Trevali Mining Corporation (“Trevali” or the
“Company”) (TSX: TV, BVL: TV; OTCQX: TREVF, Frankfurt: 4TI) reports
its Mineral Reserves and Mineral Resources statements as of
December 31, 2018.
HIGHLIGHTS
- Exploration successfully replaced and increased consolidated
zinc Measured and Indicated Resources at all mine sites, with
higher grades at Santander and Caribou:
- Consolidated Measured and Indicated Mineral Resources increased
to 7.4 billion pounds (3.4 million tonnes) of contained zinc, an
increase of 13% over the prior year
- Consolidated Inferred Mineral Resources comprise an additional
3.2 billion lbs (1.5 million tonnes) of contained zinc
- Consolidated lead and silver resources also increased:
- Consolidated Measured and Indicated Mineral Resources increased
to 1.7 billion pounds (0.8 million tonnes) of contained lead and 55
million ounces of contained silver
- Consolidated Inferred Mineral Resources include an additional
0.8 billion lbs (0.4 million tonnes) of contained lead and 28
million ounces of contained silver
- Consolidated Proven and Probable Mineral Reserves are:
- 2.83 billion pounds (1.28 million tonnes) of contained
zinc
- 494 million pounds (0.22 million tonnes) of contained lead
- 16.1 million ounces of contained silver
- Reserve tonnage increased at Santander and Rosh Pinah, while
essentially remaining unchanged at Perkoa and decreasing at
Caribou, where mine optimization studies are ongoing.
- Exploration drilling at the Santander Pipe target in Peru
successfully delineated an indicated resource averaging 6.81% zinc,
with mineralization contiguous and extending below the historic
mine workings.
Consolidated Mineral Reserves and Mineral
Resources statements are summarized in Tables 1 to 3 while Tables 4
and 5 provide a comparison to 2017 Mineral Reserves and Mineral
Resources on a contained metal basis. Detailed breakdowns for each
of the active mines (Perkoa, Rosh Pinah, Caribou and Santander) and
projects (Restigouche, Halfmile, Stratmat and Santander Pipe) are
provided by category on a grade-tonnage-contained metal basis by
mine regions in the detailed section. Mineral Resources in this
document are reported inclusive of Mineral Reserves.
Table 1. Total Proven & Probable Mineral Reserves as of
December 31, 2018 (1,2)
|
|
|
Grade |
Metal |
Mine |
Category |
Quantity |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Mt |
% |
% |
g/t |
M lbs |
M lbs |
K oz |
Perkoa Mine |
Proven & Probable |
3.09 |
12.69 |
- |
- |
864 |
- |
- |
Rosh Pinah Mine |
Proven & Probable |
8.49 |
6.73 |
1.52 |
21.90 |
1,260 |
285 |
5,978 |
Caribou Mine |
Proven & Probable |
3.29 |
6.37 |
2.43 |
73.20 |
463 |
176 |
7,753 |
Santander Mine |
Proven & Probable |
2.34 |
4.67 |
0.64 |
31.86 |
240 |
33 |
2,393 |
Total |
Proven & Probable |
17.2 |
7.45 |
1.59 |
35.52 |
2,827 |
494 |
16,124 |
(1) |
For additional detail
respecting the Mineral Reserve contained zinc, lead and silver
grades, see "Detailed Mineral Reserve and Mineral Resource
Disclosure" and "Additional Information" within this news
release. |
(2) |
The M
lbs (million pounds) and K oz (thousand ounces) contained metals is
the total Proven + Probable Mineral Reserve estimation of all the
mines on a 100% basis. Trevali’s proportionate ownership interest
pursuant to the applicable joint venture/option agreements is:
Perkoa (90%); and Rosh Pinah (90%); Santander (100%); Caribou
(100%). |
Table 2. Total Measured & Indicated Mineral Resources as of
December 31, 2018 (1,2,3)
|
|
|
Grade |
Metal |
Project |
Category |
QuantityMt |
Zn% |
Pb% |
Agg/t |
ZnM lbs |
PbM lbs |
AgK oz |
Perkoa Mine |
Measured & Indicated |
4.88 |
13.26 |
- |
- |
1,427 |
- |
- |
Rosh Pinah Mine |
Measured & Indicated |
11.32 |
7.82 |
1.76 |
26.13 |
1,950 |
439 |
9,509 |
Caribou Mine |
Measured & Indicated |
9.58 |
6.68 |
2.55 |
75.60 |
1,411 |
539 |
23,285 |
Santander Mine |
Measured & Indicated |
3.08 |
5.34 |
0.74 |
32.79 |
362 |
50 |
3,244 |
Santander Pipe Project |
Indicated |
2.77 |
6.81 |
0.09 |
13.39 |
416 |
