AMSTERDAM, The Netherlands,
May 30, 2017 /CNW/ - Meridian Mining
S.E. (TSX V: MNO) ("Meridian" or the "Company"), today provided an
update on exploration results from its Bom Futuro tin joint venture
in the state of Rondônia, in northwestern Brazil.
HIGHLIGHTS
- Ground orientation surveys identify target for concealed
intrusive body underpinning the mineralized veins and pegmatites of
the Bom Futuro Hill.
- Near-mine ground penetrating radar surveys confirm signature of
undeveloped palaeochannels.
- First phase regional surveys identified new palaeochannel
targets over the broader licence area.
"The Bom Futuro Joint Venture presents an outstanding
opportunity to apply cutting edge geophysical exploration
techniques to a very significant mineral centre," said Anthony Julien, President and CEO of Meridian.
"The historical production of 192,000t of tin ranks Bom Futuro as
Brazil's second largest tin mine,
and the area is yet to receive the full benefits of modern
exploration. The results of these initial surveys show great
promise for generating new targets to realize the full potential of
the broader project area."
MERIDIAN GEOPHYSICAL PROGRAM
Meridian concluded a first phase of ground geophysics in March,
trialing various methods to assist in the definition of primary
bedrock and palaeochannel targets.
The Brazilian geophysical consultancy AFC Geofisica conducted
ground-based gravity, magnetic, and chargeability / resistivity
surveys. These surveys covered the northern half of the Bom Futuro
Hill and extended northwards, covering an area of ~2km2
(Figure 1). The data has undergone processing by AFC and Company's
independent geophysical consultancy Core Geophysics. Core
Geophysics also supervised an 80 line kilometre trial Ground
Penetrating Radar (GPR) survey, using cutting-edge UltraGPR
technology developed by Groundradar Inc. The GPR surveys were
particularly designed to test palaeochannel targets.
Significant outcomes of the drilling and mapping program
include:
- A target for a concealed intrusion underpinning the Bom Futuro
vein and pegmatite ring structures has been identified in the AFC
survey block. Gradient Array IP surveys identified areas of
enhanced chargeability which exhibited a similar trend to the ring
structure pattern. These may be related to accessory base metal
sulphides that have been recorded separately to the cassiterite
mineralization. More particularly, inversions of the magnetic data
identified a deeper seated anomaly underlying the north-east
quadrant of the Bom Futuro ring structure system (Figure 2). These
ring structures sit in gneissic host rocks in a "roof pendant"
setting, above an untested source intrusion at depth. The inversion
model presents the first imaging of targets at depth beneath the
hill. Additional surveys will be undertaken to complete full
coverage of the hill to test for satellite bodies and rank
deep-seated drill targets.
- Ground penetrating radar orientation surveys have proved very
effective at delineating the palaeochannel signature in controlled
settings close to the Bom Futuro mining operations. The
palaeochannels are known to be several hundred meters wide and are
filled by unconsolidated sands, gravels and clays. The tin mineral
cassiterite can be dispersed through the channel sequence, but is
particularly concentrated in the rich channel gravels at the base
of the sequence. Orientation surveys targeted the projection of a
palaeochannel position, eastwards from a location where mining
operations terminated adjacent to an access road (Figure 1, Figure
3). Resistivity surveys were first undertaken by AFC, indicating
that the uppermost soil / colluvium is generally resistive, the
palaeochannel positions themselves are more conductive, and the
bedrock sequence is resistive. GPR lines provided a good resolution
of the channel structure (Figure 4), showing stratification in the
channel sequence, and identifying basal irregularities.
- GPR trials have been extended more regionally through the
"Non-Explored Area", with ~80 line kilometers completed in broadly
spaced north-south and east-west survey pattern. These surveys have
identified analogous channel patterns, presenting a range of
initial targets for placer mineralization (Figure 5). The Company
will be conducting additional surveys to confirm the concealed
palaeo-drainage pattern. Options include aerial surveys targeting
the full licence area, mapping the conductivity response of the
channel pattern (in addition to resolving potential bedrock
targets), and infill ground based surveys for high resolution
definition of the channel structure.
NEXT STEPS
- The Company will extend its geophysical program on the strength
of these targeting results. Options for potential aerial surveys in
the broader licence are being considered, with the Company in
discussions with service providers. Scheduling would be related to
permitting and availability of survey platforms.
- Ground penetrating radar surveys will progressively be
extended. The company has conducted in-house training to conduct
further surveys. In the immediate term (over Q2 to Q3), surveys
will focus on better definition of palaeochannel exploration
targets, and continued definition of tailings basins.
- Additional ground-based surveys will be extended over the
broader environment of the Bom Futuro Hill. Some further processing
of the gravity data will be undertaken to review adjustments for
mining voids following more detailed topographic surveys. Ground IP
and ground magnetic coverage will be extended over Q3-Q4 2017.
Meridian has purchased a new generation GDD GRx8-16c receiver and
5000W-2400-15A transmitter to conduct in-house induced polarization
surveys.
- Ranking and prioritization of drill targets from the geophysics
program will be progressively undertaken as geophysical survey data
is gathered. The Company has purchased additional drill rods to
test palaeochannel targets in the 40-50m depth range with its
self-managed drill rig.
Geophysical exploration targets are preliminary in nature and
not conclusive evidence of the likelihood of a mineral deposit. The
Company will commence reconnaissance exploration drilling in the
second half of the year to test for the presence of commercial
quantities of mineralization.
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.
On behalf of the Board of Directors of
Meridian Mining S.E.
"Anthony Julien"
Anthony Julien
President, CEO and Director
ABOUT MERIDIAN
Meridian Mining S.E. is focused on the acquisition, exploration,
development and mining activities in Brazil. The Company is currently focused on
exploring and developing the BMC 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 de 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 TSX Venture Exchange has in no way passed upon the merits of
the 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
Meridian ratified a joint venture agreement with Coopersanta
in March following a three-month due diligence period. The Company
is evaluating tailings reprocessing scenarios in allocated areas,
and is exploring for primary / palaeochannel targets in a 2,000ha
"Central Area", and a 18,000ha "Unexplored Area". Details of the
agreement are summarized in press releases of December 19 2016 and March
16 2017.
AFC Geofisica is an accredited geophysical service provider
(ISO 9001:2008).Surveys were conducted using GSM-19 ground
magnetometers (GEM Systems), CG5 gravity meters (Scintrex), GDD
5000W transmitter with ELREC Pro Receiver for the primary Induced
Polarization surveys, and a SuperStinger R8 (AGI Instruments) for
the palaeochannel orientation. IP surveys over the primary area
were conducted on 100m line spacings, with dipoles spacing of 50 m
and readings advanced at 25 m. Ground magnetometry in the survey
area was conducted on a 25m grid. Gravity surveys were conducted on
100m spaced lines with 20m station
intervals, with differential GPS control on station survey
points.
Ground Penetrating Radar survey were conducted using
Groundradar's proprietary UltraGPR technology (30Mhz
system).
SOURCE Meridian Mining S.E.