Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) is pleased to announce the appointment of Minxcon (Pty) Ltd. (“Minxcon”) to complete an updated National Instrument 43-101 compliant resource estimation (the “Updated Resource Estimation”) and preliminary economic assessment (“PEA”), which represent key milestones for the Company in progressing its objective of bringing the Kombat Mine back into production.
The Company believes, through the analysis of its extensive database of historical information and by using updated methods and modelling techniques, that its resource base at the Kombat Mine will be increased in the Updated Resource Estimation.
Given the extent of the available historic information, preliminary work by the Company has indicated that limited infill drilling may be required to verify this information, particularly in the Kombat Central area where near surface mineralization has been identified. This could represent significant cash savings for the Company in the interim pre-production phase if extensive definition drilling is not required.
Although the scope of the Updated Resource Estimation includes the Kombat Central, Asis Far West, Gross Otavi areas and the tailings of the Kombat Mine, the Company’s near term plan remains to focus on near surface resources in the Kombat Central area and to conduct near term surface mining to facilitate early cash flow generation. Trigon will focus on a multi-pit strategy, which it believes is appropriate for the area given the preliminary results of initial deposit modelling.
In addition to the Updated Resource Estimation, the PEA will provide an indication of the economic viability of surface mining and the Company expects that it will include a requirement to refurbish the existing Kombat mill and concentrator.
The Company also continues to explore opportunities to increase its current land position along the Kombat Trend in order to allow for further additions to its asset base.
Stephan Theron, President and CEO of Trigon, commented: “We are extremely excited to be moving forward with these significant milestones in Trigon’s development process and to see our first phase plans coming together to get this valuable asset back into production.”
Minxcon’s mandate is expected to be completed in the second quarter of this year and further details on the Updated Resource Estimation and PEA will be disclosed in due course.
F. W. Nielsen, P.Geo., is a “qualified person” as such term is defined in National Instrument 43- 101 and has reviewed and approved the technical information and data included in this press release. As a director of the Company, Mr. Nielsen is not considered independent.
Trigon Metals Inc.
Trigon is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world’s most prospective copper regions, where it has substantial assets in place with significant upside. The Company continues to hold an 80% interest in five mining licenses in the Otavi Mountain lands, an area of Namibia particularly known for its high-grade copper deposits. Within these licenses are three past producing mines including the Company’s flagship property, the Kombat Mine.
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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.
This news release may contain forward-looking statements. These statements include statements regarding the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s ability to restart the Kombat Mine, the Company’s expectations for the Kombat Mine, the mineral resources at the Kombat Mine, the economic viability of surface mining at the Kombat Mine, the timing of completing the Updated Resource Estimation and PEA, the results of the Updated Resource Estimation and PEA, merger and acquisition opportunities, 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.