5 |
1,193 |
Restigouche Project |
Measured & Indicated |
1.08 |
5.00 |
3.30 |
46.30 |
119 |
79 |
1,613 |
Halfmile Project |
Measured & Indicated |
7.80 |
6.94 |
2.35 |
36.00 |
1,199 |
407 |
8,980 |
Stratmat Project |
Indicated |
4.70 |
5.30 |
2.10 |
49.00 |
550 |
214 |
7,300 |
Total |
Measured & Indicated |
45.21 |
7.45 |
1.74 |
38.03 |
7,435 |
1,733 |
55,124 |
(1) |
For additional detail
respecting the Mineral Resources contained zinc, lead and silver
grades, see "Detailed Mineral Reserve and Mineral Resource
Disclosure" and "Additional Information" within this news
release. |
(2) |
All
Mineral Resources referred to in this news release are inclusive of
stated Mineral Reserves. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability. |
(3) |
The M
lbs (million pounds) and K oz (thousand ounces) contained metals is
the total Measured + Indicated Mineral Resource estimation of all
mines and projects on a 100% basis. Trevali’s proportionate
ownership interest pursuant to the applicable joint venture/option
agreements is: Perkoa (90%); and Rosh Pinah (90%); Santander
(100%); Caribou (100%). |
Table 3. Total Inferred Mineral Resources as of December 31,
2018 (1,2,3)
|
|
|
Grade |
Metal |
Project |
Category |
QuantityMt |
Zn% |
Pb% |
Agg/t |
ZnM lbs |
PbM lbs |
AgK oz |
Perkoa Mine |
Inferred |
1.21 |
10.21 |
- |
- |
271 |
- |
- |
Rosh Pinah Mine |
Inferred |
5.56 |
7.11 |
1.13 |
24.93 |
872 |
139 |
4,457 |
Caribou Mine |
Inferred |
5.12 |
6.42 |
2.65 |
78.52 |
725 |
299 |
12,925 |
Santander Mine |
Inferred |
1.43 |
4.60 |
0.21 |
22.19 |
145 |
7 |
1,022 |
Santander Pipe Project |
Inferred |
0.82 |
5.59 |
0.02 |
10.00 |
101 |
1 |
263 |
Restigouche Project |
Inferred |
0.58 |
6.10 |
4.30 |
67.83 |
77 |
55 |
1,256 |
Halfmile Project |
Inferred |
6.50 |
5.62 |
1.51 |
23.00 |
806 |
216 |
4,720 |
Stratmat Project |
Inferred |
2.40 |
4.80 |
2.10 |
39.00 |
252 |
110 |
3,000 |
Total |
Inferred |
23.61 |
6.24 |
1.59 |
36.54 |
3,249 |
825 |
27,643 |
(1) |
For additional detail
respecting the Mineral Resources contained zinc, lead and silver
grades, see "Detailed Mineral Reserve and Mineral Resource
Disclosure" and "Additional Information" within this news
release. |
(2) |
All
Mineral Resources referred to in this news release are inclusive of
stated Mineral Reserves. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability. |
(3) |
The M
lbs (million pounds) and K oz (thousand ounces) contained metals is
the total Inferred Mineral Resource estimation of all mines and
projects on a 100% basis. Trevali’s proportionate ownership
interest pursuant to the applicable joint venture/option agreements
is: Perkoa (90%); and Rosh Pinah (90%); Santander (100%); Caribou
(100%). |
Table 4. Total Proven & Probable Mineral Reserves (Contained
Metals) as of December 31, 2018 (1,2)
|
|
2018 |
2018 |
2018 |
2017 |
2017 |
2017 |
Change |
Change |
Change |
Project |
Category |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
M lbs |
M lbs |
K oz |
M lbs |
M lbs |
K oz |
M lbs |
M lbs |
K oz |
Perkoa Mine |
Proven &
Probable |
864 |
- |
- |
958 |
- |
- |
(94 |
) |
- |
|
- |
|
Rosh Pinah Mine |
Proven & Probable |
1,260 |
285 |
5,978 |
1,299 |
237 |
4,876 |
(39 |
) |
47 |
|
1,102 |
|
Caribou Mine |
Proven & Probable |
463 |
176 |
7,753 |
729 |
272 |
11,945 |
(266 |
) |
(96 |
) |
(4,192 |
) |
Santander Mine |
Proven & Probable |
240 |
33 |
2,393 |
186 |
32 |
1,911 |
54 |
|
1 |
|
482 |
|
Total |
Proven & Probable |
2,827 |
494 |
16,124 |
3,172 |
541 |
18,732 |
(345 |
) |
(48 |
) |
(2,608 |
) |
(1) |
For additional detail
respecting the Mineral Reserve contained zinc, lead and silver
grades, see "Detailed Mineral Reserve and Mineral Resource
Disclosure" and "Additional Information" within this news
release. |
(2) |
The M
lbs (million pounds) and K oz (thousand ounces) contained metals is
the Proven + Probable Mineral Reserve estimation of all the mines
on a 100% basis. Trevali’s proportionate ownership interest
pursuant to the applicable joint venture/option agreements is:
