Preliminary results using Solvent 3418A achieved higher recoveries of copper ('Cu') than the 92.4% achieved by the reagent PAX used in the 2023 PEA. Solvent 3418A is a common Cu reagent, engineered to also be an efficient collector of gold ('Au') and silver ('Ag'), which may lead to possible increases in their recoveries. Work is ongoing to verify the promising initial copper recoveries observed for future economic studies.
Cabacal's Pre-Feasibility Study ('PFS') program of infill drilling is progressing well. The drill program is currently focussed on converting Inferred zones1 hosting moderate grades of gold and copper mineralization to a higher status. Drill results have included CD-418's 16.8m @ 1.2g/t AuEq2 and CD-409's 10.0m @ 1.1g/t AuEq. Cabacal's post-PEA drill program includes some recent robust copper dominant intersections. Further drill results are pending.
With the simultaneous advancement of Cabacal's PFS and
Highlights Reported Today
Metallurgical trials using Solvent 3418A show strong potential to increase Cabacal's Cu recoveries; Gains in Au and Ag recoveries also likely using Solvent 3418A; Cabacal PFS's drill program continues to return wide zones of 'in-pit' copper gold and silver mineralization at shallow depths; CD-418: 16.8m @ 1.2g/t AuEq from 121.5m; Including 4.8m @ 2.2g/t AuEq from 132.5m; CD-409: 10.0m @ 1.1g/t AuEq from 74.0m; CD-429: 24.5m @ 0.8g/t AuEq from 36.6m; Meridian expands exploration footprint with newly permitted areas and o Multiple gold and copper prospects being unlocked to advance exploration programs.
Mr.
Cabacal Project Development And Resource Definition Program
Meridian is busily working on multiple fronts to advance the Cabacal PFS. This includes a focus on optimising the metallurgical recoveries of Cu, Au & Ag, and having three rigs continuing the resource definition, with an emphasis on conversion of inferred resource to higher levels of confidence.
Cabacal Metallurgical Update
The historical Cabacal mine's metallurgical data and the Company's own testwork have confirmed the highly favourable metallurgical processing characteristics of the deposit's Cu-Au & Ag sulphide and free gold mineralization. Cabacal's mineralization is characterized as soft to medium in hardness, with high recoveries via a relatively coarse 200-micron grind. Recommendations from the PEA included the evaluation of alternative reagents. The Company's metallurgical consultant, Mr.
Comparative testwork was also undertaken to examine Cabacal's flow sheet with and without a gold gravity circuit. Higher total Au recoveries were confirmed with the inclusion of a gravity circuit, than without. The importance of Au recovered by a gravity circuit extends to the Cabacal belt's free Au, hosted both within the VMS mineralization and the late-stage gold over print.
The Santa Helena mine's historical floatation-only flow sheet excluded a gravity circuit and Au recoveries averaged 65%. This is the Au recovery factor used in the calculation of the 2022 Santa Helena Exploration Target4. Cabacal's PEA outlined Au recoveries averaging 89.7%, via a combination of gravity and flotation circuits, a 38% difference.
The late-stage gold overprint has been outlined at Santa Helena5 and the potential for higher total gold recoveries, like those demonstrated at Cabacal, will be determined by the planned metallurgical test program that will include a gravity circuit. If the potential for comparative Au recoveries is achieved from
Cabacal Drilling Update
The Cabacal resource development program continues, with three rigs currently deployed in the CNWE. Results recently received included holes from the end of the 2023 program, and initial holes from the mine area and extensions of the Cabacal deposit to the south. Some holes such as CD-436 are from peripheral or close-out positions corresponding to known lower grade zones of the deposit and are inline with expectations for confirming the limits of pit design.
From the ongoing drill program and surface mapping program results, Cabacal's open pitable mineralization in places remains open. The remaining drill program will seek to close out the mineralization so as to optimise the pit design that will be used in the PFS. Meridian's drill program at Cabacal continues and is expected to deliver an updated drill hole data base to its independent resource and mine design consultants over Q2-Q3 of this year.
Update on New Licencing Of Exploration Areas
The Company continues to work with local landholders and the state environment agency, SEMA, to increase the footprint of permitted land for exploration targeting. Environmental licences for exploration (Licenca de Operacao Provisoria Mineral 'LOPM') have recently been expanded. The project has historically defined gold and base metal stream anomalies and soil anomalies that cumulatively extend over kilometers in scale. Additional areas of the greenstone belt remain open for further sampling and testing.
To the south, additional access has been approved in areas to the west of
The Company has also now added a total of 11 properties in the Cigarra area to the LOPM north of Cabacal. This target lies within licences 866002/2016, 866455/2016, spanning 3,746 Ha across a 7km strike length of the northern extension of the Cabacal Belt. The Company continues discussions with landholders to formalize agreements on some of the larger properties in the area. Historical records describe a geological / geochemical environment similar to that of the chloritic outcrops of the Cabacal deposit setting in this region, with gold and base metal anomalies present.
About Meridian
Meridian Mining
Cabacal is a gold-copper-silver rich VMS deposit with the potential to be a standalone mine within the 50km VMS belt. Cabacal's base and precious metal-rich mineralization is hosted by volcanogenic type, massive, semi-massive, stringer, and disseminated sulphides within deformed metavolcanic-sedimentary rocks. A later-stage gold overprint event has emplaced high-grade gold mineralization.
The Preliminary Economic Assessment technical report (the 'PEA Technical Report') dated
The Cabacal Mineral Resource estimate consists of Indicated resources of 52.9 million tonnes at 0.6g/t gold, 0.3% copper and 1.4g/t silver and Inferred resources of 10.3 million tonnes at 0.7g/t gold, 0.2% copper & 1.1g/t silver (at a 0.3 g/t gold equivalent cut-off grade), including a higher-grade near-surface zone supporting a starter pit.
Readers are encouraged to read the PEA Technical Report in its entirety. The PEA Technical Report may be found on the Company's website at www.meridianmining.co and under the Company's profile on SEDAR+ at www.sedarplus.ca.
The qualified persons for the PEA Technical Report are:
Contact:
Mr.
CEO and Director
Meridian Mining
Tel: +1 778 715-6410
Email: info@meridianmining.co
Technical Notes
Samples have been analysed at SGS and ALS laboratories in
Gold equivalents for
Soils samples have been analysed at the accredited SGS laboratory in
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 address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading 'Risk Factors' in Meridian's most recent Annual Information Form filed on www.sedarplus.ca. While these factors and assumptions are considered reasonable by Meridian, in light of management's experience and perception of current conditions and expected developments, Meridian can give no assurance that such expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Meridian disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.
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