TORONTO — June 28, 2023 –Trigon Metals Inc. (TSX-V: TM, OTCQB: PNTZF) (“Trigon” or the “Company”) is pleased to announce that it has been granted seven exclusive prospecting licences encompassing 112 square kilometres in the Addana Mountains of Southern Morocco, (collectively called the “Addana Project”).
The Addana Project is a silver and lead, polymetallic deposit located in a district that has seen lead and silver mining for hundreds of years. Numerous high-grade veins can be seen from surface over an area over 40 km in strike length. The veins vary in length from 15m to 2.5km, generally about 40cm thick, often only a few metres and possibly amenable to the use of bulk open pit mining methods.
Historical mining was done using hand tools to a depth of up to 10 metres. Historical tax data from the area shows that taxes were paid on 600 tonnes per year of raw ore extracted from the area, divided into 3 categories of material:
- Al Quifox ore (80% lead and 1200g/t silver), Amjoute ore (65% lead and 750-900g/t silver) basic ore 50% lead and 600g/t silver.
Grab samples collected by Trigon from historic waste material
- T1 – 317 g/t silver and 22.6% lead
- T2 – 99 g/t silver and 9.5% lead
- T3 – 564 g/t silver, 24.8% lead and 5.3% zinc
Jed Richardson, President & CEO of Trigon Metals, commented, “The Addana Project represents another example of the potential for world-class projects in Morocco. All seven permits have extensive artisanal workings showing the presence of silver lead veins. Analysis of slags from the area shows potential for material concentrations of copper, zinc and cobalt associated with silver and lead. Notably, the Addana permit area is 14 times the size of our target area at Silver Hill and the historic workings are far more pervasive.”
The Addana Project is located near Akka, in the province of Tata. It is located about 300 km from Agadir on the road connecting Agadir to Tata. The Addana Range was formed by an anticlinal fold in the Bani series of quartzites and schists, of Ordovician age.
Trigon has not verified the historical results contained in this press release and is not relying on them as current mineral resources or mineral reserves. Note that the grab samples are select samples and are not necessarily representative of mineralization on the Addana Project. Readers are cautioned that there has been insufficient exploration by the Company or its qualified person at the Addana Project to define a mineral resource or mineral reserve; and it is uncertain whether further exploration will result in these targets being delineated as a mineral resource or mineral reserve.
Strategic Alternatives for Moroccan Assets
Trigon secured the permits for the Addana Project as part of a reallocation of exploration permits in the Tata region. With the grant of the associated permits, Trigon has three years to explore before the permits must be renewed. Trigon must mobilize and establish exploration on the property within six months of their granting.
As the Company develops the Addana and Silver Hill projects learning more about the size potential of each, the Board of Directors will explore various strategies to maximize shareholder value, including a spin-out of the Morocco assets as a dividend to Trigon shareholders.
Figure 1: Seven Addana Permits, Southern Morocco; Each block represents a 4×4 km claim. The artisanal workings follow a 40 km trend.
Figure 2: Areas of Artisanal Working on PR 3941260; Four identified target areas on the first permit area. The strike length from targets 1 to 4 is approximately 3km.
Figure 3: Target Area 1; Four visible veins with workings
Figure 4: Target Area 2; Eighteen visible veins with historical workings
Figure 5: Target Area 3 North; Twenty-five visible veins with historical workings
Figure 6: Target Area 3 South; Twenty-five visible veins with historical workings
Figure 7: Target 4; Five visible veins with historical workings
The technical information presented in this press release has been reviewed and approved for disclosure by Jed Diner (M.Sc., P.Geol.) is a Qualified Person (QP) as defined by National Instrument 43-101. Mr. Diner is independent of the Company.
Trigon Metals Inc.
Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently, the company has operations in Namibia and Morocco. In Namibia, the Company holds an 80% interest in five mining licences in the Otavi Mountainlands, 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. In Morocco, the Company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.
This news release may contain forward-looking statements. These statements include statements regarding the Addana Project and the acquisition thereof, the prospectivity of the Addana Project, the planned exploration program for the Addana Project, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Addana Project, 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.
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