Merida Minerals Inc

Merida Minerals Holdings Inc. Announces Re-Assay Results from Its Puebla de la Reina Property in Spain

Merida Minerals Holdings Inc. (TSXV: ESPN) ("Merida" or "the Company") is pleased to announce the results of initial core samples that have been re assayed from its Las Herrerais property, located near the village of Puebla de la Reina in Extremadura, Spain. The samples were procured from the secured facility that is controlled by the Geological and Mining Institute of Spain (Instituto Geologico y Minero de Espana or "IGME") located in Pennaroya, Extremadura. The core represents drilling carried out by IGME and Outukumpu on the Las Herreiras property previously.

The historical drilling was first carried out by IGME, which drilled 1,732.90 metres between 1984 and 1987.
IGME calculated a resource of 300,000 tonnes with grades of 1.6% Cu., 11% Zn., 1.2% Pb and 32 g/t Agi.

The property was subsequently acquired by Outukumpu, who carried out a drilling program between 1999 to 2001 of 4,86.75 meters.
Outukumpu calculated a resource of 500,000 tonnes at grades of 1.6% Cu., 11% Zn., 1.2% Pb and 32 g/t Agii.
i the drill results have not been verified by Merida therefor tonnages and grades cannot be relied upon. They are quoted in historical context only.
ii the drill results have not been verified by Merida therefor tonnages and grades cannot be relied upon. They are quoted in historical context only.

Portions of this historic core were sampled by IGME at the request of Merida. Subsequently the samples were assayed by ALS Laboratory Group SL in Spain (Certificate of Analysis SV19134984), with results noted below in Table 1.

Sample
Description

Method WEl·ZlAu·AA23ME·OG62ME·OG62ME·OG62ME-OG62
AnalyteRecvd Wt.AuAgCuPbZn
Unit
kgppmppm%%%
LOD 
0.020.005I0.0010.0010.001
P.D.R. 2    35.91-36.210.210.313291.6100.27120.8
P.D.R. 2    36.36-36.540.210.338102.140.04916.60
P.D.R. 2    38.60-38.800.200.10091.0650.1323.15
P.D.R. 3    86.15-86.250.13O.o1810.0730.0280.353
P.D.R. 4    23.62-23.770.330.131150.7170.0340.201
P.D.R. 5    22.70-22.950.4510.542534.960.11925.2
P.D.R. 5    25.67-26.050.470.528811.4156.08>30.0
P.D.R. 6    63.30-63.470.390.525921.7005.90>30.0
P.D.R. 8    68.37-68.470.090.320472.911.205>30.0
P.D.R. 8    69.68-69.580.140.195130.9150.22224.7

 

Norman Brewster, Chief Executive Officer of Merida, stated: "We are extremely pleased with the results from the assays. They confirm our original thoughts and thesis when looking to acquire our first property in Spain. Firstly, that the grades for zinc and copper were excellent when carried out by IGME and Outukumpu, and Secondly, that with advances in technology over the last 20 years, the exploration potential may be greater than initially thought. Both are believed to be the case here." Copper grades range between 0.717% to 4.9% and average 1.6%; while Zinc grades range from 0.2% to 30% and average 11% as seen in Table 1. "This demonstrates the potential of the property, based on historic work carried out by IGME and Outukumpu alone, and we are optimistic that this is just the beginning of what the property holds and we look forward to initiating and continuing the previous drilling program. As well there are other targets that we have determined to be of high value, which may prove to be extensions of mineralization to the North and West. This very much fits in line with our initial plans to create a new copper zinc producer in Spain. We look forward to initiating our 2022 and 2023 work programs, in line with the 3 year plan we have presented to the mining authorities in Extremadura," commented Mr. Brewster.

Future TargetsHistorical Drilling LocationsCannot view this image? Visit: https://orders.newsfilecorp.com/files/8711/124216_c8b6a08a54ca783b_007.jpg

Figure 1 - Location of historical drilling at Puebla de la Reina

To view an enhanced version of Figure 1, please visit:
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QUALIFIED PERSONS, TECHNICAL INFORMATION AND QUALITY CONTROL NOTES

The sample results contained in Table 1 have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

Norman Brewster, P. Geo., is a "qualified person" (a "QP") for the purposes of NI 43-101 and is responsible for the preparation and review of the technical information being reported on in this news release.

About Merida Minerals Inc.

Merida Minerals Inc is a mineral exploration company focused on mining opportunities in Spain. Merida is currently focused on developing the long-term mining potential of its core asset, the Zinc, Copper, Lead enriched Puebla de la Reina ("PBR") property in the low-risk and historic mining district of Extremadura in Southwest Spain. The PBR property covers an area of 90 km2. Merida, through its subsidiary, La Joya, has entered into a purchase agreement with Auplata S.A. to acquire a 100% interest in the PBR property. The management of Merida contains industry veterans who have more than 100 years of mineral exploration and production experience in multiple jurisdictions and have successfully managed multiple international mining companies. This includes in Spain, where some of the team was responsible for the founding and building of Iberian Minerals, with the continued support of the local and regional governments, including the well developed and sophisticated transportation and mining infrastructure.

