/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE U.S./
Joint Venture formed to create tin-focussed
Company in Brazil's second largest
tin province.
LONDON, Jan. 13, 2022 /CNW/ - Meridian Mining UK S (TSXV:
MNO) (Frankfurt: 2MM) (Tradegate:
2MM) (OTCQB: MRRDF) ("Meridian" or the "Company") today provides an
update on its Ariquemes Tin Exploration Portfolio ("Ariquemes"),
announcing that it has signed a Joint Venture Agreement (the
"Agreement" or the "JV") with Orosur Mining Inc. ("Orosur"). The
Agreement provides a mechanism for a staged earn-in by Orosur into
the mineral concessions currently held via Meridian Mineração
Jaburi S.A., a wholly owned subsidiary of Meridian. Ariquemes
comprises an extensive land package in Brazil's second largest tin field. Geophysical
and geochemical datasets released by the Companhia De Pesquisa De
Recursos Minerais ("CPRM"; Geological service of Brazil) highlights highly prospective
signatures consistent with the tin-bearing granites within the
Ariquemes area. The Company welcomes the partnership with Orosur,
which will allow it to pursue its particular strategic focus on its
Cabaçal Cu-Au Project in the state of Mato Grosso while retaining exposure to
Ariquemes' long-term potential upside.
Highlights of today's
update:
- Meridian signs a Joint Venture of its Ariquemes tin portfolio
with Orosur Mining Inc;
- Orosur shall have the exclusive right for a staged earn-in on
the Ariquemes Project;
-
- Expenditure of USD 1,000,000 to
earn an initial 51% interest over a 24-month period;
- Expenditure of USD 2,000,000 to
earn a 75% interest, after which Meridian can contribute or dilute
to a royalty; and
- JV on Ariquemes allows Meridian to focus on its Cabaçal Cu-Au
Project in the state of Mato
Grosso.
Dr Adrian McArthur, CEO and
President of Meridian, comments, "Meridian has communicated for
some time its intent to find a suitable partner to advance
Ariquemes. Orosur's Board and Management team have extensive
experience in South America and
concluded a legal due diligence and positive field review at the
end of 2021. We are pleased now to announce the signing of the JV
Agreement which creates a focussed vehicle to explore the
prospective Ariquemes district. The progressive strengthening of
the tin price over the past two years has created a resurgence of
interest in the belt and optimal conditions for a tin-focussed
company to explore for a new generation of discoveries. Both Orosur
and Meridian believe the Ariquemes district to be highly
prospective. The Agreement allows Meridian to maintain its focus on
the Cabaçal VMS copper-gold Belt, its strategic priority, and it
wishes Orosur well in pursuing success in Ariquemes for all
stakeholders."
Ariquemes
Meridian Mining consolidated a large landholding within the
world class Ariquemes Tin District of Rondônia, Brazil's second largest tin field. The area
has been evaluated through CPRM's "Áreas de Relevante Interesse
Mineral" program - an initiative with Federal backing. The
Ariquemes district was selected based on its contribution to
Brazil's economy, and the need to
reconsider the prospectivity based on available geophysical
datasets. Key observations of the datasets and reports released by
the CPRM include:
- Cassiterite and Gold were detected in pan-concentrates from a
CPRM stream-sediment sampling program (Figure 1). The sampling was
conducted at a district scale. The responses are at trace levels,
but are considered significant in showing mineralized sources;
- The radiometric responses have identified signatures associated
with two mineralized granite series – the Rondônia Suite to the
west, and the Santa Clara Suite to the east. The responses extend
beyond the mapped granite boundaries, suggesting the granites
project under shallow cover;
- The distinctive magnetic signature of tin-bearing granite
series extends beyond areas of exposure and projects beneath
younger cover sediments within the Ariquemes Project Area. A broad
envelop of interest occupied by clusters of favourable magnetic
anomalies has been defined;
- Within the Company's license area, the more detailed 1:100,000
maps recently produced as part of the study now show the presence
of the prospective granites, along strike to active tin mines, and
elsewhere, requiring prospecting follow-up when the licenses are
granted.
About Orosur Mining Inc
Orosur Mining is a TSXV and AIM listed company with a head
office in Canada. It has interests
in the Anza gold exploration project in Colombia (run in partnership with Newmont and
Agnico Eagle), and has a strong technical management team, led by
CEO Brad George, who has 30 years'
experience in global mineral exploration, development and financing
with a long history in South
America.
Terms of the Ariquemes Joint Venture Agreement
- Orosur or any of its subsidiaries shall have the exclusive
right to acquire a 51% interest in the Ariquemes Project by
expending USD 1,000,000 on
exploration within an initial 24-month period. Orosur may terminate
the Agreement at any time with 60 days' notice during this Period
by providing written notice to Meridian;
- Orosur or any of its subsidiaries will be the operator of the
JV;
- Following the exercise of the First Option, Orosur shall have
the right to acquire an additional 24% interest in the Ariquemes
Project (for an aggregate interest of 75%) by incurring an
additional USD 2,000,000 in
exploration expenditures;
- After the second option period, funding of the Agreement would
be on a pro rata basis. In the event that either Party's interest
is diluted to 10% or less, its interest shall be converted to a
royalty of 1% of net smelter returns on all minerals thereafter
produced. The royalty, which shall be subject to a purchase option
of USD 1,000,000 for the other Party,
includes customary terms for royalties of this type.
Qualified Person
Dr Adrian McArthur, B.Sc. Hons,
PhD. FAusIMM., CEO and President of Meridian as well as a Qualified
Person as defined by National Instrument 43-101, has supervised the
preparation of the technical information in this news release.
On behalf of the Board of Directors of Meridian Mining UK S
Dr. Adrian McArthur
CEO, President and Director
Meridian Mining UK S
Email: info@meridianmining.net.br
Ph: +1 (778) 715-6410 (PST)
Stay up to date by subscribing for news alerts here:
https://meridianmining.co/subscribe/
Follow Meridian on Twitter:
https://twitter.com/MeridianMining
Further information can be found at www.meridianmining.co
ABOUT MERIDIAN
Meridian Mining UK S is focused on the acquisition, exploration,
and development activities in Brazil. The Company is currently focused on
resource development of the Cabaçal VMS Copper-Gold project,
exploration in the Jaurú & Araputanga Greenstone Belts located
in the state of Mato Grosso;
exploring the Espigão polymetallic project and the Mirante da Serra
manganese project in the State of Rondônia Brazil.
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,
development and exploitation 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 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.
Geophysical exploration targets are preliminary in nature and not
conclusive evidence of the likelihood of a mineral deposit.
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.
SOURCE Meridian Mining UK Societas