grade Zone Grading 11.3m @ 3.7g/t AuEq at Santa
Helena.
Shallow high-grade mineralization extends beyond the limits of exploration target.
LONDON, United Kingdom, March 4, 202 4 / Accesswire / Meridian Mining UK . S ( TSX: MNO ),
(Frankfurt/Tradegate: 2MM) (OTCQB: MRRDF) (“Meridian” or the “Company”) is pleased to report further
strong drill results from its resource delineation program at the Santa Helena Au-Cu-Ag & Zn VMS deposit
(“Santa Helena”). Drilling has intercepted m ultiple bands of shallow mineralization highlighted by CD -
421’s 11.3m @ 3.7g/t AuEq1 from 35.0m, including 3.4m @ 8.6g/t AuEq from 42.9m. CD-421’s high-grade
mineralization projects outside of the modelled limit s of Santa Helena’s Exploration Target (“Figure 1”)
announced in December 20232, strengthening the upside potential that Santa Helena’s drill results have
delineated.
The Company is also confirming a major extension of the along strike extent of Santa Helena’s mine
horizon with CD-431 returning 5.4m @ 0.7g/t AuEq from 38.4m, located 580m east of the historical mine’s
limits (“Figure 2”). This extends the focus of Santa Helena’s open pitable resource delineation corridor to
1.6km, requiring further infill drilling while yet still remaining open to the east. Drilling programs continue
at the Cabaçal Project with further results pending.
HIGHLIGHTS REPORTED TODAY
• Santa Helena assays multiple bands of Au-Cu-Ag & Zn mineralization extending past the Exploration
Target’s limits:
o CD-421: 11.3m @ 3.7g/t AuEq3 from 35.0m;
Including:
3.4m @ 8.6g/t AuEq from 42.9m;
o A 320m strike extension of Santa Helena’s lower Au -Cu-Ag & Zn layer defined and remains
open;
• Santa Helena’s open pit target corridor expanded to over 1.6km but still remains open to the east;
o VMS system confirmed to extend outwards past historical mine’s limits by 580m;
o CD-431 returns 5.4m @ 0.7g/t AuEq from 38.4m; and
• Results confirm that Santa Helena 3km mine horizon’s IP anomaly remains only partially tested and
remains open.
Mr. Gilbert Clark, CEO, comments: “As part of the Cabaçal hub and spoke development strategy, Santa
Helena is adding more high-grade gold-copper-silver and zinc mineralisation into this highly prospective
VMS belt. CD-421 also gave another along strike extension to Santa Helena’s newly identified lower VMS
sequence, combining to add more Au-Cu-Ag & Zn minerali zation to an already expanding deposit. Most
importantly, the near mine eastern extension is firming up with CD-431’s results, extending the potential
a further 580m. Having Santa Helena’s mineralization and its extension consistently hosted within the 3km
1 See below Technical Notes for AuEq commodity prices, recoveries, and equations
2 See Meridian Mining News Release of December 5, 2023.
3 True width is considered to be 80-90% of intersection width.
IP anomaly generates a strong upside potential for its open and untested areas. This represents a focused
corridor hosting multiple geophysical targets which are emerging through our ongoing geophysical
program.”
Figure 1: Cross section of CD -421 , with Upper Exploration Target , 0.1g/t AuEq grade shell , historical
resource, and with the lower zone projecting outwards and up-dip to CD-421’s 12.3m @ 0.7g/t AuEq.
SANTA HELENA DRILL PROGRAM UPDATE
Santa Helena is a historical Cu-Au-Ag & Zn VMS mine located ~9km to the southeast of the Cabaçal Mine.
It has over 10,000m of historical drilling and is the most advanced of a series of exploration targets along
the Cabaçal Mine Corridor. The Company commenced initial drilling in August 2023 4 as part of a
verification program, to validate the historical mine’s data in line with NI43 -101 requirements, and to
initiate scout drilling of targets for resource extensions defined by geophysics and coincident geochemical
anomalies. The Company's compilation of historical drill data indicated that many past holes were not
completely sampled, that reconciliation of surveyed drilled positions and mine wo rkings (and records),
indicated that the high -grade massive sulphide mineralization was only partially mined , and that
extensions of near-surface mineralization to the east were also not integrated into the historical resource
calculations. The Company has concluded that this historical resource area is considered open, and based
on new and historical data , defined an Exploration Target of 3.2 - 7.2 Mt @ 3.0 - 3.2g/t AuEq 5. The
Company has completed thirty holes for 1730m to date. Initial results from holes drilled along the main
trend for resource verification and resource extension were very positive 6. The latest results (“Table 1”)
have continued to define mineralization up-dip and south of the historical resource limits and confirmed
that the eastern sector of the trend remains open (“Figure 1”; “Figure 2”).
4 Meridian Mining news release dated August 8, 2023
5 Meridian Mining News Release of December 5, 2023
6 Meridian Mining news release dated October 23, November 14, and December 5, 2023
Figure 2: Santa Helena Drilling Results.
CD-421 was drilled to test the continuity of up -dip mineralization on the southern flank of the deposit.
