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Meridian Reports Strong Results From Cabaçal including 71.8m @ 1.0% CuEq

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Meridian Reports Strong Results From Cabaçal including 71.8m @ 1.0% CuEq

 

 

 

 

 

Meridian Mining UK S (TSX-V: MNO) (Frankfurt: 2MM) (OTCQB: MRRDF) is pleased to report assay results from its ongoing resource delineation and exploration program at its Cabaçal Copper-Gold camp scale VMS project in Mato Grosso, Brazil. Significant near-surface zones of Copper, Gold and Silver mineralization (Table 1) have been again assayed within and outside of the limits of the historical Cabaçal Mine, by holes CD-026 through to CD-045 (Figure 1). Multiple high-grade intervals continue to be intercepted from near surface to shallow depths by the program to date. An anticlinal “hinge” structure hosting high grade gold within the VMS layers is being defined within the Eastern Copper Zone and represents an attractive target for further infill drilling and gold upside. Reported results span the three principal copper zones in the mine setting (Southern, Central, and Eastern Copper Zones: “SCZ”, “CCZ”, “ECZ” respectively).

 

Highlights of today’s results:

 

  • Meridian reports further strong Cu-Au-Ag results from its Cabaçal VMS project;
  • Multiple layers of Cu-Au-Ag mineralization intercepted include:
    • CD029 (SCZ): 71.8m @ 1.0% CuEq1 (0.7% Cu, 0.3g/t Au, 3.1g/t Ag & 0.2% Zn) from 65.0m, including:
      • 6.9m @ 2.4% CuEq (2.0% Cu, 0.5g/t Au, 7.6g/t Ag & 0.2% Zn) from 91.7m
    • CD033 (CCZ): 53.6m @ 0.9% CuEq (0.4% Cu, 0.8g/t Au & 2.1g/t Ag) from 34.0m, including:
      • 11.7m @ 2.7% CuEq (1.1% Cu, 2.5g/t Au, 7.0g/t Ag & 0.1% Zn) from 57.9m
    • CD041 (ECZ): 31.4m @ 1.2% CuEq (0.7% Cu, 0.5g/t Au, 4.5g/t Ag & 0.4% Zn) from 70m, including
      • 10.3m @ 2.2% CuEq (1.6% Cu, 0.7g/t Au, 9.9g/t Ag & 0.1% Zn) from 82.8m;
  • CD045 intercepts high grade gold hinge zone within ECZ;
    • CD045 intersected 37.2m @ 1.0% CuEq (0.4% Cu, 1.1g/t Au & 1.4g/t Ag from 1.4m), including:
      • High Grade “Hinge” structure assays 3m @ 12.7g/t Au, 0.1% Cu & 2.4g/t Ag;
  • Many holes are to be deepened through old workings targeting high grade Cu-Au zones with the arrival of BQ core barrels to site.

 

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.

 

Meridian’s results continue to emphasise the very strong grades, widths and excellent geometry of Cabaçal’s Cu-Au-Ag mineralization and now we are defining an internal high grade gold zone not mined by BP”, commented Dr Adrian McArthur, CEO and President. “These results again illustrate that BP Minerals/Rio Tinto, left behind extensive tonnages of the Cu-Au-Ag +Zn mineralization and also the higher grade Au “hinge” hosting structures mapped by the BP Geological team. Cabaçal presents an optimal geometry and mineral distribution well suited to the large scale open pit geometry that the Company envisages. We are pushing forward on all fronts, with further assays and the deepening of CD058 at Cabaçal West expected in the near-term.

 

Cabaçal Drilling Campaign

 

The Company has continued to expand its drilling campaign, targeting the three principal zones: the Southern, Central, and Eastern Copper Zones; Figure 1. The Company continues to be impressed with the strong results from the program, with assays returning good intervals and grades, and continuing to confirm that the selective nature of the underground workings has left significant mineralization behind and outside of the mine’s limits.

 

Eastern Copper Zone

 

The ECZ is the shallowest zone with outcropping mineralization dipping back to the Southwest; it is sparsely drilled. Results have confirmed thick layers of Cu-Au-Ag +Zinc (Zn) mineralization that continues up-dip out from the old workings and along strike. CD-045 intercepted a hinge structure hosting high grade gold and returned 3m @ 12.7g/t Au, 0.1% Cu & 2.4g/t Ag; it trends out from the old workings. Along this hinge structure to the Northwest hole JUSPD119 intercepted 5.6m @ 7.7g/t Au & 1.1% Cu from 45.2m and to the Southeast hole JUSPD222 intercepted 6.5m @ 59.3g/t Au, 0.6% Cu and 4.0g/t Ag, and JUSPD025 intersected 5.0m @ 85.3g/t Au, 0.7% Cu and 10.0g/t Ag. The area between CD045, JUSPD119 and JUSPD025 is sparesly covered by angled drilling and a high priority area for infill drilling.

 

Central Copper Zone

 

The CCZ results included some significant intervals. In cases the presence of the underground development hindered coring through the complete mine sequence stratigraphy and holes were terminated earlier than planned (CD-040). The Company has organized for BQ drill rods to be dispatched to site to provide additional flexibility for casing and reducing core to drill through the underground development.

 

Southern Copper Zone

 

The SCZ hosts the deeper richer part of the mine sequence. Results are in line with expectations, however higher grade zones are reported below the old workings and several holes will need to be deepened as they were halted due to excessive rod vibration. These will be extended by running the BQ rods internally within the NQ rods.

