Silver Hill

Trigon Announces US$27.5 Million Silver Streaming Term Sheet with Sprott Streaming

20 July 2022 by trigonmetals

TORONTO — Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) is pleased to announce that it has entered into a non-binding term sheet with Sprott Resource Streaming and Royalty Corp. (“Sprott Streaming”) and Sprott Mining Inc. (“Sprott Mining”, collectively the “Investors”) for a US$27.5 million silver and copper stream (the “Transaction”) for its Kombat Mine located in Grootfontein, Otjozondjupa Region of Namibia.

The Streaming Transaction

Pursuant to the Transaction, Trigon shall sell and deliver to Sprott 100% of silver produced from the Kombat Mine. The expansion of the Kombat Mine is projected to increase annual copper production and reduce forecasted operating costs. Proceeds will be used to complete ongoing works to dewater the mine, re-establish services, and continue exploration drill work, as well as to deliver a National Instrument 43-101 Compliant Feasibility Study for underground mining and for general corporate and working capital purposes.

The funds advanced as determined by Sprott Streaming include value for the open pit mine currently being operated from; the phase one underground development of the historic Kombat mine, and the phase two underground development of the Asis Far West mineralization. The phase two underground development takes advantage of a 750m, 2,000 tpd production shaft that is built and ready for operation. However, the Asis Far West area of mineralization has not been quantified into an NI43-101 Resource Estimate nor has an economic study been completed for this phase of the development. As part of the Transaction, Sprott Streaming will receive a 3.15% copper stream commencing when phase one underground mining begins that will terminate when mining phase two begins at Asis Far West.

The silver stream is for the life of mine, restricted to the Kombat Project and does not include the Silver Hill Project or any new project Trigon may acquire. At its election, the Company may buy back up to 50% of the Stream in a single payment by paying in cash to Sprott Streaming, the indicated multiple of the drawn advanced payment below on or before June 30 of the indicated year; after June 30, the buyback amount would refer to the following year. After June 30, 2027, the buyback right expires.

2024	1.37x	$18,837,500
2025	1.40x	$19,250,000
2026	1.43x	$19,662,500
2027	1.47x	$19,477,500

The US$27.5 million consists of US$25 million from Sprott Streaming, and US$2.5 million from Sprott Mining. The US$2.5 million (9.1% of the stream) from Sprott Mining shall set-off against the US$2.5 million loan from Sprott Mining announced on May 24, 2022 (please refer to the Company’s news release).

Subject to the approval of the TSX Venture Exchange (the “TSXV”), 2,500,000 warrants (the “Stream Warrants”) will be issued to Sprott Mining replacing the 2,500,000 warrants that were issued on May 24, 2022 to Sprott Mining (Please see the Company’s press release dated May 24, 2022). It is contemplated that each Stream Warrant will, if issued, have a strike price at a 35% premium to the 5-day VWAP share price for the 5 days prior to the execution of the definitive stream agreement (or such other exercise price as agreed to by the parties and as may be required by the TSXV) and will be exercisable for one common share of the Company for a term of three years (or such other term as required by the TSXV) and will otherwise have customary adjustment provisions. The Stream Warrants (and the underlying common shares, if the Stream Warrants are exercised within four months of their issuance), shall be subject to a four-month statutory hold period.

The Transaction is subject to certain customary closing conditions including the parties entering into definitive documentation, satisfactory completion of due diligence by Sprott Streaming and TSXV approval.

Jed Richardson, President and CEO of Trigon, said, “We are very pleased to be partnering again with Sprott Streaming and Sprott Mining. This deal is of singular importance because it accelerates and funds our feasibility study and development works at the Kombat Mine. It is a timely deal, as well, since our present operations have progressed to the point where we can now initiate expansion plans that will improve our strong position even more. The ability to repurchase 50% of the silver stream is an important feature of this agreement, and ultimately was the deciding factor in choosing to work with Sprott Streaming. We remain bullish on silver and further exploration success, and the repurchase rights give us an option to restore that exposure for our shareholders.”

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 Transaction, the production of the Kombat Mine and Asis Far West, the economic viability of the Kombat Mine,, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat 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) accept responsibility for the adequacy or accuracy of this release.

