Trigon Metals Inc. (TSX-V: TM, OTCQB: PNZTF) (“Trigon” or the “Company”) is pleased to announce that it has filed on SEDAR+ an independent Technical Report (“the Technical Report”) prepared by SRK Consulting South Africa (Pty) Ltd (“SRK”) in accordance with Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for its Kombat mine in Namibia.
The Technical Report titled “Independent Technical Report for Kombat’s Asis West Mine, Namibia” is dated March 15, 2024 with an effective date of February 29, 2024, and supports the disclosure made by the Company in its press release dated March 4, 2024 announcing the positive feasibility study for its Kombat Asis West underground mine and updated mineral resources and reserves estimates. There are minor changes to the Pb grades published in the Mineral Resource tables in the March 4, 2024 press release.
The Technical Report can be found under the Company’s profile on SEDAR+ ( www.sedarplus.ca ) and on the Company’s website ( www.trigonmetals.com ).
Mineral Resources and Mineral Reserve Estimates
Mineral Resources
The Mineral Resource estimate presented represents the third Mineral Resource estimate prepared for the Kombat Mine project in accordance with NI 43-101 by Minxcon (Pty) Ltd (an independent consulting company) commissioned by Trigon to undertake this work. The Mineral Resources have been independently reviewed by SRK and reported using updated techno-economic factors.
Mineral Resource estimates are shown in Tables 1 to 3 below. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them.
| Table 1: Open Pit Mineral Resource Statement for Kombat Mine as at 29 February 2024 | |||||||||
| Area | Mineral Resource Category | Tonnes (Mt) | Density (t/m 3 ) | Grade | Content | ||||
| Cu (%) | Pb (%) | Ag (g/t) | Cu (t) | Pb (t) | Ag (kg) | ||||
| Kombat East | Indicated | 2.26 | 2.79 | 0.92 | 0.36 | 6.01 | 20 760 | 8 064 | 1 593 |
| Kombat Central | 0.87 | 2.78 | 1.07 | 0.13 | 9.32 | 9 294 | 1 167 | 148 | |
| Kombat West | 0.01 | 2.98 | 1.95 | 4.69 | 17.43 | 268 | 645 | 10 | |
| Total Indicated | 3.14 | 2.79 | 0.97 | 0.31 | 6.98 | 30 322 | 9 876 | 1 751 | |
| Gross Otavi | Inferred | 0.54 | 2.85 | 0.74 | 2.27 | 1.15 | 3 943 | 12 186 | 615 |
| Total Inferred | 0.54 | 2.85 | 0.74 | 2.27 | 1.15 | 3 943 | 12 186 | 615 | |
Notes:
- A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
- The Mineral Resources have been depleted with historical mining pit shells and underground voids
- The Mineral Resources are reported within an optimised pit shell, based on the techno-economic factors disclosed above
- The Kombat Mineral Resources are reported above a 0.53% Cu cut-off, and the Gross Otavi Mineral Resources above a 0.60% CuEq cut-off
- Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
- Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
- The Gross Otavi Mineral Resources include geological losses of 15%, depletion for unknown historical development of 1% and reduced by a porosity factor by 7.5%
| Table 2: Underground Mineral Resource Statement for Kombat Mine at 29 February 2024 | |||||||||
| Area | Mineral Resource Category | Tonnes (Mt) | Density (t/m 3 ) | Grade | Content | ||||
| Cu (%) | Pb (%) | Ag (g/t) | Cu (t) | Pb (t) | Ag (kg ) | ||||
| Kombat East | Indicated | 0.36 | 2.81 | 1.44 | 1.23 | 9.23 | 5 219 | 4 443 | 3 346 |
