Extensive Shallow Copper-Gold mineralisation now confirmed; remains open.
Meridian Mining UK S (TSX-V: MNO) (Frankfurt: 2MM) is pleased to report on the next batch of assays returned from its ongoing 10,000m resource delineation program at its Cabaçal Copper-Gold camp scale VMS project in Mato Grosso, Brazil. Holes CD-005 through to CD-009 are reported today (Figure 1) and have returned significant intervals and grades of Copper, Gold and Silver mineralisation (Table 1), across and outside of the limits of the historical Cabaçal Mine. The Cabaçal mine was previously operated by BP Minerals/ Rio Tinto, using a high Au only 3.0g/t cut-off grade. The recurring presence of high-grade Au intercepts within the broad Cu-Au zones, confirm that the Cabaçal mine’s high-grade Au veins were mined to the limits of the resource data and not to the limit of the Cu-Au mineralisation; which remains open.
Drilling highlights today’s drill results
|1 Note: True widths are approximately 90% of downhole lengths and assay figures and intervals rounded to 1 decimal place. 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.|
“Today’s drill results continue to deliver strong intervals of Copper and Gold, starting at shallow depths, from our Cabaçal project. Cabaçal’s drill results to date, featuring robust grades, wide intervals and excellent geometry combined with the known metallurgy of the Cabaçal mine, highlights the Company’s potential to emerge as the next mid-tier copper-gold resource developer.” commented Dr Adrian McArthur, CEO and President. “Cabaçal was previously selectively mined within a series of gently dipping Copper-Gold sulphide layers using a high Gold-only cut-off grade of 3.0g/t within a much broader mineralised envelope. The current drilling has continued to intersect not only extensive copper mineralization but also high-grade Gold (2.7m @ 14g/t Au), showing that high-grade trends remain open extending out from the limits of historical development. Also, it was noteworthy that the last 12.8m of CD-009 graded over 2.0% CuEq before being terminated by a mining void2. As we continue to focus the first 8,000m of our inaugural 10,000m drill and trenching program on the Cabaçal mine, we still have 2,000m budgeted to confirm the already defined near-mine and regional targets of our VMS camp. We expect that additional results will continue through the summer and autumn.”
Meridian’s drill results, mapping and Bore Hole Electro-Magnetic (“BHEM”) surveys completed to date have confirmed that significant thicknesses of Cu-Au mineralisation extend approximately 400m North-East South-West while the historical selective underground workings have a ~650m North-West South-East extent; the mineralisation is considered open. Cumulative Cu sulphide layers (+Au-Ag) intercepted have also exceed 60m in thickness. The widths, mineral assemblages and grades are generally in line with the historical results. The near-mine soil and drill programs by BP Minerals in the 1980’s, the 2007 airborne EM survey’s results and the Company’s recent re-interpretation have outlined the Cabaçal mine’s immediate area of interest is 3.7km in strike length.2 Other regional targets within the Cabaçal VMS camp have anomalies of similar extent.
|2 See Meridian news release of May 11, 2021.|
Table 1 Highlighted assay results for CD-005 through to CD-009.
|3 ECZ Eastern Copper Zone, CCZ Central Copper Zone & SCZ South Copper Zone|
The mineralisation reported today is a consistent copper dominant sulphide assemblage, present as disseminated, stringer, brecciated zones with locally some 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.
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 Diamond drill hole CD-001 to CD-025 locations, results for CD-005 to CD-009 reported today. (CNW Group/Meridian Mining S.E.)
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