Contacts

For further information, contact:
Jed Richardson
+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com

Amended and Restated News Release: Trigon Metals enters into Institutional Funding Arrangements with The Lind Partners for C$5.5 million and Sprott Mining for US$2.5 million

28 April 2022 by trigonmetals

Trigon Metals Inc. (TSX.V:TM) (“ Trigon ” or the “ Company ”) is pleased to announce that it has entered into a convertible security funding agreement dated April 27, 2022 (the “ Agreement ”) with Lind Global Fund II, LP, an entity managed by The Lind Partners, LLC, a New York-based institutional fund manager (together, “ Lind ”). Under the terms of the Agreement, Trigon has agreed to issue to Lind a convertible security in the principal amount of C$5,500,000, with such proceeds being used for general working capital and to repay all outstanding amounts owing to IXM S.A. pursuant to the credit facility between IXM and the Company.

Lind Partners Facility

Pursuant to the Agreement, Lind has agreed to make an investment of C$5,500,000, less a commitment fee of C$165,000, in exchange for a convertible security (the “ Convertible Security ”) with a face value of C$6,600,000 (the “ Face Value ”), representing a principal amount of C$5,500,000 (the “ Principal Amount ”) and a pre-paid interest amount of C$1,100,000 (the “ Pre-Paid Interest ”). Commencing four months from closing, Trigon will begin repaying the Convertible Security in C$275,000 monthly installments. Lind will have the right to convert any portion of the Principal Amount (less the commitment fee) into common shares of Trigon (” Common Shares “) at a price per share of C$0.335 (the “ Conversion Price ”). Pre-Paid Interest will accrue over a period of 24 months from closing and be calculated at the end of each calendar month. Once accrued, Lind will have the option, once every 90 days, to convert accrued Pre-Paid Interest into Common Shares (” Common Shares “) at a price equal to 90% of the market closing price of the Common Shares on the TSX Venture Exchange (the “ Exchange ”) on the day immediately prior to conversion (the ” Interest Conversion Price “).

With mutual consent of Lind, Trigon has the option to buy back the remaining outstanding Convertible Security in cash at any time with no penalty. If Trigon exercises the buy-back option, Lind will have the option to convert (i) up to 33.3% of the outstanding Principal Amount at the Conversion Price into Common Shares, and (ii) up to 100% of the total Pre-Paid Interest at the Interest Conversion Price into Common Shares. Additionally, in the event of a change of control of the Company, Lind may convert 100% of the Pre-Paid Interest into Common Shares. Any issuance of securities to settle any Pre-Paid Interest, whether on a quarterly basis or pursuant to a buyback or change of control event, will require the prior approval of the Exchange prior to any such issuance.

The Convertible Security will rank senior, secured by all of Trigon’s assets (except the shares in Trigon’s Moroccan subsidiary), including a general security agreement, a guarantee from Trigon’s Barbados subsidiary and a share pledge of its Barbados subsidiary shares, and will contain no shorting language.

The issuance of the Convertible Security will be completed under the Exchange private placement rules. Exchange approval will be required prior to Trigon issuing any Common Shares to Lind that would cause it to become an “insider” under applicable securities laws or to hold greater than 9.99% of Trigon’s outstanding Common Shares and disinterested shareholder approval will be required prior to Trigon issuing any Common Shares to Lind that would cause it to become a “control person” under applicable securities laws or to hold greater than 19.99% of Trigon’s outstanding Common Shares.

In connection with the issuance of the Convertible Security, Trigon will issue Lind 15,925,373 Common Share purchase warrants exercisable for a term of 24 months at an exercise price of C$0.35 per Common Share.

Closing of the funding is expected to occur on or about May 3, 2022, subject to approval of the Exchange and other customary closing conditions.

Sprott Mining (Wholly Owned by Eric Sprott) Facility

Trigon has also entered into a financing commitment letter with Sprott Mining Inc. (“Sprott”) pursuant to which Sprott has agreed to provide Trigon with a US$2.5 million loan (the “Sprott Loan”). The Sprott Loan shall have a term of 180 days (the “Term”) and will accrue 1.0% interest per calendar month, payable in arrears. The Sprott Loan will be secured with a first ranking charge against Trigon’s Moroccan assets and will be subordinate to the Convertible Security on the remainder of Trigon’s assets.

