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Market: ASX
Sector: Gold Mining
Epic: MII
News: Latest news
Web Site: Meridian Minerals Ltd
Other Articles: 03-02-201020-01-201023-11-2009

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Meridian Minerals Ltd

Meridian Minerals Ltd

Meridian Minerals Ltd, formerly Bellevue Resources Limited, is an exploration company. On July 28, 2008, Bellevue Resources Limited completed the acquisition of Meridian Mineral Limited, a junior exploration company. Meridian Minerals has secured the right to acquire a portfolio of exploration licenses, including Lachlan Fold Belt, Gawler Craton, Koonenberry Inlet and Thomson Fold Belt. It has also commenced a search for gold or gold-copper projects to complement the existing projects.
Wednesday, January 20, 2010

Meridian Minerals grows Mineral Resource Inventory on the Lennard Shelf Project by 32%

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Australian resources company Meridian Minerals (ASX: MII) has significantly increased the prospectivity of the Lennard Shelf Project, located in the Kimberly region of Western Australia.

The mineral resource inventory of Lennard Shelf has increased 32% to 10.8Mt at6.9% Zn and 3.8% Pb as a result of an independent review of historical drilling data at the Palijippa prospect by Xstract Mining Consultants.

Xstract estimated a mineral resource at the Palijippa prospect of 2.62Mt @ 5.4% Zn, 1.2% Pb and 33.6g/t Ag, above a combined 3% zinc plus lead cutoff which is reported as Inferred in accordance with the JORC Code.

During the afternoon trade, shares in Meridian rose 1.1% to 8.9c.

Meridian Minerals Managing Director Jeremy Read said adding another 2.62Mt tonnes to the Lennard Shelf mineral resource inventory, in close proximity  to the main focus of work at the Kapok/Kapok West mineral resources, was very beneficial for the project.

“We have been able to significantly increase our overall mineral resource inventory on the project and importantly Palijippa contains 0.86Mt with a combined zinc and lead grade exceeding 10%,” Mr Read said.

“The higher grade zone at Palijippa has the potential to be increased through further drilling as it is currently open along strike and down dip.

"Growing the Palijippa higher grade zone has the potential to add significant value to any mining operation on the Lennard Shelf.”

A drilling program to test the strike and down-dip extensions at Palijippa is currently being developed and is expected to be scheduled into the exploration program already underway elsewhere at Lennard Shelf.

Higher grade mineralisation at Palijippa comprising 0.86Mt @ 7.9% Zn, 2.2% Pb and 67g/t Ag, occurring above a combined 7% zinc plus lead cutoff, has the potential to be increased by further drilling.

A strong possibility exists for the discovery of additional mineral resources, between existing drill holes and along the strike and dip extensions of the known Palijippa mineralisation.

Lead and Zinc prices have increased more than 50% in the last 6 months.

Drilling underway at the Kapok West prospect is ahead of schedule and first results are expected to be announced within two weeks.

 

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