AMSTERDAM, June 14, 2017 /CNW/ - Meridian Mining S.E.
("Meridian" or the "Company") (TSX-V: MNO) today announced the
recognition of gold-bearing structures upon commencement of bedrock
exploration at its Coice de Cobra Gold Target located near Espigão
do Oeste in Rondônia Brazil.
Key highlights of the program include:
- Peak intervals of 3.8m @ 3.88g/t Au (true width)
returned from the first mechanical trench.
- Follow-up continues on strong geochemical targets, with six
soil anomalies prioritized for evaluation. Soil anomalies have
strike lengths of 100 - 1,000m and peak sample values of 714ppb
Au. Rock chip samples have returned assay results up
to9.79g/t Au.
- The six Coice de Cobra gold targets prioritized for testing are
distributed over 4km2 . They occur within a broader
cluster of soil and steam anomalies extending over 39
km2, for which infill and extension sampling is
ongoing.
- The Coice de Cobra area shares geological characteristics
consistent with deposit models for granite-hosted gold systems with
transitional mesothermal-epithermal processes (massive,
saccharoidal and prismatic quartz textures).
- An initial program of 18 trenches spanning 2,000m has commenced
to evaluate the anomalies and will continue into Q3.
- A diamond drilling programme of at least 1,000m is then
planned.
"Meridian first identified gold anomalies at Espigão do Oeste
during stream geochemistry in 20161. In parallel with
expanding production capacity from our manganese operations, we
have continued to pioneer systematic gold exploration in this
region," said Anthony Julien,
President and CEO of Meridian. "Stream and soil surveys have now
defined strong exploration targets over large areas at both Coice
de Cobra and Gazetta, and we are initiating the next phase of
evaluation by trenching and drilling. We are greatly encouraged by
the recognition of gold-bearing structures in the early stages of
this program."
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1 see
press release dated July 19th, 2016 for further
information
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EXECUTIVE SUMMARY
Regional geochemical surveys at Espigão do Oeste have identified
two distinct gold bearing areas associated with favourable
structural settings at Gazetta and Coice de Cobra. Stream and
associated soil anomalies have broad footprints of 8 km2
and 39 km2 respectively (Figure 1). These broad
anomalies remain open along strike, with their ultimate extent to
be further defined by extensional soil sampling.
Infill soil surveys were prioritized at the Coice de Cobra area,
where peak soil values up to 108 - 714ppb Au have been recorded.
Bedrock exposure in this area is scarce due to tropical weathering
and development of a thick soil profile. Reconnaissance sampling of
isolated rock fragments and rare exposures has returned rock chip
values of 1.34 to 9.79g/t Au. Infill soil sampling program resulted
in the definition of six target areas (Figure 2). Individual soil
anomalies extend over strike lengths of 100 – 1,000m.
A trenching campaign has commenced to assist in sighting drill
hole positions for an inaugural diamond drilling campaign. Trial
geophysical surveys are also being conducted to assist in
targeting, with 3.6 line km of dipole-dipole IP surveys completed
to date.
The first mechanical trench at the Cascavel Target has returned
a peak interval of 3.8m @ 3.88g/t Au in a sub-vertical NE-trending
structure (true width). The same trench intersected a separate
mineralized zone 60m to the south-west (1.8m @ 1.26g/t Au),
indicating potential for development of parallel structures. 2,000m
of trenching is planned and at least 1,000m of diamond drilling is
expected to commence in late June / early July.
Gold mineralization in the project area is hosted within a
Proterozoic crystalline basement. High-strain metamorphic schists
and gneisses occur at Gazetta, cut by later-stage granitic
intrusions. Low-strain magnetite-bearing granites are present at
Coice de Cobra. The Coice de Cobra area shares geological
characteristics similar to granite-hosted gold systems with
transitional mesothermal-epithermal processes.
PRIORITIZED TARGETS
The current exploration program will focus on the following six
targets:
Cascavel Target:
- Parallel NE-trending soil anomalies extend over 500m; peak
values of 394 ppb Au.
- Surface rock chip samples returned peak values of 5.99 g/t
Au.
- Channel sampling of the initial trench returned a peak interval
of 3.8m @ 3.88g/t Au, including 1.8m @ 5.70g/t Au (true width)
(Figure 3).
Caninana Target:
- East-northeast-trending soil anomaly extending 1km with soil
values to 250 ppb Au.
- Open along strike to the east where rock chip samples have
returned peak values of 9.79 g/t Au, with visible gold associated
hematite in quartz veins (Figure 4a).
- Trenching programs commenced to test several subparallel
trends, with full assays pending.
Jibóia Target:
- Soil anomalies extend over 450 x 400m and remain open; peak
values of 714 ppb Au.
- Complex magnetic pattern with east-west and northwest-southeast
trends evident.
- Areas with hydrothermal alteration (silicification) observed.
Rock chip sample data pending.
Bico de Jaca Target:
- Northeast and east-west trending soil anomalies extending over
400m; peak values of 201 ppb Au.
- Confluence of anomalous drainage systems containing coarse gold
(Figure 4b).
Bico de Papagaio Target:
- East-west trending soil anomaly 850m long; peak soil values of
314 ppb Au.
Cascavel East Target:
- Parallel northeast-oriented soil anomalies with peak values of
117 ppb Au.
- Coincident with basement magnetic trends.
