- Meridian Mining UK S (MNO) has announced its maiden mineral resource estimate for the Cabaçal copper-gold-silver deposit in Brazil
- The resource is near-surface and extends over 1.9 kilometres with a shallow gold zone
- Metallurgical work shows the indicated resource category has 1.1 million ounces of gold, 168 thousand tonnes of copper, and 2.4 million ounces of silver
- There is no current mining activity on the project
- Meridian Mining UK S (MNO) is down 18.64 per cent, trading at $0.48 per share as of 4:24 p.m. ET
Meridian Mining UK S (MNO) has announced its maiden mineral resource estimate for the Cabaçal copper-gold-silver deposit in Brazil.
The mineral resource estimate has indicated resources of 52.9 million tonnes grading 0.60 grams of gold per tonne, 0.30 per cent copper, and 1.40 grams of silver per tonne. The inferred resources include 10.3 million tonnes grading 0.70 grams of gold per tonne, 0.20 per cent copper, and 1.10 grams of silver per tonne.
The company stated its resource is near-surface and extends over 1.9 kilometres with a shallow gold zone in the Cabaçal northwest extension. Ongoing drilling on the margins of the resource has intercepted strong zones of copper-gold mineralization, and further drill results are pending.
Meridian’s team was able to provide this resource 18 months after the company started drilling. The metallurgical work shows the indicated resource category has 1.1 million ounces of gold, 168 thousand tonnes of copper, and 2.4 million ounces of silver amenable to processing through conventional flotation and gravity processes.
There is no current mining activity on the project, and Meridian is conducting resource definition programs and open pit mine development studies focused on the Cabaçal mine and its extensions. The company is also managing exploration within the broader belt for new volcanic massive sulphide discoveries.
Meridian Mining UK S (MNO) is down 18.64 per cent, trading at $0.48 per share as of 4:24 p.m. ET.