Extensions To First Assays And First Results From Resampling Of Historical Core

LONDON – Meridian Mining UK reported on assays for its Diamond Drill Holes (“DDH”) CD-003 and CD-004 as well as first results from the resampling of historical core from its Cabaçal Copper-Gold camp scale VMS project located in Mato Grosso, Brazil. In conjunction with its ongoing 10,000m field program (Figure 1), Meridian is advancing the relogging and assaying of historical DDH cores from the Cabaçal mine, that was originally completed by the former operators BP Minerals/Rio Tinto in the 1980’s. The Company now has three rigs currently operating in the field with results to continue to be reported throughout the summer.

Highlight of additional assays from CD-003 & CD-004: CD-003 extended by 10.0m to 58.6m @ 1.2% CuEq1 from 110.0m (0.6% Cu, 0.9g/t Au, 1.7g/t Ag, & 0.2% Zn); and New hangingwall intercept returns: 15.0m @ 0.4% Cu from 75m; CD-004 new hangingwall intercept returns 9.5m @ 0.3% CuEq from 94.6m (0.2% Cu & 0.2 g/t Au). Highlights from historical core resampling program: JUSPD050 returned 16.8m @ 2.1% Cu, 2.0g/t Au, 3.0g/t Ag & 0.2% Zn from 123.3m; and JUSPD076 returned 8.9m @ 2.3% Cu, 0.54g/t Au, 9.4g/t Ag & 0.3% Zn from 93.1m; Note: True widths are approximately 90% of downhole lengths and assay figures and intervals rounded to 1 decimal place. Copper Equivalents (“CuEq”) have been calculated using the formula CuEq = ((Cu% Cu price 1% per tonne) + (Au ppm Au price per g/t) + (Ag ppm Ag price per g/t) + (Zn% Zn price 1% per tonne)) / (Cu price 1 % per tonne). Commodity Prices: Copper (“Cu”) and Zinc (“Zn”) prices from LME Official Settlement Price dated April 23, 2021 USD per Tonne: Cu = USD 9,545.50 and Zn = USD 2,802.50. Gold (“Au”) & Silver (“Ag”) prices from LBMA Precious Metal Prices USD per Troy ounce: Au = USD 1,781.80 (PM) and Ag = USD 26.125 (Daily). The CuEq values are for exploration purposes only and include no assumptions for metallurgical recovery.

“These new assay results from the Cabaçal program confirm our expectations for discrete layers of broad Copper dominate sulphides hosted by stacked mineralization lenses”, said Adrian McArthur, CEO and President. “The flow of the further new results joins with the initial results from the resampling program of historical core indicate that the historical database of Rio Tinto is robust, as expected from records of historical mining operations. With three rigs turning, drilling is now extending across all three copper zones of the Cabaçal Copper-Gold deposit, advancing the program to take the Cabaçal towards its first resource statement. These results reinforce the re-emergence of the Cabaçal Copper-Gold VMS camp as a significant opportunity in a strengthening copper market.”