After severe summer doldrums, not only metal prices have picked up again, but also a decent part of mining stocks became energized again, including Meridian Mining (TSXV:MNO). After the North American Labour Day holiday, the traditional end of the summer session, Meridian began publishing a series of impressive step out high-grade gold drill results that showed a positive market response, enabling an oversubscribed C$10.38M financing supporting the further expansion of the ongoing resource development program at Cabaçal.
Although metal prices and especially the gold price took a breather, Meridian Mining (TSXV: MNO) remains unfazed, and keeps providing investors with solid drill results from their Cabaçal VMS Copper-Gold Project in Brazil , at or even above expectations of management.
With copper beating all time highs recently, and gold briefly touching US$1900/oz, Meridian Mining (TSXV: MNO) seems to be in a good place, delivering their second set of assays from their Cabaçal VMS Copper-Gold Project in Brazil. Their ongoing 10,000m field program of diamond drilling recently returned assays from hole CD-005 to CD-009, and all holes contained economic mineralization.
As copper is closing on to all-time highs, trading at US$4.42/lb Cu at the time of writing (peaking in 2011 at US$4.6285/lb Cu), Meridian Mining (TSXV: MNO) came out with their first set of assays from their 100% optioned Cabaçal VMS Copper-Gold Project in Brazil, from their ongoing field program, encompassing 10,000m of diamond drilling.
The latest Meridian news release shows an impressive hint of the mineralized potential of the Cabaçal VMS Copper-Gold Project in Brazil, at which Meridian Mining (TSXV: MNO) last year signed an option agreement for a 100% ownership.
Meridian announced the roll-out of its field program following the granting of a environmental permit for drilling in March, and mobilized two drill rigs and a geophysical team to commence a 10,000m diamond drilling program.
It is not often that you see a Partner of a multi-billion-dollar resource fund part ways with his former colleagues and accept the challenge of turning around a headache dossier of that fund by himself. This is exactly what happened to Meridian Mining (TSXV: MNO) where then-Partner Gilbert Clark of Sentient Equity Partners came to the rescue.