Meridian Confirms Cabaçal's Mine Corridor's Significant Exploration Potential

Extensions to Gold-Silver discovery and VMS system at C2A-East

LONDON, UK / ACCESSWIRE / June 28, 2022 / Meridian Mining UK S (TSX:MNO)(Frankfurt/Tradegate:2MM)(OTCQB:MRRDF), ("Meridian" or the "Company") is pleased to announce an extensive exploration update within the 11km long Cabaçal Mine Corridor. Results from recently completed IP surveys have extended the prospectivity of the C4-A gold-silver discovery¹ along strike to the southeast linking up with further gold-in-soil anomalies. The Company is also announcing that recent geophysical surveys from the VMS copper target at C2-A East², have defined strong basement EM and IP anomalies, creating a new priority target for future drilling.

The strong geophysical results to date, coupled with ongoing drilling success at Cabaçal, highlight the outstanding potential of the essentially untested 22km strike length of open soil anomalies within the Cabaçal Project (Figure 1). These combined results are strengthening the Cabaçal project as one of the most exciting, emerging metallogenic belts in South America.

Three surface drill rigs and four drill crews are currently confirming, infilling, and expanding the extensive near-surface copper-gold mineralization of the Cabaçal Mine. Referenced images are presented at the end of this release as well as on the Company's website. Further results are pending.

Highlights Reported Today:

• CD-139 Discovery: New IP anomalies extend prospectivity of C4-A Gold-Silver Extensions;
  • Next phase of work to focus on untested northwest trend back towards Cabaçal Mine;
  • Strong basement responses detected southeast of discovery hole CD-139 confirm further upside;
• C2-A East Copper Prospect: New Priority target - Geophysics confirms basement potential
  • Priority target 3km southeast of Cabaçal Mine;
  • Extensive geophysical anomalies define basement geophysical signature;
  • Copper anomaly with peak readings of 0.1% Cu associated with 1.2km alteration system from Worldview 3 satellite survey;
• Ongoing geochemical - geophysical data compilation and exploration emphasizes Cabaçal's belt-scale potential of emerging targets;
  • Extensive soil anomalies cover only 22km of the 50km long Cabaçal project; with unsurveyed gaps to be progressively infilled; and
• Infill gravity program commencing at Espigão to delineate future IOCG drill targets.
  • encouraged by strong anomalies: regional survey phase completed.

Dr Adrian McArthur, CEO and President comments: "Three drill rigs are advancing the drilling at the Cabaçal Mine and its extensions in preparation for the first resource statement at the end of Q3. The Company continues to delineate additional upside potential to our new C4A gold-silver discovery and with today's C2A-East discovery, a priority target. Our next phase of drilling starting in Q4 will focus on extending and infilling at the Cabaçal Mine but also more delineation drilling within the largely untested Mine Corridor. Our team has shown great ability and initiative in discovering new anomalies beyond those outlined by BP Mineral's original 1980's campaign. As we continue to build our portfolio of copper-gold prospects at Cabaçal, our investors have exposure to probably the most exciting, emerging metallogenic belt in South America and more importantly it is located in Brazil, where new copper and gold mines are frequently being, permitted, built and entering sustainable production."