Perkoa (90%); and Rosh Pinah (90%); Santander (100%); Caribou
(100%). |
Table 5. Total Measured & Indicated Mineral Resources and
Inferred Mineral Resource (Contained Metals) as of December 31,
2018 (1,2,3)
|
|
2018 |
2018 |
2018 |
2017 |
2017 |
2017 |
Change |
Change |
Change |
Project |
Category |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
M lbs |
M lbs |
K oz |
M lbs |
M lbs |
K oz |
M lbs |
M lbs |
K oz |
Perkoa Mine |
Measured &
Indicated |
1,427 |
- |
- |
1,468 |
- |
- |
(41 |
) |
- |
|
- |
|
|
Inferred |
271 |
- |
- |
134 |
- |
- |
137 |
|
- |
|
- |
|
Rosh Pinah Mine |
Measured & Indicated |
1,950 |
439 |
9,509 |
1,844 |
395 |
8,702 |
106 |
|
44 |
|
807 |
|
|
Inferred |
872 |
139 |
4,457 |
430 |
75 |
2,951 |
442 |
|
64 |
|
1,506 |
|
Caribou Mine |
Measured & Indicated |
1,411 |
539 |
23,285 |
1,198 |
448 |
19,449 |
213 |
|
90 |
|
3,836 |
|
|
Inferred |
725 |
299 |
12,925 |
856 |
327 |
14,597 |
(132 |
) |
(27 |
) |
(1,672 |
) |
Restigouche Project |
Measured & Indicated |
119 |
79 |
1,613 |
- |
- |
- |
119 |
|
79 |
|
1,613 |
|
|
Inferred |
77 |
55 |
1,256 |
- |
- |
- |
77 |
|
55 |
|
1,256 |
|
Halfmile Project |
Measured & Indicated |
1,199 |
407 |
8,980 |
1,199 |
407 |
8,980 |
- |
|
- |
|
- |
|
|
Inferred |
806 |
216 |
4,720 |
806 |
216 |
4,720 |
- |
|
- |
|
- |
|
Stratmat Project |
Indicated |
550 |
214 |
7,300 |
550 |
214 |
7,300 |
- |
|
- |
|
- |
|
|
Inferred |
252 |
110 |
3,000 |
252 |
110 |
3,000 |
- |
|
- |
|
- |
|
Santander Mine |
Measured & Indicated |
362 |
50 |
3,244 |
314 |
54 |
3,297 |
48 |
|
(4 |
) |
(53 |
) |
|
Inferred |
145 |
7 |
1,022 |
345 |
35 |
3,135 |
(200 |
) |
(28 |
) |
(2,113 |
) |
Santander Pipe Project |
Indicated |
416 |
5 |
1,193 |
- |
- |
- |
416 |
|
5 |
|
1,193 |
|
|
Inferred |
101 |
1 |
263 |
911 |
40 |
4,871 |
(828 |
) |
(36 |
) |
(4,288 |
) |
Total |
Measured & Indicated |
7,435 |
1,733 |
55,124 |
6,573 |
1,518 |
47,728 |
862 |
|
215 |
|
7,396 |
|
|
Inferred |
3,249 |
826 |
27,643 |
3,734 |
802 |
33,274 |
(485 |
) |
23 |
|
(5,630 |
) |
(1) |
For additional detail
respecting the Mineral Resources contained zinc, lead and silver
grades, see "Detailed Mineral Reserve and Mineral Resource
Disclosure" and "Additional Information." within this news
release. |
(2) |
All
Mineral Resources referred to in this news release are inclusive of
stated Mineral Reserves. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability. |
(3) |
The M
lbs (million pounds) and K oz (thousand ounces) contained metals is
the total Measured + Indicated and Inferred Mineral Resource
estimation of all the mines on a 100% basis. Trevali’s
proportionate ownership interest pursuant to the applicable joint
venture/option agreements is: Santander (100%); Caribou (100%);
Perkoa (90%); and Rosh Pinah (90%). |
Detailed Mineral Reserve and Mineral
Resource Disclosure:
Perkoa MineThe annual Mineral
Reserve statement for the Perkoa mine utilized a net smelter return
cut-off-value of US$100 per tonne while the Mineral Resources are
disclosed using a 5% ZnEQ cut-off value. The 2018 Resource
definition and exploration drilling programs replaced the 2018
mining depletion and maintained the rolling reserve replacement
strategy, which it has successfully done since the acquisition of
the asset. Measured and Indicated Mineral Resources tonnages remain
fundamentally flat with grades decreasing modestly from 13.73% Zn
to 13.26% Zn.
Regional exploration is ongoing and has
successfully intersected two additional sulphide bearing (stringer
– disseminated to narrow massive sulphide zones – non economic to
date) VMS systems confirming that Perkoa is not an isolated
occurrence. As a key focus in 2019, Trevali’s proven exploration
group is using a multidisciplinary approach in this frontier VMS
belt. There are currently four drill rigs active on the Perkoa
property consisting of two diamond drill rigs, two air core drill
rigs with real-time geochemical analysis and two ground geophysical
teams screening the prospective Perkoa mine horizon.
