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, 2019.
“Trevali is very encouraged with the continued
growth of the Mineral Resources and Reserves base at our flagship
Rosh Pinah Mine,” said Ricus Grimbeek, President and CEO. “The
strategy of focusing on near-mine exploration and resource
conversion drilling continued to deliver growth in respect to
Mineral Resources last year. Globally, exploration successfully
replaced and increased our Mineral Resources by 9%, with
significant increases at Rosh Pinah in particular and at the
Santander Pipe advanced target.”
Highlights
- Exploration successfully replaced
and increased global Zinc Measured and Indicated Resources at all
mine sites aside from Perkoa where the 2019 mining depletion was
only partially replaced:-- Measured and Indicated Mineral Resources
increased by 9% over the prior year to 8.1 billion pounds (3.7
million tonnes) of contained zinc.-- Inferred Mineral Resources
comprise an additional 3.0 billion lbs (1.4 million tonnes) of
contained zinc.
- Lead and Silver resources also
increased:-- Measured and Indicated Mineral Resources increased to
1.9 billion pounds (0.9 million tonnes) of contained lead and 60
million ounces of contained silver.-- Inferred Mineral Resources
include an additional 0.8 billion lbs (0.4 million tonnes) of
contained lead and 27 million ounces of contained
silver.
- Proven and Probable Mineral
Reserves are:-- 2.6 billion pounds (1.2 million tonnes) of
contained zinc.-- 453 million pounds (0.2 million tonnes) of
contained lead.-- 14.4 million ounces of contained
silver.
- Mineral Reserve tonnage increased
at the Rosh Pinah operation, but decreased at other operations due
to mining depletion and a lower Net Smelter Return (NSR) as a
result of higher treatment charges and freight expenses.
- Exploration drilling at the
Santander Pipe target in Peru successfully increased the Measured
and Indicated Mineral Resource by 1.00 million tonnes and now
stands at 3.77 million tonnes of Measured and Indicated Mineral
Resources with an additional 1.31 million tonnes of Inferred
Mineral Resource.
Consolidated Mineral Reserves and
Mineral Resources Statement
Consolidated Mineral Reserves and Mineral
Resources statements are summarized in Tables 1 to 3 while Tables 4
and 5 provide a comparison to the 2018 Mineral Reserves and Mineral
Resources on a contained metal basis. Detailed breakdowns for each
of the mines (Santander, Caribou, Perkoa and Rosh Pinah) 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, 2019 (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 |
2.06 |
12.80 |
- |
- |
581 |
- |
- |
Rosh Pinah Mine |
Proven & Probable |
9.79 |
6.45 |
1.34 |
20.68 |
1,392 |
289 |
6,509 |
Caribou Mine |
Proven & Probable |
2.66 |
6.61 |
2.52 |
75.04 |
388 |
148 |
6,417 |
Santander Mine |
Proven & Probable |
1.86 |
4.86 |
0.39 |
24.92 |
199 |
16 |
1,487 |
Total |
Proven & Probable |
16.37 |
7.10 |
1.26 |
27.39 |
2,560 |
453 |
14,413 |
(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 ownership interest is 90%
of Perkoa and 90% of Rosh Pinah. |
|
|
Table 2. Total Measured & Indicated Mineral Resources as of
December 31, 2019 (1,2,3)
|
|
|
Grade |
Metal |
Project |
Category |
QuantityMt |
