Further to Trigon Metals Inc.’s (TSX-V: TM) (“Trigon” or the
“Company”) announcement regarding the potential for a significant
increase in the Mineral Resources reported on the Company’s Kombat
copper project in Namibia (see press release dated September 8,
2020), the Company is now pleased to announce a 456% increase in
the total Mineral Resources reported at Kombat, from 7.0 million
tonnes, as at February 28, 2018 (“2018 Mineral Resource”) to 39.1
million tonnes (including inferred resources).
A total of 3,758
additional mineralized underground drill holes have
been incorporated outside of the holes utilized in the
2018 Mineral Resource database, leading to a 152% increase in
the volume of the resource shell and 3 dimensional confirmation of
ore not removed by historic mining. The previous total Inferred and
Indicated Mineral Resource of 7 million tonnes represented between
18% of the pre-existing geological model used for resource
reporting, with the remaining 82% of the tonnage based on drill
holes not previously included. Additional work was
undertaken including improvement of the level of accuracy of
depletions in the underground areas.
Total Mineral Resources include Indicated and
Inferred Mineral Resources on the open pit and underground areas at
Kombat, Asis and Gross Otavi.
Updated Mineral Resource
Estimate
The updated Mineral Resource estimate (“2020
Mineral Resource”), as presented in detail in Tables 1, 2 and 3
below, has been prepared and classified by technical consultants
Minxcon (Pty) Ltd (“Minxcon”) in accordance with the reporting
guidelines as set out in National Instrument 43-101 - Standards of
Disclosure for Mineral Projects (“NI 43-101”) as required by the
Canadian Securities Administrators. A technical report will be
filed under the Company’s profile on SEDAR within 45 days of this
press release. For further information with respect to the key
assumptions, parameters, risks, the mineral resource estimate, data
verification, quality assurance and quality control (“QA/QC”) and
other technical information, please refer to the technical report,
when available.
Open Pit
The previous 2018 Mineral Resource estimate for
the open pit areas (Kombat and Gross Otavi) comprised an Indicated
Mineral Resource of 1.529 million tonnes grading 1.14% copper,
0.72% lead and 2.88 g/t silver, and an Inferred Mineral Resource of
1.582 million tonnes grading 1.40% copper, 1.79% lead and 2.17 g/t
silver, at a cut-off grade of 0.6% copper equivalent for Kombat and
0.77% for Gross Otavi.
Table 1 below is a summary of
the updated 2020 Mineral Resource estimate for the open pit areas
(Kombat and Gross Otavi) as at September 1, 2020.
Table 1 – Updated Mineral Resource
Estimate as at September
1, 2020 – Open Pit (0.6%
copper equivalent
cut-off)
Area |
Resource Classification |
Tonnes (incl Geo
Loss) |
Density |
Cu |
Pb |
Ag |
Cu |
Pb |
Ag (kg) |
Mt |
|
% |
% |
g/t |
Tonnes |
Tonnes |
kg |
Kombat East |
Indicated |
5.27 |
2.81 |
0.86 |
0.98 |
0.49 |
45 065 |
51 849 |
2 595 |
Kombat Central |
2.08 |
2.81 |
1.04 |
0.63 |
0.80 |
21 728 |
13 177 |
1 660 |
Kombat West |
|
|
|
|
|
|
|
|
Total Indicated |
7.35 |
2.81 |
0.91 |
0.88 |
0.58 |
66 793 |
65 026 |
4 255 |
Kombat East |
Inferred |
4.26 |
2.82 |
0.85 |
1.33 |
0.55 |
36 195 |
56 582 |
2 340 |
Kombat Central |
3.08 |
2.83 |
1.23 |
1.40 |
0.25 |
38 023 |
43 335 |
758 |
Kombat West |
3.42 |
2.83 |
1.22 |
1.47 |
0.48 |
41 620 |
50 209 |
1 625 |
Total Inferred Kombat |
10.76 |
2.83 |
1.08 |
1.40 |
0.44 |
115 838 |
150 125 |
4 723 |
Otavi |
Inferred |
0.64 |
2.84 |
0.93 |
2.50 |
0.85 |
6 006 |
16 053 |
546 |
Total Inferred |
11.40 |
2.83 |
1.07 |
1.46 |
0.46 |
121 844 |
166 178 |
5 269 |
Notes
1. The open pit
Mineral Resource is declared with in an optimized resource pit with
a CuEq cut-off of 0.6% for Kombat and 0.77% for Gross Otavi.2.
Commodity prices applied: USD3.99/lb (Cu) and USD1.22/lb (Pb).3.
Otavi Mineral Resource and parameters have not changed from 2018.4.
Historical mine voids have been depleted from the Mineral
Resource.5. A geological loss of 15% for the Inferred and 10% for
the Indicated Mineral Resource has been applied.6. The Mineral
Resources are inclusive of Mineral Reserves.7. Mineral Resources
are reported as total Mineral Resources and are not attributed.8.
