Happy New Year!
This is an update for Trigon Metals, its shareholders and other investors. Here is a quick look back at 2020 and a look forward to what is in store for 2021. Despite a difficult year globally with the world health situation, it was all told a good year for Trigon.
We completed the Silver Hill transaction, giving us our beachhead into Morocco. Morocco is a country full of opportunities and we have a great one in that project. We started with a drill program there that is ongoing. Also, in 2020, we dramatically increased the size of the resource at Kombat, growing the resource to 18 million tonnes at over one percent copper in an open pit and then to 20 million tonnes underground of high-grade copper ore. It was a fantastic result, and we have lots of room to grow down at Kombat.
Looking ahead at Silver Hill, we have been drilling right through the Christmas break, so we have a lot of ore in the labs. We have done some surface trenching as well. We will be steadily producing those results through the month of January and February as we work on some resource definition at Silver Hill. Stay tuned for that.
At Kombat, we will be turning our attention towards exploration. As we can see from that major resource increase, there is clearly a lot more copper and silver in the ground that is yet to be defined. We have some targets laid out, but we are also going to be working on expanding our land position to see if we can grow what is already a sizeable resource into something much larger.
The stars of the show looking forward to 2021 are the commodity prices. Our main commodity, copper, is more than $3.50 per pound right now. This is with the world economy still waking up from all the pain of the pandemic. By the end of the year, hopefully, with the successful distribution of vaccines, and the world economy starting to operate at a full tilt, we should see much stronger copper prices and that is going to bode well for everything that we are doing at Trigon, particularly for the Kombat Mine and with silver at over $27 an ounce now.
Midsummer, we saw silver reaching new highs, but it had languished in the last months of the year. It has rallied back to the $27 level of late. With new stimulus being offered around the world as governments try to get their economies in order, we should see silver rally along with gold through 2021.
We believe we are in a fantastic position as a company and for Trigon shareholders. Stay tuned, there is more in store and we think 2021 has the potential to be a record year for Trigon. Thank you.
President and CEO