Zn% |
Pb% |
Agg/t |
ZnM lbs |
PbM lbs |
AgK oz |
Perkoa Mine |
Measured & Indicated |
4.40 |
12.64 |
- |
- |
1,223 |
- |
- |
Rosh Pinah Mine |
Measured & Indicated |
16.11 |
7.33 |
1.70 |
23.48 |
2,603 |
604 |
12,159 |
Caribou Mine |
Measured & Indicated |
10.46 |
6.50 |
2.47 |
73.11 |
1,499 |
570 |
24,585 |
Santander Mine |
Measured & Indicated |
3.58 |
4.89 |
0.55 |
29.76 |
386 |
43 |
3,425 |
Santander Pipe Project |
Measured & Indicated |
3.77 |
6.67 |
0.01 |
12.08 |
555 |
1 |
1,465 |
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 |
51.90 |
7.11 |
1.68 |
35.67 |
8,134 |
1,918 |
59,528 |
(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
ownership interest is 90% of Perkoa and 90% of Rosh Pinah |
|
|
Table 3. Total Inferred Mineral Resources as of December 31,
2019 (1,2,3)
|
|
|
Grade |
Metal |
Project |
Category |
QuantityMt |
Zn% |
Pb% |
Agg/t |
ZnM lbs |
PbM lbs |
AgK oz |
Perkoa Mine |
Inferred |
0.81 |
8.71 |
- |
- |
155 |
- |
- |
Rosh Pinah Mine |
Inferred |
5.54 |
6.16 |
1.09 |
24.05 |
752 |
133 |
4,281 |
Caribou Mine |
Inferred |
5.31 |
6.11 |
2.48 |
74.64 |
715 |
290 |
12,743 |
Santander Mine |
Inferred |
1.07 |
3.93 |
0.24 |
24.97 |
93 |
6 |
861 |
Santander Pipe Project |
Inferred |
1.31 |
5.37 |
0.02 |
7.42 |
156 |
1 |
313 |
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 |
23.52 |
5.80 |
1.56 |
35.94 |
3,006 |
811 |
27,174 |
(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 ownership interest is
90% of Perkoa and 90% of Rosh Pinah. |
|
|
Table 4. Total Proven & Probable Mineral Reserves (Contained
Metals) as of December 31, 2019 (1,2)
|
|
2019 |
2019 |
2019 |
2018 |
2018 |
2018 |
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 |
581 |
- |
- |
864 |
- |
- |
(283 |
) |
- |
|
- |
|
Rosh Pinah Mine |
Proven & Probable |
1,392 |
289 |
6,509 |
1,260 |
285 |
5,978 |
132 |
|
4 |
|
531 |
|
Caribou Mine |
Proven & Probable |
388 |
148 |
6,417 |
463 |
176 |
7,753 |
(75 |
) |
(28 |
) |
(1,336 |
) |
Santander Mine |
Proven & Probable |
199 |
16 |
1,487 |
240 |
33 |
2,393 |
(41 |
) |
(17 |
) |
(906 |
) |
Total |
Proven & Probable |
2,559 |
453 |
14,413 |
2,827 |
494 |
16,124 |
(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 ownership interest is 90% of
Perkoa and 90% of Rosh Pinah. |
|
|
Table 5. Total Measured & Indicated Mineral Resources and
Inferred Mineral Resource (Contained Metals) as of December 31,
2019 (1,2,3)
|
|
2019 |
2019 |
2019 |
2018 |
2018 |
2018 |
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 |
1,223 |
- |
- |
1,427 |
- |
- |
(204 |
) |
- |
|
- |
|
|
Inferred |
155 |
- |
- |
271 |
- |
- |
(116 |
) |
- |
|
- |
|
Rosh Pinah Mine |
Measured & Indicated |
2,603 |
604 |
12,159 |
1,950 |
439 |
9,509 |
653 |
|
165 |
|
2,650 |
|
|
Inferred |
752 |
133 |
4,281 |
872 |
139 |
4,457 |
(120 |
) |
(6 |
) |
(176 |
) |
Caribou Mine |
Measured & Indicated |
1,499 |
570 |
24,585 |
1,411 |
539 |
23,285 |
88 |
|
31 |
|
1,300 |
|
|
Inferred |
715 |
290 |
12,743 |
725 |
299 |
12,925 |
(10 |
) |
(9 |
) |
(182 |
) |
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 |
386 |
43 |
3,425 |
362 |
50 |
3,244 |
24 |
|
(7 |
) |
181 |
|
|
Inferred |
93 |
6 |
861 |
145 |
7 |
1,022 |
(52 |
) |
(1 |
) |
(161 |
) |
Santander Pipe Project |
