Meridian Updates Resources for Cabacal and Santa Helena Central Deposits
Santa Helena Maiden Resource Validates Hub-and-Spoke Strategy Despite Creeping DFS Timeline
The news release dated January 20, 2026, provides a significant operational update for the Cabaçal Belt in Mato Grosso, Brazil. Key highlights include: - Updated Mineral Resource Estimate (MRE) for the flagship Cabaçal deposit: Measured and Indicated (M&I) resources now stand at 70.1Mt @ 0.6g/t Au and 0.3% Cu, containing 1.3Moz Gold and 0.5Blbs Copper. - Maiden Resource for Santa Helena Central: M&I resource of 5.3Mt @ 0.6g/t Au, 0.4% Cu, and 1.9% Zn. This establishes a second resource "hub" within the belt. - Total Belt M&I Resources: 1.4Moz Au, 0.6Blbs Cu, 5.6Moz Ag, and 217Mlbs Zn. - DFS Progress: Metallurgical studies are complete with high recoveries (Au 88.35%, Cu 90.97%). However, the Definitive Feasibility Study (DFS) filing is now targeted for Q4 2026. - Landbank Expansion: Granted exploration portfolio has nearly doubled to 104,932 ha with 10 new exploration titles.
- Resource Growth: The maiden resource at Santa Helena Central is a material positive. It confirms that the Cabaçal Belt can support satellite deposits, providing mine life extension or increased throughput for the primary processing hub. The total belt gold inventory has grown by approximately 40% compared to the March 2025 PFS data (which focused primarily on the 850koz reserve).
- Execution Timeline Delay: Critical analysis reveals a timeline shift. In May 2025, management targeted DFS completion by "the end of first half 2026." The current update moves this to "Q4 2026." While common in development, it delays the Final Investment Decision (FID) and potentially first production.
- Permitting Derisking: The gazetting of the Preliminary Licence (PL) in November 2025 was a major de-risking event. The company is now moving toward the Installation Licence (IL) in H1 2026, which is the final major hurdle before construction.
- Metallurgical Validation: Confirmed high recoveries for copper (90%+) and gold (88%) in the DFS studies reduce technical risk for the process flow sheet.
Meridian Mining is focused on the Cabaçal Gold-Copper-Silver VMS project in Mato Grosso, Brazil. The project is a "brownfield" site, previously operated by BP Minerals/Rio Tinto in the 1980s. The flagship Cabaçal project is characterized by low-strip open-pit mining and high metallurgical recoveries. The company’s strategy is a "Hub and Spoke" model, utilizing a central processing facility at Cabaçal to process ore from satellite deposits like Santa Helena.