The drill hole intersected an upper mineralized zone of 11.3m @ 3.7g/t AuEq (1.1g/t Au, 1.5% Cu, 27.9g/t
Ag & 2.0% Zn) from 35 .0m, including a higher grade core of 3.4m @ 8.6g/t AuEq (2.2g/t Au, 3.2% Cu,
64.4g/t Ag & 5.5% Zn) from 42.9m. Lower bands of mineralization were present, including 12.3m @ 0.7g/t
AuEq (0.1g/t Au, 0.1% Cu, 4.6g/t Ag & 1.0% Zn) from 58.5m, and 3m @ 0.4g/t AuEq (0.1g/t Au, 1.6g/t Ag
& 0.6% Zn) from 79.7m. The latest result continues the eastward extension of strong intersections
previously reported over the southern extension of the chargeability anomaly (“Figure 2”; CD-416, CD-
360, CD-359). Further scope exists to test the response to the immediate east over a 200m gap in the
drilling, and beyond where numerous geophysical targets have been defined.
CD-431, positioned up to 5 80m to the east of the historical mine’s limits , was drilled as one of the
Company’s initial reconnaissance holes testing the 2km eastern extension of the IP anomaly. The hole was
significant in confirming this trend is mineralized, returning 5.4m @ 0.7g/t AuEq (0.4g/t Au, 27.8g/t Ag &
0.4% Zn) from 38.4m. The mineralization was intersected below an upper carapace gabbroic sill which
masks the surface geochemical response of this trend. A further reconnaissance hole, located over 840m
further east southeast again, intersected traces of shallow bedrock m ineralization. Further geophysical
work is being conducted to refine targets in this eastern corridor and remains in progress , with a Fixed
Loop Transient Electromagnetic Survey in progress (FLTEM) to supplement the existing IP dataset.
Anomalies are expected to be quite subtle, given the limited conductivity of sulphides in the presence of
sphalerite, but potentially more copper-rich targets may have enhanced conductivity.
ABOUT MERIDIAN
Meridian Mining UK S is focused on:
• The development and exploration of the advanced stage Cabaçal VMS gold-copper project;
• Regional scale exploration of the Cabaçal VMS belt; and
• Exploration in the Jaurú & Araputanga Greenstone belts (the above all located in the State of
Mato Grosso, Brazil).
Cabaçal is a gold -copper-silver rich VMS deposit with the potential to be a standalone mine within the
50km VMS belt. Cabaçal’s base and precious metal- rich mineralization is hosted by volcanogenic type,
massive, semi-massive, stringer, and disseminated sulphides within deformed metavolcanic-sedimentary
rocks. A later-stage gold overprint event has emplaced high-grade gold mineralization.
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 (see press release dated March 6, 2023).
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), including a higher-grade near-surface
zone supporting a starter pit.
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 (PST)
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Further information can be found at: www.meridianmining.co
Technical Notes
Samples have been analysed at the accredited ALS laboratory in Lima, Peru. Samples are dried, crushed
with 70% passing <2mm, split off to give a mass of approximately 250g, and pulverized to >85% passing
200#. Routine gold analyses have been conducted by Au-AA23 (fire assay of a 30g charge with AAS finish).
High-grade samples (>10g/t Au) are repeated with a gravimetric finish (Au- GRA21). 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. Assay figures and intervals are rounded to 1 decimal place. Gold equivalents for
Cabaçal are calculated as: AuEq(g/t) = (Au(g/t) * %Recovery) + (1.492*(Cu% * %Recovery)) +
(0.013*(Ag(g/t) * %Recovery)), where:
• Au_recovery_ppm = 5.4368ln(Au_Grade_ppm)+88.856
• Cu_recovery_pct = 2.0006ln(Cu_Grade_pct)+94.686
• Ag_recovery_ppm = 13.342ln(Ag_Grade_ppm)+71.037
Recoveries based on 2022 metallurgical testwork on core submitted to SGS Lakefield
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)) + (0.013Ag(g/t) *
61%Recovery)).
Electromagnetic surveys have been conducted using the SMARTem Geophysical Receiver System
manufactured by ElectroMagnetic Imaging Technology (EMIT). Gradient Array IP surveys were conducted
using the Company's in-house team, utilizing its GDD GRx8-16c receiver and 5000W-2400-15A transmitter.
Data is processed by the Company’s independent consultancy Core Geophysics. Geophysical and
geochemical exploration targets are preliminary in nature and not conclusive evidence of the likelihood of
a mineral deposit.
Qualified Person
Mr. Erich Marques, B.Sc., MAIG, 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 infor mation, future events, or results or
otherwise.
Table 1: Santa Helena assays reported in this press release.
Hole-id Dip Azi EOH Zone Int AuEq CuEq Au Cu Ag Zn From
(m) (m) (g/t) (%) (g/t) (%) (g/t) (%) (m)
CD-432 -59 034 80.0 SHE NSI
CD-431 -59 034 88.7 SHE
5.4 0.7 0.5 0.4 0.0 27.8 0.4 38.4
CD-428 -44 048 69.7 SHE
2.3 0.2 0.1 0.0 0.0 0.3 0.3 12.7
CD-422 -59 216 60.5 SHM NSI
CD-421 -46 191 105.2 SHM
11.3 3.7 2.5 1.1 1.5 27.9 2.0 35.0
Including 3.4 8.6 5.7 2.2 3.2 64.4 5.5 42.9
12.3 0.7 0.5 0.1 0.1 4.6 1.0 58.5
3.0 0.4 0.2 0.1 0.0 1.6 0.6 79.7