Table 6. Perkoa Mineral Reserves as at December 31,
2018(1,2)
|
|
Grade |
Metal |
Category |
Quantity |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Mt |
% |
% |
g/t |
M lbs |
M lbs |
K oz |
Perkoa Mine (3) |
|
|
|
|
|
|
|
Proven |
1.22 |
14.44 |
- |
- |
388 |
- |
- |
Probable |
1.87 |
11.55 |
- |
- |
477 |
- |
- |
Proven & Probable |
3.09 |
12.69 |
- |
- |
865 |
- |
- |
(1) |
All Mineral Reserves
have been estimated in accordance with the Canadian Institute of
Mining, Metallurgy and Petroleum (“CIM”) — Definition Standards
adopted by CIM Council on May 10, 2014 (the “CIM Definition
Standards”). Numbers may not add due to rounding. The Mineral
Reserve is shown at 100% ownership, Trevali holds a 90% joint
venture interest in the Perkoa Mine. |
(2) |
The
technical report entitled “Technical Report on the Perkoa Mine,
Burkina Faso” dated April 12, 2018, is the current technical report
for the Perkoa property. |
(3) |
The
Perkoa Underground Mine Mineral Reserve estimate is reported based
on planned stopes with a net smelter return cut-off grade of
US$100/tonne, with metal prices of: US$1.13/lb zinc. The Perkoa
Underground Mine Mineral Reserve estimate has been prepared by
non-independent Mine engineering consultants to the company with an
effective date of December 31, 2018, under the supervision of and
approved by Professional Engineer Barbara Rose (P.Eng.), a
Qualified Person as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”). Ms.
Rose is Principal Mine Engineer of the Company and accordingly, is
not independent. |
Table 7. Perkoa Mineral Resources as at December 31,
2018(1,2)
|
|
Grade |
Metal |
Category |
Quantity |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Mt |
% |
% |
g/t |
M lbs |
M lbs |
K oz |
Perkoa Mine (3) |
|
|
|
|
|
|
|
Measured |
1.94 |
15.36 |
- |
- |
656 |
- |
- |
Indicated |
2.94 |
11.87 |
- |
- |
770 |
- |
- |
Measured & Indicated |
4.88 |
13.26 |
- |
- |
1,427 |
- |
- |
Inferred |
1.21 |
10.21 |
- |
- |
271 |
- |
- |
(1) |
All Mineral Resources
have been estimated in accordance with the CIM Definition
Standards. Mineral Resources are inclusive of Mineral Reserves.
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. Numbers may not add up due to
rounding. The Mineral Resource is shown at 100% ownership, Trevali
holds a 90% joint venture interest in the Perkoa Mine. |
(2) |
The
technical report entitled “Technical Report on the Perkoa Mine,
Burkina Faso” dated April 12, 2018, is the current technical report
for the Perkoa property. |
(3) |
The
Perkoa Underground Mine Mineral Resource estimate is reported based
on zinc equivalent cut off grade of 5% ZnEQ with metal prices of:
US$1.13/lb zinc. The Perkoa Underground Mine Mineral Resource
estimate has been prepared by the mine geology department and
non-independent Resource geology consultants to the company with an
effective date of December 31, 2018, under the supervision of and
approved by Yan Bourassa (P.Geo.), a Qualified Person as defined in
NI 43-101. Mr. Bourassa is Vice President Mineral Resources
Management of the Company and accordingly, is not independent. |
Rosh Pinah MineThe conversion
drilling program successfully replaced the 2018 mining depletion
with tonnages for both Proven and Probable Mineral Reserves and
Measured and Indicated Mineral Resources increasing in addition to
mining depletion replacement. The Mineral Reserve zinc grade is
modestly lower than 2017. The decline occurred primarily due to a
combination of mining extracting higher than average Mineral
Reserves grade tonnes in 2018, as well as a reduction of the NSR
cut-off to $60/t from $66/t in 2017 allowing additional lower grade
tonnes to be converted to Mineral Reserves. Rosh Pinah is a Tier 1
deposit on a grade – tonnage basis with the majority of zones, and
in particular the Western Orefield, the largest zone discovered to
date remaining open for expansion. Exploration in 2018 successfully
targeted higher grade, metallurgically superior mineralization in
the Western Orefield, which resulted in a significant increase in
inferred tonnage and grades.
Rosh Pinah remains one of Trevali’s lowest cost
operations. The Rosh Pinah 2.0 optimization and expansion study,
which continues to advance with completion anticipated in the
second half of 2019, is evaluating opportunities to reduce the unit
cost structure of the mine, further positioning Rosh Pinah as a
low-cost, long-life and core asset for Trevali.
