Meridian Drills Multiple, Stacked Layers of Gold-Copper-Silver and Zinc-Lead VMS Mineralisation Below Santa Helena
Meridian confirms stacked VMS zones at Santa Helena, though grades are moderate and true width remains unstated.
Meridian Mining PLC (MNO) reported that hole CD‑878, drilled 90 m down‑dip of discovery hole CD‑869 at the Santa Helena project in the Cabaçal VMS belt, Brazil, intercepted multiple stacked layers of Au‑Cu‑Ag and Zn‑Pb VMS mineralisation below the existing resource.
The upper layer returned 11.3 m @ 0.8 g/t Au, 0.2 % Cu, 17.6 g/t Ag, 3.4 % Zn & 0.6 % Pb from 199.8 m. This interval included a high‑grade core of 4.4 m @ 1.7 g/t Au, 0.1 % Cu, 32.1 g/t Ag, 5.8 % Zn & 1.4 % Pb, with visible gold noted.
A deeper copper‑dominant layer, located 13.6 m below the upper zone, returned 1.7 m @ 0.9 % Cu, 0.1 g/t Au, 8.3 g/t Ag from 224.7 m.
The company compared these results to CD‑869, which returned 7.2 m @ 1.4 g/t Au, 2.3 % Zn, describing the find as a “widening extension.” Other holes, including CD‑874, 873, 872, 876, 868, and 865, reported low‑grade or narrow intervals. Regional reconnaissance has begun on the Jauru and Araputanga licences.
Santa Helena already hosts a maiden Measured & Indicated resource of 5.3 Mt, and CD‑878 serves as a resource‑expansion step‑out rather than a discovery. The results add confidence in down‑dip continuity, though the grades are not materially higher than the deposit average of 0.6 g/t Au, 0.4% Cu, 15.5 g/t Ag, and 1.9% Zn.
The market already prices in a growing Santa Helena resource, making the news incremental. The share price had risen from 1.48 to 1.70 in the preceding week, possibly anticipating positive results. A more dramatic move would require better grades, wider true thickness, or a new parallel zone of significant size.
For an advanced developer with a near‑term production catalyst at Cabaçal and a strong balance sheet, routine step‑out news does not re‑rate the equity.
Meridian Mining PLC (MNO) is a pre-revenue junior developer focused on the Cabaçal Au-Cu-Ag VMS project in Mato Grosso, Brazil, operating under a hub-and-spoke strategy that includes the nearby Santa Helena Zn-Pb-Au-Ag deposit. The company is dual-listed on the TSX and LSE Main Market.
Cabaçal has completed a pre-feasibility study (PFS) indicating an after-tax net present value (NPV) of $984 million, an internal rate of return (IRR) of 61%, and capital expenditures (capex) of $248 million. The project is currently advancing toward a definitive feasibility study (DFS) scheduled for Q4 2026 and is seeking an Installation Licence.
Updated resource estimates as of January 2026 include the following:
- Cabaçal Measured and Indicated (M&I): 70.1 Mt @ 0.56 g/t Au, 0.33% Cu, 1.31 g/t Ag
- Santa Helena maiden M&I: 5.3 Mt @ 0.56 g/t Au, 0.43% Cu, 15.45 g/t Ag, 1.86% Zn, 0.43% Pb
Financially, the company is well-funded following a C$57.5 million bought deal and a listing on the LSE valued at approximately $33.8 million. As of April 2026, the company held cash reserves of approximately US$101 million. Meridian Mining has no revenue and relies on equity financing; its MD&A notes going-concern uncertainty absent further funding.