| Kombat Central | 0.85 | 2.81 | 1.55 | 0.86 | 12.55 | 13 173 | 7 299 | 10 664 | |
| Kombat West | 1.18 | 2.83 | 1.90 | 1.30 | 11.26 | 22 393 | 15 319 | 13 255 | |
| Asis West | 7.53 | 2.82 | 2.38 | 0.80 | 18.02 | 179 213 | 60 603 | 135 707 | |
| Gap | 0.50 | 2.79 | 1.89 | 0.16 | 9.90 | 9 529 | 822 | 4 990 | |
| Total Indicated | 10.42 | 2.82 | 2.20 | 0.85 | 16.11 | 229 527 | 88 486 | 167 962 | |
| Kombat East | Inferred | 0.00 | 2.83 | 1.45 | 1.79 | 13.64 | 0 | 0 | 0 |
| Kombat Central | 0.01 | 2.88 | 2.02 | 2.74 | 0.01 | 187 | 254 | 0 | |
| Kombat West | 0.13 | 3.68 | 5.00 | 10.50 | 0.08 | 6 377 | 13 399 | 11 | |
| Asis West | 0.12 | 2.82 | 2.49 | 0.71 | 13.74 | 2 946 | 846 | 1 628 | |
| Gap | 0.01 | 2.79 | 1.64 | 0.17 | 32.79 | 229 | 24 | 458 | |
| Asis Far West | 1.53 | 2.79 | 2.15 | 0.37 | 7.99 | 32 763 | 5 703 | 12 196 | |
| Total Inferred | 1.80 | 2.84 | 2.37 | 1.13 | 7.96 | 42 503 | 20 226 | 14 293 | |
Notes:
- A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
- The Mineral Resources have been depleted with historical mining underground voids
- The Mineral Resources are reported above a 1.2% CuEq cut-off
- Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
- Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
- No geological losses are applied
| Table 3: Total Mineral Resource statement for Kombat Mine as at 29 February 2024 | |||||||||
| Source | Mineral Resource Category | Tonnes (Mt) | Density (t/m 3 ) | Grade | Content | ||||
| Cu (%) | Pb (%) | Ag (g/t) | Cu (t) | Pb (t) | Ag (kg) | ||||
| Open Pit | Indicated | 3.14 | 2.79 | 0.97 | 0.31 | 6.98 | 30 322 | 9 876 | 1 751 |
| Underground | 10.42 | 2.82 | 2.20 | 0.85 | 16.11 | 229 527 | 88 486 | 167 962 | |
| Total Indicated | 13.56 | 2.81 | 1.92 | 0.73 | 14.00 | 259 849 | 98 362 | 169 713 | |
| Open Pit | Inferred | 0.54 | 2.85 | 0.74 | 2.27 | 1.15 | 3 943 | 12 186 | 615 |
| Underground | 1.80 | 2.84 | 2.37 | 1.13 | 7.96 | 42 503 | 20 226 | 14 293 | |
| Total Inferred | 2.33 | 2.85 | 1.99 | 1.39 | 6.39 | 46 446 | 32 412 | 14 908 | |
Notes:
- A Mineral Resource is not a Mineral Reserve, and there is no guarantee that all or part of the Mineral Resource will be converted to a Mineral Reserve
- The Mineral Resources have been depleted with historical mining underground voids
- The underground Mineral Resources are reported above a 1.2% CuEq cut-off. The Kombat open Pit Mineral Resources (All indicated) are reported above a 0.53% Cu cut-off, and the Gross Otavi open Pit Mineral Resources (All Inferred) above a 0.60% CuEq cut-off
- Mineral Resources are reported as total Mineral Resources and not attributable to Trigon
- Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them
- No geological losses are applied at Kombat. The Gross Otavi Mineral Resources include geological losses of 15%, depletion for unknown historical development of 1% and reduced by a porosity factor by 7.5%
Mineral Reserves
The open pit Mineral Reserves estimates as set out in Table 4 are limited to the Ore Capping open pits, which are situated in the Kombat East and Central areas. The LoM pit has been excluded due to interference with current underground infrastructure. The open pit Mineral Reserve estimate is declared at the RoM stockpile as a reference point.
