🕐14.09.10 - 06:27 Uhr

Meridian Minerals - Initial Drill Program Completed at Kapok West



ASX / Media Release 14 September 2010 Initial Drill Program Completed at Kapok West As Part of the Emanuel Range Feasibility Study Highlights The initial phase of extensional and infill drilling at the Kapok West prospect on Meridian Minerals Lennard Shelf Project, has been completed with the drilling of 76 diamond drill holes; Overall, the Kapok West drill program has been very successful with a number of new lenses of lead-zinc mineralisation intersected both outside and within the current boundary of the Kapok West Mineral Resource including: o 5.0m @ 22.4% Pb+Zn in KW10-026 o 12.0m @ 20.4% Pb+Zn in KW10-035 o 23.0m @ 11.3% Pb+Zn in KW10-049 o 9.0m @ 19.8% Pb+Zn in KW10-054 o 19.0m @ 19.4% Pb+Zn in KW10-056 o 9m @ 15.2% Pb+Zn in KW10-070 o 9m @ 22.5% Pb+Zn in KW10-071 The Kapok West drilling program has more than doubled the Inferred Mineral Resource for Kapok West from 1.22Mt @ 4.3% Zn and 9.0% Pb, above a combined 5% zinc cutoff (classified as Inferred in accordance with the JORC Code 1999), as reported in May 2009, to 2.9Mt @ 3.1% Zn, 5.5% Pb and 13.9g/t Ag, above a combined 3% zinc plus lead cutoff (classified as Inferred in accordance with the JORC Code 2004); The current Inferred Mineral Resource for Kapok West includes only 32 of the 76 drill holes completed at Kapok West by Meridian plus 65 historical holes.

A new Mineral Resource estimation is currently underway for Kapok West and will be announced before the end of September.

This will include results from all 76 holes completed by Meridian; Including the results from holes KW10-073 -- KW10-076 released today, assay results for all 76 drill holes have been released for Kapok West.

Of these, 33 holes are classified as infill holes and 43 as extensional drill holes. Australian resources company Meridian Minerals Limited (Meridian or Company) (ASX: MII) today announces the initial phase of infill and extensional drilling has been completed at the Kapok West prospect, on the Lennard Shelf Project ("Lennard Shelf"), as a part of the Emanuel Range Bankable Feasibility Study.

A total of 76 diamond drill holes, for 35,266m, have been completed.

Of these drill holes, 43 were drilled with the objective of extending the currently defined Kapok West JORC compliant Inferred Mineral Resource and 33 holes were drilled as a part of an infill drill program. Meridian‟s Managing Director, Jeremy Read, said that Meridian is extremely pleased with the results from the Kapok West drill program as a number of new lenses of high grade lead and zinc have been located both within and outside the current boundary of the Kapok West Mineral Resource. "The most pleasing aspect of the Kapok West drill program is that we have located new, thick lenses of lead-zinc mineralisation and a number of these lenses have been very high grade with combined lead and zinc grades in excess of 20%," Mr Read said. "In June, we released a new Inferred Mineral Resource for Kapok West which at 2.9Mt @ 8.6% Pb+Zn more than doubled the size of the Kapok West Mineral Resource which existed when Meridian acquired the Project.

However, this Mineral Resource only includes 32 of the 76 holes we have drilled at Kapok West, so we are eagerly awaiting a further revision of the Kapok West Mineral Resource which will include all the drill holes completed by Meridian." "Our aim is to release the new Mineral Resource model for Kapok West before the end of September." The overall scope of the Kapok West drilling program was increased from the initially planned 39 drill holes, to 76 drill holes, due to the positive results achieved.

It is possible that further drilling will need to be completed at Kapok West in order to report a JORC Code (2004) compliant Indicated Mineral Resource.

The amount of drilling required will be determined following completion of the new Mineral Resource for Kapok West in September. Kapok West Drill Program In late November 2009, Meridian commenced a Bankable Feasibility Study („BFS‟) to determine the viability of recommencing mining of the Kapok Mineral Resource and establishing new mining operations at the Kapok West and Cadjebut Splay Mineral Resources.

This study is termed the Emanuel Range BFS, due to the geographic location of Kapok, Kapok West and Cadjebut Splay in the Emanuel Range region of the Lennard Shelf Project (Figure One). The initial part of the BFS comprised a diamond drilling program to drill out the immediate extensions of the Kapok West Mineral Resource.

The extensional drilling resulted in greater definition of the limits of the Kapok West mineralisation.

Infill drilling at Kapok West was also conducted with the ultimate objective being to report an Indicated Mineral Resource in accordance with the JORC Code (2004).

The infill and extensional drilling continued in parallel and both aspects of the drill program were completed in August.

A total of 76 diamond drill holes were completed with 43 drill holes being classified as "Extension" drill holes and 33 as "Infill" drill holes. Results for drill holes KW10-073 -- KW10-076 are being released today (see Table One, Figure Two).

A revision of the current Kapok West Mineral Resource is currently in progress utilising the 76 drill holes completed at Kapok West by Meridian, in addition to the 65 historical drill holes. Meridian is aiming to announce this further revision of the Kapok West Mineral Resource prior to the end of September.

The new Kapok West Mineral Resource will be a key input into the Emanuel Range BFS. To download the full announcement click here: http://www.meridianminerals.com.au/releases/0000000414.pdf For further information please visit www.meridianminerals.com.au or contact: Mr Jeremy Read Managing Director Meridian Minerals Limited Tel: 07 3225 0400 Mob: 0409 484 322 Mr James Harris Professional Public Relations Tel: 08 9388 0944 Mob: 0400 296 547 Em:
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