For more information on Merida Minerals Inc., visit: https://meridaminerals.com/ .

Contact:
Rahim Allani
rahim@meridaminerals.com

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information can be identified by words such as: "intend", "believe", "estimate", "expect", "may", "will" and similar references to future periods. Examples of forward-looking information include, among others, the future plans of Merida, the expected trading date of the Common Shares on the TSXV, as well as information relating to Merida. Although Merida believes that, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Merida can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks (i) that the future plans of Merida may differ from those that currently are contemplated; and (ii) that the expected trading date of the Common Shares may change. Additional risks include those disclosed in the Filing Statement, which are incorporate herein by reference and are available through SEDAR at www.sedar.com . The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

This news release is not an offer of the securities for sale in the United States. The securities described in this news release have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) absent registration or an exemption from registration. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state in which where such offer, solicitation or sale would be unlawful.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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Figure 1. New JJB Property location and expanded SAY Property boundary. (CNW Group/Finlay Minerals Ltd.)

JJB PROPERTY:

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Details on the JJB Property can be found in the JJB Property Technical Presentation and in the Properties section of the Company website at www.finlayminerals.com .

SAY PROPERTY:

Lying 4 km south of Finlay's new JJB Property, work continues on the SAY Property, which has recently been expanded with additional staking to the north and south. The SAY Property now totals 26,202 hectares. The SAY Property was acquired in 2024, and an inaugural field program focused on chip sampling and mapping along the 4.3-kilometer-long SPUR Trend. This led to the discovery of the AG Zone and confirmed the continuity of high-grade Cu-Ag mineralization in the East Breccia Zone.

The SPUR is a high-grade Cu-Ag structural vein and breccia target that extends for 4.3 km along the north-northwest Tsaytut Spur ridge * .

The SHEL target area is a Cu-Mo porphyry identified through historic mapping and drilling. SHEL mineralization is reported to be associated with veining and breccias within quartz-feldspar porphyry dikes and lies on the western margin of an unexplored 3 km x 2 km magnetic high * . Historical assays and airborne magnetic data indicate the potential for the expansion of known mineralization in these two target areas.

In 2025, exploration work at the SAY will aim to expand the mineralized footprint of the SPUR and SHEL targets through geological mapping, soil sampling, and an airborne magnetic survey.

Details on the SAY Property, can be found in the SAY Property Technical Presentation and in the Properties section of the Company website at www.finlayminerals.com .

References:

*

Refer to finlay minerals ltd. News Release # 11-24 dated October 3, 2024 entitled: " Finlay Minerals has completed its Inaugural Field Program at the High-Grade Copper-Silver SAY Property " available on SEDAR at www.sedarplus.ca.

Qualified Person:

Wade Barnes , P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

About finlay minerals ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits with five 100%-owned and operated properties in northern British Columbia . In addition to the JJB & SAY Properties, the Company holds the:

  • PIL Property , which covers 13,374 ha in the heart of the Toodoggone region, has numerous porphyry Cu-Au ± Ag targets and associated epithermal Au-Ag mineralization. Exploration on the PIL Property is fully funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan (Refer to news release FYL NR03-25 entitled: "Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties ". ) The PIL is neighboured by Amarc Resources and Freeport-McMoRan's joint venture JOY Project and TDG Gold Corporation's Shasta/Baker and Sofia Properties. The PIL Property is also 25 km northwest of Centerra Gold's past-producing Kemess South Mine and 15 km east of Thesis Gold's Lawyers Project.

  • ATTY Property covers 3,875 ha of sub-alpine terrain in the southern Toodoggone region. Exploration on the ATTY Property is also full-funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan in April 2025.The Toodoggone is a northwest-trending belt of Triassic to Jurassic arc terranes that hosts numerous significant porphyry Cu-Au ± Ag and associated epithermal Au-Ag deposits. The ATTY Property is in between and contiguous to Centerra Gold's Kemess Project and the joint-venture JOY Project held by Amarc Resources and Freeport-McMoRan. The ATTY Property KEM target has similarities to the Kemess North Trend, which hosts the Kemess Underground and Kemess East deposits.

  • Silver Hope Property covers 21,322 ha and surrounds the past-producing Equity Silver Mine in the prospective Skeena Arch region of central B.C. The Silver Hope contains the Main Trend which is a >2 km Cu-Ag-Au mineralized trend with mineralization starting at surface.  West of the Main Trend is the West Cu-Mo Porphyry which is also mineralized starting from surface. The Property hosts a network of forestry roads and trails and has all-year access from Houston, BC .

Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com

On behalf of the Board of Directors,

Robert F. Brown
President, CEO & Director

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the JJB and SAY Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

SOURCE finlay minerals ltd.

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