Measured & Indicated |
555 |
1 |
1,465 |
416 |
5 |
1,193 |
139 |
|
(4 |
) |
272 |
|
|
Inferred |
156 |
1 |
313 |
101 |
1 |
263 |
55 |
|
(0 |
) |
50 |
|
Total |
Measured & Indicated |
8,134 |
1,918 |
59,528 |
7,435 |
1,733 |
55,124 |
699 |
|
185 |
|
4,404 |
|
|
Inferred |
3,006 |
811 |
27,174 |
3,249 |
826 |
27,643 |
(243 |
) |
(15 |
) |
(469 |
) |
(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
ownership interest is 90% of Perkoa and 90% of Rosh Pinah. |
|
|
Detailed Mineral Reserve and Mineral
Resource Disclosure
Perkoa Mine
The 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 2019 Resource definition and exploration
drilling programs partly replaced the 2019 mining depletion by
converting material from Inferred Mineral Resources to Indicated
Mineral resources. Reserves replacement occurred primarily in the
down-dip extension of the Hanging Wall Lens. Measured and Indicated
Mineral Resources tonnages decreased slightly from 4.88 million
tonnes to 4.40 million tonnes with grades decreasing modestly from
13.26% Zn to 12.64% Zn.
Table 6. Perkoa Mineral Reserves as at December 31,
2019 (1,2)
|
|
Grade |
MetalMetal |
Category |
Quantity |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Mt |
% |
% |
g/t |
M lbs |
M lbs |
K oz |
Perkoa Mine (3) |
|
|
|
|
|
|
|
Proven |
0.67 |
14.54 |
- |
- |
213 |
- |
- |
Probable |
1.40 |
11.96 |
- |
- |
368 |
- |
- |
Proven & Probable |
2.06 |
12.80 |
- |
- |
581 |
- |
- |
(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$1.14/lb zinc. |
(4) |
The Perkoa Underground Mine Mineral Reserve estimate has been
prepared by Trevali’s Technical group and non-independent Mine
engineering consultants to the company with an effective date of
December 31, 2019, under the supervision of and approved by
Professional Engineer Nick Espenberg (P.Eng.), a Qualified Person
as defined in National Instrument 43-101 – Standards of Disclosure
for Mineral Projects (“NI 43-101”). Mr. Espenberg is Group
Lead Business Planning of the Company and accordingly, is not
independent. |
|
|
Table 7. Perkoa Mineral Resources as at December
31, 2019 (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 |
1.68 |
14.60 |
- |
- |
542 |
- |
- |
Indicated |
2.72 |
11.42 |
- |
- |
685 |
- |
- |
Measured & Indicated |
4.40 |
12.64 |
- |
- |
1,223 |
- |
- |
Inferred |
0.81 |
8.71 |
- |
- |
155 |
- |
- |
(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% Zn. |
(4) |
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, 2019, 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, Exploration and
Mineral Resources of the Company and accordingly, is not
independent. |
|
|
Rosh Pinah Mine
The conversion drilling program successfully
replaced the 2019 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 2018. The
decline occurred primarily due to a combination of mining
extracting higher than average Mineral Reserves grade tonnes in
2019, as well as adding lower grade tonnage at depth along the
Western flank of the deposit. Exploration in 2019 successfully
converted and added Mineral Resources at the Western Orefield along
the western flank of the Rosh Pinah fold, which resulted in a
significant increase in Mineral Resources and Reserves
tonnage.
