Core Viewpoint - Meridian Mining UK S has reported significant drilling results from its Cabaçal Au-Cu-Ag VMS project, indicating the presence of multiple stacked layers of high-grade Au-Cu-Ag ore, which are expected to enhance the project's overall resource quality and density modeling as the DFS infill drilling program approaches completion [3][5][6]. Group 1: Drilling Results - The recent drilling results include CD-702, which returned 28.6m at 3.5g/t AuEq (2.6% CuEq) from 127.6m, with notable high-grade intervals [3][7][10]. - Additional intersections include multiple high-grade copper zones with peak grades of 11.0% Cu and 10.6% Cu, indicating strong mineralization potential [7][11]. - The ongoing drill program is focused on the first five-year production area, with results expected to improve grade and density modeling for the Cabaçal DFS [6][9]. Group 2: Exploration Licenses and New Targets - The company has been granted two exploration licenses, opening up the Alvorada target for modern exploration, which has shown promising historical copper anomalies [4][13]. - The Alvorada target has a peak copper-in-stream geochemical value of 164ppm Cu, surpassing previous anomalies in the Cabaçal and Santa Helena areas [13]. - The company is mobilizing staff to commence land access agreements for the newly granted areas, indicating a strategic expansion of exploration efforts [13][16]. Group 3: Cabaçal Project Development - The Cabaçal project has a pre-production capital cost of USD 248 million, with an after-tax NPV5 of USD 984 million and an IRR of 61.2%, highlighting its economic viability [27][30]. - The project is expected to produce 141,000 ounces of gold equivalent over its life, driven by high metallurgical recovery and low operating costs [30]. - The company is advancing its DFS program, including shipping diamond core samples to SGS Canada for metallurgical studies, which will aid in refining the project's development strategy [25][26].