LONDON, Nov. 20, 2017 /CNW/ - Meridian Mining SE (TSX V:
MNO) ("Meridian " or the "Company") today provided an update on
reconnaissance exploration results from its Coice de Cobra Gold
program in the state of Rondônia, in NW
Brazil.
KEY POINTS
- Recent programs focussed on evaluation of a 281-hectare area,
within broader geochemical anomalies spanning 39 km2 in
the Coice de Cobra region and 8 km2 in the Gazetta area
to the west.
- The trenching program indicates potential for targets with a
broad footprint of mineralization, with results of 28m @ 0.8g/t Au,
including 0.5m @ 23.5g/t Au and 0.5m @ 9.1g/t Au in surface
saprolite below shallow soils.
- More discrete lode structures are observed in sub-surface
drilling. Peak intersections to date of 4.35m @ 3.2g/t Au in in
ductile shear zones with strong quartz-sulfidealteration.
- Preferred structural trends for mineralization mimic those
recognized more broadly in gold deposits of the Amazon Craton
(dominant E-W / NE trends). A review of the Company's geophysical
data in conjunction with recent exploration data has highlighted
additional target corridors to be prioritized for follow-up. The
Company has decided to pause the drilling and trenching program
whilst land access is arranged for these corridors.
"The results of the initial drilling and trenching campaign
support the presence of a bedrock gold system" said Anthony Julien, President and CEO of Meridian.
"All of the key geological elements are present that warrant a
sustained program to test for open pit targets where multiple
structures converge, and to test the opportunity for higher-grade
mineralization in discrete shear zones. With the number of targets
on the gold project expanding, the Company may seek strategic
partnerships. This will enable continued focus on development
studies for the Bom Futuro Tin Joint Venture, and expansion of the
Company's manganese business".
ESPIGÃO DO OESTE GOLD PROJECT
Meridian Mining first identified gold potential on licences
associated with its manganese operations during geochemical
programs in 2016. Stream and associated soil geochemical anomalies
were defined over 8 km2 in the Gazetta area to the west,
over 39 km2 in the Coice de Cobra areas to the east.
Reconnaissance trenching results support a local basement
structural source for the surface gold anomalies. This represents a
newly defined bedrock mineral system, being geographically
separated from the nearest gold districts (the Alto Guaporé Gold
Belt to the south and the Alta Floresta - Juruena Province to the
east in Mato Grosso; Fig 1). The
gold-bearing structures at Espigão do Oeste nevertheless share some
similar characteristics with other gold camps of the Amazon Craton,
with north-east and east-west structures favoured for
mineralization. These trends are similar to those seen in the
granite-hosted gold systems at Alta Floresta.
COICE DE COBRA EXPLORATION PROGRAM
The recent phase of bedrock exploration trenching and drilling
was prioritized in the Coice de Cobra area. The gold
anomalies here are located off the eastern flank of a fractionated
granite body, which is cut by prominent structures evident in the
aeromagnetic data (Fig 2). The Company has completed 45 trenches
and six diamond drill holes in the recent campaign, providing
valuable information on the targeting opportunity (Fig 3). Key
observations include:
- High-strain shear zones are present in the basement sequence.
Altered mafic dykes have partitioned ductile stain, creating
competency contrasts with the adjacent granite. Boundinaged vein
sets and strong silica-sulfide alteration are developed in these
shear zones (Fig 4). Hole DDH_CC_003 returned 4.35 m @ 3.2 g/t Au
from 20.65m, including 0.6m @ 6.8g/t Au from 23.4m (down-hole
widths).
- In the hangingwall of the shear zones, the granite has
undergone broader brittle deformation, producing vein sets
associated with moderate degrees of silica-sulfide alteration (Fig
5). The granite package is also locally cut by gold-anomalous
veined porphyry dykes (Fig 6).
- Free gold could be readily panned from the up-dip projection of
some of these hangingwall positions (Fig. 7). Peak assays from
hangingwall veins included 0.5m @ 23.5g/t Au in TR_CC_031, within a
broader low-grade halo (28.0m @ 0.8g/t Au). Assays in the
unweathered bedrock in drill holes beneath this position were more
subdued. Further work required to evaluate if this is due to a
plunge control and/or supergene upgrade of saprolite
mineralization.
- Hematite and sericite alteration is overserved to overprint the
granite. The hematite and sulfide alteration assemblages suggest
the presence of hydrothermal fluids with different redox conditions
(a favorable component of gold mineralizing processes).
- Various structural trends identified through the trenching
program are observed to strike towards geophysical anomalies
identified in the Company's HeliTEM survey data (IP Effect /
chargeability anomalies). These present an additional parameter for
targeting future drilling and trenching programs, given the sulfide
association observed with gold in the current program. The Company
is undertaking further reviews of it's geophysical data as part of
its gold targeting assessments. Geophysical exploration targets are
preliminary in nature and are not conclusive evidence of the
likelihood of a mineral deposit.
Next Steps
- The Company will continue liaison with landholders to expand
access agreements to regional properties identified as priority
targets from the geophysical review. These require additional soil
sampling as a prelude to trenching and drilling.
- Further processing of the aeromagnetic data will be undertaken
with an emphasis on gold targeting. This will include an assessment
for any plug-like bodies that might represent higher level
intrusive stocks or breccia complexes within the crystalline
basement.
- Options will be considered for strategic partnerships with
gold-focussed companies, given the current commitments of Meridian
Mining to development studies on its advanced tin project (under
the Bom Futuro Joint Venture), and on its manganese business.
On behalf of the Board of Directors of
Meridian Mining SE
"Anthony Julien"
Anthony Julien
President, CEO and Director
QUALIFIED PERSON
The technical information about the Company's exploration
activity has been 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.
ABOUT MERIDIAN
Meridian Mining SE is focused on the acquisition, exploration,
development and mining activities in Brazil. The Company is currently focused on
exploring and developing the Espigão 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.
The Company cautions that it has not completed any feasibility
studies on any of its mineral properties, and no mineral reserve
estimate has been established. In particular, because the Company's
production decision relating to BMC's manganese project is not
based upon a feasibility study of mineral reserves, the economic
and technical viability of the Espigão manganese project has not
been established.
The TSX Venture Exchange has in no way passed upon the merits of
the proposed Arrangement and 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.
NOTES
Surface geochemical evaluation involves an initial
pan-concentrate program with follow-up soil surveys. Positive
visual identifications of gold in field pan-concentrates are
cross-checked by mineralogical reports at SGS Laboratories in
Belo Horizonte. For drainage
sampling, this represents a 20 liter bucket of alluvium from the
lower level of a stream channel. The technique is an indicator of
minerals of exploration interest in the source area and are not
referenced to grade. 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 analysed by Fire Assay
of a 50g charge (method FAA505). Gold in rock samples and in drill
core is analysed by SGS method FAA323 (fire assay of 30g charge),
with samples containing visible gold analysed by screen fire assay
(SGS method FAASCR). 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
and archived.
SOURCE Meridian Mining S.E.