Inferred Mineral Resources have a large degree of uncertainty as to
their existence and whether they can be mined economically. It
cannot be assumed that all or any part of the Inferred Mineral
Resource will be upgraded to a higher confidence category.
Underground
The previous 2018 Mineral Resource estimate for
the underground areas at Kombat and Asis was an Inferred Mineral
Resource of 3.929 million tonnes grading 3.72% copper, 1.03% lead
and 31.29 g/t silver, at a cut-off grade of 1.4% copper
equivalent.
Table 2 below is a summary of
the updated 2020 Mineral Resource estimate for the underground
areas at Kombat and Asis as at September 1, 2020.
Table 2
– Updated Mineral Resource Estimate as at
September 1, 2020
– Underground
(1.8%
copper equivalent
cut-off)
Area |
Resource Classification |
Tonnes (incl Geo
Loss) |
Density |
Cu |
Pb |
Ag |
Cu |
Pb |
Ag (kg) |
Mt |
|
% |
% |
g/t |
Tonnes |
Tonnes |
kg |
Kombat East |
Inferred |
0.01 |
2.86 |
1.68 |
2.77 |
0.88 |
130 |
215 |
7 |
Kombat Central |
0.48 |
2.86 |
2.20 |
2.02 |
2.53 |
10 614 |
9 725 |
1 221 |
Kombat West |
0.22 |
2.87 |
2.13 |
2.48 |
3.17 |
4 785 |
5 589 |
713 |
Asis West |
18.13 |
2.86 |
2.85 |
1.29 |
6.02 |
517 666 |
234 597 |
109 111 |
Asis Gap |
1.04 |
2.84 |
2.75 |
0.44 |
3.53 |
28 649 |
4 549 |
3 680 |
Asis Far West |
0.47 |
2.85 |
3.64 |
0.20 |
44.10 |
16 921 |
942 |
20 522 |
Total Inferred |
20.36 |
2.86 |
2.84 |
1.26 |
6.64 |
578 765 |
255 617 |
135 255 |
Notes
1. The underground
Mineral Resource outside the optimized resource pit is declared at
a CuEq cut-off of 1.8%.2. Commodity prices applied: USD3.99/lb (Cu)
and USD1.22/lb (Pb).3. Historical mine voids have been depleted
from the Mineral Resource.4. A geological loss of 15% for the
Inferred and 10% for the Indicated Mineral Resource has been
applied.5. The Mineral Resources are inclusive of Mineral
Reserves.6. Mineral Resources are reported as total Mineral
Resources and are not attributed.7. Inferred Mineral Resources have
a large degree of uncertainty as to their existence and whether
they can be mined economically. It cannot be assumed that all or
any part of the Inferred Mineral Resource will be upgraded to a
higher confidence category.
Combined Open Pit and Underground
The previous combined open pit and underground
2018 Mineral Resource estimate for Kombat, Asis and Gross Otavi
comprised an Indicated Mineral Resource of 1.529 million tonnes
grading 1.14% copper, 0.72% lead and 2.88 g/t silver, and an
Inferred Mineral Resource of 5.511 million tonnes grading 3.05%
copper, 1.25% lead and 22.93 g/t silver
Table 3 below is a summary of
the updated 2020 Mineral Resource estimate for the combined open
pit and underground areas at Kombat, Asis and Gross Otavi as at 1
September 2020.