| Table 4: Open Pit Mineral Reserve Statement for Kombat Mine as at 29 February 2024 | ||||||
| Area | Mineral Reserve Category | Tonnes (Mt) | Grade | Content | ||
| Cu (%) | Ag (g/t) | Cu (t) | Ag (kg) | |||
| Kombat East | Probable | 0.75 | 0.93% | 5.7 | 6 953 | 4 299 |
| Total Probable | 0.75 | 0.93% | 5.7 | 6 953 | 4 299 | |
Notes:
- The Mineral Reserves have been depleted with historical mining pit shells and underground voids.
- The Mineral Reserves are reported within pit designs and scheduled.
- The Kombat Mineral Reserves are reported above a 0.56% Cu cut off.
- Mineral Reserves are reported as total Mineral Reserves and not attributable to Trigon.
- The Mineral Reserve statement excludes 13.0 kt at 0.83% Cu sitting in stockpile.
The Mineral Reserves estimates for the underground mining schedule are set out in Table 5 below. The Mineral Reserves are reported at the point where the ore is fed into the processing plant. The Indicated Mineral Resources at No 3 shaft below the ore capping pit were not considered to be converted to Mineral Reserves at the time of the study. This was mainly due to higher Pb levels which were not considered to be marketable at the time and will be included in future study work.
| Table 5: Kombat Asis West Underground Mineral Reserve as at 29 February 2024 | ||||||
| Area | Mineral Reserve Category | Tonnes (Mt) | Grade | Content | ||
| Cu | Ag | Cu | Ag | |||
| (%) | (g/t) | (t) | (kg) | |||
| Asis West | Probable | 1.64 | 3.16% | 22.8 | 51 643 | 37 393 |
| Total Probable | 1.64 | 3.16% | 22.8 | 51 643 | 37 393 | |
Notes:
- Applied a dilution factor 0.5 m envelope of ore below cut-off in the stopes.
- Applied an overbreak of 5% in waste development.
- Lashing or mucking loss of blasted material in the stopes at 2%.
- Applied a cut-off of 1.5% Cu ore.
- The Mineral Reserve estimates are declared at the shaft head.
- Cu metallurgical recovery applied is 93%.
The combined Mineral Reserves estimates for the Kombat mine are set out in Table 6 below.
| Table 6: Kombat Combined Mineral Reserve as at 29 February 2024 | ||||||
| Area | Mineral Resource Category | Tonnes (Mt) | Grade | Content | ||
| Cu | Ag | Cu | Ag | |||
| (%) | (g/t) | (t) | (kg) | |||
| Asis West Underground | Probable | 1.64 | 3.16% | 22.8 | 51 643 | 37 393 |
| Open pit | Probable | 0.75 | 0.93% | 5.7 | 6 953 | 4 299 |
| Stockpile | Probable | 0.01 | 0.83% | 2.5 | 108 | 33 |
| Total | Probable | 2.40 | 2.40% | 17.4 | 58 704 | 41 726 |
Qualified Person
The technical information presented in this press release has been reviewed and approved for disclosure by Andrew McDonald CEng MIMMM FSAIMM, SRK Principal Engineer and Competent Valuator, Jaco van Graan, Pr Eng MSAIMM, SRK Associate Partner and Principal Mining Engineer, Mark Wanless Pr.Sci.Nat FGSSA MGASA, SRK Partner and Principal Geologist and Joseph Mainama PrEng MSAIMM, SRK Partner and Principal Mining Engineer who are Qualified Persons as defined by NI 43-101.
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.
Cautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding the Kombat Mine, the mineralization of the Kombat Mine, the timing and results of economic studies including the feasibility study, the economic viability of the Kombat Mine, mineral resources and mineral reserves estimates, ability to realize on projected economic estimates, timing of receipts of permits and approvals, future exploration and development plans and results 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, please contact:
Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com
