Cabaçal mine area drilling intersects local gold zone with 2.7 m @ 12.3 g/t Au from 65.0m

LONDON, UK / ACCESSWIRE / July 8, 2024 / Meridian Mining UK. S (TSX:MNO)(Frankfurt/Tradegate:2MM)(OTCQX:MRRDF) ("Meridian" or the "Company") is pleased to announce multiple intersections of strong Cu-Au-Ag mineralization (Table 1) from the ongoing drill programs at both the advanced Cabaçal Cu-Au-Ag project ("Cabaçal") and the Santa Helena Cu-Au-Ag & Zn project ("Santa Helena"). Both deposits are part of the 50km Cabaçal VMS belt in Mato Grosso, Brazil.

Drilling at Santa Helena has returned multiple intercepts of high-grade mineralization from shallow open-pitable depths. These include: CD-500: 14.3m @ 3.7 g/t AuEq from 49.0m, with a higher grade zone of 3.0m @ 8.2 g/t AuEq from 50.2m, CD-497: 5.1m @ 7.2 g/t AuEq from 41.2m, and CD-479: 6.0m @ 3.5 g/t AuEq from37.3m ("Figure 1").

The infill drilling at Cabaçal includes results from the mine, and results from the Cabaçal Northwest Extension ("CNWE"). Highlights from the mine area include CD-481: 2.7m @ 12.3 g/t AuEq from 65.0m, and CD-495: 7.1m @ 2.1 g/t AuEq from 52.9m ("Figure 2"). These results are part of the Cabaçal's Preliminary Feasibility Study's ("PFS") drill program, now completed.

Exploration and infill drilling continues at Santa Helena and Cabaçal respectively and further assays are pending.

Highlights Reported Today

• Strong results continue to reinforce the potential of Santa Helena as the next open pit target for the hub and spoke development strategy of the Cabaçal VMS belt. Shallow high-grade Cu-Au-Ag & Zn mineralization at Santa Helena continues to be intercepted:

  • CD-500 returns 14.3m @ 3.7 g/t AuEq from 49.0m, including 3.0m @ 8.2 g/t AuEq from 50.2m;

  • CD-497 returns 5.1m @ 7.2 g/t AuEq from 41.2m, including 3.2m @ 11.0 g/t AuEq from 42.0m;

  • CD-479 returns 6.0m @ 3.5 g/t AuEq from 37.3m, including 2.4m @ 5.9 g/t AuEq from 40.9m;

• Drilling at Cabaçal defines more mineralization with highlights including:

  • CD-481 returns 2.7m @ 12.3 g/t AuEq* from 65.0m;

  • CD-495 returns 7.1m @ 2.1 g/t AuEq from 52.9m; and

  • CD-484 returns 10.9m @ 1.6 g/t AuEq from 81.2m.

*See technical note for separate AuEq equations for Santa Helena and Cabaçal.

Mr. Gilbert Clark, CEO, comments: "As we advance Brazil's largest and one of South America's most prospective and under-explored copper-gold & silver VMS belts, our 500th hole has delivered another high-grade mineralized intercept from the Santa Helena deposit, where resource and metallurgical programs continue. Cabaçal's PFS program has now moved into the detailed engineering phase. Additional time was needed to complete the PFS's resource and technical programs, required to further improve the quality of the datasets, resulting in pushing the reporting to early Q1 2025. Near mine exploration and drilling programs continue; activities with further results are pending. Our development of the advanced Cabaçal project positions the Company to emerge as Brazil's next near-term copper-gold & silver producer during a period of renewed investor interest in base and precious metals."

