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LONDON, July 7, 2021 /CNW/ - Meridian Mining SE (TSXV:
MNO) ("Meridian" or the "Company") today provides an update on its
Ariquemes Tin Exploration Portfolio ("Ariquemes"), announcing that
Orosur Mining Inc. ("Orosur") has signed a non-binding Letter of
Intent option ("the LOI") to earn up to a 75% ownership interest in
the mining concessions owned by Meridian Mineração Jaburi S.A., a
wholly-owned subsidiary of Meridian. Ariquemes comprises an
extensive land package in Brazil's
second largest tin field. Geophysical and geochemical datasets
released by the Companhia De Pesquisa De Recursos Minerais
("CPRM"; Geological service of Brazil) highlights highly prospective
signatures consistent with the tin-bearing granites within the
Ariquemes area. The Company welcomes the engagement with Orosur.
Both parties will work to execute a binding option agreement
containing mutually agreeable terms and conditions within a 90 day
period.
The highlights of the LOI:
- Meridian signs LOI for Joint Venture of its Ariquemes tin
portfolio;
- Orosur shall have the exclusive right for a staged earn-in on
the in the Ariquemes Project:
-
- Expenditure of USD 1,000,000 for
to earn an initial 51% interest over a 24-month period;
- Expenditure of USD 2,000,000 over
a subsequent 24-month period for a 75% interest;
- LOI on Ariquemes allows Merdian to focus on Cabaçal.
Meridian has communicated for some time its intent to find a
suitable partner to advance Ariquemes. The LOI commences this
process while the later JV potentially delivers to Meridian's
shareholders a long term interest in the project, that will be
advance by Orosur's Board and Management team who have extensive
Brazilian experience.
Ariquemes
Meridian Mining consolidated a large land-holding within the
world class Ariquemes Tin District of Rondônia; Brazil's second largest tin field. The area
has been evaluated through CPRM's "Áreas de Relevante Interesse
Mineral" program - an initiative with Federal backing. The
Ariquemes district was selected based on its contribution to the
Brazil's economy, and the need to
reconsider the prospectivity based on available geophysical
datasets. Key observations of the datasets and reports released by
the CPRM include:
- Cassiterite and Gold were detected in pan-concentrates from a
CPRM stream-sediment sampling program (Figure 1). The sampling was
conducted at a district scale. The responses are at trace levels,
but are considered significant in showing mineralized sources;
- The radiometric responses have identified signatures associated
with two mineralized granite series – the Rondônia Suite to the
west, and the Santa Clara Suite to the east. The responses extend
beyond the mapped granite boundaries, suggesting the granites
project under shallow cover;
- The distinctive magnetic signature of tin-bearing granite
series extends beyond areas of exposure and projects beneath
younger cover sediments within the Ariquemes Project Area. A broad
envelop of interest occupied by clusters of favourable magnetic
anomalies has been defined;
- Within the Company's license area, the more detailed 1:100,000
maps recently produced as part of the study now show the presence
of the prospective granites, along strike to active tin mines, and
elsewhere, requiring prospecting follow-up when the licenses are
granted.
Orosur Mining Inc and terms of the Letter of Intent
Orosur Mining is a TSX and AIM listed company with a head office
in Canada. It owns the Anza gold
exploration project in Colombia
(run in partnership with Newmont and Agnico Eagle), and has a
strong technical management leam, led by CEO Brad George, who has 30 years' experience in
global mineral exploration, development and financing with a long
history in South America.
Under the proposed terms of the Letter of Intent
- Orosur or any of its subsidiaries shall have the exclusive
right to acquire a 51% interest in the Ariquemes Project by
incurring USD 1,000,000 in
exploration expenditures within an initial 24-month period;
- Following the exercise of the First Option, Orosur shall have
the right to acquire an additional 24% interest in the Ariquemes
Project (for an aggregate interest of 75%) by incurring an
additional USD 2,000,000 in
exploration expenditures over a subsequent 24-month period;
- Unless otherwise agreed, Orosur will be the operator of the
project;
- Orosur may terminate the Option and the Option Agreement at any
time during the Option Period for any reason by providing written
notice to Meridian;
- Upon the exercise of the Second Option or the termination of
the Option Agreement following the exercise of the First Option,
the Parties shall form a joint venture to fund, own and manage the
Ariquemes Project. The funding of the joint venture would be on a
pro rata basis; and
- Orosur has had the opportunity to conduct a preliminary due
diligence review of materials related to the Ariquemes Project and
will complete additional due diligence, including a site visit,
within 90 days.
Dr Adrian McArthur, CEO &
President, states, "The proposed partnership with Orosur will allow
Meridian to maintain its strategic focus on the Cabaçal Cu-Au
Project, whilst at the same time creating a pathway to generate
future value for its shareholders from its legacy assets. Ariquemes
is prospective for tin, columbite, and tantalite, and is a strong
"brownfields" project, hosting extensions to known mining centres
partly concealed by a shallow veneer of younger sediments. The
first generation of tin mines in Ariquemes was the result of
surface discoveries, there is excellent potential for a next
generation of discoveries though exploration success targeting from
blind or shallow occurrences. We welcome the interest of Orosur
Mining in the Ariquemes tin project."
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
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
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 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.
