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Meridian Mining Signs Cabaçal Purchase Agreement
Announces historical intersections including 1.95m @ 390.0 g/t Au, 0.4% Cu. London, United Ki...
About this update from Meridian Mining Plc
[{"type":"text","content":"Meridian Mining Signs Cabaçal Purchase AgreementAnnounces historical intersections including 1.95m @ 390.0 g/t Au, 0.4% Cu.London, United Kingdom--(Newsfile Corp. - November 9, 2020) - Meridian Mining SE (TSXV: MNO) (\"Meridian\" or the \"Company\") today announces that it has signed the binding Purchase Agreement with the Vendors of the Cabaçal Copper Gold Project (\"Cabaçal\") in the state of Mato Grosso, Brazil (Figure 1) on the terms as outlined in the Option Agreement originally announced on August 26, 2020[1]. The acquisition of Cabaçal represents a key addition to Meridian's portfolio of projects. Cabaçal is a district-scale Copper (Cu) Gold (Au) endowed Volcanogenic Massive Sulphide (\"VMS\") project with extensive near-mine and regional exploration upside. The filing of the mineral rights transfer with Agência Nacional de Mineração (\"ANM\") will now proceed, following which Meridian will make the payment of US$275,000 scheduled under the definitive Purchase Agreement (totalling payments of US$300,000 towards the aggregate purchase price of US$8,750,000).Having now successfully completed the Cabaçal due diligence[2] and executed the Purchase Agreement, Meridian secures a largely undeveloped VMS district. The project comprises two historical underground mines (Cabaçal and Santa Helena), and an extensive geological database with over 600 surface and underground drill holes, assays, regional mapping, soil and stream geochemistry, modern geophysics, metallurgical, and hydrological studies.Highlights of the Cabaçal Project:Purchase Agreement for the Cabaçal Cu-Au acquisition executed by all parties, securing a district scale Cu-Au VMS project, comprising five tenements covering a 30km strike length of the Alto Jauru Greenstone beltExtensive undeveloped thick and open lenses of copper-gold mineralization provide an immediate focus for the first resource development program;Pre-defined regional and near mine VMS base and precious anomalies provide immediate exploration targets; andNear term drill programs may be conducted subject to permitting as the licence transfer is formalized.Dr Adrian McArthur, CEO & President, states, \"With the completion of the due diligence program and signing the Cabaçal Purchase Agreement, Meridian has secured a significant Cu-Au ...