Santa Helena Update

The Santa Helena mine is located 10km to the southeast of Cabaçal and is the first satellite deposit being developed as part of a hub and spoke strategy by the Company. The deposit is composed of a 1km zone of massive to semi massive sulphides hosting Cu-Au-Ag & Zn mineralization that is open along strike, which was partially mined in the mid 2000's. Drilling continues at Santa Helena with two rigs deployed. The ongoing release of results is now accelerating from the 2024 drill campaign ("Table 1"). Following initial results reported last month, with CD-472¹ returning 12.9m @ 2.2g/t AuEq from 24.1m, new results that have now been reported include:

• CD-500: 14.3m @ 3.7g/t AuEq (0.4g/t Au, 0.4% Cu, 28.9g/t Ag & 6.3% Zn) from 49.0m; including:

  • 3.0m @ 8.2g/t AuEq (1.1g/t Au, 1.4% Cu, 63.8g/t Ag & 12.2% Zn) from 50.2m;

• CD-497: 5.1m @ 7.2 g/t AuEq (1.7g/t Au, 2.3% Cu, 46.7g/t Ag & 6.3% Zn) from 41.2m; including:

  • 3.2m @ 11.0g/t AuEq (2.3g/t Au, 3.7% Cu, 68.7g/t Ag & 9.6% Zn) from 42.0m; and

• CD-479: 6.0m @ 3.5g/t AuEq (1.4g/t Au, 1.1% Cu, 21.7g/t Ag & 2.4% Zn) from 37.3m; including:

  • 2.4m @ 5.9g/t AuEq (1.7g/t Au, 1.8% Cu, 41.2g/t Ag & 5.0% Zn) from 40.9m.

The results continue to consolidate the resource potential of the western sector of the deposit. CD-500 is located down-dip from an earlier hole, CD-336, which returned 30.7m @ 1.1g/t AuEq (0.4g/t Au, 0.3% Cu, 4.0g/t Ag & 1.1% Zn) from 6.0m, including 5.7m @ 2.2g/t AuEq (1.4g/t Au, 0.6% Cu, 4.9g/t Ag & 0.5% Zn) from 6.0m)². The intersection confirms a robust footprint of high-grade mineralization up dip from the western limits of historical underground mine development.

¹ Meridian Mining News Release of June 11, 2024

CD-497 is located ~170m east-southeast of CD-500 , and down-dip from CD-416, which returned 16.6m @ 2.1g/t AuEq from 41.4m, including 6.8m @ 3.3g/t AuEq³. The new high-grade result of 5.1m @ 7.2 g/t AuEq from 41.2m continues to show continuity in the strike and the down-dip extent of the undeveloped VMS horizon.

CD-479 traced the VMS horizon in undeveloped up-dip positions further east along strike again, positioned 150m from CD-497, and returned a shallow intersection of 6.0m @ 3.5g/t AuEq from 37.3m, consolidating a position intersected in neighbouring holes to the west (CD-421, CD-416, CD-360; "Figure 1"). Results from CD-489 appear to be more in the footwall roots of the system (10.0m @ 0.5g/t AuEq from 25.1m; 14.6m @ 0.4g/t AuEq from 37.9m; Table 1). CD-482, drilled to the north from CD-479's position, intersected a number of lower grade zones, including 2.7m @ 2.6 g/t AuEq from 35.8m.

The position of the latest drilling platforms and results have been sent to the Company's geophysical consultancy, Core Geophysics, to design Bore-Hole Electromagnetic ("BHEM") survey programs, to assist in the modelling of the sulphide horizon hosting the Cu-Au-Ag and Zn mineralization. Drilling indicates a steeper geometry of the sulphide horizon to the north, in a position that may not have been well targeted by historical drilling. The BHEM programs are scheduled to commence shortly. On the completion of Santa Helena's inaugural resource program, the drilling will focus on the open "step-out" mineralization to the east, towards the adjoining Álamo prospect.

Cabaçal Update

Further drill results continue to be delivered from the Company's programs at the advanced Cabaçal mine ("Figure 2), including holes from the Northwest Extension ("CNWE") and the mine area's Southern Copper Zone ("SCZ"). Recent drilling has included results from positions where a proportion of historical data has only been partially preserved, or not recovered. Results from the earlier phase of this confirmation program included CD-470, which returned 16.0m @ 12.5g/t AuEq from 53.3m, including 6.4m @ 30.6g/t AuEq⁴, and CD-483, which returned 10.1m @ 2.1g/t AuEq from 9.4m⁵. Additional holes have targeted a range of positions and expected grade distributions. Highlights from the recent drilling in and along strike from the mine area include:

• CD-481 (SCZ; twin of JUSPD-424):

  • 2.7m @ 12.3g/t AuEq (12.3g/t Au & 2.4g/t Ag) from 65.0m (gold only zone);

  • 8.8m @ 0.6g/t AuEq (0.2g/t Au, 0.3% Cu & 0.9g/t Ag) from 72.2m;

• CD-484 (CNWE infill):

  • 10.9m @ 1.6g/t AuEq (0.6g/t Au, 0.7% Cu & 2.9g/t Ag) from 81.2m;

• CD-485 (SCZ extension; twin of JUSPD-567):

  • 3.8m @ 2.0g/t AuEq (0.3g/t Au, 1.2% Cu & 5.1g/t Ag) from 18.7m;

  • 8.1m @ 1.6g/t AuEq (1.4g/t Au, 0.2% Cu & 0.1g/t Ag) from 45.7m;

  • 8.0m @ 1.2g/t AuEq (0.6g/t Au, 0.4% Cu & 0.9g/t Ag) from 56.5m;

• CD-486 (SCZ; twin of JUSPD-180):

  • 10.7m @ 0.8g/t AuEq (0.7g/t Au, 0.1% Cu & 0.5g/t Ag) from 45.0m;

  • 17.9m @ 1.0g/t AuEq (0.7g/t Au, 0.2% Cu & 1.0g/t Ag) from 57.7m;

• CD-487 (ECZ extension; twin of JUSPD-565);

  • 15.3m @ 1.1g/t AuEq (0.3g/t Au, 0.5% Cu & 1.9g/t Ag) from 44.5m;

• CD-495 (SCZ extension; twin of JUSPD-557);

  • 7.1m @ 2.1g/t AuEq (0.8g/t Au, 0.9% Cu & 1.7g/t Ag) from 52.9m; and

  • 9.8m @ 1.4g/t AuEq (0.3g/t Au, 0.8% Cu & 7.4g/t Ag) from 63.5m.

² Meridian Mining News Release of November 14, 2023.
³ Meridian Mining News Release of January 10, 2024.
⁴ Meridian Mining News release of May 07, 2024.
⁵ Meridian Mining News release of June 11, 2024.

Drill results have been provided to the Company's resource consultant to review, and work is underway to update geological surfaces based on the drill results to date. Results demonstrate good spans of copper-gold and gold-only mineralization both in and along strike from the historical mine development.

Cabaçal PFS Update

The Cabaçal PFS program has now moved into the detailed engineering phase, as the PFS drilling and metallurgical programs are largely completed. Drilling will continue to target internal infill, and open areas of mineralization, which will be used in the subsequent technical and economic studies. In order to maximise the quality of the dataset for the PFS, the in-fill resource drill program, metallurgical and geotechnical programs have taken longer to complete than initially forecast. Unexpected difficulties in drilling out the northwestern most limb of the PEA resource, due to the topography, drill azimuths and angles, impacted the scheduled meterage advancement in the later part of Q2. This has combined to push back the PFS's reporting until early Q1 2025.

About Meridian

Meridian Mining is focused on:

• The development and exploration of the advanced stage Cabaçal VMS gold‐copper project;

• The initial resource definition at the second high-grade VMS asset at Santa Helena as first stage of Hub and Spoke development strategy;

• Regional scale exploration of the Cabaçal VMS belt to expand the Hub and Spoke strategy; and

• Exploration in the Jaurú & Araputanga Greenstone belts (the above all located in the State of Mato Grosso, Brazil).

The Preliminary Economic Assessment technical report (the "PEA Technical Report") dated March 30, 2023, entitled: "Cabaçal Gold-Copper Project NI 43-101 Technical Report and Preliminary Economic Assessment, Mato Grosso, Brazil" outlines a base case after-tax NPV5 of USD 573 million and 58.4% IRR from a pre-production capital cost of USD 180 million, leading to capital repayment in 10.6 months (assuming metals price scenario of USD 1,650 per ounces of gold, USD 3.59 per pound of copper, and USD 21.35 per ounce of silver). Cabaçal has a low All-in-Sustaining-Cost of USD 671 per ounce gold equivalent for the first five years, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.1:1, and the low operating cost environment of Brazil.

