VANCOUVER, BC, March 31,
2022 /CNW/ - 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, 2021.
"We are pleased to announce a 4.9 million tonne increase in our
consolidated Proven and Probable Mineral Reserves, which is a 28%
increase over the year ended 2020," said Ricus Grimbeek, President
and CEO. "Through the dedicated efforts of the team our flagship
operation, Rosh Pinah, contributed significantly to this
achievement by increasing its Mineral Reserves by 50% year over
year, and also represents a 36% increase to the Rosh Pinah
Expansion RP2.0 Feasibility Study
published in August 2021. This is a
great result as it adds 4.39 million tonnes to the existing 12.35
million tonnes of Mineral Reserves reported in that study and is
expected to extend the mine life beyond 2032. With the RP2.0 early works program underway we view
Mineral Resource and Reserve expansion as an effective and
efficient way to create value for shareholders."
The increase in Mineral Reserves at Rosh Pinah comes
predominantly from the conversion of existing Mineral Resources
through the following two factors: first, the infill drilling
program at the Eastern and the AAB Orefields; second, the expected
change to the mining method with the inclusion of paste backfill as
outlined in the Rosh Pinah Expansion RP2.0 Feasibility Study, which is anticipated to
lead to higher mining recoveries.
Highlights
- Consolidated Proven and Probable Mineral Reserves of:
-
- 2.9 billion pounds of contained zinc;
- 676 million pounds of contained lead; and,
- 19.9 million ounces of contained silver.
- Increase in tonnage by 4.9 million tonnes and contained metal
by 450 million lbs zinc is due to conversion drilling and
engineering work at Rosh Pinah partially offset by mining depletion
at Perkoa.
- Consolidated Measured and Indicated Mineral Resources of:
-
- 7.5 billion pounds of contained zinc;
- 2.1 million pounds of contained lead; and,
- 63.2 million ounces of contained silver.
- Successfully replaced due to exploration and expansion
drilling, with an increase at Rosh Pinah offsetting decreases at
the Perkoa and Caribou Mines.
- Rosh Pinah Mineral Reserves of:
-
- 2.1 billion pounds of contained zinc – an increase of
44.6%;
- 466 million pounds of contained lead – an increase of 46.0%;
and,
- 10.6 million ounces of contained silver – an increase of
39.8%.
- Increase in tonnage by 50% from the Company's December 31, 2020 statement, from 11.2 million
tonnes to 16.7 million tonnes.
- Perkoa Mineral Reserves decreased due to mining depletion and
limited conversion of Mineral Resources to Mineral Reserves. While
the Company is doing work to evaluate the cost structure of the
operation in the current zinc price environment, it is not
currently anticipated that there will be a material conversion of
existing Measured and Indicated Mineral Resources. Exploration
efforts continue.
- Caribou Mineral Reserves modestly decreased as mining depletion
was only partially offset by an increase in Net Smelter Return
(NSR) values driven by higher metal prices.
Consolidated Mineral Reserves and
Mineral Resources Statement
Consolidated Mineral Reserves and Mineral Resources statements
are summarized in Tables 1 to 3, while detailed breakdowns for each
of the mines and projects are provided 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, 2021
(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
|
0.73
|
11.31
|
-
|
-
|
181
|
-
|
-
|
Probable
|
0.23
|
9.45
|
-
|
-
|
48
|
-
|
-
|
Rosh Pinah
Mine
|
Proven
|
7.50
|
5.64
|
1.29
|
20.10
|
933
|
213
|
4,844
|
Probable
|
9.25
|
5.90
|
1.24
|
19.45
|
1,202
|
253
|
5,781
|
Caribou Mine
|
Proven
|
1.75
|
6.13
|
2.21
|
65.92
|
236
|
85
|
3,707
|
Probable
|
2.66
|
5.67
|
2.14
|
65.39
|
332
|
125
|
5,584
|
Total
|
Proven &
Probable
|
22.12
|
6.02
|
1.39
|
28.02
|
2,932
|
676
|
19,916
|
(1)
|
For additional detail
respecting the Mineral Reserve contained zinc, lead and silver
grades, see "Detailed Mineral Reserve and Mineral Resource
