Toronto, Ontario, May 17, 2022 — Merida Minerals (“Merida Minerals” or “the Company”), is pleased to announce the results of initial core samples that have been re assayed from its Las Herrerais property, located near the village of Puebla de la Reina in Extremadura, Spain. The samples were procured from the secured facility that is controlled by the Geological and Mining Institute of Spain (Instituto Geologico y Minero de Espana or “IGME”) located in Pennaroya, Extremadura. The core represents drilling carried out by IGME and Outukumpu on the Las Herreiras property previously.
The historical drilling was first carried out by IGME, which drilled 1,732.90 metres between 1984 and 1987
IGME calculated a resource of 300,000 tonnes with grades of 1.6% Cu., 11% Zn., 1.2% Pb and 32 g/t Agi.
The property was subsequently acquired by Outukumpu, who carried out a drilling program between 1999 to 2001 of 4,86.75 meters.
Outukumpu calculated a resource of 500,000 tonnes at grades of 1.6% Cu., 11% Zn., 1.2% Pb and 32 g/t Agii.
i the drill results have not been verified by Merida Minerals therefor tonnages and grades cannot be relied upon. They are quoted in historical context only.
ii the drill results have not been verified by Merida Minerals therefor tonnages and grades cannot be relied upon. They are quoted in historical context only.
Portions of this historic core were sampled by IGME at the request of Merida Minerals. Subsequently the samples were assayed by ALS Laboratory Group SL in Spain (Certificate of Analysis SV19134984), with results noted below in Table 1.
Norman Brewster, Chief Executive Officer of Merida Minerals, stated: “We are extremely pleased with the results from the assays. They confirm our original thoughts and thesis when looking to acquire our first property in Spain. Firstly, that the grades for zinc and copper were excellent when carried out by IGME and Outukumpu, and Secondly, that with advances in technology over the last 20 years, the exploration potential may be greater than initially thought. Both are believed to be the case here”. Copper grades range between 0.717% to 4.9% and average 1.6%; while Zinc grades range from 0.2% to 30% and average 11% as seen in Table 1. “This demonstrates the potential of the property, based on historic work carried out by IGME and Outukumpu alone, and we are optimistic that this is just the beginning of what the property holds and we look forward to initiating and continuing the previous drilling program. As well there are other targets that we have determined to be of high value, which may prove to be extensions of mineralization to the North and West. This very much fits in line with our initial plans to create a new copper zinc producer in Spain. We look forward to initiating our 2022 and 2023 work programs, in line with the 3 year plan we have presented to the mining authorities in Extremadura” commented Mr. Brewster.
QUALIFIED PERSONS, TECHNICAL INFORMATION AND QUALITY CONTROL NOTES
The sample results contained in Table 1 have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
Norman Brewster, P. Geo., is a “qualified person” (a “QP”) for the purposes of NI 43-101 and is responsible for the preparation and review of the technical information being reported on in this news release.
About Merida Minerals
Merida Minerals is a mineral exploration company focused on mining opportunities in Spain. Merida Minerals is currently focused on developing the long-term mining potential of its core asset, the Zinc, Copper, Lead enriched Puebla de la Reina (“PBR”) property in the low-risk and historic mining district of Extremadura in Southwest Spain. The PBR property covers an area of 90 km2. Merida Minerals, through its subsidiary, La Joya, has entered into a purchase agreement with Auplata S.A. to acquire a 100% interest in the PBR property. The management of Merida Minerals contains industry veterans who have more than 100 years of mineral exploration and production experience in multiple jurisdictions and have successfully managed multiple international mining companies. This includes in Spain, where some of the team was responsible for the founding and building of Iberian Minerals, with the continued support of the local and regional governments, including the well developed and sophisticated transportation and mining infrastructure.
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