Table 8. Rosh Pinah Mineral Reserves as at December 31, 2019
(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 |
4.45 |
6.52 |
1.68 |
22.68 |
640 |
165 |
3,245 |
Probable |
5.34 |
6.39 |
1.06 |
19.01 |
752 |
125 |
3,264 |
Proven & Probable |
9.79 |
6.45 |
1.34 |
20.68 |
1,392 |
289 |
6,509 |
(1) |
All Mineral Reserves have been estimated in accordance with 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$55/tonne, with metal prices of: US$1.14/lb zinc,
US$0.95/lb lead, US$18.34/oz silver. |
(4) |
The Rosh Pinah Underground Mine Mineral Reserve estimate has been
prepared by Trevali’s Technical group and non-independent Mine
engineering consultants to the company with an effective date of
December 31, 2019, under the supervision of and approved by
Professional Engineer Nick Espenberg (P.Eng.), a Qualified Person
as defined in National Instrument 43-101 – Standards of Disclosure
for Mineral Projects (“NI 43-101”). Mr. Espenberg is Group
Lead Business Planning of the Company and accordingly, is not
independent. |
Table 9. Rosh Pinah Mineral Resource as at
December 31, 2019 (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) |
|
|
|
|
|
|
|
Measured |
8.44 |
7.46 |
2.12 |
26.33 |
1,389 |
395 |
7,143 |
Indicated |
7.67 |
7.18 |
1.24 |
20.35 |
1,214 |
209 |
5,016 |
Measured & Indicated |
16.11 |
7.33 |
1.70 |
23.48 |
2,603 |
604 |
12,159 |
Inferred |
5.54 |
6.16 |
1.09 |
24.05 |
752 |
133 |
4,281 |
(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 4%
ZnEQ. |
(4) |
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, 2019, 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, Exploration and
Mineral Resources of the Company and accordingly, is not
independent. |
|
|
Caribou Mine – Bathurst Mining Camp
Operations
The annual Mineral Reserve statement for the
Caribou mine utilized a net smelter return cut-off-value of US$75
per tonne, which is the same cut-off as last year. Proven and
Probable Mineral Reserves tonnage decreased from 2018 with mining
depletion partially being replaced by conversion of Inferred
Mineral Resource at depth as well as the inclusion of remnant
mining areas following detailed assessments to determine a safe,
cost-effective mining methodology for these areas. The overall
Mineral Reserve grade increased due to more selective mining and to
the mining of below-average grade material in 2019. The Measured
and Indicated Mineral Resources saw an increase in tonnage, but a
slight decrease in grade which still led to an increase in
contained metal over the 2018 year-end Mineral disclosure.
Table 10. Caribou Mineral Reserves as at December 31, 2019
(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 |
1.54 |
6.83 |
2.47 |
74.00 |
232 |
84 |
3,664 |
Probable |
1.12 |
6.31 |
2.59 |
76.40 |
156 |
64 |
2,751 |
Proven & Probable |
2.66 |
6.61 |
2.52 |
75.04 |
388 |
148 |
6,417 |
(1) |
All Mineral Reserves have been estimated in accordance with 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$1.14/lb zinc, US$0.93/lb lead, US$18.33/oz silver. |
(4) |
Caribou Underground Mine Mineral Reserve estimate has been prepared
by Trevali’s Technical group and non-independent Mine engineering
consultants to the company with an effective date of December 31,
2019, under the supervision of and approved by Professional
Engineer Nick Espenberg (P.Eng.), a Qualified Person as defined in
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). Mr. Espenberg is Group Lead Business
Planning of the Company and accordingly, is not independent. |
|
|
Table 11. Bathurst Mining Camp (New Brunswick)
Mineral Resources as at December 31, 2019 (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 |
6.65 |
6.67 |
2.47 |
- |
71.93 |
- |
978 |
362 |
- |
15,379 |
- |
Indicated |
3.81 |
6.21 |
2.48 |
- |
75.16 |
- |
522 |
208 |
- |
9,207 |
- |
Measured & Indicated |
10.46 |
6.50 |
2.47 |
- |
73.11 |
- |
1,499 |
570 |
- |
24,585 |
- |
Inferred |
5.31 |
6.11 |
2.48 |
- |
74.64 |
- |
715 |
290 |
- |
12,743 |
- |
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. 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, 2019, 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 Exploration &
Mineral Resources 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.