Disclosure" 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, 2021
(1,2,3)
|
Grade
|
Metal
|
Project
|
Category
|
Quantity
Mt
|
Zn
%
|
Pb
%
|
Ag
g/t
|
Zn
M lbs
|
Pb
M lbs
|
Ag
K oz
|
Perkoa Mine
|
Measured
|
1.51
|
12.72
|
-
|
-
|
424
|
-
|
-
|
Indicated
|
1.20
|
9.48
|
-
|
-
|
251
|
-
|
-
|
Rosh Pinah
Mine
|
Measured
|
10.84
|
7.34
|
1.87
|
28.30
|
1,755
|
447
|
9,865
|
Indicated
|
9.10
|
7.42
|
1.79
|
27.80
|
1,488
|
359
|
8,132
|
Caribou Mine
|
Measured
|
6.82
|
6.55
|
2.44
|
71.49
|
984
|
367
|
15,664
|
Indicated
|
4.91
|
6.31
|
2.49
|
75.03
|
683
|
270
|
11,846
|
Restigouche
Project
|
Measured
|
0.29
|
4.63
|
3.08
|
38.80
|
30
|
20
|
364
|
Indicated
|
0.79
|
5.19
|
3.36
|
49.07
|
91
|
59
|
1,249
|
Halfmile
Project
|
Measured
|
0.40
|
5.92
|
1.99
|
40.00
|
54
|
18
|
520
|
Indicated
|
7.40
|
7.00
|
2.37
|
35.00
|
1,146
|
389
|
8,450
|
Stratmat
Project
|
Indicated
|
4.70
|
5.30
|
2.10
|
49.00
|
550
|
214
|
7,300
|
Total
|
Measured &
Indicated
|
47.96
|
7.05
|
2.02
|
40.97
|
7,454
|
2,141
|
63,390
|
(1)
|
For additional detail
respecting the Mineral Resources contained zinc, lead and silver
grades, see "Detailed Mineral Reserve and Mineral Resource
Disclosure" within this news release. Numbers may not add due to
rounding.
|
(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, 2021 (1,2,3)
|
Grade
|
Metal
|
Project
|
Category
|
Quantity
Mt
|
Zn
%
|
Pb
%
|
Ag
g/t
|
Zn
M lbs
|
Pb
M lbs
|
Ag
K oz
|
Perkoa Mine
|
Inferred
|
0.47
|
8.51
|
0.00
|
0.00
|
88
|
-
|
-
|
Rosh Pinah
Mine
|
Inferred
|
0.78
|
8.09
|
1.41
|
47.36
|
139
|
24
|
1,183
|
Caribou Mine
|
Inferred
|
2.61
|
5.68
|
2.40
|
72.61
|
327
|
138
|
6,099
|
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
|
13.34
|
5.74
|
1.85
|
37.91
|
1,689
|
543
|
16,258
|
(1)
|
For additional detail
respecting the Mineral Resources contained zinc, lead and silver
grades, see "Detailed Mineral Reserve and Mineral Resource
Disclosure" 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.
|
Detailed Mineral Reserve and
Mineral Resource Disclosure
Rosh Pinah Mine
The conversion drilling program, along with increasing NSR
values and higher mining recoveries, successfully replaced and
exceeded the 2021 mining depletion, resulting in a 50% increase in
tonnage in Proven and Probable Mineral Reserves compared to the
2020 year-end Mineral Reserves disclosure. The Mineral Reserve zinc
grade is modestly lower than the 2020 year-end disclosure, the
decline occurred primarily due to a combination of factors
including mining higher than average Mineral Reserves grade tonnes
in 2021, as well as adding lower grade tonnage along the Eastern
Orefield and at the AAB deposit.
The Rosh Pinah Expansion "RP2.0"
Feasibility Study, which focused on evaluating an expansion
scenario to the Rosh Pinah concentrator and a change of mining
method to paste back fill, was completed in 2021 and contributed
significantly to the conversion rate of Measured and Indicated
Mineral Resource to Proven and Probable Mineral Reserves.
Approximately 50% of the increase in Mineral Reserves can be
attributed to the change in mining method along with higher NSR
values associated with higher metal prices. The remaining increase
in Mineral Reserves was the result of Mineral Resources conversion
mainly at the Eastern Orefield and the AAB Orefield.
Table 4. Rosh Pinah Mineral Reserves as at December 31, 2021 (1,2,4)
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Rosh Pinah Mine
(3)
|
|
|
|
|
|
|
|
Proven
|
7.50
|
5.64
|
1.29
|
20.10
|
933
|
213
|
4,844
|
Probable
|
9.25
|
5.90
|
1.24
|
19.45
|
1,202
|
253
|
5,781
|
Proven
& Probable
|
16.74
|
5.78
|
1.26
|
19.74
|
2,135
|
466
|
10,625
|
(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 "Rosh Pinah Expansion "RP2.0" NI 43-101 Feasibility Study"
dated August 17, 2021, 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$50/tonne, with average metal prices of: US$1.17/lb zinc,
US$1.00/lb lead, US$24.13/oz silver.