Upon the end of the Term, or sooner if agreed by Sprott and Trigon, Sprott will have the right to direct or otherwise re-invest the principal amount of the Sprott Loan into a stream of silver deliveries equal to 8.25% of the silver produced from the Kombat Mine.

The proceeds of the Sprott Loan are to be used to fund the Company’s operations in Namibia. Closing of the Sprott Loan is subject to the parties entering into a credit agreement, approval of the Exchange and other customary closing conditions. The Sprott Loan is considered to be a non-arm’s length transaction given that Eric Sprott, through 2176423 Ontario Ltd., beneficially owns more than 10% of the common shares of Trigon.

About Trigon

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.

About The Lind Partners, LLC

The Lind Partners manages institutional funds that are leaders in providing growth capital to small- and mid-cap companies publicly traded in the US, Canada, Australia and the UK. Lind’s funds make direct investments ranging from US$1 to US$30 million, invest in syndicated equity offerings and selectively buy on market. Having completed more than 100 direct investments totaling over US$1 Billion in transaction value, Lind’s funds have been flexible and supportive capital partners to investee companies since 2011.
For more information, please visit http://www.thelindpartners.com .

On behalf of the Board of Directors of Trigon Metals Inc.:

Jed Richardson, Director and Chief Executive Officer

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Neither the 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 Convertible Security, the Sprott Loan, repayment of the IXM facility, the terms, timing, potential completion and the use of proceeds of the Convertible Security and the Sprott Loan as well as statements regarding Trigon’s future business 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.

Trigon Metals Advances Exploration With Encouraging Results of Geophysical IP Survey of its High Potential Silver Hill Project, Morocco

23 March 2022 by trigonmetals

[pdf-embedder url=”https://www.trigonmetals.com/wp-content/uploads/TM-Geophysical-Survey-Results-FINAL.pdf”]

Toronto, Canada – March 23, 2022 – Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) announces that it has completed an IP survey (induced polarization survey) of its Silver Hill project in Morocco (the “Project”).

Initial drilling targeted areas that showed evidence of historical mining, testing the strength of the mineralization in those areas. The program successfully identified copper and silver grades, with notable values for cobalt. The survey covers the areas of known mineralization providing signatures to compare to other areas of the property. Highly mineralized areas, defined by drilling or trenching, all had notable chargeability anomalies, and areas without mineralization coincided with areas of weak chargeability. However, the areas of drilled mineralization only accounted for two of the numerous chargeability anomalies and did not test any of the strongest anomalies, but comparatively weak anomalies near the surface. The survey identified two trends that run the full length of the property, increasing the scope of our target to two parallel trends with deep roots, beyond the two discrete zones that are visible at surface.

Jed Richardson, President and CEO, commented, “The survey shows that we have a very favorable position with two strong trends that run the full width of our 4 km claim area. That is even more exciting than the simple connection between the drilled discovery area and the mineralization highlighted by our first trench and hole S9, we had hoped the survey would reveal. We now have a long list of promising targets to explore in the coming drill program and are looking forward to revealing the next generation potential of Trigon Metals.”

The survey covered the central part of the concession with an IP pole-dipole configuration and a limit of investigation to a depth of 150m. During a period in excess of three weeks, twenty linear kilometers were surveyed with a NW-SE line orientation (37 lines perpendicular to the assumed structural orientation that is interpreted to control the mineralization) with a 200m line spacing.

The examination of linear pseudo-sections of chargeability (Fig. 1) illustrates a large increase in thedepth of the chargeability values (up to 25-30 mV/V) that indicate moderate to high IP anomalies interpreted at 120m depth. Additionally, the juxtaposition of proximal pseudo-sections shows a notable lateral continuity of these anomalies, especially two NE-SW major IP axes (Northern axis and Southern axis).

Click to view Figure 1-a
Click to view Figure 1-b.

