Highlights:9.4 metres at
26.6% Zn, including 2.6 metres at 39.3% and 3.3 metres at 31.8%
Zn;10.3 metres at 18.7% Zn, including 5.0 metres
at 30.0% Zn;and 19.6 metres at 16.5% Zn, including
9.1 metres at 23.1% Zn
Trevali Mining Corporation (“Trevali” or the
“Company”) (TSX:TV) (BVL:TV) (OTCQX:TREVF) (Frankfurt:4TI)
announces results from the 2018 exploration and resource expansion
program at the Perkoa Mine in Burkina Faso. The recent drill holes
(PUX001, PUX002 and PUX006a), deepest to date on the property,
intersected mineralization up to 240-metres below the current
modeled mining level and confirms mineralization remains open at
depth (Table 1, Figure 1 & 2).
Perkoa Exploration SummarySince
acquiring Perkoa, a re-interpretation of the geological model has
recognized the significance of structural thickening of the deposit
on an approximately 200-metre periodicity. In late-2017, proof of
concept drilling verified the model. The 2018 drill program
targeted these areas below the current mine design, approximately
700-metres subsurface, returning multiple high-grade zinc
intercepts in the down-dip extensions of the Hanging-Wall (HW) lens
(Table 1, Figure 1 and 2).
Hole ID |
Azimuth |
Dip |
From-To (metres) |
Core Length Interval (metres) |
Zn (%) |
Lens |
PU390 |
336.6 |
-42.3 |
284.55-294.80 |
10.25 |
18.73 |
HW |
|
|
|
incl. 285.55-290.55 |
5.00 |
30.00 |
HW |
PU394 |
348.2 |
-41.2 |
294.65-314.20 |
19.55 |
16.48 |
HW |
|
|
|
incl. 294.65-303.70 |
9.05 |
23.10 |
HW |
PUX001 |
342.4 |
-46.9 |
332.05-342.30 |
10.25 |
15.07 |
HW |
|
|
|
Incl. 333.90-340.10 |
6.20 |
19.06 |
HW |
|
|
|
Incl. 333.90-337.50 |
3.60 |
23.05 |
HW |
PUX002 |
355.8 |
-48.2 |
361.75-380.70 |
18.95 |
12.21 |
HW |
|
|
|
Incl. 363.20-368.60 |
5.40 |
19.03 |
HW |
PUX006a |
345.7 |
-53.6 |
366.65-376.00 |
9.35 |
26.60 |
HW |
|
|
|
Incl. 366.65-369.20 |
2.55 |
39.26 |
HW |
|
|
|
371.8-375.10 |
3.30 |
31.75 |
HW |
Table 1: Summary drill hole
assay results for holes drilled outside of current resources -
length and specific gravity weighted composites. True width is
estimated at 65-80% of reported interval.
Perkoa Hanging Wall LensMining
at Perkoa is concentrated on two principal lenses; the Main
Footwall (FW) Lens and the HW Lens.
As currently defined the HW lens is a broad zone
of massive to semi-massive sulphide mineralization that contains a
high-grade zinc shoot steeply plunging to the northeast.
Furthermore the recent deep drilling has, for the first time,
identified an emerging feeder zone, a common feature of VMS
deposits, consisting of chlorite-magnetite alteration and
increasing abundance of chalcopyrite (copper mineralization).
Mineral system analysis indicates that
exploration is vectoring towards the higher temperature part of the
system: Considering normal VMS dimensions with a 3:1 ratio of
feeder to stratiform lens suggests that there is significant
remaining depth potential for the discovery of additional
resources.
Regional ExplorationIntegrated
regional exploration of the Perkoa Mine Horizon is progressing
well. In detail, ground Time-Domain Electromagnetic (TDEM)
geophysical surveys, Air Core drilling, surface geochemical
sampling and mapping are continuing to identify new unexplored
geophysical and geochemical anomalies along strike from Perkoa
along the postulated trace of the productive mine horizon.
Mapping and surface sampling has identified
previously unknown gossan outcrops and follow-up trenching and
channel sampling has revealed these leached rocks to be anomalous
in base metals reporting similar elevated trace elements to the
Perkoa “discovery” gossan. These will be drill tested in the coming
months, and clearly demonstrates the exploration potential of this
unexplored frontier VMS belt.
