Meridian Mining's Drilling Extends High-Grade Gold-Copper Ore Zone at Cabacal Via Gold Veins Grading up to 276g/t Au

Published: 2025-04-30 09:10:25 ET MNO.TO

LONDON - Meridian Mining UK S (TSX:MNO) (Frankfurt/Tradegate:2MM) (OTCQX:MRRDF) ('Meridian' or the 'Company') is pleased to announce that it has drilled one of the highest grading gold veins to date at its advanced Cu-Au-Ag Cabacal VMS project ('Cabacal').

Targeting potential extensions to Cabacal's Pre-Feasibility Study's ('PFS') high-grade ore reserves1, CD-654 drilled one of the best grading gold veins to date at Cabacal, returning 276 g/t Au over 0.46m. This was within a broader shallow gold-copper-zone that returned 9.9m @ 14.8g/t AuEq from 29.3m. The Company is also reporting multiple stacked layers of Au-Cu mineralization within Cabacal's PFS pit shell. These results continue to improve the strong upside that remains within Cabacal and will be included into a future resource and reserve calculation for Cabacal's Definitive Feasibility Study ('DFS'). Drilling continues and more results are pending.

Mr. Gilbert Clark, CEO, comments: 'CD-654's high-grade gold-copper intercept has confirmed a potential extension to one of Cabacal's shallow higher grade ore zones. The drilling of extremely high-grade gold veins grading up to 276g/t Au, is a tremendous result in itself, and for the future remodelling of this area. Having these high-grade results at shallow depths, and potentially more yet to be drilled, can only positively contribute to the soon to be launched Cabacal DFS. Over the last few months, we have extended mineralization both at Cabacal and Santa Helena while continuing to advance our regional exploration programs. These efforts reaffirm the Cabacal belt's status, as the premier gold-copper VMS belt in South America.'

Cabacal Update

The ongoing drill program at Cabacal is aimed to test and potentially unlock further upside identified by Meridian's resource development team. Additionally, it increases the local coverage of targeted angled drilling in areas dominated by historical vertical drilling. This drilling better intercepts any additional higher-grading gold vein sets, like CD-654's, hosted within the shallow-dipping Au-Cu VMS mineralization. Today's successful results are part of this ongoing drill program that is looking at local extensions to higher-grade zones of known gold and copper ore.

CD-654 was drilled in a shallow sector of the Eastern Copper Zone ('ECZ') with historical workings and successfully drilled a projected down-dip extension of high-grade Au-Cu ore. Returning 9.9m @ 14.8g/t AuEq(11.0% CuEq) (14.4g/t Au, 0.6% Cu & 2.7g/t Ag) from 29.3m, including 1.9m @ 71.4g/t AuEq(53.1% CuEq) (72.5g/t Au, 0.9% Cu & 4.3g/t Ag) from 30.1m. This included a higher-grade Au vein set grading 276 g/t Au over 0.46m (Photo 1) with visible gold. Locally this extension had lacked drilling, lowering the modelled grade despite being adjacent to a zone where higher-grade gold and copper was historically mined. Consequently, CD-654 has corrected this, and additional drilling is being reviewed to test for dip / plunge projections of this high-grade trend. 1 Meridian Mining news release of March 10, 2025

Today's successful results are part of this ongoing drill program that is looking at local extensions to higher-grade zones of known gold and copper ore.

About Meridian

Meridian Mining is focused on: The development and exploration of the advanced stage Cabacal VMS gold-copper project; The initial resource definition at the second higher-grade VMS asset at Santa Helena as the first stage of the Cabacal Hub development strategy; Regional scale exploration of the Cabacal VMS belt to expand the Cabacal Hub strategy and Exploration in the Jauru & Araputanga Greenstone belts (the above all located in the State of Mato Grosso, Brazil).

The Pre-feasibility Study technical report (the 'PFS Technical Report') dated March 31, 2025, entitled: 'Cabacal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study' outlines a base case after-tax NPV5 of USD 984 million and 61.2% IRR from a pre-production capital cost of USD 248 million, leading to capital repayment in 17 months (assuming metals price scenario of USD 2,119 per ounces of gold, USD 4.16 per pound of copper, and USD 26.89 per ounce of silver). Cabacal has a low All-in-Sustaining-Cost of USD 742 per ounce gold equivalent & production profile of 141,000 ounce gold equivalent life of mine, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.3:1, and the low operating cost environment of Brazil.

The Cabacal Mineral Reserve estimate consists of Proven and Probable reserves of 41.7 million tonnes at 0.63g/t gold, 0.44% copper and 1.64g/t silver (at a 0.25 g/t gold equivalent cut-off grade).

Readers are encouraged to read the PFS Technical Report in its entirety. The PFS Technical Report may be found under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.meridianmining.co

The PFS Technical Report was prepared for the Company by Tommaso Roberto Raponi (P. Eng), Principal Metallurgist with Ausenco Engineering Canada ULC; Scott Elfen (P. E.), Global Lead Geotechnical and Civil Services with Ausenco Engineering Canada ULC; John Anthony McCartney, C.Geol., Ausenco Chile Ltda.; Porfirio Cabaleiro Rodriguez (Engineer Geologist FAIG), of GE21 Consultoria Mineral; Leonardo Soares (PGeo, MAIG), Senior Geological Consultant of GE21 Consultoria Mineral; Norman Lotter (Mineral Processing Engineer; P.Eng.), of Flowsheets Metallurgical Consulting Inc. and, Juliano Felix de Lima (Engineer Geologist MAIG), of GE21 Consultoria Mineral.

Contact:

Mr. Gilbert Clark

CEO and Director

Meridian Mining UK S

Tel: +1 778 715-6410 (BST)

Email: [email protected]

Technical Notes

Samples have been analysed at ALS laboratory in Lima, Peru. Samples are dried, crushed with 70% passing 85% passing 200-microm. 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.

Au_recovery_ppm = 5.402ln(Au_Grade_ppm)+88.66

Cu_recovery_pct = 3.906ln(Cu_Grade_pct)+95.27

Ag_recovery_ppm = 30.354ln(Ag_Grade_ppm)+43.691

Recoveries based on 2022 and 2023 metallurgical testwork on core submitted to SGS Lakefield

Cautionary Statement on Forward-Looking Information

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.