|
(4)
|
The Rosh Pinah
Underground Mine Mineral Reserve estimate has been prepared by
Trevali's Technical group with an effective date of December 31,
2021, 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 Technical Services & Exploration of the
Company and accordingly, is not independent.
|
Table 5. Rosh Pinah Mineral Resource as at December 31, 2021 (1,2,4)
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Rosh Pinah Mine
(3)
|
|
|
|
|
|
|
|
Measured
|
10.84
|
7.34
|
1.87
|
28.30
|
1,755
|
447
|
9,865
|
Indicated
|
9.10
|
7.42
|
1.79
|
27.80
|
1,488
|
359
|
8,132
|
Measured & Indicated
|
19.94
|
7.38
|
1.83
|
27.71
|
3,244
|
805
|
17,764
|
Inferred
|
0.78
|
8.09
|
1.41
|
47.36
|
139
|
24
|
1,183
|
(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 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 "Rosh Pinah Expansion "RP2.0" NI 43-101 Feasibility Study"
dated August 17, 2021, 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 with an effective date of December 31,
2021, 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 Technical Services & Exploration of the
Company and accordingly, is not independent.
|
Perkoa Mine
The annual Mineral Reserve statement for the Perkoa mine
utilized a net smelter return cut-off-value of US$90 per tonne, which is a decrease of
$10 in comparison to the 2020
year-end disclosure. The Mineral Resources are disclosed using a 5%
ZnEQ cut-off value which is the same value used as previous years.
The 2021 mine production at Perkoa resulted in a net mining
depletion of 0.70 million tonnes. Mineral Reserves decreased by
0.57 million tonnes year on year, which is less than the 2021
mining depletion, and is the result of higher NSR values associated
with higher metal prices.
While the Company is doing work to evaluate the cost structure
of the operation in the current zinc price environment and
continuing exploration, it is not currently anticipated that there
will be a material conversion of existing Measured and Indicated
Mineral Resources to Mineral Reserves in 2022.
Table 6. Perkoa Mineral Reserves as at December 31, 2021(1,2,4)
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Perkoa Mine
(3)
|
|
|
|
|
|
|
|
Proven
|
0.73
|
11.31
|
0.00
|
0.00
|
181
|
0
|
0
|
Probable
|
0.23
|
9.45
|
0.00
|
0.00
|
48
|
0
|
0
|
Proven
& Probable
|
0.96
|
10.86
|
0.00
|
0.00
|
229
|
0
|
0
|
(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 value of US$90/tonne, with
average metal prices of: US$1.39/lb zinc.
|
(4)
|
The Perkoa Underground
Mine Mineral Reserve estimate has been prepared by Trevali's
Technical group with an effective date of December 31, 2021, 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 Technical Services & Exploration of the Company and
accordingly, is not independent.
|
Table 7. Perkoa Mineral Resources as at December 31, 2021(1,2,4)
|
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Perkoa Mine
(3)
|
|
|
|
|
|
|
|
Measured
|
1.51
|
12.72
|
-
|
-
|
424
|
-
|
-
|
Indicated
|
1.20
|
9.48
|
-
|
-
|
251
|
-
|
-
|
Measured & Indicated
|
2.71
|
11.29
|
-
|
-
|
675
|
-
|
-
|
Inferred
|
0.47
|
8.51
|
-
|
-
|
88
|
-
|
-
|
(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 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 with an effective date of December 31, 2021,
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 Technical Services & Exploration 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$80 per tonne, which represents a $5 per tonne increase over the 2020 year-end
cut-off. Proven and Probable Mineral Reserves tonnage decreased
slightly from 2020 mainly due to mining depletion which was
minimized by higher NSR values driven by higher metal prices. The
overall Mineral Reserve grade decreased slightly due to the
inclusion of lower grade material in the Mineral Reserves due to
the higher NSR values.
