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Significant off hole EM conductors defined
below Cu mineralisation; current hole to be deepened
LONDON, Aug. 23, 2021 /CNW/ - Meridian Mining UK S (TSXV:
MNO) (Frankfurt: 2MM) (OTCQB:
MRRDF) ("Meridian" or the "Company") is pleased to report the
identification of significant Bore Hole ElectroMagnetic ("BHEM")
conductors detected immediately below chalcopyrite, sphalerite,
galena, and silver mineralisation intercepted by current drilling
at Cabaçal West. Cabaçal West is part of the Cabaçal Copper-Gold
Project ("Cabaçal") in Mato Grosso,
Brazil and is located 1.5 km west of the Cabaçal Copper-Gold
mine. The smallest of the BHEM conductors modelled, logged from the
CD-038, has a plate size close to the surface area of the Cabaçal
Mine's. While the largest modelled BHEM conductor, logged from the
now to be extended DDH CD-058 is ~3 times the strike length as the
Cabaçal Mine but restricted by the tool's measurable limits. Both
CD-038 & 058 logged disseminated and stringer mineralisation
above their detected conductors. Recent but smaller BHEM conductors
logged from Meridian's ongoing drill program at the Cabaçal mine,
are directly associated with significant Cu-Au-Ag grades and
intervals previously reported1 that are also within the
same host mine horizon encountered by drilling at Cabaçal West.
Highlights of today's update:
- Meridian detects significant EM conductors below drilling at
Cabaçal West - current hole to be deepened;
- Cabaçal West's EM conductors extend over 1.0km strike length,
drilling to be deepened;
- Cu-Zn-Pb & Ag detected by portable XRF in core recovered
from VMS feeder system above extensive EM conductors at Cabaçal
West;
- Additional drill platforms being sited and prepared to expand
drill program at Cabaçal West;
- Assays results, up dip from Cabaçal West EM conductors confirm
Copper-Gold, Zinc & Silver system; and
- Next batch of assays from Cabaçal's ongoing drill program to be
released shortly.
"We are excited to have identified, only 35m below CD-058's hole current level at
441m, the corrected position of the
Cabaçal West conductor, being directly below a new Cu-Zn sulphide
VMS feeder system" commented Dr Adrian
McArthur, CEO and President. "Over the next week we will
work to remove the PVC casing and extend the hole to test the
Cabaçal West conductor's adjusted position. Holes CD-038, and
historical hole AMCD-15-006 (which was terminated above the
conductor's position) both show mineralization overlying CD-058's
conductor, which extends over 1.0km strike length, indicating a
vast footprint to the targeted system. The objective now will be to
push the drill hole just a little deeper and test the strike
extent."
The Company drilled CD-058 to 441.1
m targeting the Fixed-Loop Transient Electro-Magnetic
("FLTEM") conductor, surveyed from surface, and previously
reported2. Above and at the FLTEM target depth of
400m it intercepted VMS style feeder
mineralisation hosting disseminated and stringer sulphides
principally chalcopyrite, sphalerite, galena, and silver (by
portable XRF) plus pyrrhotite and pyrite at 381m to 398m; the
hole was suspended at 441.1m. The
Meridian technical team agreed that this zone (380 to 400m) was unlikely to have generated the FLTEM
conductor, so, it was then probed by the BHEM tool. The more
accurate BHEM tool detected an extensive conductor just ~35m below
the current end of hole extending over a 1km strike length.
_________________________________
1 Meridian News Release of May 11, 2021
2 Meridian News Release of July 8, 2021
|
Figure 1: Top: Collar locations for Cabaçal West Target, in
relation to BHEM conductive models for CD-038 and CD-058. Bottom:
Cross-section through the Cabaçal West Target, in relation to BHEM
conductive models for CD-038 and CD-058 - AMCD-15-006 terminates
above this conductor.
This BHEM conductor of CD-058 extends Northwest and Southeast of
the drill hole and up dip towards CD-038. Of great significance is
that this conductor also extends below the 2015 DDH AMCD-15-006,
135m Southeast of CD-058 (that also
intercepted anomalous base metal assays - peak Cu: 0.4%;
347.5- 348.0, peak Zn: 1.0% ; 351.5- 352.5m, Peak Pb: 0.2% 352.5-353.5m), but was halted at 400.7m before the reaching the now know target
depth. CD-058 was cased with PVC piping to ensure it remained open
while running the BHEM tool, once the PVC piping is removed the
hole will be extended.