Fig. 1: Examples of IP pseudo-sections (L11 and L13) showing (1) clear increasing of chargeability in depth and (2) lateral continuity of the chargeable objects (here at least on 200m)

Thereby, the IP chargeability map at 120m depths (Fig. 2) highlights the identified two major IP axes here described:

The Northern IP axis (A1): represents an interpretation of the continuity of two minor western (A1-a) E-W (600m long) and eastern (A1-b) NE-SW (800m long) IP axis with chargeability anomalies up to 18-20 mV/V (moderate IP anomalies);
The Southern IP axis (A2): represents a major IP axis of some 2.4 km long (also open to the SW) with four (A2-a to A2-d) successive and globally aligned secondary axis that rich 25-30 mV/V of chargeability intensity (moderate to high IP anomalies)

Click to view Figure 2.

Fig. 2: Chargeability map with the identified IP axis, past drill holes and newly defined targets (T1 to T6)

The compilation of these very encouraging results with outputs of the successful 2020 drilling program (2,000m of core drilling executed between October and December, 2020) has confirmed the expected high potential of the Project.

The compilation supports three main interpretive aspects:

The results obtained in ddh’s S1, S5, S13, S22, S23, S24, S25 and S27 are probably related to the A1-a minor axis which trends east – west.

Copper sulphides (particularly Chalcopyrite) were recognized in these holes, an ensuing drill program is planned to investigate further.

Drill	Thickness (m)	Cu (%)	Ag (ppm)
S1	14	1.08	74
S5	8	1.2	13
S13	8	1.77	121
S22	3	0.52	18
S23	32	0.77	28
S24	30	0.73	21
S25	23	0.55	16
S27	28	0,5	14

The eastern NE-SW minor axis (A1-b) is interpreted as the extension of the western E-W minor axis (A1-a) and the interesting values of chargeability (up to 18 mV/V) are certainly related to the presence of sulphides; this assumption is strongly supported by the significant results obtained on drill S10 (7m @ 0.9% Cu or 20m @ 0.55% Cu) even if this drill is completely located outside of the anomaly (some 200m south) and with low chargeability, (only around 8-9 MV/V); this axis also has to be drilled, especially its north-eastern max (18 mV/V).
The southern IP axis is the main and high potential result from the IP survey. It consists of globally four aligned secondary axes of 0.4 to more than 1 km long, on the same NE-SW trend (at least 2.4 km long considering that the extreme south-western axis have been only partially covered) and with maximum of chargeability between 20 and 30 mV/V (moderate to high IP anomalies). These four secondary axes represent four main targets that have to be drilled without delay as they represent high potential targets according to the results from drills S11 (7m @ 1.04% Cu and 25ppm Ag or 19m @ 0.62% Cu and 10ppm Ag), S12 (5m @ 0.52% Cu and 7ppm Ag), S9 (6.5m @ 1.29% and 3m @ 1.98% Cu or 21m @ 0.96% Cu) and from the trench (13m @ 2.7% Cu and 34ppm Ag). These results are even more valuable when we know that drills S11 and S12 are clearly outside (to the north) of the limits of the anomalies (more than 300 m for the S11 and some 200 m for the S12) and that drill S9 and the nearest trench (20 m north of S9) coincides only with a very small rounded limit of the anomaly (around 100 m diameter) at 16 mV/V. Definitely, this southern IP major axis (A2) concentrates and materializes the main high potential object of the Project and represents the first priority for the next coming drilling program.

Considering these new positive results, the new exploration program is built in four steps:

An orientation-drilling program on the four main IP anomalies (A2-a to A2-d) on the southern IP axis (at least 4-5 drills, up to 750 m in total) and, secondary, on the two minor IP axis (A1-a and A1-b) of the northern IP axis (minimum 2 drills, at least 300 m in total); this corresponds to main six drilling targets (T1 to T6, see Fig. 2 above).
In case of positive results from the orientation-drilling program, a main and systematic drilling program will be conducted in order to verify-delimit the mineralized zone’s extensions in all spatial dimensions (quantities of drilling to be defined and planed).
Extension of the IP survey to the southern part of the concession with a configuration that can explore at least at 200-250 m depths considering the topography in this area and the dipping (to the South) of the geological units that host the mineralization.
On the possibly highlighted new IP anomalies in the southern part of the concession, another orientation drilling program will be executed to test these newly discovered anomalies.

