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NI 43-101 Mineral Resource Report on the Kombat Project, Namibia
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Trigon Metals Files NI 43-101 Technical Report on Updated Kombat Mineral Resource
TORONTO, ON – September 17, 2021 / Trigon Metals Inc. (TSX-V:TM) (“Trigon” or the “Company”) has filed an updated NI 43-101 technical report covering the Kombat copper project in Namibia.
The updated NI 43-101 technical report reports an Indicated Minerals Resource of 12.22 million tonnes and an Inferred Mineral Resource of 1.91 million tonnes, representing a 66% increase in the Indicated Mineral Resource from the previous estimate reported at October 1, 2020 (see press release dated August 3, 2021).
Combined Mineral Resource (Open Pit & Underground) as at 3 August 2021
| Area | Mineral Resource Category | Tonnes | Density | Grade | Content | ||||
| Cu | Pb | Ag | Cu | Pb | Ag | ||||
| Mt | t/m3 | % | % | ppm | t | t | kg | ||
| Total Indicated | 12.22 | 2.81 | 1.94 | 0.70 | 13.67 | 237,505 | 85,649 | 167,017 | |
| Total Inferred | 1.91 | 2.87 | 2.19 | 1.79 | 6.13 | 41,738 | 34,209 | 11,699 | |
Notes:
- The open pit Mineral Resource is limited at depth of 160 m for Kombat and 150 m for Gross Otavi with a CuEq cut-off of 0.65% for Kombat and 0.77% for Gross Otavi.
- The underground Mineral Resource is below the depth limit and is declared at a CuEq cut-off of 1.5%.
- The Mineral Resource has been depleted with historical mined voids.
- No additional geological losses have been applied.
- Mineral Resources are reported as total Mineral Resources and are not attributed.
Open Pit Mineral Resources as at 3 August 2021
| Area | Mineral Resource Category | Tonnes | Density | Grade | Content | ||||
|---|---|---|---|---|---|---|---|---|---|
| Cu | Pb | Ag | Cu | Pb | Ag | ||||
| Mt | t/m3 | % | % | ppm | t | t | kg | ||
| Kombat East | Indicated | 2.92 | 2.79 | 0.95 | 0.54 | 5.94 | 27,900 | 15,769 | 17,349 |
| Kombat Central | 2.36 | 2.78 | 1.05 | 0.21 | 6.59 | 24,798 | 4,924 | 15,543 | |
| Total Indicated | 5.28 | 2.79 | 1.00 | 0.39 | 6.23 | 52,698 | 20,693 | 32,892 | |
| Otavi | Inferred | 0.64 | 2.84 | 0.93 | 2.50 | 0.85 | 6,006 | 16,053 | 546 |
| Total Inferred | 0.64 | 2.84 | 0.93 | 2.50 | 0.85 | 6,006 | 16,053 | 546 | |
Notes:
- The open pit Mineral Resource is limited at depth of 160 m for Kombat and 150 m for Gross Otavi with a CuEq cut-off of 0.65% for Kombat and 0.77% for Gross Otavi.
- The Mineral Resource has been depleted with historical mined voids.
- No additional geological losses have been applied.
- Mineral Resources are reported as total Mineral Resources and are not attributed.
Underground Mineral Resources as at 3 August 2021
| Area | Mineral Resource Category | Tonnes | Density | Grade | Content | ||||
|---|---|---|---|---|---|---|---|---|---|
| Cu | Pb | Ag | Cu | Pb | Ag | ||||
| Mt | t/m3 | % | % | ppm | t | t | kg | ||
| Kombat East | Indicated | 0.10 | 2.83 | 1.69 | 1.55 | 11.50 | 1,667 | 1,526 | 1,133 |
| Kombat Central | 0.23 | 2.84 | 1.90 | 1.55 | 19.80 | 4,344 | 3,538 | 4,524 | |
| Kombat West | 0.76 | 2.85 | 2.27 | 1.45 | 13.04 | 17,295 | 11,101 | 9,954 | |
| Asis West | 5.53 | 2.83 | 2.79 | 0.87 | 20.78 | 154,337 | 48,224 | 114,823 | |
| Gap | 0.32 | 2.79 | 2.25 | 0.18 | 11.58 | 7,164 | 568 | 3,691 | |
| Total Indicated | 6.93 | 2.83 | 2.66 | 0.94 | 19.34 | 184,807 | 64,957 | 134,126 | |
| Kombat Central | Inferred | 0.01 | 2.88 | 2.02 | 2.74 | 0.01 | 187 | 254 | 0 |
| Kombat West | 0.13 | 3.68 | 5.01 | 10.53 | 0.06 | 6,371 | 13,389 | 8 | |
| Asis West | 0.09 | 2.83 | 2.90 | 0.84 | 16.12 | 2,557 | 741 | 1,423 | |
| Gap | 0.00 | 2.79 | 2.51 | 0.27 | 55.40 | 122 | 13 | 270 | |
| Asis Far West | 1.04 | 2.80 | 2.55 | 0.36 | 9.11 | 26,495 | 3,758 | 9,452 | |
| Total Inferred | 1.27 | 2.89 | 2.82 | 1.43 | 8.80 | 35,732 | 18,156 | 11,153 | |
Notes:
- The underground Mineral Resource is below the depth limit and is declared at a CuEq cut-off of 1.5%.
