CD-013 drills 94.0m @ 0.7% CuEq¹ from 8.0m and 22.5m @ 0.7% CuEq from 119.2m

Meridian Mining UK S (TSX-V: MNO) (Frankfurt: 2MM) is pleased to report further assays from its ongoing 10,000m drill program at its Cabaçal Copper-Gold camp-scale VMS project in Mato Grosso, Brazil. Multiple zones of significant and extensive Copper, Gold and Silver mineralisation starting at 8.0m, have been returned from the Diamond Drill Holes: CD-010 to CD-013 (Table 1), within and extending out from the Cabaçal Mine (Figure 1). CD-012 has confirmed high-grade Cu-Au-Ag mineralisation remains above and below the old workings² a result that the Company considers will be replicated throughout the mine; further assays are pending. Meridian is also reporting that its modern, deep penetrating Electromagnetic (“EM”) equipment is in Brazil and will be onsite shortly. Meridian’s geophysics team is ready to start IP and EM surveys over its high priority VTEM targets: Cabaçal West and Cabaçal South which will then be tested by drilling. With over CAD 5.0M in the Bank and via further capital inflows from Warrants being exercised, the Company is well funded to continue delivering results.

Highlights of today’s results:

• CD-013 assays 116.5m @ 0.7% CuEq of cumulative Cu-Au-Ag mineralisation from 8.0m; including:
  • 94.0m @ 0.7% CuEq from 8.0m; including
    • 8.5m @ 1.9% CuEq from 54.5m;
  • 22.5m @ 0.7% CuEq from 110.5m; including
    • 5.6m @ 1.6% CuEq from 119.2m ;
• CD-012 assays 37.9m @ 0.7% CuEq from 59.8m, including:
  • 15.2m @ 1.3% CuEq from 82.5m above the 4m mining void, and
  • 2.0m @ 6.7% CuEq from 101.6m, below the void;
• CD-010 intercepted multiple zones of shallow Cu-Au-Ag mineralisation starting 12.7m: including:
  • 9.4m @ 0.2% CuEq from 12.7m;
  • 11.0m @ 1.1% CuEq from 25.9m;
  • 10.3m @ 0.8% CuEq from 47.9m,
  • 11.1m @ 0.6% CuEq from 65.0 m
• CD-011 targeting a low grade zone returned;
  • 7m @ 0.3% CuEq from 11m; and
  • 20.2m @ 0.5% CuEq from 46.3m.

“Today’s drill results continue to reinforce the strength of the very large Copper and Gold system at Cabaçal.” commented Dr Adrian McArthur, CEO and President. “Cabaçal’s mineralisation starts at surface and the stacked lenses can at times, coalesce as seen in CD-013’s cumulative 116.5m @ 0.7% CuEq. We started Cabaçal’s resource development program based on the extensive Cu-Au mineralisation defined by BP Minerals and Rio Tinto in the 80’s and 90’s. Today, we are launching the exciting next stage, where the most modern IP & EM equipment will start surveying Cabaçal including the 1,800m long Cabaçal West VTEM conductor and the 1,000m south-east extension to the ECZ. Once we have refined our geophysical targets, with first results expected in late June early July, we can start drilling Cabaçal West and Cabaçal South, targeting the potential massive sulphide pile of the Cabaçal mine. Being well financed having $5.0M in cash-on-hand and more coming with the Warrant conversions, Meridian is on target for an exciting June and 3^rd & 4^th Quarter 2020 news flow.

Geophysics Update

Extensions to the mineral system will be surveyed by a combination of EM and IP geophysical surveys in the coming weeks. The Company’s own modern Induced Polarization equipment is in the field targeting the disseminated and more brecciated styles of Cu-Au mineralization; supplementing the Company’s EM equipment expected to shortly arrive in Cuiaba; with first results by late June. First IP and EM results are expected to extend mineralisation out from the mine’s limits and to vector near mine targets starting with the down plunge Cabaçal West VTEM plates then proceeding to the Eastern-Copper-Zone ~1000m south-eastern extension. Once the mine and near-mine upside is defined the geophysics will expand along the 16.0km long Mine Corridor zone.

Drilling Update

The Company’s program is advancing, with a combination of twin and infill drilling straddling the ECZ, Central-Copper-Zone and Southern-Copper-Zones (Figure 1). Over 4,000m of drilling has been completed todate. The focus is shifting slightly to initiate drilling on south-eastern and north-western extensions outwards from the mine, before moving to the priority EM targets of: Cabaçal West, Cabaçal South, and Cabaçal South-East. Rig 1 is currently testing Cabaçal NW extension geochemical anomaly (Figure 2). Assays reported to date continue to strengthen confidence in both the geological data and the potential of the deposit.

CD-012 was designed to cross a zone of Cu-Au mineralisation intercepted by BP Mineral’s DDH JUSPD076 that returned (pre-mining) 42.2m @ 0.9% Cu, 0.6g/t Au & 3.2 g/t Ag from 59.8m. CD-012 intercept of the same zone returned a favourable 40.0m @ 0.6% Cu, 0.6g/t Au, 2.2g/t Ag, 0.1% Zn from 59.8m[3]. This excludes the mineralised zone within the 4.0m mining void that was intercepted by CD-012.

CD013 targeted the ECZ and intercepted extensive mineralisation starting at 8.0m. The hole confirms that thick high-grade shallow mineralization remains after the selective but short-lived mining in the 1980’s and 1990’s by BP Minerals and Rio Tinto. The results highlight the potential of the ECZ, for infill resource definition drilling.

CD-010’s and CD-011’s assay results from the north-western limit of the CCZ mined area, highlighted the presence of shallow layers of open Cu-Au mineralisation providing future drill targets extending to the northwest of the historical workings.

Table 1 Highlighted assay results for CD-010 through to CD-013.

The mineralisation reported today is a consistent copper dominant sulphide assemblage, present as disseminated, stringer, brecciated zones with local semi-massive sulphides.

Dr. Adrian McArthur, B.Sc. Hons, PhD. FAusIMM., CEO and President of Meridian Mining 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.

Notes

Holes have been drilled HQ through the saprolite and upper bedrock and reduced to NQ – mineralized intervals represent half 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). Silver is repeated by method AAS12E. Samples are held in the company’s secure facilities until dispatch 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 controls samples, including blanks and gold and polymetallic standards supplied by ITAK, supplementing laboratory quality control procedures.

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.

Figure 1 DDHs CD-001 to CD-034 locations, CD-010 to CD-013 reported today. Hole traces coloured by CuEq (pct), pre-mining. (CNW Group/Meridian Mining S.E.)

Figure 2 Top: Cabaçal near-mine EM targets, Bottom: Cabaçal Mine and Mine Corridor high-amplitude EM Targets within the 30km corridor spanning the C6 to Alamo Targets. (CNW Group/Meridian Mining S.E.)