The Company completed CD-038 targeting an area where historical
BP exploration reported Cu & Au mineralisation. It is located 1
km Northwest of the Cabaçal Mine and 500m northeast of Cabaçal West. It returned zones
of Cu-Au & Ag mineralisation including 1.1m of 2.7% Cu, 5.4g/t Au and 10.4g/t Ag from
96.6m. The BHEM survey was completed
and a significant off hole conductor measuring 306 by 310m was detected; the conductor didn't extend
into the "in hole" sulphides hosting the Cu Au & Ag
mineralisation but projects below and offset to CD-038. The
conductor extends to the Northwest and Southeast and converges down
dip towards the CD-058 area.
Cabaçal West Exploration Campaign
Cabaçal West is located 1.5km West of the Cabaçal mine and is
located down-dip from significant Cu, Au, Zn and Pb soil
geochemical anomalies. The original FLTEM response is open and
strengthens to the Northwest. Current drilling at Cabaçal West is
to provide a deep platform for geophysics and pathfinder element
vectoring which will be undertaken on the drill core and discovery
of VMS type mineralisation. CD-058 is situated down-dip from an
extensive Cu-Au-Zn-Pb soil geochemical anomalies extending
Northwest from Cabaçal. The testing of Cabaçal West first commenced
with CD-053 but an integrity failure of the core barrels during
drilling resulted in the total shearing and separation of the
bottom 30m of steel barrels.
Retrieval of the intact 30m of core
barrels was unsuccessful, the hole abandoned and CD-058 collared
2m to the Northwest. The frustrating
time loss in reaching the target depth as a result of this core
barrels breaking event, is a standard operational hazard for deeper
drill programs. The additional cost associated with re-drilling
back down to the depth of CD-053 by CD-058 is being paid by the
drill contractor.
The lithology intersected in CD-058 transitioned from a bedded
felsic volcaniclastic rock to a chlorite-sericite altered mafic
metavolcanic / volcaniclastic rock cut by disseminated and stringer
sulphide mineralization between 380-400m, with a locally dispersed pyrite halo in the
broader rock package. XRF readings on a band at 381.2m showed a more copper dominant assemblage
with slightly elevated zinc and trace lead; another more
concentrated zone at 396.25m showed
mixed Cu and Zn sulphide assemblage. Cabaçal West's Cu-Zn stringer
zone encountered by CD-058, is interpreted to represent a feeder
system to a satellite VMS, with the BHEM conductor being the
possible target for a polymetallic sulphide pile. The company is
now siting three additional drill platforms at Cabaçal West.
CD-058's off hole BHEM conductor located only 35m below the hole's current depth trends
Northwest-Southeast, projects down-dip and up- dip towards CD-038's
conductor, and has a strike length of over 1.0km. This conductor is
modelled to pass just underneath the 2015 hole AMCD-15-006.
The results of CD-038, Table 1, reported today, create a
Northeast and up-dip extension to Cabaçal West, hosting Cu-Au
mineralization, confirming the presence of an endowed mineral
system. CD-038 was targeting an area with multiple historical Cu-Au
anomalies. Its off hole BHEM conductor located below and to the
Northwest of the hole, projects down-dip towards CD-058's area and
measured 306 by 310m.
Hole Id
|
Zone*
|
Intercept
|
Grade
|
From
|
CuEq
|
Cu
|
Au
|
Ag
|
Zn
|
Pb
|
|
|
(m)
|
(%)
|
(%)
|
(g/t)
|
(g/t)
|
(%)
|
(%)
|
(m)
|
CD-038
|
NWE
|
18.1
|
0.7
|
0.4
|
0.6
|
0.6
|
0.0
|
0.0
|
95.8
|
|
|
|
|
|
|
|
|
|
|
Drill
Details
|
|
|
Hole
Id
|
Dip
|
Azimuth
|
EOH
|
|
|
|
|
|
|
CD-038
|
-57
|
065
|
146.3
|
|
|
|
|
|
|
CD-058
|
-70
|
042
|
441.1*
|
|
|
|
|
|
|
Table
1
|
|
|
|
|
|
|
|
|
|
* CD-058 to be
extended; Zone NWE = Northwest Extension
|
The BHEM conductors of CD-038 and 058 are further triangulated
by the historical hole of AMCD-15-006 Table 2 that also intercepted
Cu- Zn-Pb mineralisation but like CD-058 initially stopped short of
the now identified BHEM Conductor. AMCD-15-006 intersected a
similar bedded felsic volcaniclastic sequence; and terminated at
400.7m. Unlike the Meridian's drill
program, the series of DDH's completed in 2015 was not associated
with a surface or BHEM program and the operators were hence unaware
of the underlying conductive plate. The Company's field technicians
are looking for the drill collar (within cattle pasture) and if
located, will be cleaned out and extended to intercept the
underlying conductor.
