TORONTO, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) is pleased to provide an update on the status of its previously announced share purchase agreement (the “Agreement”) to acquire a 100% equity interest in Technomine Africa S.A.R.L and a 100% interest in the Silver Hill Project in Morocco (“Silver Hill” or the “Project”), without royalties or carried interest (government or otherwise). The Company is now in receipt of a satisfactory title opinion on the licences comprising the high potential Silver Hill and Tamadoult properties located in the Anti-Atlas region of Morocco.
Trigon has received approval of the transaction from the TSX Venture Exchange to complete the transaction and is in the process of completing the customary closing conditions pursuant to the Agreement.
The Company is also preparing a geological report (the “Report”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) for the Project.
Highlights of Silver Hill
- Ancient slags distributed widely across one third of the concession indicate a history of primitive metal recovery, most likely for silver.
- Abundance of copper oxide minerals, as well as old workings and slags on the property on surface and in-situ indicate excellent potential for a copper prospect.
- The Project is easily accessible via the regional road network, with a well-maintained gravel road sufficient to be used for an exploration program.
The full technical report entitled “NI 43-101 – Technical Report on the Silver Hill Copper and Silver Project, Morocco will be posted to the Company’s website at https://www.trigonmetals.com and on SEDAR under Trigon’s issuer profile upon closing of the transaction.
Jed Richardson, President and CEO of Trigon Metals, commented, “Upon closing the transaction, which is expected imminently, we can begin to show the true potential of this property and that of Morocco as a country for mineral exploration. Exploration of the property has begun through our Moroccan team.”
Silver Hill Project Overview
The Silver Hill Project is a 16km2 property in the Anti-Atlas region of Morocco. The Project is located at a regional address well known for base metals occurrences in Morocco. Morocco has a mining history that stretched over 100 years and is well known for being a mining friendly jurisdiction. Preliminary surface exploration shows copper and silver mineralization at high grades distributed over a wide surface area. Slags from ancient workings indicate historical large-scale mining for silver.
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.
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. Namibia is one of the world’s most prospective copper regions, where Trigon has substantial assets in place. The Company continues to hold an 80% interest in five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits. Within these licences are three past producing mines including the Company’s flagship property, the Kombat Mine. The Company is currently finalizing the acquisition of the Silver Hill project, a highly prospective copper and silver exploration project in Morocco.
Cautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding the Agreement, the Company’s ability to obtain adequate financing, the Company’s ability to close the Transaction, the prospectivity of the Project, the Company’s ability to explore the Project and produce a NI 43-101 mineral resource estimate, the impact of COVID-19 on the Company’s operations, 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, 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.