Qualified Person

The technical information presented in this press release has been reviewed and approved for disclosure by Fanie Müller, P.Eng, VP Operations of Trigon, who is a Qualified Person as defined by NI 43-101.

Trigon Metals Inc.

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 Project, the mineralization of the Project, the Company’s exploration plans, the prospectivity of the 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.

Trigon Metals Announces Appointment of Paul Bozoki as Chief Financial Officer

29 December 2021 by trigonmetals

TORONTO, ON – December 29, 2021 – Trigon Metals Inc. (TSXV:TM) (“Trigon” or the “Company”) today announces that it has appointed Paul Bozoki as Chief Financial Officer, effective immediately.

Mr. Bozoki is a Chartered Accountant and holds an MBA from the Richard Ivey School of Business with over 25 years of accounting, tax and corporate finance experience working with development stage companies and has been involved with projects in Zimbabwe, Mali, Mozambique and the Democratic Republic of Congo. From 2007 through September 2010, he was the Chief Financial Officer of CD Capital Partners, a privately held real estate development firm focused on developing mixed use retail and office real estate in Russia, Ukraine and Romania. Mr. Bozoki is experienced in matters of international taxation and foreign capital markets and began his career at Ernst & Young LLP where he spent six years auditing clients in mining and other industries in Canada, Australia and Hungary.

Paul Bozoki is a former CFO and CEO of Kombat Copper, having served as Company President and on its Board of Directors. Mr. Bozoki brings a wealth of financial and negotiating experience to the Company, which will greatly assist as the Kombat Mine moves forward to full production within the next year.

Jed Richardson, President, CEO and Director of Trigon Metals, commented: “The Board and Management of Trigon Metals are pleased to welcome Paul as our new CFO. Paul’s track record of responsible financial management of junior companies, coupled with his extensive experience in project funding and M&A will play a key role in our continued progress toward becoming a full-scale copper producer and explorer in mine-friendly African jurisdictions.”

Mr. Bozoki replaces Ms. Deborah Battiston, the former Chief Financial Officer of the Company. The management and board of directors of the Company would like to thank Ms. Battiston for her past service and her continued support 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.

For further information, contact:
Jed Richardson
+1 647 276 0002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com

Cautionary Notes

This news release may contain forward-looking statements. These statements include statements regarding the appointment of a new CFO 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.

Trigon Metals Strengthens Its Board of Directors with the Appointment of Mr. Gabriel Ollivier

29 November 2021 by trigonmetals

TORONTO, ON – November 29, 2021 – Trigon Metals Inc. (TSXV:TM) (“Trigon” or the “Company”) is pleased to announce the election of Mr. Gabriel Ollivier to the Company’s Board of Directors, effective immediately.

Mr. Ollivier brings over 25 years of resource sector and capital markets experience, working both domestically in Canada and internationally in numerous countries. He currently leads Equus Energy Advisors Inc., a consulting practice based in Calgary, Alberta, and he is also currently the President and CEO of the oil company United Hydrocarbon International Corp.

Mr. Ollivier’s professional experience includes his role as President and CEO of the Nambian-based UNX Energy Corp, a company that was sold for $730 million in 2011. Mr. Ollivier also spent nine years in the Canadian investment banking industry working as a Managing Partner and Institutional Equity Salesman at Paradigm Capital, and as a Partner and Institutional Equity Salesman at Cormark Securities Inc. In the first decade of his career, Mr. Ollivier worked in various intermediate and ultimately senior-level capacities with various upstream companies, including Canadian Hunter Exploration Ltd., Crestar Energy Inc. and Murphy Oil Company Ltd.

Mr. Ollivier holds a Bachelor of Commerce degree and a Masters of Economics, both from the University of Calgary, and is also a Chartered Professional Accountant (“CPA”) and a Chartered Financial Analyst (“CFA”). He is an active volunteer and is currently the Chairman on the Board of Children Believe and a board member with the Childfund Alliance. He has previously held Board positions at notable charities and several public and private companies.

