/NOT FOR DISTRIBUTION TO
Joint Venture formed to create tin-focussed Company in
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 thestate of Mato Grosso .
Dr
Ariquemes
Meridian Mining consolidated a large landholding within the world class
- 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
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 expendingUSD 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 additionalUSD 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
On behalf of the Board of Directors of Meridian Mining
Dr.
CEO, President and Director
Meridian Mining
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
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
SOURCE
© Canada Newswire, source