AMSTERDAM, The Netherlands, Aug. 1, 2017 /CNW/ - Meridian Mining SE (TSX-V: MNO) ("Meridian " or the "Company") today announced that the Company is initiating its Coice de Cobra drilling campaign at the Espigão do Oeste project, in Rondônia Brazil. Support crew have mobilized for immediate commencement of the first hole in the Cascavel target area.
"The commencement of the first ever drill campaign is the next step in fast-tracking exploration of this newly identified gold system," said Anthony Julien, President and CEO of Meridian. "Our trenching program has shown that multiple structures are present beneath the shallow soil cover, reaching widths of 3 – 4m. The combined drilling and trenching campaign will allow us to unlock the excellent exploration potential of the area."
Meridian first identified gold anomalies at its wholly-owned Espigão do Oeste project during stream geochemical surveys in 2016 (see news release dated July 19, 2016). The Coice de Cobra area was prioritized for evaluation based on a higher concentration of positive gold counts (Figure 1). The Company announced that it had initiated bedrock evaluation with a trenching program on June 14, 2017. The drill rig is now on site and is commencing its first drill holes at the Cascavel Target area, testing depth extensions to peak trench intervals of 3.8m @ 3.88g/t Au, including 1.8m @ 5.70g/t Au (true width; Figure 2; Figure3).
Ongoing reconnaissance trenching is currently focused on the Caninana and Jibóia target corridor areas. Bedrock exposure is limited and the program is evaluating the bedrock source to soil anomalies, which have peak values of 714ppb Au. Anomalies extend over strike lengths of 400 – 1000m and are associated with scattered anomalous rock chips, which have returned peak values of 9.8 g/t Au.
Structural evaluation and trenching is ongoing. Assays remain pending for trenches in the Caninana and Jibóia areas, where some strong silica-flooded alteration zones are present.
The focus of initial drilling will be to test targets over the top 10 – 50m, and progressively establish the depth of the oxide zone, the plunge of thickened vein zones, and the cross-strike footprint of the mineralized vein systems. Deeper targets will be developed as plunge controls on higher grade zones are established.
Positive visual identifications of gold in field pan-concentrates are cross-checked by mineralogical reports at SGS Laboratories in Belo Horizonte. The "gold counts" referenced in the release is a measure of the number of gold grains in a pan concentrate of a set volume of material. 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 pulverised to 150#. Gold in soil samples is analysed by Fire Assay of a 50g charge (method FAA505). Gold in rock samples 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. The company conducts periodic umpire testwork to review results.
The technical information about the Company's exploration activity 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.
On behalf of the Board of Directors of Meridian Mining SE,
President, CEO and Director
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.
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 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.
For further information: For more information please contact visit the Company's website at www.meridianmining.co or contact: Fiona Grant Leydier, 416-848-9851, [email protected]