GEOLOGICAL MODEL
The Company's project area at Espigão do Oeste is located on the
southeast margin of the Amazon Craton, host to a number of
significant gold districts. The mineralization at Espigão do Oeste
occurs in a new spatial position with respect to the nearest
provinces. The Floresta - Juruena gold province is located to the
east in the neighbouring state of Mato
Grosso and hosts lode gold deposits, intrusive-related
deposits, epithermal deposits associated with granitic intrusions,
and placer deposits. To the south, the Alto Guaporé belt hosts
orogenic gold deposits associated with the Proterozoic Sunsás
orogeny. At this stage there are not enough constraints on the
timing of the gold mineralization at Espigão do Oeste to link it to
a particular regional metallogenic event.
The gold prospects at Espigão do Oeste are hosted over
Proterozoic crystalline basement located immediately north of
younger sedimentary basin (the Phanerozoic Pimenta Bueno Graben).
At Gazetta, the basement is dominated by high-strain schists and
gneisses. The metamorphic package is cut by later-stage
granite dykes and intrusive stocks. Mesothermal quartz veins
superimposed on ductile shears are locally exposed in catchment
areas to anomalies. Accessory pyrite is present in the veins.
The Coice de Cobra area is situated in a lower-strain domain,
with the basement consisting of magnetite-bearing granite stocks
cut by dolerite dykes. Veins exhibit massive quartz, saccharoidal
quartz, and local open-space prismatic quartz textures. Accessory
pyrite is locally observed, but more commonly, visible gold occurs
in closer association with hematite in the quartz veins. Wall rock
shows quartz-sericite alteration (where not overprinted by
excessing weathering). Early indications from these textures
suggest that vein development may be mesothermal locally
transitional to epithermal in character.
Crystalline basement rocks have potential to host significant
gold mineralization. The Tropicana Gold Mine in Western Australia is an example of mesothermal
deposit in a high-strain metamorphic belt with a late-stage
overprint. Examples of provinces with granite-hosted mesothermal to
transitional epithermal gold mineralization include the Proterozoic
deposits of the Alta Floresta - Juruena gold belt, and the
Phanerozoic Ravenswood Goldfield in Queensland, Australia. Technical studies in
such camps provide useful templates in areas of similar basement
geology, particularly in understanding patterns of mineral and
metal zoning that can be applied as exploration vectors. Ongoing
exploration will be conducted to test the style and scale of the
gold system at Espigão do Oeste.
NEXT STEPS
- An initial program of 18 trenches spanning 2,000m is planned to
evaluate the anomalies. The program has commenced and will continue
into Q3.
- Mapping and soil sampling programs are ongoing along strike
from gold-anomalous structures. New target areas will be integrated
into the program as data is gathered.
- Ground-IP orientation programs have commenced following the
recognition of sulphides in association with the load structures.
Initial test IP lines will be conducted along soil lines to review
associated anomalies. Other geophysical methods will be
considered.
- An initial programme of at least 1,000m of diamond drilling in
the target area is expected to commence in late June / early July,
to confirm depth extensions to mineralization encountered in the
trenching.
QUALIFIED PERSON
The technical information about the Company's exploration
activity has been prepared under the supervision of and verified by
Dr. Adrian McArthur (B.Sc. Hons,
PhD. FAusIMM), the Chief Geologist of Meridian Mining, who is a
"qualified person" within the meaning of National Instrument
43-101.
On behalf of the Board of Directors of
Meridian Mining S.E.
"Anthony Julien"
Anthony Julien
President, CEO and Director
ABOUT MERIDIAN
Meridian Mining S.E. is focused on acquisition, exploration,
development and mining activities in Brazil. The Company is currently focused on
exploring and developing the BMC manganese project, the Bom Futuro
tin JV area, and adjacent areas in the state of Rondônia. The
Company employs a two-pronged strategy with the objective of
growing pilot production while advancing a parallel multi-commodity
regional exploration program. Meridian is currently producing high
grade manganese at its project located at Espigão do Oeste.
Further information can be found at www.meridianmining.co.
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 and
development of its properties and potential mineralization. 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 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 and development 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.
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.
NOTES
The gold anomalies were first identified through evaluation
of drainage anomalies by a pan concentrate program. The principal
anomalous catchments were subsequently followed by soil surveys on
a 400m x 50m reconnaissance grid, with infill to 100 x 25m. A total
of 515 pan concentrates and 4,814 soil samples have been collected
in evaluation programs to date.
Positive visual identifications of gold in field
pan-concentrates are cross-checked by mineralogical reports at SGS
Laboratories in Belo Horizonte.
Soil samples are collected by pitting or hand-auger from
"B-Horizon". Samples are sieved to 80# and pulverized to 150#. Gold
in soil samples is analyzed by Fire Assay of a 50g charge (method
FAA505). Gold in surface rock samples is analyzed by SGS method
FAA323 (fire assay of 30g charge), with samples containing visible
gold analyzed by screen fire assay (SGS method FAASCR).
Structures intersected in trenching are channel sampled to
geological boundaries, with dispatched samples analyzed by screen
fire assay (SGS method FAASCR). Channel samples from saprolitic
wall rock in the trench profile are analyzed by SGS method
FAA505.
Analytical quality is monitored by certified references and
blanks. Until dispatch, samples are stored in the company's
supervised stockpile yard or exploration office. The samples are
couriered to the assay laboratory using a commercial contractor
(Eucatur). Pulps and rejects are returned to the Company. The
company conducts periodic umpire testwork to review
results.
SOURCE Meridian Mining S.E.