Table 8. Rosh Pinah Mineral Reserves as at December 31, 2018
(1,2)
|
|
Grade |
Metal |
Category |
Quantity |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Mt |
% |
% |
g/t |
M lbs |
M lbs |
K oz |
Rosh Pinah Mine (3) |
|
|
|
|
|
|
|
Proven |
3.90 |
7.12 |
1.59 |
20.49 |
612 |
137 |
2,568 |
Probable |
4.59 |
6.40 |
1.46 |
23.11 |
648 |
148 |
3,409 |
Proven & Probable |
8.49 |
6.73 |
1.52 |
21.90 |
1,260 |
285 |
5,978 |
(1) |
All Mineral Reserves
have been estimated in accordance with the Canadian Institute of
Mining, Metallurgy and Petroleum (“CIM”) — Definition Standards
adopted by CIM Council on May 10, 2014 (the “CIM Definition
Standards”). Numbers may not add due to rounding. The Mineral
Reserve is shown at 100% ownership, Trevali holds a 90% joint
venture interest in the Rosh Pinah Mine. |
(2) |
The
technical report entitled “Technical Report on the Rosh Pinah Mine,
Namibia” dated May 1, 2018, is the current technical report for the
Rosh Pinah property. |
(3) |
The Rosh
Pinah Underground Mine Mineral Reserve estimate is reported based
on planned stopes with a net smelter return cut-off grade of
US$60/tonne, with metal prices of: US$1.13/lb zinc. The Rosh Pinah
Underground Mine Mineral Reserve estimate has been prepared by
non-independent Mine engineering consultants to the company with an
effective date of December 31, 2018, under the supervision of and
approved by Professional Engineer Barbara Rose (P.Eng.), a
Qualified Person as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”). Ms.
Rose is Principal Mine Engineer of the Company and accordingly, is
not independent. |
Table 9. Rosh Pinah Mineral Resource as at December 31, 2018
(1,2)
|
|
|
Grade |
|
|
Metal |
|
|
Quantity |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Category |
Mt |
% |
% |
g/t |
M lbs |
M lbs |
K oz |
Rosh Pinah Mine (3) |
|
|
|
|
|
|
|
Measured |
5.49 |
8.33 |
1.93 |
27.14 |
1,009 |
234 |
4,792 |
Indicated |
5.83 |
7.30 |
1.59 |
25.18 |
938 |
204 |
4,716 |
Measured & Indicated |
11.32 |
7.82 |
1.76 |
26.13 |
1,950 |
439 |
9,509 |
Inferred |
5.56 |
7.11 |
1.13 |
24.93 |
872 |
139 |
4,457 |
(1) |
All Mineral Resources
have been estimated in accordance with the CIM Definition
Standards. Mineral Resources are inclusive of Mineral Reserves.
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. Numbers may not add up due to
rounding. The Mineral Resource is shown at 100% ownership, Trevali
holds a 90% joint venture interest in the Rosh Pinah Mine. |
(2) |
The
technical report entitled “Technical Report on the Rosh Pinah Mine,
Namibia” dated May 1, 2018, is the current technical report for the
Rosh Pinah property. |
(3) |
The Rosh
Pinah Underground Mine Mineral Resource estimate is reported based
on zinc equivalent cut off grade of 5% ZnEQ with metal prices of:
US$1.13/lb zinc, US$0.95/lb lead, US$14.50/oz silver. The Rosh
Pinah Underground Mine Mineral Resource estimate has been prepared
by the mine geology department and non-independent Resource geology
consultants to the company with an effective date of December 31,
2018, under the supervision of and approved by Yan Bourassa
(P.Geo.), a Qualified Person as defined in NI 43-101. Mr. Bourassa
is Vice President Mineral Resources Management of the Company and
accordingly, is not independent. |
Caribou Mine – Bathurst Mining Camp
OperationsThe annual Mineral Reserve statement for the
Caribou mine utilized a net smelter return cut-off-value of US$75
per tonne, an increase from the US$70 per tonne value used for the
2017 year-end disclosure. The cut-off increase reflects a year to
year mining cost increase partly resulting from the implementation
of cemented back fill and increased rehabilitation requirements.
Proven and Probable Mineral Reserves tonnage decreased from 2017,
as the sill pillar recovery was decreased due to recent changes
observed in ground conditions and remnant areas have been excluded
from reporting in 2018 while ongoing work is conducted to determine
a safe, cost-effective mining methodology. Ongoing mine
optimization studies will seek to redress this. The overall grade
increased due to improved geological constraint and more selective
mining. The Measured and Indicated Mineral Resources saw an
increase in tonnage, grade and contained metal over the 2017
year-end Mineral disclosure and the deposit remains open for
expansion. Additional studies remain on-going evaluating cost
reduction opportunities at the mine with the aim of further
converting Mineral Resource to Reserves.
After completing a detailed multi-disciplinary
technical review of Murray Brook project, the Company decided to
not pursue its option to acquire a 75% interest, electing to focus
on continuing to unlock value from the operating Caribou mine and
further evaluate other projects in the region.