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, 2019, 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.
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. 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 Mine
The annual Mineral Reserve estimate at the
Company’s Santander mine utilized a net smelter return
cut-off-value of US$50 per tonne which increased from a value of
US$45 used to disclose the 2018 year-end Mineral Reserves. The 2019
drill program successfully replaced mined Mineral Resources for the
year with Measured and Indicated Mineral Resources increasing in
tonnages, grade and contained metal. The 2019 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. Mineral Reserves decreased with mining
depletion as well as an increase in net smelter return cut-off
value compared to 2018 partially being offset by the increase in
Mineral Resources.
The Santander Pipe drilling program successfully
converted 0.54 million tonnes of Indicated Mineral Resources to
Measured Mineral Resources and increased total Measured and
Indicated Mineral Resources by 1.00 million tonnes for a total of
3.77 million tonnes at a grade of 6.67% Zn and a total of 554
million pounds of contained zinc metal.
Table 12. Santander Mineral Reserves as at December 31, 2019
(1,2)
|
|
GradeGrade |
MetalMetal |
Category |
Quantity |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Mt |
% |
% |
g/t |
M lbs |
M lbs |
K oz |
Santander Mine (3) |
|
|
|
|
|
|
Proven |
1.34 |
4.91 |
0.46 |
26.95 |
145 |
14 |
1,163 |
Probable |
0.51 |
4.74 |
0.22 |
19.62 |
54 |
2 |
324 |
Proven & Probable |
1.86 |
4.86 |
0.39 |
24.92 |
199 |
16 |
1,487 |
(1) |
All Mineral Reserves have been estimated in accordance with 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$50/tonne with metal prices
of: US$1.14/lb zinc, US$0.93/lb lead, US$18.32/oz
silver. |
(4) |
The Santander Magistral Mineral Reserve estimate has been prepared
by Trevali’s Technical group and non-independent Mine engineering
consultants to the company with an effective date of December 31,
2019, under the supervision of and approved by Professional
Engineer Nick Espenberg (P.Eng.), a Qualified Person as defined in
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”). Mr. Espenberg is Group Lead Business
Planning of the Company and accordingly, is not independent. |
|
|
Table 13. Santander Mine Mineral Resource as at
December 31, 2019 (1,2)
|
|
GradeGrade |
MetalMetal |
Category |
Quantity |
Zn |
Pb |
Ag |
Zn |
Pb |
Ag |
Mt |
% |
% |
g/t |
M lbs |
M lbs |
K oz |
Santander Mine (3) |
|
|
|
|
|
|
|
Measured |
2.34 |
4.98 |
0.68 |
34.63 |
257 |
35 |
2,609 |
Indicated |
1.24 |
4.72 |
0.32 |
20.53 |
129 |
9 |
816 |
Measured & Indicated |
3.58 |
4.89 |
0.55 |
29.76 |
386 |
43 |
3,425 |
Inferred |
1.07 |
3.93 |
0.24 |
24.97 |
93 |
6 |
861 |
Santander Pipe Project (4) |
|
|
|
|
|
|
|
Measured |
0.54 |
8.09 |
0.03 |
16.31 |
96 |
0 |
283 |
Indicated |
3.23 |
6.43 |
0.01 |
11.37 |
458 |
1 |
1,182 |
Measured & Indicated |
3.77 |
6.67 |
0.01 |
12.08 |
555 |
1 |
1,465 |
Inferred |
1.31 |
5.37 |
0.02 |
7.42 |
156 |
1 |
313 |
(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$1.14/lb zinc, US$0.93/lb lead,
US$18.32/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, 2019, 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, Exploration & Mineral Resources 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$1.14/lb zinc, US$0.93/lb lead, US$18.32/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, 2019, 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, Exploration & Mineral Resources of the Company and
accordingly, is not independent. |
|
|
Qualified Persons and Technical
Information
The 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 Nick Espenberg, a Qualified Person as defined by NI
43-101. Nick Espenberg (P.Eng.) is Group Lead Business
Planning 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 of Exploration & Mineral
Resources of the Company and accordingly, is not independent.