The Cabaçal 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). Santa Helena mine area generated an initial Exploration Target with a tonnage range of 3.2 -7.2 Mt grading between 3.0 - 3.2g/t AuEq*, which gives a potential high-grade metal inventory range of between 306,000 to 763,000 AuEq ounces, located within 10km of the proposed Cabaçal mill site.

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: Robert Raponi (P. Eng), Principal Metallurgist with Ausenco Engineering), Scott Elfen (P. E.), Global Lead Geotechnical and Civil Services with Ausenco Engineering), Simon Tear (PGeo, EurGeol), Principal Geological Consultant of H&SC, Marcelo Batelochi, (MAusIMM, CP Geo), Geological Consultant of MB Geologia Ltda, Joseph Keane (Mineral Processing Engineer; P.E), of SGS, and Guilherme Gomides Ferreira (Mine Engineer MAIG) of GE21 Consultoria Mineral.

On behalf of the Board of Directors of Meridian Mining UK S

Mr. Gilbert Clark - CEO and Director

Meridian Mining UK S

Email: info@meridianmining.co

Ph: +1 778 715-6410 (BST)

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Further information can be found at: www.meridianmining.co

Technical Notes

Samples have been analysed at ALS laboratory in Lima, Peru. Samples are dried, crushed with 70% passing 85% passing 200µm. Routine gold analyses have been conducted by Au‐AA24 (fire assay of a 50g charge with AAS finish). High‐grade samples (>10g/t Au) are repeated with a gravimetric finish (Au‐GRA22), and base metal analysis by methods ME-ICP61 and OG62 (four acid digest with ICP-AES finish). Visible gold intervals are sampled by metallic screen fire assay method Au‐SCR21. Samples are held in the Company's secure facilities until dispatched and delivered by staff and commercial couriers to the laboratory. Pulps and coarse rejects are retained and returned to the Company for storage. The Company submits a range of quality control samples, including blanks and gold and polymetallic standards supplied by Rocklabs, ITAK and OREAS, supplementing laboratory quality control procedures. Approximately 5% of archived samples are sent for umpire laboratory analysis, including any lots exhibiting QAQC outliers after discussion with the laboratory. In BP Minerals sampling, gold was analysed historically by fire assay and base metals by three acid digest and ICP finish at the Nomos laboratory in Rio de Janeiro. Silver was analysed by aqua regia digest with an atomic absorption finish. True width is considered to be 80-90% of intersection width. Assay figures and intervals are rounded to 1 decimal place. Gold equivalents for Cabaçal are calculated as: AuEq(g/t) = (Au(g/t) * %Recovery) + (1.492*(Cu% * %Recovery)) + (0.013*(Ag(g/t) * %Recovery)), where:

• Au_recovery_ppm = 5.4368ln(Au_Grade_ppm)+88.856

• Cu_recovery_pct = 2.0006ln(Cu_Grade_pct)+94.686

• Ag_recovery_ppm = 13.342ln(Ag_Grade_ppm)+71.037

Recoveries based on 2022 metallurgical testwork on core submitted to SGS Lakefield

Gold equivalents for Santa Helena are based on metallurgical recoveries from the historical resource calculation, updated with pricing forecasts aligned with the Cabaçal PEA. AuEq (g/t) = (Au_(g/t) * 65%Recovery) + (1.492*Cu(%) * 89%Recovery) + (0.474*Zn% * 89%Recovery)) + (0.013Ag(g/t) * 61%Recovery)).

Qualified Person

Mr. Erich Marques, B.Sc., MAIG, Chief Geologist of Meridian Mining and a Qualified Person as defined by National Instrument 43-101, has reviewed, and verified the technical information in this news release.

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.

Table 1: Assay results reported in this release.

Santa Helena

Cabaçal

SOURCE: Meridian Mining SE