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Potential massive sulphide hosted conductor
detected at Cabaçal South - 400m
south east of Cabaçal VMS mine
LONDON, April 12, 2021 /CNW/ - Meridian Mining UK S
(TSXV: MNO) (Frankfurt: 2MM)
("Meridian" or the "Company") is pleased to announce the first
results of its surface and borehole Electromagnetic ("EM") surveys
at its camp-scale Cabaçal Copper-Gold VMS project in Mato Grosso Brazil (the "Project"). This first
geophysics program has return immediate results, identifying a
large borehole EM ("BHEM") conductor (Figure 1), situated along
strike from the historical Cu-Au workings of the Cabaçal mine and
within the South Copper Zone ("SCZ") sulphide mineralisation
recently intercepted by the Company's diamond drill holes ("DDH")
CD-0011, 0032, 0042.
The Company's surface EM survey detected a strong bedrock
conductor at Cabaçal South, centred ~400m south of the historic
mine (Figure 2), with a conductivity consistent with a potentially
massive-sulphide target. This program has also modelled a series of
large shallow conductors extending out from the Cabaçal mine's
copper -gold workings a further 200 m
south east (Figure 2).
The Company is pleased to announce it has secured at the
southern limit of the Project's VMS belt, increasing the tenure
from 185 km² to 283 km². The new license has an existing
copper-geochemical anomaly. Separately, after reviewing the
historical 1980's BP Minerals regional exploration reports, the
Company has secured a strong land position of 484 km2
located 20km west of the Project (Figure 3). These new licenses are
within two separate greenstone belts, where the historical reports
highlighted their Cu-Au-Ni exploration potential.
Highlights of Cabaçal EM surveys
- BHEM survey from CD-001 detects extensive EM conductor
measuring 129m x 100m;
-
- Breccia to stringer sulphide mineralisation of CD-003
(11.4m) and CD-004 (13.1m) of the SCZ corridor positioned within the
plate,
- Additional BHEM being scheduled on new holes to further map the
conductivity response.
- Fixed loop EM survey detects a shallow potentially massive
sulphide hosted bedrock conductor;
-
- Cabaçal South's late channel conductor measures 200 in strike
by 31m wide;
- Follow up test program planned for later in the 2nd
Quarter;
- Conductors associated with Cabaçal's southern breccia and
stringer sulphide mineralisation modelled;
-
- Multiple conductors modelled extending out from historical mine
a further 200m south-east;
- Cabaçal's northern surface EM survey planned for start of
3rd Quarter; and
- Regional airborne EM surveys are now being reviewed for repeats
of Cabaçal's style of EM response.
Highlights of license management
- Meridian secures significant land position within an emerging
copper-gold province;
-
- Southern extension of Cabaçal Copper-Gold VMS belt secured;
and
- First TSX-V mover into highly prospective Jaurú &
Araputanga Greenstone belts.
Dr Adrian McArthur, CEO and
President comments: "The recognition of both surface and bore hole
conductors over the Cabaçal mine area and their extensions
southwards is consistent with records that significant copper and
lower grade gold mineralization was not mined due to the high gold
cut-off grade of 3g/t that was used. Defining Cabaçal's surface EM
response now allows us to revisit the modern belt-scale airborne EM
data and look for analogue responses that were not selected in the
original review; this has opened up a whole new set of parameters
for detecting shallow Cabaçal copper-gold type targets along the
belt. Cabaçal South's bedrock conductor is very typical of
conductors found in the worlds VMS camps and we look forward to
testing this later in the current program.
The securing of the southern extent of the Cabaçal belt trend
was an important long term goal of the Company and firmly
establishes the Company as the dominate land holder of the
prospective ground. Our move into the adjoining Jaurú &
Araputanga Greenstone belts, based on prioritised targets defined
by BP Minerals in the 1980's is significant. To have immediately
secure 484 km² of licenses within two separate greenstone belts
with prospective geology for copper, gold and nickel is something
no company could have achieved in similar jurisdictions like
Canada or Australia."
