Meridian Mining UK S announced that it has drilled laterally into a VMS pile hosting Cu-Au-Zn & Ag massive to semi-massive sulphides on the western limit of the Santa Helena Au-Cu-Ag & Zn deposit "Santa Helena". CD-651 returned 33.4m @ 2.0g/t AuEq (1.4% CuEq) including 13.1m @ 4.2g/t AuEq ("2.8% CuEq). Drilling continues and further results are pending.
The Company is also announcing that its exploration team has defined a new Cu-Au and Zn discovery at Santa Fe ("Santa Fe"), 5km southeast of Santa Helena. Santa Fe hosts an open Cu-Au-ZN soil geochemical anomaly extending over 2,200m with a coincident Induced Polarization ("IP") anomaly. Further geophysical and surface mapping is ongoing with Santa Fe projected to be drill ready by late in second quarter.
The Santa Helena drill program continues to build the resource potential of the western sector of the exploration target area, ("Figure 1"). New mineralization has been defined in areas where the VMS sheet had not previously been projected. CD-651's further western extensions of this Au- Cu-Ag & Zn mineralization, importantly indicates that some of the historical holes stopped short of the mineralization or failed to fully assay the VMS horizon.
It is apparent after reviewing the Company's recent drill results, that the previous interpretation of the Santa Helena western edge, limited the size of the deposit due to historical drill holes being too shallow (PM-26A) or being partially un-assayed (PM-25A). In addition, Meridian's field validation checks suggested that one mineralized hole, JUCHD-056, was mislocated in the historical database. Meridian's continued success in intercepting high-grade Au-Cu-Ag &Zn mineralization, indicates a far stronger and open system than historically modelled.
As a result of this success, additional drilling is needed to close off this western zone of Santa Helena's mineralization before a mineral resource can be estimated; this will now be later in H2, 2025. Lateral drilling has continued at a low angle while the Company evaluates options to establish alternative platforms. Following adaptations to the drill rig, CD-651 extended further west than the Company's previous limits of drilling. In addition, new results from drill holes in this western position include: CD-624: 73.7m @ 1.0g/t Au Eq (0.7% CuEq) from 22.6m; Geophysical programs have been ongoing to refine drill targets.
Mr. Erich Marques, B.Sc., FAIG, Chief Geologist of Meridian Mining and a Qualified Person as defined by National Instrument 43-101, has reviewed, verified and approved the technical information in this news release. Meridian Mining is focused on: The development and exploration of the advanced stage Cabacal VMS gold-copper project; 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 capital repayment in 17 months (assuming $1.4 million) and $1.4 million).
