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Diamond drilling and geophysical programs
continue to advance.
LONDON, March 29, 2021 /CNW/ - Meridian Mining UK S
(TSXV: MNO) ("Meridian" or the "Company") today announces that the
drill and surface geophysical programs have advanced at its Cabaçal
copper-gold project in Mato Grosso,
Brazil with the completion of the first two diamond holes of
the approximate seventy drill hole program Figure 1. The first
diamond drill hole ("DDH") CD-001 targeting the Southern Copper
Zone ("SCZ") has been concluded to a depth of 189.55m by Rig One. Rig Two concluded CD-002 as
an initial test the Easter Copper Zone ("ECZ") and was completed to
a depth of 95.2m. Assays from the
first two holes are pending. The surface electromagnetic ("EM")
program is completed and has defined the Cabaçal mine sequence's
response that extends past the historic mine limits. The Company
has also signed a technical exchange agreement with the
Universidade Federal de Mato
Grosso ("UFMT") accessing its historical core collection
from Cabaçal.
Highlights of the exploration program's rollout:
- Both holes CD-001 and CD-002 have intersected intact Cabaçal
mine's host stratigraphy:
-
- Rig 1 cored intervals of SCZ's disseminated, stringer (Photo
1-A), and breccia styles of sulphide mineralization
(chalcopyrite-pyrrhotite-pyrite) extending from 50.16m to 151.65m
downhole;
- Rig 2 cored intervals of ECZ's disseminated to stringer (Photo
1-B) and breccia styles of sulphide mineralization
(chalcopyrite-pyrrhotite-pyrite) extending from 39.7m to 63.9m
downhole;
- Rig 2 is now moving to the SCZ alongside Rig 1 to start a fan
of holes into this zone to target Cu-Au and to provide platforms
for defining and testing electromagnetic responses; and
- The orientated fixed-loop surface EM survey over the Cabaçal
mine and extending southwards is concluded with the data now being
processed by Core Geophysics:
-
- An EM anomaly extending ~100-200m
south of the Cabaçal Mine area has been defined. The response is
consistent with the broad footprint of disseminated to stringer
sulphide;
- Work will be undertaken to calibrate this response with the
regional VTEM data to consider definition of anomalies at a similar
threshold;
- Bore Hole EM is progressing off CD-001 & CD-002 to target
conductivity response consistent with stringer / breccia sulphide
zones in the targeted areas; and
- Initial analysis indicates that the fixed loop survey has
sharpened the definition of the southern VTEM conductor. Final
modelling in progress following finalization of survey data.
- Agreement with UFMT
-
- Access to historical Cabaçal diamond cores for re-assaying and
re-logging diamond core;
- Technical exchange program for undergraduates focused on the
mining industry.
CD-001 was collared above the SCZ and projecting ~ 80m south of the limit of historical workings
based on digitized records of historical selective room and pillar
mine development. The hole was drilled from the historical drill
pad of JUSPD 596, which intersected 15m @ 5.20% Cu, 2.66g/t Au, 9.54 g/t Ag. CD-001
was drilled HQ through the saprolite and upper bedrock and reduced
to NQ. The hole intersected the "CTB" mine sequence unit - a
foliated meta-volcaniclastic horizon, with disseminated sulphides
and local stringer mineralisation, from 50m downhole, and continued to the acid volcanic
footwall ("TAC") from 151.6m. As
standard practice CD-001 is now being surveyed to check the down
hole trajectory.
CD-002 was collared above the ECZ, ~ 50m west of an exploratory branch of the
historical mine workings, into an area where this sequence becomes
more copper dominant. Part of the mine stratigraphy here projects
below a sub-horizontal gabbroic sill that blocks all surface
expression or soil anomaly of the Eastern Copper Zone. The hole was
drilled from the historic pad of JUSDP 228, which intersected
23.03m @ 0.95% Cu, 0.3g/t Au, 7g/t
Ag, including 3.18, @ 4.45% Cu, 1.36g/t Au, 39.06g/t Ag. Adjacent
holes in historical cross sections show the projection of stringer
sulphide zones, with verification drilling required in some areas
where historical assays are not available. CD-002 confirms that the
ECZ remains open and requires further drilling. The 1990 Mason and
Kerr targeting study stresses that testing the extension of this
sequence to the east is a high priority exploration target, for the
potential of a fourth centre of focussed copper-gold vein systems
as part of a larger hydrothermal discharge field: "We cannot
stress enough the importance of exhaustive exploration for
VMS-related mineralization at this highly-productive CTB/TAC
contact horizon". CD-002 was drilled HQ to end of hole and
intersected a 24.2m wide package of
CTB stratigraphy with disseminated to stringer and breccia
sulphides.