Table 10. Caribou Mineral Reserves as at December 31, 2018
(1,2)
|
|
Grade |
Metal |
Category |
Quantity |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Mt |
% |
% |
g/t |
M lbs |
M lbs |
K oz |
Caribou Mine (3) |
|
|
|
|
|
|
|
Proven |
1.57 |
6.54 |
2.55 |
78.31 |
226.0 |
87.9 |
3,945 |
Probable |
1.73 |
6.21 |
2.32 |
68.56 |
236.5 |
88.4 |
3,808 |
Proven & Probable |
3.29 |
6.37 |
2.43 |
73.20 |
462.5 |
176.3 |
7,753 |
(1) |
All Mineral Reserves
have been estimated in accordance with the Canadian Institute of
Mining, Metallurgy and Petroleum (“CIM”) — Definition Standards
adopted by CIM Council on May 10, 2014 (the “CIM Definition
Standards”). Numbers may not add due to rounding. |
(2) |
The
technical report entitled “Technical Report on the Caribou Mine,
Bathurst, New Brunswick, Canada” dated May 31, 2018, is the current
technical report for the Caribou property. |
(3) |
The
Caribou Underground Mine Mineral Reserve estimate is reported based
on optimized stopes designed on an incremental net smelter return
cut-off grade of US$75/tonne with metal prices of: US$1.13/lb zinc,
US$0.95/lb lead, US$14.50/oz silver. The Caribou Underground Mine
Mineral Reserve estimate has been prepared by non-independent Mine
engineering consultants to the company with an effective date of
December 31, 2018, under the supervision of and approved by
Professional Engineer Barbara Rose (P.Eng.), a Qualified Person as
defined in National Instrument 43-101 – Standards of Disclosure for
Mineral Projects (“NI 43-101”). Ms. Rose is Principal Mine Engineer
of the Company and accordingly, is not independent. |
Table 11. Bathurst Mining Camp (New Brunswick) Mineral Resources
as at December 31, 2018 (1,2,3)
|
|
Grade |
Metal |
Category |
Quantity |
Zn |
Pb |
Cu |
Ag |
Au |
Zn |
Pb |
Cu |
Ag |
Au |
Mt |
% |
% |
% |
g/t |
g/t |
M lbs |
M lbs |
M lbs |
K oz |
K oz |
Caribou Mine (4) |
|
|
|
|
|
|
|
|
|
|
|
Measured |
6.00 |
6.69 |
2.53 |
- |
75.36 |
- |
885 |
335 |
- |
14,537 |
- |
Indicated |
3.58 |
6.67 |
2.58 |
- |
76.00 |
- |
526 |
204 |
- |
8,748 |
- |
Measured & Indicated |
9.58 |
6.68 |
2.55 |
- |
75.60 |
- |
1,411 |
539 |
- |
23,285 |
- |
Inferred |
5.12 |
6.42 |
2.65 |
- |
78.52 |
- |
725 |
299 |
- |
12,925 |
- |
Restigouche Project (5) |
|
|
|
|
|
|
|
|
|
|
|
Measured |
0.29 |
4.63 |
3.08 |
0.21 |
38.80 |
0.45 |
30 |
20 |
1.4 |
364 |
4 |
Indicated |
0.79 |
5.19 |
3.36 |
0.22 |
49.07 |
0.55 |
91 |
59 |
3.8 |
1,249 |
14 |
Measured & Indicated |
1.08 |
5.00 |
3.30 |
0.22 |
46.30 |
0.52 |
119 |
79 |
5.3 |
1,613 |
18 |
Inferred |
0.58 |
6.10 |
4.30 |
0.28 |
67.83 |
0.81 |
77 |
55 |
3.6 |
1,256 |
15 |
Halfmile Project (6) |
|
|
|
|
|
|
|
|
|
|
|
Measured |
0.40 |
5.92 |
1.99 |
0.46 |
40.00 |
0.60 |
54 |
18 |
4.0 |
520 |
10 |
Indicated |
7.40 |
7.00 |
2.37 |
0.16 |
35.00 |
0.29 |
1,146 |
389 |
26.0 |
8,450 |
70 |
Measured & Indicated |
7.80 |
6.94 |
2.35 |
0.18 |
36.00 |
0.30 |
1,199 |
407 |
31.0 |
8,980 |
80 |
Inferred |
6.50 |
5.62 |
1.51 |
0.15 |
23.00 |
0.10 |
806 |
216 |
21.0 |
4,720 |
20 |
Stratmat Project (7) |
|
|
|
|
|
|
|
|
|
|
|
Indicated |
4.70 |
5.30 |
2.10 |
0.40 |
49.00 |
0.60 |
550 |
214 |
43.0 |
7,300 |
90 |
Inferred |
2.40 |
4.80 |
2.10 |
0.70 |
39.00 |
0.40 |
252 |
110 |
37.0 |
3,000 |
30 |
(1) |
All Mineral Resources
have been estimated in accordance with the CIM Definition
Standards. Mineral Resources are inclusive of Mineral
Reserves. Mineral Resources that are not Mineral Reserves do
not have demonstrated economic viability. Numbers may not add
up due to rounding. |
(2) |
The
technical report entitled “Technical Report on the Caribou Mine,
Bathurst, New Brunswick, Canada” dated May 31, 2018, is the current
technical report for the Caribou property. |
(3) |
The
technical report entitled “Technical Report on Preliminary Economic
Assessment for the Halfmile-Stratmat Massive Sulphide
Zinc-Lead-Silver Integrated Project Bathurst, New Brunswick,
Canada” dated October 26, 2017, is the current technical report for
the Halfmile-Stratmat property. |
(4) |
The
Caribou Underground Mine Mineral Resource estimate is reported
based on zinc equivalent cut off grade of 5% ZnEQ with metal prices
of: US$1.13/lb zinc, US$0.95/lb lead, US$14.50/oz silver. The
Caribou Underground Mine Mineral Resource estimate has been
prepared by the mine geology department and non-independent
technical consultants to the company with an effective date of
December 31, 2018, under the supervision of and approved by Yan
Bourassa (P.Geo.), a Qualified Person as defined in NI
43-101. Mr. Bourassa is Vice President Mineral Resources
Management of the Company and accordingly, is not independent. |
(5) |
The
Restigouche Underground Mine Mineral Resource estimate is reported
based on zinc equivalent cut off grade of 3% ZnEQ with metal prices
of: US$1.13/lb zinc, US$0.95/lb lead, US$14.50/oz silver. The
Restigouche Underground Mine Mineral Resource estimate has been
prepared by the exploration geology department and non-independent
technical consultants to the company with an effective date of July
30, 2018, under the supervision of and approved by Yan Bourassa
(P.Geo.), a Qualified Person as defined in NI 43-101. Mr.