- The Mineral Resource has been depleted with historical mined voids.
- No additional geological losses have been applied.
- Mineral Resources are reported as total Mineral Resources and are not attributed.
The above Mineral Resource estimate is the culmination of 18 months of work, first mapping historical drilling and historic mine production in three dimensions, and the re-logging and assaying of 50 years of stored drill core. Work was able to confirm historic assay results for copper, and assay silver for the first time, converting 86.5% of the global resource to Measured and Indicated confidence level of an NI 43-101 Mineral Resource estimate, which represents a robust open pit and underground Mineral Resource estimate that is projected to deliver more than 20 years at planned production levels.
The updated Mineral Resource 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. 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.
The technical report titled “NI 43-101 Mineral Resource Report on the Kombat Project, Namibia” dated September 16, 2021, has been filed on the SEDAR website at www.sedar.com and on the Company website at www.trigonmetals.com .
Qualified Person
Mr. 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 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 Company’s Mineral Resources and Reserves, 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
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com
Click to open the NI 43-101 Mineral Resource Report on the Kombat Project, Namibia
Trigon Metals Closes First Tranche of Private Placement Financing
TORONTO, ON – September 7, 2021 – Trigon Metals Inc. (TSX-V:TM) (“Trigon” or the “Company”) has closed a non-brokered first tranche (the “First Tranche”) of its previously announced private placement of units (the “Offering”). The Company issued 9,602,500 units (the “Units”) pursuant to the First Tranche at a price of $0.40 per Unit for aggregate gross proceeds of $3,841,000.
Each Unit is comprised of one common share of Trigon (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share at a price of $0.50 for a period of 24 months following the date hereof, subject to an acceleration provision whereby in the event that at any time after the expiry of the statutory hold period, the Shares trade at $0.75 or higher on the TSX Venture Exchange for a period of 30 consecutive days, the Company shall have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise the acceleration right.
Closing of the Offering is expected to occur in two tranches. The second tranche of the financing is expected to close on or before September 16, 2021 (the “Second Tranche”).
The Second Tranche remains subject to a number of conditions, including receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. In connection with the First Tranche, the Company paid cash finder’s fees of $217,630 and issued 544,075 finder’s warrants (the “Finder Warrants”) to eligible finders. Each Finder Warrant will entitle the holder thereof to acquire one Share at a price of $0.40 for a period of 24 months following the date hereof.
All securities issued in connection with the First Tranche will be subject to a statutory hold period of four-months and one-day.
The Company intends to use the net proceeds from the Offering for the recommencement of mining at the Kombat mine and for working capital and general corporate purposes.
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.
For further information, contact:
Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com
Cautionary Notes
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 Offering, the expected use of proceeds of the Offering 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
MD&A AUGUST 30, 2021
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Trigon Metals Announces Upsizing of Private Placement Financing and Closes Book
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, ON, August 25, 2021 – Trigon Metals Inc. (TSXV:TM) (“Trigon” or the “Company”) is pleased to announce that due to investor demand, the Company is increasing its previously announced non-brokered private placement financing from total gross proceeds of up to $5,000,000 to total gross proceeds of up to $6,844,000.00 (the “Offering”). The Offering will now consist of up to 17,110,000 units (the “Units”) at a price of $0.40 per Unit. The Company has now closed the order book and will move to close the Offering.
Each Unit will be comprised of one common share of Trigon (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share at a price of $0.50 for a period of 24 months following the closing date of the Offering, subject to an acceleration provision whereby in the event that at any time after the expiry of the statutory hold period, the Shares trade at $0.75 or higher on the TSX Venture Exchange for a period of 30 consecutive days, the Company shall have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise the acceleration right.
Closing of the Offering is expected to occur on or about September 10, 2021 and remains subject to a number of conditions, including receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. In connection with the Offering, a finder’s fee may be payable in line with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one-day.
The Company intends to use the net proceeds from the Offering for the recommencement of mining at the Kombat mine and for working capital and general corporate purposes.
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.
For further information, contact:
Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com
Cautionary Notes
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 Offering, the expected use of proceeds of the Offering 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Trigon Metals Announces Private Placement Financing
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, ON – August 24, 2021 / Trigon Metals Inc. (TSX-V:TM) (“Trigon” or the “Company”) intends to complete a non-brokered private placement financing of up to 12,500,000 units (the “Units”) at a price of $0.40 per Unit for gross proceeds of up to $5,000,000 (the “Offering”). Each Unit will be comprised of one common share of Trigon (a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share at a price of $0.50 for a period of 24 months following the closing date of the Offering, subject to an acceleration provision whereby in the event that at any time after the expiry of the statutory hold period, the Shares trade at $0.75 or higher on the TSX Venture Exchange for a period of 30 consecutive days, the Company shall have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise the acceleration right.
Closing of the Offering is expected to occur on or about September 10, 2021 and remains subject to a number of conditions, including receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. In connection with the Offering, a finder’s fee may be payable in line with the policies of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one-day.
The Company intends to use the net proceeds from the Offering for the recommencement of mining at the Kombat mine and for working capital and general corporate purposes.
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.
For further information, contact:
Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com
Cautionary Notes
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 Offering, the expected use of proceeds of the Offering 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
