Four new applications lodged, targeting
basin-hosted manganese mineralization in Rondônia, Brazil
LONDON, July 31, 2019 /CNW/ - Meridian Mining SE (TSXV:
MNO) ("Meridian" or the "Company") today is pleased to announce
that it has consolidated its land position in its new Mirante da
Serra project area ("the Project"), with four new exploration
licence applications lodged ("the Applications"), covering the
northern extensions of the basin succession hosting the Project's
prospective manganese oxide mineralization (see Figure 1). The
Application areas were identified as being similarly prospective as
a result of the due diligence conducted on the original Mirante da
Serra JV area1.
Key highlights of the completion of the Mirante da Serra land
consolidation program are:
- 4 new license applications secure the potential northern
extensions of the Mirante da Serra project;
- The exclusive manganese mineral rights to a length of over 42km
of potentially prospective sedimentary units have now been secured;
and
- A 100% ownership2 of local land package totalling
55,016 Ha is secured.
Last week, the Company announced that it had entered a joint
venture on the Mirante da Serra Project Area1, targeting
an area of sediment-hosted manganese oxide mineralization. In
addition to the new JV licence area, Meridian also held two
100%-owned exploration licences along the NW projection of the
basin trend, totalling 15,414 Ha. Four additional exploration
licence applications have now been registered with the Agência
Nacional de Mineração, totalling 39,602 Ha, taking Meridian's
direct licence holdings in the Project area to 55,016 Ha. The
Company focused on the northern area due to the increasing
abundance of Mn trending north in the JV area (in areas of open
access, away from influence of reserves in forested areas of the
basin located further to the south / south-west of the project
area).
Mr Clark, Interim CEO & President, states, "As Meridian is
an experienced manganese explorer and producer in Rondônia, it has
been able to apply its in-house expertise to the Project area. The
prospectivity of the Application areas was quietly identified and
the four Applications were lodged. The opportunity to secure the
northerly extensions of the Mirante da Serra JV's prospective
sedimentary units within the same host basin to the north is an
important development for our Rondônia manganese business. The
Company very much views the Mirante da Serra JV area as the short
to medium-term growth opportunity of its current manganese
business, while the Applications have secured the potential for
long-term upside."
The Applications follow a review of data of the federal
geological services agency, Companhia de Pesquisa de Recursos
Minerais ("CPRM"). The new areas cover the mapped extensions of the
sedimentary basin as shown in the regional geology, and extensions
inferred in the geophysical data in areas of more recessive
weathering. In the regional radiometric data, the overall basin
succession is marked by a low Total Count response (compared to
adjacent granites of the crystalline basement) (Figure 2). The
geology and geophysics show two lobes of the basin extending to the
north, and a separate trend branching to the north-west.
The Applications extend the Company's licence footprint a
further 10.3km north. Today, of the prospective Mirante da Serra
type manganese hosting sedimentary units, the Company now covers
~41.2 km of the host basin's length, commensurate with the scale of
target corridors for basin-hosted manganese deposit styles.
Initial evaluation upon approval of the new licences will be
focussed on:
- Prospecting and surface geochemistry, with a particular focus
on subtle magnetic / radiometric anomalies within the basin
sequence.
- Developing the stratigraphic context to map out the position of
the manganese-prospective horizon.
QUALIFIED PERSON
The technical information about the company's exploration
activity and exploration target range has been reviewed and
approved under the supervision of Dr. Adrian McArthur (Bachelor of Science (honours),
doctor of philosophy and 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 SE
Gilbert Clark
Interim CEO, President and Director
ABOUT MERIDIAN
Meridian Mining SE is focused on the acquisition, exploration,
development and mining activities in Brazil. The Company is currently focused on
exploring and developing the Espigão manganese and polymetallic
projects, the Mirante da Serra manganese project, the Bom Futuro
tin JV area, and adjacent areas in the state of Rondônia. Meridian
is currently producing high grade manganese at its project located
at Espigão do Oeste.
Further information can be found at www.meridianmining.co.
FORWARD-LOOKING STATEMENTS
Some statements in this presentation 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,
development and exploitation of its properties and potential
mineralisation. 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 risks and 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, development and exploitation 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 Company cautions that it has not completed any feasibility
studies on any of its mineral properties, and no mineral reserve
estimate or mineral resource estimate has been established. In
particular, because the Company's production decision relating to
Meridian Mineracao Jaburi S.A, manganese project is not based upon
a feasibility study of mineral reserves, the economic and technical
viability of the Espigão manganese project has not been
established
The TSX Venture Exchange 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.
1 Meridian Mining news release of July 24, 2019.
2 Subject to completion of JV conditions as defined
in Company's news release of 24 July
2019.
SOURCE Meridian Mining S.E.