About Trevali Mining Corporation
Trevali is a global base-metals mining company,
headquartered in Vancouver, Canada. The bulk of Trevali’s revenue
is generated from base-metals mining at its four operational
assets: the 90%-owned Perkoa Mine in Burkina Faso, the 90%-owned
Rosh Pinah Mine in Namibia, the wholly-owned Caribou Mine in
northern New Brunswick, Canada and the wholly-owned Santander Mine
in Peru. In addition, Trevali owns the Halfmile and Stratmat
Properties and the Restigouche Deposit in New Brunswick, Canada,
and the past-producing Ruttan Mine in northern Manitoba, Canada.
Trevali also owns an effective 44%- interest in the Gergarub
Project in Namibia, as well as an option to acquire a 100% interest
in the Heath Steele deposit located in New Brunswick, Canada. 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.
Investor Relations Contact:Brendan Creaney –
Vice President, Investor RelationsEmail: bcreaney@trevali.com
Phone: +1 (778) 655-6070
Cautionary Note Regarding Forward-Looking Information
and Statements
This news release contains “forward-looking
information” within the meaning of Canadian securities legislation
and “forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995
(collectively, “forward-looking statements”). Forward-looking
statements are based on the beliefs, expectations and opinions of
management of the Company as of the date the statement are
published, and the Company assumes no obligation to update any
forward-looking statement, except as required by law.
Forward-looking statements relate to future events or future
performance and reflect management’s expectations or beliefs
regarding future events including, but not limited to, statements
with respect to the Company’s growth strategies, the continued
success of mineral exploration, the content, cost, timing and
results of future exploration programs and life of mine
expectancies, Trevali’s ability to fund future exploration
activities, estimation of mineral reserves and mineral resources,
the realization of mineral reserve estimates, the timing and amount
of estimated future production, costs of production and capital
expenditures, success of mining operations, environmental risks,
unanticipated reclamation expenses and title disputes or claims. In
certain cases, forward-looking statements can be identified by the
use of words such as “plans”, “expects”, “outlook”, “guidance”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates” or “believes”, or variations of such words and
phrases or statements that certain actions, events or results
“may”, “could”, “would”, “might”, “will be taken”, “occur” or “be
achieved” or the negative of these terms or comparable terminology.
By their very nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to
actual results of current exploration activities, including the
inherent uncertainty of mineral exploration and estimations of
exploration targets; changes in project parameters as plans
continue to be refined; future prices of zinc, lead, silver and
other minerals and the anticipated sensitivity of our financial
performance to such prices; possible variations in ore reserves,
grade or recoveries; dependence on key personnel; potential
conflicts of interest involving our directors and officers; labour
pool constraints; labour disputes; availability of infrastructure
required for the development of mining projects; delays or
inability to obtain governmental and regulatory approvals for
mining operations or financing or in the completion of development
or construction activities; counterparty risks; increased operating
and capital costs; foreign currency exchange rate fluctuations;
operating in foreign jurisdictions with risk of changes to
governmental regulation; compliance with governmental regulations;
compliance with environmental laws and regulations; land
reclamation and mine closure obligations; challenges to title or
ownership interest of our mineral properties; maintaining ongoing
social license to operate; impact of climatic conditions on the
Company’s mining operations; corruption and bribery; limitations
inherent in our insurance coverage; compliance with debt covenants;
competition in the mining industry; our ability to integrate new
acquisitions into our operations; cybersecurity threats;
litigation; and other risks of the mining industry including,
without limitation, other risks and uncertainties that are more
fully described in the Company’s annual information form, interim
and annual audited consolidated financial statements and
management’s discussion and analysis of those statements, all of
which are filed and available for review under the Company’s
profile on SEDAR at www.sedar.com. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. Trevali provides no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events may differ from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.
Source: Trevali Mining Corporation
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