More Positive Results From Cabaçal In Brazil
Meridian Mining UK S (TSXV: MNO) has received of C$2.37 million from the conversion of warrants to add to its war chest.
Since the start of the year Meridian has received a steady inflow of new capital via the investment of its shareholders and brokers by converting their Warrants and Broker Units. The funds relate to the 2020 capital raisings, significantly strengthening its balance sheet and reflecting its tight and supportive shareholder base.
The company has also reported success with its historical core resampling programme from the Cabaçal Copper-Gold VMS project in Mato Grosso, Brazil.
The recently completed resampling programme has confirmed, that the selective mining of high-grade Gold at the closed Cabaçal Mine, left behind broad zones of Copper and Gold mineralisation. Significantly, it has also confirmed the grades of the mined high-grade Au structures, recently intercepted along strike and extending out from the mine.
The company has completed the first resampling program of core from six historical diamond drill holes from the core library of the Universidade Federal de Mato Grosso (UFMT).
The Core was drilled by BP Minerals in the 1980’s prior to Cabaçal’s acquisition by Rio Tinto in 1989; who closed it down in 1991.
The resampling is part of the company’s programme to statistically verify the historical assay database. Results will be incorporated into future resource assessments. Quarter to half-Core was submitted for analysis after logging and photography. In some holes, only short intervals of Core were available rather than the complete intersection. The available resampled intervals of Core returned composited values consistent with the original data.
The highlight of the resampling programme is JUSPD050 – one of the more complete diamond holes, which returned:
• 41.9m @ 1.3% Cu, 1.6g/t Au, 2.3g/t Ag & 0.1% Znfrom 98.1m; including a high-grade zone: o 21.4m@2.1%Cu,1.8g/tAu,4.3g/tAgfrom116m,including: 4.0m @ 0.8 % Cu & 3.9g/t Au from 107.0m; 0.5m @2.1% Cu and 3.0 g/t Au from 116.5;and 2.7m @ 5.6% Cu & 7.7g/t Au from 131.5m.
This broad composite compared well to the historical result of 41.9m @ 1.2% Cu, 1.4g/t Au, 3.0g/t Ag, 0.1% Zn from 98.1m.
This pattern is consistent with the results of broad Cu-Au mineralisation intersected by Meridian’s ongoing drilling programms, in and outside of the historical workings. Within which, occur more discrete higher-grade Cu-Au structures and layers such as those intercepted recently.
