Meridian Mining Provides Post Financing Activities Outlook for Cabaçal

LONDON, UK / ACCESSWIRE / April 23, 2024 / Meridian Mining UK. S ( TSX:MNO )(Frankfurt/Tradegate: 2MM )(OTCQX: MRRDF ) ("Meridian" or the "Company") is pleased to provide a forecast of its activities through to the end of 2024, at its advanced Cabaçal copper-gold-silver VMS project in Mato Grosso Brazil. After the successful completion of the recent CAD20.125M financing[1] Meridian is now well funded to complete the drilling and engineering programs required for the Cabaçal Mine's Pre-Feasibility Study[2] ("PFS"). The Company is also reporting the launch of Santa Helena's next phase of resource drilling and the first phase of metallurgical studies. In parallel to the Cabaçal and Santa Helena programs, the Company's ongoing copper and gold exploration programs are testing the greater Cabaçal belt's prospectivity (Figure 1). Drilling continues and assay results are pending.

Mr. Gilbert Clark, CEO, comments: "With the closing of the institutional led financing delivering a strong balance sheet, we are now accelerating multiple programs at our advanced Cabaçal Cu-Au-Ag VMS project. After the rain impacted Q1, we are mobilizing more rigs to rapidly close off and deliver the Cabaçal Mine's drillhole database to our QP in early Q3, with Santa Helena's following later in the quarter. To complete this, we will shortly have five drill rigs turning with three of these on double shifts, split between the two deposits. For Cabaçal's PFS, we are working with our engineering groups to advance the mining, metallurgical, geotechnical and other studies to take the mill through-put from 2.5Mt p.a for years 1 to 4, and then expand this to 4.5Mt p.a.. At Santa Helena, our geology and geophysical teams have been modelling and refining the Au-Cu-Ag & Zn mineralization for this next phase of drilling. Two low-impact rigs will shortly be drilling this deposit, including targeting the multiple strong off-hole geophysical conductors.

Looking to the future, we have advanced our exploration activities via geochemical and geophysical programs, to aid in drilling these prospects through out 2024. As we continue the evaluation and validation of historical records, we believe there is a tremendous untapped upside, beyond what we have established at Cabaçal and Santa Helena, yet to be delineated".

Key Activities for 2024

• Meridian accelerates Cabaçal's drill programs following completion of recent financing;
  • Five diamond drill rigs mobilized for accelerated 7,800m summer drill program;
    • Complete Cabaçal's PFS drill program in Q2;
    • Delivery Santa Helena's drill hole data base in Q3;
• Cabaçal's PFS mining, metallurgical and engineering studies continue to advance;
• Santa Helena's metallurgical program in preparation;
• Exploration drilling programs to be expanded through out the year; and
  • Multiple soil and stream geochemical targets for gold and base metals continue to be unlocked.

Foto: Accesswire

Figure 1: Cabaçal project targets.

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