|
|
|
|
|
|
|
|
|
|
Drill
Details
|
|
|
Hole
Id
|
Dip
|
Azimuth
|
EOH
|
|
|
|
|
|
|
AMCD-
15006
|
-70.0
|
045
|
400.65
|
|
|
|
|
|
|
Table
2
|
|
|
|
|
|
|
|
|
|
|
Regional Geological Influence on Cabaçal West
The only known VMS massive sulphide pile at Cabaçal was at the
Santa Helena Mine 11km to the Southeast. The Saint Helena VMS pile,
pre-mining, hosted massive sulphides dominated by sphalerite (Zn),
with associated Chalcopyrite (Cu), galena (Pb), Au and Ag, and was
noticeable in that it appears that the sphalerite mineralisation
encapsulated the deposit's chalcopyrite massive sulphide veins.
This VMS pile was not detected by the 2007 heliborne VTEM survey
and did not generate an EM conductor. Elevated sphalerite
mineralisation has been logged in veins within the stringer zone
encountered by CD-058 at Cabaçal West. The low conductivity of
CD-058's "off hole" BHEM conductor is in line with "in-hole"
conductors measured from recent drilling at the Cabaçal mine that
included intercepts of 15.9m @ 4.0%
CuEq and 17.2m @ 3.2%
CuEq3. Although the Company has a wealth of geological
information on Cabaçal, the VMS camp's modern geophysical
attributes are only starting to be incorporated and possibly
starting to unlock an exciting future.
_______________________
3 Meridian News Release of April 26, 2021
|
Cabaçal Assay program
Shortly the Company will release the next batch of assays from
its drill program focused on the Cabaçal gold mine. The results are
expected to be in line with those reported previously and to the
historical assay results from the 1980's drill program; the system
remains open. Hole CD-038 was released in advance to give context
to the Cabaçal West BHEM conductors.
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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Further information can be found at www.meridianmining.co
Notes
Electromagnetic surveys have been conducted using the SMARTem
Geophysical Receiver System manufactured by ElectroMagnetic Imaging
Technology (EMIT). Data sent to the Company's independent
consultant, Core Geophysics. Modelling of conductivity response is
undertaken using industry-standard Maxwell software. Geophysical
targets are preliminary in nature and not conclusive evidence of
the likelihood of a mineral deposit.
Holes have been drilled HQ through the saprolite and upper
bedrock and reduced to NQ – mineralized intervals represent half NQ
drill core. Samples have been analysed at the accredited SGS
laboratory in Belo Horizonte. Gold
analyses have been conducted by FAA505 (fire assay of a 50g
charge), and base metal analysis by methods ICP40B and ICP40B_S
(four acid digest with ICP-OES finish). Samples are held in the
company's secure facilities until dispatch and delivered by staff
and commercial couriers to the laboratory. Pulps are retained for
umpire testwork, and ultimately returned to the Company for
storage. The Company submits a range of quality controls samples,
including blanks and gold and polymetallic standards supplied by
ITAK, supplementing laboratory quality control procedures. True
widths are interpreted to be ~90% of intersection widths.
True widths are approximately 90% of downhole lengths and
assay figures and intervals rounded to 1 decimal place. Copper
Equivalents ("CuEq") have been calculated using the formula CuEq =
((Cu%*Cu price 1% per tonne) + (Au ppm*Au price per g/t) + (Ag
ppm*Ag price per g/t) + (Zn%*Zn price 1% per tonne)) / (Cu price 1
% per tonne). Commodity Prices: Copper and Zinc ("Zn") prices from
LME Official Settlement Price dated April
23, 2021 USD per Tonne: Cu = USD
9,545.50 and Zn = USD
2,802.50. Gold & Silver prices from LBMA Precious Metal
Prices USD per Troy ounce: Au = USD
1781.80 (PM) and Ag = USD
26.125 (Daily). The CuEq values are for exploration purposes
only and include no assumptions for metallurgical recovery.
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.