Rig 2 initially focused on the ECZ while Rig One's DDH CD-001
was completed, providing the platform for the first Bore Hole EM
survey targeting the zones of strong Cu-Au mineralisation
historically drilled from surface and underground. There is some
spatial variance in the exact position of these intersections, and
with the precise position of the surface collars no longer visible
on the two historical drill pads (and limited historical down-hole
survey information). Bore Hole EM is being conducted as a vectoring
tool to better orientate the surface program to more concentrated
stringer to brecciated/stockwork sulphide concentrations within the
SCZ. Once this zone's program is completed the drill program will
then proceed with a combination of twinning, infill and extension
drilling on the program's other known targets.
Dr Adrian McArthur, CEO, states,
"I congratulate the technical and administrative team on initiating
the concurrent geophysical and drilling programs at a time at
Cabaçal so promptly after receiving the environmental. The core is
being cut for dispatch and we soon will be receiving a steady
stream of assays and other analytical data. The geophysical
orientation work over the Cabaçal deposit has shown great promise.
We will extent geophysical trails using the company's own IP
equipment as a parallel tool for testing for Cabaçal's style of EM
responses in addition to the established VTEM targets. BHEM will be
an important tool and ongoing work will be conducted in campaigns,
with a particular focus on areas of structural complexity such as
the southern copper zone with the shallow-east dipping stratigraphy
interacts with the steep NE-striking Alpha Fault. Via the agreement
with UFMT we can now have access to their Cabaçal core library and
re-assay it as part of the verification of the historical drill
results and collaborate in field programs and technical studies at
Cabaçal."
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.
On behalf of the Board of Directors of Meridian Mining UK S
Dr. Adrian McArthur
CEO, President and Director
Meridian Mining UK S
Email: info@meridianmining.net.br
Ph: +1 (778) 715-6410 (PST)
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Further information can be found at www.meridianmining.co
ABOUT MERIDIAN
Meridian Mining UK S is focused on the acquisition, exploration
and development activities in Brazil. The Company is currently focused on
developing the Cabaçal VMS Copper-Gold project in the state of
Mato Grosso; exploring the Espigão
polymetallic project, the Mirante da Serra manganese project, and
the Ariquemes tin portfolio in the State of Rondônia Brazil.
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 include, among
others, statements with respect to the Company's plans for
exploration, development and exploitation of its properties and
potential mineralisation. These statements address future
events and conditions and, as such, involve known and unknown
risks, uncertainties and other factors, which may cause the actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the statements. Such risk factors include, among others,
failure to obtain regulatory approvals, failure to complete
anticipated transactions, the timing and success of future
exploration and development activities, exploration and development
risks, title matters, inability to obtain any required third party
consents, operating risks and hazards, metal prices, political and
economic factors, competitive factors, general economic conditions,
relationships with strategic partners, governmental regulation and
supervision, seasonality, technological change, industry practices
and one-time events. In making the forward-looking
statements, the Company has applied several material assumptions
including, but not limited to, the assumptions that: (1) the
proposed exploration, development and exploitation of mineral
projects will proceed as planned; (2) market fundamentals will
result in sustained metals and minerals prices and (3) any
additional financing needed will be available on reasonable
terms. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities
legislation.
The Company cautions that it has not completed any feasibility
studies on any of its mineral properties, and no mineral reserve
estimate or mineral resource estimate has been established.
Geophysical exploration targets are preliminary in nature and not
conclusive evidence of the likelihood of a mineral deposit.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this news release. Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Meridian Mining S.E.