Mr. Gabriel Ollivier was elected to the Trigon board of directors at the Company’s Annual General Meeting held virtually on November 26, 2021 from Toronto. He fills the seat of Stephon Theron, following his resignation. We would like to thank Mr. Theron for his contributions to the Trigon as a director and former CEO of the Company. All other directors have been re-elected to the board for another term.

Jed Richardson, President and CEO of Trigon, commented, “I am pleased to welcome Gabriel to Trigon as a director. We value his wealth of experience and anticipate invaluable contributions to Company governance and beyond as we continue to advance our projects in Namibia and Morocco.”

In connection with the recent announcement, the Company has granted stock options in accordance with the Company’s stock option plan. Mr. Gabriel Ollivier will receive 350,000 options. The options have an exercise price of $0.45 and will expire five years from the date of grant. The options will vest immediately. The grant of options remains subject to the approval of the TSX Venture Exchange.

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 Board of Directors and the annual general meeting; the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s expectations for the Kombat 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.

For further information, contact:
Jed Richardson
+1 647 276 0002
jed.richardson@trigonmetals.com

Trigon Metals Provides Progress Update on Silver Hill Project, Morocco

29 September 2021 by trigonmetals

TORONTO, ON – September 29, 2021 – Trigon Metals Inc. (TSXV:TM) (“Trigon” or the “Company”) is pleased to provide a progress update on work at the Company’s Silver Hill project in Morocco (“Silver Hill” or the “Project”). Following the conclusion of drilling in early 2021, the Company has been working to advance the Project in preparation for a resumption of drilling planned for December 2021. Work has focused on mapping and remote sensing, identifying signatures for mineralization in the drilled discovery area, and the new hydrothermal vent mineralization discovered in the high-grade trench, 1.5km from the discovery zone. The Company also welcomes Mr. Jed Diner, P.Geo to the team to strengthen its exploration team in Morocco.

The Company has completed a detailed topographic survey of the entire exploitation permit with an aerial drone survey to provide an accurate geographical framework to input completed and future drilling. The survey is expected to enable the production by the Company of more accurate maps, cross-sections and DTM (Digital Terrain Models).

Geochemical sampling work continues at site. To date, work has focused on the area of the trench with collection of some 240 samples around the area that exposed the high-grade hydrothermal vent mineralization. The trench returned 13 metres of 2.7% copper, 34.5 g/t silver and 82 ppm cobalt (See press release dated February 24, 2021). The soils from this area for marker minerals can be used to identify extensions to the mineralization on the Project permit area and the adjacent claims. Trigon has under application over 14km of potential strike length that shows evidence of similar hydrothermal mineralization. Trigon has priority over the claims but is awaiting official granting by the regional mineral commission. Information gleaned from this sampling program could generate a powerful exploration tool that can be applied regionally.

A detailed ground geophysical survey is planned for the discovery drilling area, the hydrothermal high-grade trench and the adjoining areas in the coming weeks. Electromagnetic (EM) surveying will be employed. Given the nature of the mineralization, this method is expected to generate an interesting signature that will be compiled with geochemical results, geology, and drilling results. The work is intended to help focus drilling planned for December 2021, looking to identify a potentially mineralized connection between high grade copper and silver drilled in the discovery zone and the trench mineralization 1.5km away. If the mineralization is directly connected, it could translate into over 2km of richly mineralized strike-length, evidencing a large-scale deposit. The survey may also determine that the structures do not connect, and though related may run parallel to each other, a result that could be interpreted as more favourable.

Trigon is pleased to welcome Mr. Jed Diner, P.Geo to its team. He will oversee exploration activities at Silver Hill. Mr. Diner has worked as a consulting geologist on a wide variety of precious and base metals projects for more than 35 years. He brings extensive experience working in Africa. He holds a B.Sc in Geology and Earth Science from Hebrew University and a M.Sc in Applied Earth Science from Stanford University. Mr. Diner brings a wealth of exploration experience strengthening the Company’s on the ground team.

Qualified Person

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

This news release may contain forward-looking statements. These statements include statements regarding the Silver Hill Project, exploration activities in Morocco and 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.

Silver Hill

Contacts

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