 

Hole Id Zone* Intercept Grade From
CuEq Cu Au Ag Zn Pb
(m) (%) (%) (g/t) (g/t) (%) (%) (m)
CD-026 SCZ 78.1 0.6 0.4 0.3 1.2 0.1 0.0 33.1
Including 2.7 5.2 3.9 1.5 9.4 0.9 0.0 112.0
CD-027 SCZ 8.0 0.4 0.3 0.1 0.8 0.0 0.0 47.0
21.3 0.7 0.3 0.6 0.9 0.0 0.0 62.8
16.0 0.5 0.3 0.2 1.3 0.3 0.0 96.0
CD-028 CCZ 60.2 0.6 0.2 0.6 0.9 0.0 0.0 17.6
Including 6.0 1.6 0.1 2.4 0.5 0.0 0.0 32.0
And 3.5 1.6 0.2 2.3 0.3 0.0 0.0 46.0
CD-029 SCZ 16.5 0.4 0.3 0.2 0.9 0.0 0.0 42.0
71.8 1.0 0.7 0.3 3.1 0.2 0.0 65.0
Including 6.9 2.4 2.0 0.5 7.6 0.2 0.0 91.7
CD-030 ECZ 56.0 0.8 0.4 0.6 1.8 0.0 0.0 7.5
Including 21.0 1.7 0.9 1.3 4.0 0.0 0.0 41.5
CD-031 SCZ 26.5 0.4 0.3 0.1 0.6 0.0 0.0 32.1
28.1 0.7 0.3 0.5 1.0 0.0 0.0 64.0
17.7 1.3 0.6 0.9 2.1 0.4 0.0 110.0
CD-032 SCZ 88.0 0.4 0.3 0.1 0.9 0.0 0.0 36.0
Including 5.4 1.1 0.9 0.2 1.9 0.1 0.0 42.8
Including 8.0 1.5 1.1 0.3 3.3 0.7 0.0 115.0
CD-033 CCZ 18.0 0.3 0.2 0.0 0.6 0.0 0.0 9.0
53.6 0.9 0.4 0.8 2.1 0.0 0.0 34.0
Including 11.7 2.7 1.1 2.5 7.0 0.1 0.0 57.9
CD-034 ECZ 17.8 0.9 0.6 0.5 2.3 0.1 0.0 59.3
Including 5.1 1.8 1.2 0.8 4.6 0.1 0.0 72.0
CD-035 SCZ 19.8 0.3 0.2 0.1 0.9 0.1 0.0 35.0
8.4 0.5 0.3 0.2 1.2 0.0 0.0 62.9
4.5 0.5 0.4 0.2 2.8 0.0 0.0 83.0
CD-036 NWE 0.6 4.1 4.7 5.4 1.2 0.0 0.0 113.4
2.0 0.4 0.3 0.2 0.6 0.0 0.0 120.0
CD-037 ECZ 17.0 0.9 0.6 0.4 3.2 0.1 0.0 51.0
CD-038 NWE 18.1 0.7 0.4 0.6 1.6 0.0 0.0 95.9
Including 2.4 3.0 1.4 2.5 5.5 0.0 0.0 95.9
CD-039* SCZ 36.2 0.4 0.2 0.8 1.6 0.0 0.0 20.0
CD-040* CCZ 33.8 0.5 0.3 0.3 0.9 0.0 0.0 11.0
Including 5.3 1.1 0.6 0.7 2.6 0.1 0.0 21.9
CD-041 ECZ 9.0 0.3 0.3 0.0 1.0 0.0 0.0 17.0
6.0 0.3 0.1 0.3 0.5 0.0 0.0 31.0
31.4 1.2 0.7 0.5 4.5 0.4 0.0 70.0
Including 10.3 2.2 1.6 0.7 9.9 0.1 0.0 82.8
CD-042 ECZ 18.6 0.3 0.2 0.1 0.5 0.0 0.0 0.6
5.4 0.5 0.4 0.1 1.5 0.1 0.0 29.0
CD-043 ECZ 51.2 0.3 0.2 0.1 0.7 0.0 0.0 6.0
CD-044 ECZ 27.6 0.3 0.2 0.1 0.7 0.0 0.0 28.0
CD-045 ECZ 37.2 1.0 0.4 1.1 1.4 0.0 0.0 1.4
Including 3.0 7.7 0.1 12.7 2.4 0.0 0.0 6.0
6.5 0.9 0.6 0.2 2.1 0.2 0.0 62.0
1.3 2.5 1.8 0.5 6.3 1.2 0.0 77.7
Drill Details
Hole Id Dip Azimuth EOH
CD-026 -90 315 136.65
CD-027 -90 0 141.61
CD-028 -90 0 98.20
CD-029 -90 0 154.45
CD-030 -85 45 89.85
CD-031 -89 45 145.19
CD-032 -90 0 140.59
CD-033 -90 0 101.68
CD-034 -90 0 91.21
CD-035 –89 70 112.38
CD-036 -60 60 154.60
CD-037 -60 45 110.87
CD-038 -60 60 146.32
CD-039 -90 0 59.87
CD-040 -90 0 56.88
CD-041 -89 238 115.43
CD-042 -60 45 85.44
CD-043 -60 45 100.61
CD-044 -60 45 74.17
CD-045 -50 45 102.57

Table 1 Highlighted assay results for CD-026 through to CD-046.

 

* Holes marked with an asterix to be extended with BQ rods

 

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

 

Qualified Person

 

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.

 

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: Top: Location map of drilling to date; Middle cross section A to A’; Lower example of grade distribution in the lower part of CD-041. (CNW Group/Meridian Mining S.E.)

 

Posted August 31, 2021

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