Geophysical Program
The BHEM survey from CD-001 has outline a significant conductor
within the SCZ trending to the south east. The conductor extends
into and below the old workings and is considered open southwards
(as a function of the effective search radius of available
equipment). The surface program has defined several early channel
conductive plates that extends out from the old workings and
southwards past the BHEM conductor, and the Company is interpreting
these as extensions of the known stringer and breccia sulphide
mineralisation.
Following the successful results of the first EM surveys
(downhole and surface) for defining mineralisation and prospective
drill targets despite older generation technology. So, to ensure
that the maximum ability to detect potential sulphide
mineralisation within the Project is achieved, the Company has
decided to purchase a set modern and more powerful EM surface and
BHEM tools. This will give the Company the maximum ability to chase
the known anomalies down dip and along strike, with the next major
EM surface survey planned for mid-summer; borehole surveys are
continuing. This equipment will equally be used in the expansion of
surface EM exploration along the Cabaçal belt, an exploration
technique hugely successful in detecting Cu deposits in other VMS
belts.
New Licenses
The historical copper-geochemical anomaly defined by BP at the
southern limit of the Cabaçal belt was an important area that the
Company wanted to secure. The presence of the established Cu
anomaly prioritised this license, in conjunction with review of the
regional geophysics which suggested an extension of the VMS belt
stratigraphy beyond the interpreted limits in regional-scale
maps.
The 484 km² of new licenses in the Jaurú & Araputanga
Greenstone belts is part of the long-term development and planning
of the Company with its focus on copper and gold. The advanced
"greenfields" exploration results and reports produced by BP in the
1980's generated interest within the Company to secure a
significant land position in these two undeveloped greenstone
belts. The same greenfields exploration activity by BP in the
1980's led to the discovery of the Cabaçal Cu-Au and the Santa
Helena Zinc (+Cu-Au-Ag-Pb) mines and many other anomalies, and the
Company appraisal is that its licenses in the Jaurú &
Araputanga Greenstone belts have strong potential to repeat the
discovery success in the Cabaçal belt.
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)
Stay up to date by subscribing for news alerts here:
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https://twitter.com/MeridianMining
Further information can be found at www.meridianmining.co
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Meridian News Release
of March 29, 2021;
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Meridian News Release
of April 6, 2021
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Notes
Reginal electromagnetic targets were defined by an historical
INPUT Survey carried out in September
1982 by Prospec S / A, with the technical supervision of
Questor Canada. Questor / Barringer Mark VI INPUT System equipment
and a Geometrics G-803 proton magnetometer were used, mounted on a
Trislander type aircraft. Data were collected in analog and digital
records, along flight lines spaced approximately 500 meters apart,
orthogonal to regional structures. The average flight height was
around 130 meters, with the INPUT receiving coil conducted about 70
meters below the aircraft. The analog register had 6 INPUT
channels, magnetometry on two scales, radio altimeter and 60 Hz
monitor. Geophysical targets are preliminary in nature and
not conclusive evidence of the likelihood of a mineral deposit.
Regional geochemical anomalies were defined by a stream sediment
sampling program, with samples analysed for Cu, Pb, Zn, Ni, As.
Recent Fixed loop orientation electromagnetic surveys over Cabacal
have been conducted by Geomag S/A Prospecções Geofísicas, a company
of the Wellfield Services Group, using a TEM57-MK2 Transmitter and
PROTEM receiver for surface surveys and BH43-3 borehole
three-dimensional time domain (TDEM) probe for subsurface work.
Quality control is performed daily by the geophysical
representative of the Wellfield Group, before and data sent to the
Company's independent consultant, Core Geophysics. Modelling of
conductivity responses is undertaken using industry-standard
Maxwell software.
ABOUT MERIDIAN
Meridian Mining UK S is focused on the acquisition, exploration
and development activities in Brazil. The Company is currently focused on
resource development of the Cabaçal VMS Copper-Gold project,
exploration in the Jaurú & Araputanga Greenstone belts located
in the state of Mato Grosso;
exploring the Espigão polymetallic project and the Mirante da Serra
manganese project 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.