Trevali Increases Interest in Rosh Pinah
Mine, NamibiaFurther to the news release dated May 1, 2018
(see TV-NR-18-07), Trevali’s majority-owned subsidiary Rosh Pinah
Zinc Corporation (Proprietary) Limited (“RPZC”) in
Namibia has completed a partial share buy-back of issued RPZC
shares under agreements with its Namibian shareholders. As a result
Trevali’s effective beneficial ownership in RPZC has increased from
approximately 80 percent to approximately 90 percent.
Filing of Caribou, Perkoa and Rosh Pinah
Technical ReportsFurther to its news release dated April
16, 2018 (see TV-NR-18-06), technical reports prepared in
accordance with National Instrument 43-101 for the Caribou Mine in
New Brunswick, Canada, the Perkoa Mine in Burkina Faso and the Rosh
Pinah Mine in Namibia have been filed on SEDAR.
The specific technical reports filed are:
Technical Report on the Perkoa Mine, Burkina Faso dated April 12,
2018Technical Report on the Rosh Pinah Mine, Namibia dated May 1,
2018Technical Report on the Caribou Mine, Bathurst, New Brunswick,
Canada dated May 31, 2018
Subsequent to the April 16, 2018 release of the
Caribou Mineral Reserves, Trevali carried out additional reviews of
the modifying factors used for the conversion of Mineral Resources
to Mineral Reserves that has resulted in a revised estimate of the
Caribou Mineral Reserves (Table 2). Mineral Resources have not
changed.
TABLE 2: MINERAL RESERVE SUMMARY – AS AT
DECEMBER 31, 2017Trevali Mining Corporation –
Caribou Mine
Classification |
|
|
Grade |
Contained Metal |
Tonnes (millions) |
Zn(%) |
Pb(%) |
Cu(%) |
Ag(g/t) |
Zn (Tonnes) |
Pb (Tonnes) |
Cu (Tonnes) |
Ag (000 oz) |
Proven |
2.62 |
5.82 |
2.14 |
0.35 |
64.3 |
152,900 |
56,000 |
9,200 |
5,400 |
Probable |
2.48 |
5.85 |
2.17 |
0.39 |
62.1 |
145,200 |
53,800 |
9,600 |
5,000 |
Proven and Probable |
5.11 |
5.84 |
2.15 |
0.37 |
63.2 |
298,100 |
109,800 |
18,800 |
10,400 |
Notes:CIM (2014) definitions were followed for Mineral
Reserves.Mineral Reserves are estimated at a net smelter return
(NSR) cut-off value of $65/tonne.Mineral Reserves are estimated
using average consensus forecast long-term prices of US$1.21/lb
zinc, US$1.00/lb lead, US$18.50/oz silver, FX: US$/C$0.80. Numbers
may not add due to rounding.
Qualified Person and Quality
Control/Quality AssuranceEurGeol Dr. Mark D. Cruise,
Trevali's President and CEO and Daniel Marinov, P.Geo, Trevali’s VP
Exploration, are qualified persons as defined by NI 43-101, have
supervised the preparation of the scientific and technical
information that forms the basis for this news release. Mr. Marinov
is responsible for all aspects of the work, including the quality
control/quality assurance programs. Dr. Cruise is not
independent of the Company, as he is an officer, director and
shareholder. Mr. Marinov is not independent of the Company as he is
an officer and shareholder.
ABOUT TREVALI MINING
CORPORATIONTrevali is a zinc-focused, base metals company
with four mines: the wholly-owned Santander mine in Peru, the
wholly-owned Caribou mine in the Bathurst Mining Camp of northern
New Brunswick, its 90% owned Rosh Pinah mine in Namibia and its 90%
owned Perkoa mine in Burkina Faso.
The shares of Trevali are listed on the TSX
(symbol TV), the OTCQX (symbol TREVF), the Lima Stock Exchange
(symbol TV), and the Frankfurt Exchange (symbol 4TI). For further
details on Trevali, readers are referred to the Company’s website
(www.trevali.com) and to Canadian regulatory filings on SEDAR at
www.sedar.com.
