Trigon Metals Announces Positive Feasibility for its Kombat Asis West Underground Mine
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Figure 1: Location of
The Feasibility Study incorporates both the currently operational open pit mine at Kombat as well as the restart of the historic
Highlights
- Significant Mineral Reserves and production,
- Strong financial metrics,
-
Defined Project Capital requirement, and - Derisked operational and production profile.
A summary of operating and financial metrics from the Feasibility Study are presented in Table 1 below.
Table 1:
Description |
Unit |
Total/average over LoM |
|
Open pit |
Copper price |
USD/lb |
4.00 |
|
|
Silver price |
USD/oz |
25.00 |
|
|
Life of mine |
Years |
5.8 |
5.8 |
2.4 |
Run of mine |
kt |
2 385 |
1 635 |
750 |
RoM grade - Copper |
% |
2.46% |
3.16% |
0.93% |
RoM grade - Silver |
g/t |
17.5 |
22.9 |
5.7 |
Processing recovery - Copper |
% |
92% |
93% |
88% |
Processing recovery - Silver |
% |
85% |
86% |
76% |
Concentrate production |
kt |
195 |
171 |
24 |
Recovered product - Copper |
Mlb |
120 |
106 |
14 |
Recovered product - Silver |
kg |
35 451 |
32 143 |
3 308 |
C1 cash cost/lb |
USD/lb |
2.19 |
|
|
AISC/lb |
USD/lb |
2.59 |
|
|
Project capex |
USDm |
40.6 |
|
|
NPV10% (pre tax) (100%) |
USDm |
116.0 |
|
|
IRR10%(pre tax) |
% |
285% |
|
|
NPV10% (after tax) (100%) |
USDm |
77.8 |
|
|
IRR10%(after tax) |
% |
235% |
|
|
Note
Run of mine excludes 13.0 kt at 0.83% Cu sitting in stockpile.
C1 cost: direct costs, which include costs incurred in mining and processing (labour, power, reagents, materials) plus local G&A, and freight, realization and selling costs, and mineral royalties.
ASIC: All In Sustaining Costs, including sustaining capital.
Certain project capital has already been incurred and this is included in the assessed loss/unredeemed capital reported by Trigon at
Kombat Mine Overview
Trigon holds six active mineral licences related to the Kombat mine: the four mining licenses of
Trigon commenced with open pit mining in early 2023, and dewatering of the historic
Mineral Resources and Mineral Reserve Estimates
Mineral Resources
The Mineral Resource Statement presented represents the third Mineral Resource evaluation prepared for the
Mineral Resources are shown in Tables 2 to 4 below. Mineral Resources are reported inclusive of any Mineral Reserves that may be derived from them.
Table 2:
Open Pit Mineral Resource Statement for
Area |
Mineral Resource Category |
Tonnes (Mt) |
Density (t/m3) |
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 |
615h |
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 3:
Underground Mineral Resource Statement for
Area |
Mineral Resource Category |
Tonnes (Mt) |
Density (t/m3) |
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 |
|
|
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 |
2.20 |
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 |
|
|
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 |
|
|
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 4:
Total Mineral Resource statement for
Source |
Mineral Resource Category |
Tonnes (Mt) |
Density (t/m3) |
Grade |
Content |
||||
Cu (%) |
Pb (%) |
Ag (g/t) |
Cu (t) |
Pb (t) |
Ag (kg) |
||||
|
Indicated |
3.14 |
2.79 |
0.97 |
0.31 |
6.98 |
30 322 |
9 876 |
1 751 |
Underground |
10.42 |
2.82 |
2.20 |
2.20 |
16.11 |
229 527 |
88 486 |
167 962 |
|
Total Indicated |
|
13.56 |
2.81 |
1.92 |
1.76 |
14.00 |
259 849 |
98 362 |
169 713 |
|
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 as set out in Table 5 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 is declared at the RoM stockpile as a reference point.
Table 5:
Open Pit Mineral Reserve Statement for
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 for the underground mining schedule are set out in Table 6 below. The Mineral Reserves are reported at the point where the ore is fed into the processing plant.
Table 6:
Kombat Asis West Underground Mineral Reserve as at
Area |
Mineral Reserve Category |
Tonnes (Mt) |
Grade |
Content |
||
Cu |
Ag |
Cu |
Ag |
|||
(%) |
(g/t) |
(t) |
(kg) |
|||
|
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 declaration is according to CIM Standards.
The combined Mineral Reserves for the Kombat mine are set out in Table 7 below.
Table 7:
Kombat Combined Mineral Reserve as at
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 |
Open Pit Mining 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
Underground Notes:
- Applied a dilution factor 0.5m 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 point where the ore if fed into the plant.
- Cu metallurgical recovery applied is 93%.
- The declaration is according to CIM Standards.
- Mineral Reserves are reported as total Mineral Reserves and not attributable to Trigon
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,
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
The complete NI 43-101 technical report associated with the Feasibility Study and updated mineral resources and reserves estimates (the “Technical Report”) will be available on SEDAR+ at www.sedarplus.ca under the Company’s issuer profile, as well as the Company’s website at www.trigonmetals.com within 45 calendar days.
Cautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding the
Non-IFRS measures
The Company has included certain non-IFRS measures in this press release. The Company believes that these measures provide investors an improved ability to evaluate the underlying performance of the Company’s projects. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Neither
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+1 647 276 6002
jed.richardson@trigonmetals.com
Website: www.trigonmetals.com
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