Trigon Metals Initiates Project Restart Activities and Surface Drilling Program
TORONTO, ONTARIO--(Marketwired - Sep 5, 2017) - Trigon Metals Inc. (TSX VENTURE:TM) ("Trigon" or the "Company") is pleased to announce that it has initiated various operations restart activities at the Company's Kombat project located in northern Namibia ("Kombat"), including a drilling program.
Restart activities
The Company is concurrently progressing various workstreams regarding its strategy to bring the Kombat Mine back into production.
The Company has engaged an environmental consultant, SLR Environmental Consulting (Namibia) (Pty) Ltd, to assist with securing the environmental permits required for open pit mining, as well as those needed for exploration activities for underground mining, which is the second phase of the Company's strategic plan for operations at Kombat.
Metallurgical testwork has been commissioned on historic drill cores from the open pit mining areas to evaluate ore grades and achievable recoveries, as well as to optimize future comminution and flotation parameters. Initial test results should be available within the next month.
The Company is also engaged in advanced discussions with several potential offtake partners and is assessing various opportunities for marketing its product when production has recommenced.
Drilling program
An infill drilling program is focused on the Kombat Central and East open pit mining areas with the primary aim being to upgrade the current Mineral Resources from the Inferred category to Measured and Indicated Mineral Resources. A total of 43 holes are planned for this program, with an aggregate of 1,996 meters to be drilled. Thereafter, the Company plans to undertake additional drilling to: (i) increase the current open pit Mineral Resource within the current pit boundaries, (ii) drill the gap between the Central and East pits, which is outside of the existing pit boundaries, and (iii) test potential to the north and west of these areas. The three phase drilling program to extend the current Mineral Resource comprises a further 34 holes, with an aggregate of 1,437 meters to be drilled.
The drilling program and protocols for the drilling, sampling and QA/QC have been designed by Minxcon (Pty) Ltd to ensure compliance with database requirements for resource modelling purposes.
It is the Company's intention to mobilize drills to site on a contract basis as soon as possible, with the infill drilling anticipated to take approximately 6 weeks from mobilization to complete.
Stephan Theron, President and CEO of Trigon, commented: "These are all exciting steps for Trigon in completing the first phase of its operational strategy, re-starting open pit mining at Kombat. We are bullish on the copper market and believe that a re-start of Kombat is well timed in current market conditions."
Stock options
Trigon has granted a total of 275,000 stock options to certain consultants of the Company pursuant to the Company's stock option plan. The stock options may be exercised at a price of $0.35 per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TSX Venture Exchange.
Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper operations in Namibia, one of the world's most prospective copper regions, where it has substantial assets in place with significant upside. The Company continues to hold an 80% interest in five mining licenses in the Otavi Mountain lands, an area of Namibia widely recognized for its high-grade copper deposits. Within these licenses are three past producing mines including the Company's flagship property, the Kombat Mine.
Cautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding the planned drilling program and Mineral Resource estimate, the Company's strategies and the Company's abilities to execute such strategies, the Company's ability to restart the Kombat operations, the Company's expectations for the Kombat operations, the Company's future plans and objectives, and the grant of stock options. 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.
Contact
Spyros Karellas
Investor Relations
+1 (416) 433-5696
Email: spyros@pinnaclecapitalmarkets.ca
Website: www.trigonmetals.com
