At the Santa Helena Cu-Au-Ag & Zn project ('Santa Helena'), first results are starting to be received following re-initiation of the drilling program, with CD-472 returning a strong interval of 5.0m @ 4.0g/t AuEq from 24.1m. Meridian is initiating the environmental impact studies for open-pit development at Santa Helena, as part of its hub and spoke development strategy for the broader belt. The Company also reports that
The infill drilling at the advanced Cabacal Cu-Au-Ag project 1 ('Cabacal') includes holes targeting historical positions where data has been lost and which were not included in the 2022 resource statement 2 . Drilling results defining extensions of near surface Cu-Au-Ag mineralization are highlighted by CD-483's 10.1m @ 2.1g/t AuEq from 9.4m, amongst broader intersections. Meridian has now completed over 50,000 metres of drilling at Cabacal which pushes the project database to a total of over 125,000 meters.
Highlights Reported Today
Meridian reports further strong shallow mineralized intercepts at Santa Helena and Cabacal deposits;
Mr.
Santa Helena Update
Drilling continues at Santa Helena with two rigs, and the first result has been returned with further results pending. Drilling is continuing with an infill pattern to achieve systematic coverage over the deposit, particularly in up-dip extensions where the system was more sparsely tested. The first result is reported from CD-472, from a position between CD-360 (16.4m @ 0.9g/t AuEq from 6.0m & 11.0m @ 5.2g/t AuEq from 30.0m) and CD-325 (14.9m @ 4.6g/t AuEq from 26.3m). CD-472 crosses a position where only partial sampling records were available from a historical surface hole. The new result has returned:
CD-472 (
By comparison, the historical vertical hole it crosses, PM-15A had returned: 2.2m @ 0.9g/t AuEq (0.1g/t Au, 0.1% Cu, 8.0g/t Ag, 1.7% Zn) from 25.0m; 2.1m @ 1.4g/t AuEq (0.3g/t Au, 0.2% Cu, 9.9g/t Ag, 1.9% Zn) from 32.1m
The results provide more continuous sample coverage for resource modelling and show importantly that the sampling gaps are mineralized.
The Company has engaged Sete SolucOes e Tecnologia Ambiental Ltda and Hidrovia Hidrogeologia e Meio Ambiente to initiate baseline environmental assessments for open-pit development. The Company's metallurgical consultant, Mr
Cabacal Update
Further drill results continue to be delivered from the Company's programs at Cabacal, including holes from the northwest extension, the mine area flank, and the mine area. Some of the recent drilling has included further twinning on holes where data has only been partially preserved or lost. The first of these results reported was CD-470, which returned 16.0m @ 12.5g/t AuEq from 53.3m, including 6.4m @ 30.6g/t AuEq 3 . Additional holes have targeted a range of positions (and expected grade distributions), in the Eastern, Central and Southern Copper Zones. Highlights from the recent drilling include:
CD-483 (ECZ twin of JUSPD-587): o 10.1m @ 2.1g/t AuEq (1.7g/t Au, 0.3% Cu & 1.9g/t Ag) from 9.4m; including: 1.9m @ 8.8g/t AuEq (7.6g/t Au, 0.8% Cu & 4.2g/t Ag) from 12.7m; o 18.2m @ 0.9g/t AuEq (0.6% Cu & 1.9g/t Ag) from 26.4m; o 4.9m @ 1.2g/t AuEq (0.2g/t Au, 0.7% Cu & 3.1g/t Ag) from 59.9m; CD-478 (Central Area of the CNWE): o 6.5m @ 1.0g/t AuEq (0.2g/t Au, 0.5% Cu & 4.0g/t Ag) from 22.5m; o 10.7m @ 1.5g/t AuEq (0.4g/t Au, 0.8% Cu & 3.7g/t Ag) from 51.3m; including: 2.5m @ 4.4g/t AuEq (1.3g/t Au, 2.1% Cu & 13.1g/t Ag) from 59.2m; o 4.0m @ 1.1g/t AuEq (0.3g/t Au, 0.5% Cu & 2.3g/t Ag) from 65.0m; o 3.1m @ 1.4g/t AuEq (0.4g/t Au, 0.7% Cu & 4.0g/t Ag) from 114.3m; CD-477 (CCZ; twin of JUSPD-484; void from 25.1 - 32.7m): o 9.8m @ 1.6g/t AuEq (0.4g/t Au, 0.9% Cu & 4.3g/t Ag) from 47.3m; including: 2.8m @ 3.4g/t AuEq (0.6g/t Au, 1.9% Cu & 10.5g/t Ag) from 54.3m; o 5.2m @ 1.6g/t AuEq (0.5g/t Au, 0.8% Cu & 3.6g/t Ag) from 69.9m; CD-474 (SCZ orthogonal hole; void from 76.5 - 83.8m): o 11.8m @ 1.0g/t AuEq (0.2g/t Au, 0.6% Cu & 2.3g/t Ag) from 55.9m; o 3.7m @ 4.7g/t AuEq (4.7g/t Au, 0.1% Cu & 1.0g/t Ag) from 70.4m; o 10.0m @ 1.1g/t AuEq (0.4g/t Au, 0.5% Cu & 2.2g/t Ag) from 138.7m; CD-469 (JUSPD-580 twin; SW flank of mine area): o 23.2m @ 0.5g/t AuEq (0.1g/t Au, 0.3% Cu & 0.6g/t Ag) from 85.6m; including:o 2.0m @ 1.9g/t AuEq (0.3g/t Au, 1.2% Cu & 2.8g/t Ag) from 106.8m and CD-460 (CNWE): o 12.2m @ 1.9g/t AuEq (1.3g/t Au, 0.5% Cu & 3.5g/t Ag) from 71.2m; including: 4.5m @ 4.5g/t AuEq (3.1g/t Au, 1.0% Cu & 6.6g/t Ag) from 72.0m.
The twin drilling is providing some useful context in areas where targeted historical holes have gaps in information where data is lost, incomplete, or depicted only in graphic charts. Some additional drilling will target the down-plunge projection of the shallow CD-483 position. Some additional select infill drilling will also be conducted on a staggered pattern in the resource area, to further consolidate grade distribution and continuity.
CD-460 returned a solid intersection from the CNWE, although this area is exhibiting some nuggetty characteristics in gold distribution, making definition more challenging. Sample CBDS63645 (76.12 - 76.45m) from this hole returned 6.2g/t Au. Its duplicate pair, which was not used in the composite calculation, returned tenfold the grade at 72.9g/t Au. A screen-fire assay check will be further conducted on the remaining sample. The locally steep topography of this area makes certain areas more challenging to access, and the position may potentially be better targets for under-ground development with closer spaced drilling off the floor of an open pit.
The Company is also running through an update of its quality control program through a third round of umpire analysis. Results generally compare well, although some punctual outliers may also indicate a nugget effect, or an analytical issue, with one sample in particular (CBDS02391) originally reporting 0.279 g/t and repeating with 9.25 g/t Au. Visual inspection of the sampled interval showed that visible gold was present, and further evaluation continues.
The Company has been reviewing historical records submitted to the ANM when the project was originally operated by
About Meridian
Meridian Mining is focused on: The development and exploration of the advanced stage Cabacal VMS gold-copper project; The initial resource definition at the second high-grade VMS asset at Santa Helena as first stage of Hub and Spoke development strategy; Regional scale exploration of the Cabacal VMS belt to expand the Hub and Spoke strategy and Exploration in the Jauru & Araputanga Greenstone belts (the above all located in the
The Preliminary Economic Assessment technical report (the 'PEA Technical Report') dated
The Cabacal 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 equivalent cut-off grade).
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:
Contact:
Mr.
CEO and Director
Meridian Mining
Tel: +1 778 715-6410
Email: info@meridianmining.co
Technical Notes
Samples have been analysed at ALS laboratory in
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
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 information, future events, or results or otherwise.
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