Bourassa is Vice President Mineral Resources Management of the
Company and accordingly, is not independent. |
(6) |
The
Halfmile Underground Project Mineral Resource estimate is reported
based on zinc equivalent cut off grade of 5% ZnEQ with metal prices
of: US$1.05/lb zinc, US$0.95/lb lead, US$20.00/oz silver, FX:
US$/CAD$0.80. The Halfmile Underground Project Mineral
Resource estimate was prepared and approved by Professional
Geologist Gilles Arseneau (P.Geo.), a consultant with SRK
Consulting (Canada) Inc., who is an Independent Qualified Person as
defined in NI 43-101, with an effective date of October 26,
2017. |
(7) |
The
Stratmat Underground Project Mineral Resource estimate is reported
based on zinc equivalent cut off grade of 5% ZnEQ with metal prices
of: US$1.00/lb zinc, US$1.00/lb lead, US$21.15/oz silver, FX:
US$/CAD$0.85. The Stratmat Underground Project Mineral
Resource estimate was prepared and approved by Professional
Geologist Gilles Arseneau (P.Geo.), a consultant with SRK
Consulting (Canada) Inc., who is an Independent Qualified Person as
defined in NI 43-101, with an effective date of October 26,
2017. |
Santander MineThe annual
Mineral Reserve estimate at the Company’s Santander mine utilized a
net smelter return cut-off-value of US$45 per tonne. The 2018 drill
program successfully replaced mined inventory for the year with
Proven and Probable Reserves and Measured and Indicated Mineral
Resources increasing in tonnages, grade and contained metal. The
2018 drilling program at Santander mainly focused on replacing
mining depletion, but a significant amount of drilling also
targeted resource conversion at the Santander Pipe Project. The
Santander Pipe drilling program successfully converted 2.77 million
tonnes of Inferred Mineral Resources to Indicated Resources at a
grade of 6.81% Zn for a total of 416 million pounds of contained
zinc metal. The Santander Pipe will continue to be evaluated in
2019.
Table 12. Santander Mineral Reserves as at
December 31, 2018 (1,2)
|
|
Grade |
Metal |
Category |
Quantity |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Mt |
% |
% |
g/t |
M lbs |
M lbs |
K oz |
Santander Mine (3) |
|
|
|
|
|
|
Proven |
1.11 |
4.71 |
0.77 |
34.54 |
115.8 |
19.0 |
1,238 |
Probable |
1.22 |
4.62 |
0.51 |
29.42 |
124.5 |
13.7 |
1,155 |
Proven & Probable |
2.34 |
4.67 |
0.64 |
31.86 |
240.3 |
32.7 |
2,393 |
(1) |
All Mineral Reserves
have been estimated in accordance with the Canadian Institute of
Mining, Metallurgy and Petroleum (“CIM”) — Definition Standards
adopted by CIM Council on May 10, 2014 (the “CIM Definition
Standards”). Numbers may not add due to rounding. |
(2) |
The
technical report entitled “Mineral Reserve Estimation Technical
Report for the Santander Zinc Mine, Province de Huaral, Perú” dated
March 31, 2017, is the current technical report for the Santander
property. |
(3) |
The
Santander Magistral Underground Mine Mineral Reserve estimate is
reported based on optimized stopes designed on an incremental net
smelter return cut-off grade of US$45/tonne with metal prices of:
US$1.13/lb zinc, US$0.95/lb lead, US$14.50/oz silver. The Santander
Magistral Underground Mine Mineral Reserve estimate has been
prepared by non-independent Mine engineering consultants to the
company with an effective date of December 31, 2018, under the
supervision of and approved by Professional Engineer Barbara Rose
(P.Eng.), a Qualified Person as defined in National Instrument
43-101 – Standards of Disclosure for Mineral Projects (“NI
43-101”). Ms. Rose is Principal Mine Engineer of the Company and
accordingly, is not independent. |
Table 13. Santander Mine Mineral Resource as at December 31,
2018 (1,2)
|
|
Grade |
Metal |
Category |
Quantity |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Mt |
% |
% |
g/t |
M lbs |
M lbs |
K oz |
Santander Mine (3) |
|
|
|
|
|
|
|
Measured |
1.42 |
5.63 |
0.92 |
33.96 |
176 |
29 |
1,552 |
Indicated |
1.66 |
5.09 |
0.59 |
31.78 |
186 |
22 |
1,692 |
Measured & Indicated |
3.08 |
5.34 |
0.74 |
32.79 |
362 |
50 |
3,244 |
Inferred |
1.43 |
4.60 |
0.21 |
22.19 |
145 |
7 |
1,022 |
Santander Pipe Project (4) |
|
|
|
|
|
|
|
Indicated |
2.77 |
6.81 |
0.09 |
13.39 |
416 |
5 |
1,193 |
Inferred |
0.82 |
5.59 |
0.02 |
10.00 |
101 |
0.4 |
263 |
(1) |
All Mineral Resources
have been estimated in accordance with the CIM Definition
Standards. Mineral Resources are inclusive of Mineral
Reserves. Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability. Numbers may not add up due to
rounding. |
(2) |
The
technical report entitled “Mineral Reserve Estimation Technical
Report for the Santander Zinc Mine, Province de Huaral, Perú” dated
March 31, 2017, is the current technical report for the Santander
property. |