Table 3
– Updated Mineral Resource Estimate as at
September 1, 2020
– Combined Open Pit and Underground
Area |
Resource Classification |
Tonnes (incl Geo
Loss) |
Density |
Cu |
Pb |
Ag |
Cu |
Pb |
Ag (kg) |
Mt |
|
% |
% |
g/t |
Tonnes |
Tonnes |
kg |
Kombat East |
Indicated |
5.27 |
2.81 |
0.86 |
0.98 |
0.49 |
45 065 |
51 849 |
2 595 |
Kombat Central |
2.08 |
2.81 |
1.04 |
0.63 |
0.80 |
21 728 |
13 177 |
1 660 |
Total Indicated |
7.35 |
2.81 |
0.91 |
0.88 |
0.58 |
66 793 |
65 026 |
4 255 |
Kombat East |
Inferred |
4.27 |
2.82 |
0.85 |
1.33 |
0.55 |
36 325 |
56 797 |
2 347 |
Kombat Central |
3.57 |
2.83 |
1.36 |
1.49 |
0.55 |
48 636 |
53 060 |
1 979 |
Kombat West |
3.64 |
2.83 |
1.27 |
1.53 |
0.64 |
46 405 |
55 797 |
2 338 |
Asis West |
18.13 |
2.86 |
2.85 |
1.29 |
6.02 |
517 666 |
234 597 |
109 111 |
Asis Gap |
1.04 |
2.84 |
2.75 |
0.44 |
3.53 |
28 649 |
4 549 |
3 680 |
Asis Far West |
0.47 |
2.85 |
3.64 |
0.20 |
44.10 |
16 921 |
942 |
20 522 |
Total Inferred Kombat |
31.12 |
2.85 |
2.23 |
1.30 |
4.50 |
694 603 |
405 742 |
139 978 |
Otavi |
Inferred |
0.64 |
2.84 |
0.93 |
2.50 |
0.85 |
6 006 |
16 053 |
546 |
Total Inferred |
31.76 |
2.85 |
2.21 |
1.33 |
4.42 |
700 609 |
421
795 |
140 524 |
Notes
1. The open pit
Mineral Resource is declared with in an optimized resource pit with
a CuEq cut-off of 0.6% for Kombat and 0.77% for Gross Otavi.2. The
underground Mineral Resource outside the optimized resource pit is
declared at a CuEq cut-off of 1.8%.3. Historical mine voids have
been depleted from the Mineral Resource.4. Commodity prices
applied: USD3.99/lb (Cu) and USD1.22/lb (Pb).5. A geological loss
of 15% for the Inferred and 10% for the Indicated Mineral Resource
has been applied.6. The Mineral Resources are inclusive of Mineral
Reserves.7. Mineral Resources are reported as total Mineral
Resources and are not attributed.8. Inferred Mineral Resources have
a large degree of uncertainty as to their existence and whether
they can be mined economically. It cannot be assumed that all or
any part of the Inferred Mineral Resource will be upgraded to a
higher confidence category.
Mineral Reserve Estimate
The probable Mineral Reserve estimate reported
by the Company for the Kombat East and Kombat Central areas as at
April 30, 2018 has not yet been updated and therefore remains
unchanged at 0.77 million tonnes at a grade of 1.30% copper, 0.47%
lead and 4.33 g/t silver.
Way
Forward
The Company recently appointed Minxcon to
undertake a detailed analysis of its extensive database of
historical information, including the newly acquired historic
underground drilling information, previously not available, which
has resulted in significant changes in the new updated geological
model and re-estimation of the Mineral Resource and the related
increase in the updated Mineral Resources.
Minxcon is currently identifying available
specific historic drill holes for resampling, as well as preparing
and design a detailed cost estimate for a drilling program, further
details of which will be provided in due course. This confirmatory
drilling program will focus on the additional drill holes included
in the 2020 Mineral Resource database to enable the Company to use
the information for further upgrading the Resource and Reserve
estimates.
In light of the significant upside potential
represented by the above information in terms of the scale of the
future mining operations at Kombat, the Company has paused its
restart strategy in order to focus on the planned drilling program
and reassess the potential for a larger mining operation at
Kombat.
Jed Richardson, Chief Executive Officer of
Trigon, commented, “We are extremely pleased with the outcome of
the work done on the resource base at Kombat, which supports our
view of the long-term potential for Kombat and the surrounding
region. Our strategy remains focused on bringing the Kombat mine
back into production and a restart of a larger base opens up
numerous opportunities for the company in terms of its growth
strategy.”
Qualified PersonMr. Uwe
Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No.
400058/08, MGSSA) of Minxcon, is a “qualified person” as such term
is defined in NI 43-101 and has reviewed and approved the technical
information and data included in this press release. As a director
of Minxcon, Mr. Engelmann is considered independent.
Trigon Metals Inc. Trigon is a
publicly traded Canadian exploration and development company with
its core business focused on copper and silver operations in mining
friendly jurisdictions in Africa. The Company holds an 80% interest
in five mining licences in the Otavi Mountain lands, an area of
Namibia widely recognized for its high-grade copper deposits, where
the Company is focused on exploration and re-development of the
previously producing Kombat mine. The Company also recently
finalized the acquisition of the Silver Hill project, a highly
prospective copper and silver exploration project in Morocco.
Cautionary Notes This
news release may contain forward-looking statements. These
statements include statements regarding the Company’s Mineral
Resources and Reserves and planned drilling program, the filing of
the technical report, the Company’s strategies and the Company’s
abilities to execute such strategies, the Company’s expectations
for the Kombat operations, the Company’s ability to restart the
Kombat operations, the Company’s ability to obtain adequate
investment and other financing, and the Company’s future plans and
objectives. These statements are based on current expectations and
assumptions that are subject to risks and uncertainties. Actual
results could differ materially because of factors discussed in the
management discussion and analysis section of our interim and most
recent annual financial statements or other reports and filings
with the TSX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any
forward-looking statements, except as required by applicable
laws.
Neither 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 release.
For further information, contact:
Jed Richardson
+1 416 566 8134
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com
Trigon Metals (TSXV:TM)
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