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Release date- 07052024 -
Highlights Reported Today
Meridian drills strongest gold-dominant zone of mineralization within the
Mr.
Cabacal Deposit Drill Program Update
The Cabacal drill program continues, with today's reported results bringing a new interval returned under the accelerated drilling program [5] . Results reported include intervals from the peripheral areas of the resource where drilling has been sparse, and from select areas of the Cabacal mine zone where several results from the last phase of BP drilling have been lost. The first of these results from CD-470 has encouraging mineralization. Results emphasise that the previous room and pillar underground mining method left behind significant high-grade mineralization due to the structural variability and grade variances in the deposit.
The CD-470 hole commenced with a shallow copper-dominant interval, including a zone of 2.2m @ 1.1% Cu & 6.4g/t Ag from 16.1m. The hole passed through a mining void from 48.7 - 53.3m. Data compiled by the Cabacal project vendors indicates that 3.8m @ 90.0g/t Au, 0.4% Cu & 20.6g/t Ag from 48.8m were intersected in this mining void position. The source data for these analyses were subsequently lost, and to date, Meridian has not been able to locate an alternative archival copy. Encouragingly, the interval below the void in Meridian's drilling has returned mineralization at grades significantly higher than the historical underground mining cut-off grade of 3.0g/t Au. CD-470 has returned 16.0m @ 12.5g/t AuEq (12.1g/t Au, 0.3% Cu & 0.6g/t Ag) from 53.3m, including 6.4m @ 30.6g/t AuEq (29.9g/t Au, 0.5% Cu & 1.0g/t Ag) from 53.3m.
CD-470 is one of several planned verification holes that will contribute to the PFS database. The initial verification program of 2021-2022 targeted areas where comparative historical assay data existed for twin drilling. The current holes are designed to better understand grade distribution where data has been lost or was only partially digitized by the project vendors. The information gaps for certain historical results were more prevalent in the SCZ where the later generation of
The results provide an indication of mineralization that we expect to encounter in pillars, and projecting between levels, as shown by the CD-470 intersection.
The current phase of drilling and field activities in the mine area will focus on assessing areas where data has been partially lost in the mine sphere, and refining the void model through additional survey programs, with some ongoing drilling in the peripheral areas of the resource. Future drilling may also target the corridor extending from the southern limits of Cabacal towards the C4-A gold-silver discovery area [6] where drilling is sparse and some areas may be considered for site infrastructure. Additional results from the infill program have included:
Update on Cabacal Metallurgical Program
The metallurgical and engineering aspects of the PFS preparations are ongoing. Testwork on Cabacal samples is in progress using a combined collector (3418A and Aero208). Initial results suggest this combination has potential to improve copper recoveries and concentrate grades compared to the initial phase of testwork, with further results pending.
Initiation of Santa Helena Metallurgical Program
The Company's metallurgical advisors are currently reviewing available drilling data and processing data to define
About Meridian
Meridian Mining
Cabacal is a gold-copper-silver rich VMS deposit with the potential to be a standalone mine within the 50km VMS belt. Cabacal'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
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), 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:
Contact:
Mr.
CEO and Director
Meridian Mining
Tel: +1 778 715-6410
Email: info@meridianmining.co
Technical Notes
Samples have been analysed at SGS laboratory in
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
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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