On Behalf of the Board of Directors ofTREVALI MINING
CORPORATION“Mark D. Cruise” (signed)Mark D. Cruise,
President
Contact Information:Steve Stakiw, Vice
President - Investor Relations and Corporate CommunicationsEmail:
sstakiw@trevali.comPhone: (604) 488-1661 / Direct: (604)
638-5623
Cautionary Note Regarding
Forward-Looking StatementsThis news release contains
“forward-looking information” within the meaning of the Canadian
securities legislation and “forward-looking statements” within the
meaning of Section 27A of the United States Securities Act of 1933,
as amended, Section 21E of the United States Exchange Act of 1934,
as amended, the United States Private Securities Litigation Reform
Act of 1995, or in releases made by the United States Securities
and Exchange Commission, all as may be amended from time.
Statements containing forward-looking information express, as at
the date of this news release, the Company’s plans, estimates,
forecasts, projections, expectations, or beliefs as to future
events or results and the Company does not intend, and does not
assume any obligation to, update such statements containing the
forward-looking information. Such forward-looking statements and
information include, but are not limited to statements as to: the
timing and amount of estimated future production, the estimation of
mineral resources and mineral reserves, costs and timing of
development, potential operating efficiencies, costs and
expenditures, expectations regarding milling operations and metal
production shortfalls, metal output and throughput rates,
anticipated results of future exploration, expected costs of
exploration, expected exploration programs and value adds, and
forecast future metal prices.
These statements reflect the Company’s current
views with respect to future events and are necessarily based upon
a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social uncertainties
and contingencies. If any assumptions are untrue, it could cause
actual results, performance or achievements to be materially
different from future results, performance or achievements
expressed or implied by such statements. Assumptions have been made
regarding, among other things, present and future business
strategies and the environment in which the Company will operate in
the future, and including commodity prices, anticipated costs and
ability to achieve goals.
Forward-looking statements are subject to known
and unknown risks, uncertainties and other important factors that
may cause the Company’s actual results, level of activity,
performance or achievements to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to joint venture operations;
fluctuations in spot and forward markets for silver, zinc, base
metals and certain other commodities (such as natural gas, fuel oil
and electricity); fluctuations in currency markets; risks related
to the technological and operational nature of the Company’s
business; changes in national and local government, legislation,
taxation, controls or regulations and political or economic
developments in Canada, the United States, Peru, Namibia, Burkina
Faso, or other countries where the Company may carry on business in
the future; risks and hazards associated with the business of
mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
geological or structural formations, pressures, cave-ins and
flooding); risks relating to the credit worthiness or financial
condition of suppliers, refiners and other parties with whom the
Company does business; inadequate insurance, or inability to obtain
insurance, to cover these risks and hazards; employee relations;
relationships with and claims by local communities and indigenous
populations; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development, including the risks of obtaining
necessary licenses and permits and the presence of laws and
regulations that may impose restrictions on mining; diminishing
quantities or grades of mineral resources or mineral reserves as
properties are mined; global financial conditions; business
opportunities that may be presented to, or pursued by, the Company;
the Company’s ability to complete and successfully integrate
acquisitions and to mitigate other business combination risks;
challenges to, or difficulty in maintaining, the Company’s title to
properties and continued ownership thereof; the actual results of
current exploration activities, conclusions of economic
evaluations, and changes in project parameters to deal with
unanticipated economic or other factors; increased competition in
the mining industry for properties, equipment, qualified personnel,
and their costs, as well as those factors discussed in the section
entitled “Risk Factors” in the Company’s most recently filed annual
information form. Investors are cautioned against attributing undue
certainty or reliance on forward-looking statements. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated,
described or intended. The Company does not intend, and does not
assume any obligation, to update these forward-looking statements
or information to reflect changes in assumptions or changes in
circumstances or any other events affecting such statements or
information, other than as required by applicable law.
We advise US investors that while the terms
"measured resources", "indicated resources" and "inferred
resources" are recognized and required by Canadian regulations, the
US Securities and Exchange Commission does not recognize these
terms. US investors are cautioned not to assume that any part or
all of the material in these categories will ever be converted into
reserves.
The figures accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/40365832-52b7-4ef4-848b-5edc9f394c0e
http://www.globenewswire.com/NewsRoom/AttachmentNg/8ade1100-5545-4e99-a9e6-c1896ab8d542
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