(3) |
The
Santander Magistral Underground Mine Mineral Resource estimate is
reported based on net smelter return cut-off grade of US$40/tonne
with metal prices of: US$1.13/lb zinc, US$0.95/lb lead, US$14.50/oz
silver. The Santander Magistral Underground Mine Mineral Resource
estimate has been prepared by the mine geology department and
non-independent Resource geology consultants to the company with an
effective date of December 31, 2018, under the supervision of and
approved by Yan Bourassa (P.Geo.), a Qualified Person as
defined in NI 43-101. Mr. Bourassa is Vice President Mineral
Resources Management of the Company and accordingly, is not
independent. |
(4) |
The
Santander Pipe Underground Deposit Mineral Resource estimate is
reported based on net smelter return cut-off grade of US$40/tonne
with metal prices of: US$1.13/lb zinc, US$0.95/lb lead, US$14.50/oz
silver. The Santander Pipe Underground Deposit Mineral
Resource estimate has been prepared by the exploration geology
department and non-independent Resource geology consultants to the
company with an effective date of December 31, 2018, under the
supervision of and approved by Yan Bourassa (P.Geo.), a Qualified
Person as defined in NI 43-101. Mr. Bourassa is Vice President
Mineral Resources Management of the Company and accordingly, is not
independent. |
Qualified Persons and Technical
InformationThe Mineral Reserve and Mineral Resource
estimates have been estimated and compiled in accordance with
definitions and guidelines set out in the Definition Standards for
Mineral Resources and Mineral Reserves adopted by the Canadian
Institute of Mining, Metallurgy, and Petroleum and as required by
Canada's National Instrument 43-101 – Standards of Disclosure for
Mineral Projects ("NI 43-101"). Mineral Reserve estimates reflect
the Company's reasonable expectation that all necessary permits and
approvals will be obtained and maintained, mining dilution and
mining recovery have been applied in estimating the Mineral
Reserves.
The Mineral Reserves were prepared under the
supervision of Barbara Rose, a Qualified Person as defined by NI
43-101. Barbara Rose (P.Eng.) is Principal Mine Engineer for the
Company and is therefore not considered independent.
The Mineral Resource technical contents has been
prepared by the Company's technical personnel under the supervision
of Yan Bourassa (M.Sc. P.Geo.), a Qualified Person as defined in NI
43-101. Yan Bourassa is Vice President Mineral Resources Management
of the Company and accordingly, is not independent.
ABOUT TREVALI MINING
CORPORATIONTrevali is a zinc-focused, base metals company
with four mines: the 90% owned Perkoa mine in Burkina Faso, the 90%
owned Rosh Pinah mine in Namibia, the wholly-owned Caribou mine in
the Bathurst Mining Camp of northern New Brunswick in Canada, and
the wholly-owned Santander mine in Peru.
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“Jessica McDonald” (signed)Jessica McDonald,
Chair
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. Such forward-looking statements and information
include, but are not limited to statements as to: the estimation of
mineral reserves and mineral resources, the realization of mineral
reserve estimates, the timing and amount of estimated future
production, costs and timing of development, potential operating
efficiencies, costs of production, capital expenditures, success of
mining operations, 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, 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 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, which is available on the Company’s website (www.trevali.com)
and filed under our profile on SEDAR (www.sedar.com). 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.
Notice to United States
InvestorsIn accordance with applicable Canadian securities
regulatory requirements, all mineral resource estimates of the
Company disclosed or incorporated by reference in this news release
have been prepared in accordance with Canadian National Instrument
43-101 - Standards of Disclosure for Mineral Projects, classified
in accordance with Canadian Institute of Mining Metallurgy and
Petroleum's “CIM Standards on Mineral Resources and Reserves
Definitions and Guidelines”.
The Company uses the terms "measured mineral
resources", "indicated mineral resources" and "inferred mineral
resources". While these terms are recognized and required by
Canadian regulations, they are not recognized by the United States
Securities and Exchange Commission. US investors are cautioned not
to assume that any part or all of the material in these categories
will ever be converted into reserves.
Source: Trevali Mining Corporation
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