Table 8. Caribou Mineral Reserves as at December 31, 2021 (1,2,4)
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Caribou Mine
(3)
|
|
|
|
|
|
|
|
Proven
|
1.75
|
6.13
|
2.21
|
65.92
|
236
|
85
|
3,707
|
Probable
|
2.66
|
5.67
|
2.14
|
65.39
|
332
|
125
|
5,584
|
Proven &
Probable
|
4.41
|
5.85
|
2.17
|
65.60
|
568
|
211
|
9,291
|
(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 value of
US$80/tonne with average metal prices of: US$1.25/lb zinc,
US$1.00/lb lead, US$25.00/oz silver.
|
(4)
|
Caribou Underground
Mine Mineral Reserve estimate has been prepared by Trevali's
Technical group with an effective date of December 31, 2021, 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 Technical Services & Exploration of the Company and
accordingly, is not independent.
|
Table 9. Bathurst Mining Camp (New
Brunswick) Mineral Resources as at December 31, 2021 (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
|
6.82
|
6.55
|
2.44
|
-
|
71.49
|
-
|
984
|
367
|
-
|
15,664
|
-
|
Indicated
|
4.91
|
6.31
|
2.49
|
-
|
75.03
|
-
|
683
|
270
|
-
|
11,846
|
-
|
Measured &
Indicated
|
11.73
|
6.45
|
2.46
|
-
|
72.97
|
-
|
1,667
|
636
|
-
|
27,510
|
-
|
Inferred
|
2.61
|
5.68
|
2.40
|
-
|
72.61
|
-
|
327
|
138
|
-
|
6,099
|
-
|
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 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 Trevali's technical group
with an effective date of December 31, 2021, 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 Technical
Services & Exploration 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 December 31,
2021, 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 Technical Services & Exploration 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.
|
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"). For a
description of the key assumptions, parameters and methods used to
estimate mineral reserves and resources at Trevali's material
properties, as well as data verification procedures and a general
discussion of the extent to which the estimates of scientific and
technical information may be affected by any known environmental,
permitting, legal title, taxation, sociopolitical, marketing or
other relevant factors, please see the technical reports for the
company's material properties as filed by Trevali on SEDAR
at www.sedar.com.
The Mineral Reserve and Mineral Resource estimates were prepared
under the supervision of Yan
Bourassa (M.Sc., P.Geo.), Trevali's Vice President of
Technical Services & Exploration. Mr. Bourassa is a Qualified
Person as defined by NI 43-101.
Notice to United States
Investors
Unless otherwise indicated, all mineral resource and mineral
reserve estimates included in this press release have been prepared
in accordance with NI 43-101, and the Canadian Institute of Mining,
Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on
Mineral Resources and Mineral Reserves, adopted by the CIM Council,
as amended (the "CIM Standards"). NI 43-101 contains the rules and
codes of practice developed by the Canadian Securities
Administrators that established minimum standards for all public
disclosure of scientific and technical information an issuer makes
concerning mineral projects. The terms "mineral reserve", "proven
mineral reserve" and "probable mineral reserve" are Canadian mining
terms as defined in accordance with NI 43-101 and the CIM
Standards. These definitions differ materially from the definitions
in the U.S. Securities and Exchange Commission ("SEC") Industry
Guide 7 ("SEC Industry Guide 7") under the United States Securities
Exchange Act of 1934, as amended. Under the SEC Industry Guide 7
standards, a "final" or "bankable" feasibility study is required to
report reserves, the three-year historical average price is used in
any reserve or cash flow analysis to designate reserves, and the
primary environmental analysis or report must be filed with the
appropriate governmental authority. In addition, the terms "mineral
resource", "measured mineral resource", "indicated mineral
resource" and "inferred mineral resource" are defined in and
required to be disclosed by NI 43-101 and the CIM Standards;
however, these terms are not defined terms under SEC Industry Guide
7 and are normally not permitted to be used in reports and
registration statements filed with the SEC. Investors are cautioned
not to assume that all or any part of mineral deposits in these
categories will ever be converted into reserves. Actual recoveries
of mineral products may differ from reported mineral reserve and
mineral resource estimates due to inherent uncertainties in
acceptable estimating techniques. In particular, inferred mineral
resources have a great amount of uncertainty as to their existence,
and great uncertainty as to their economic and legal feasibility.
It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of inferred mineral resources may not form the
basis of feasibility or pre-feasibility studies, except in very
limited circumstances. Investors are cautioned not to assume that
all or any part of an inferred mineral resource exists or is
economically or legally mineable. Disclosure of "contained metal"
in a resource is permitted disclosure under Canadian regulations;
however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards
as in place tonnage and grade without reference to unit measures.
Mineral resources may be affected by further infill and exploration
drilling that may result in increases or decreases in subsequent
resource estimates. Mineral resources may also be affected by
subsequent assessments of mining, environmental, processing,
permitting, taxation, socio-economic, and other factors. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. Investors are cautioned not to assume that all
or any part of the mineral deposits in these categories will ever
be converted into proven and probable mineral reserves. For the
above reasons, information contained in this news release
containing descriptions of the Company's mineral deposits may not
be comparable to similar information made public by United States companies subject to the
reporting and disclosure requirements under the United States federal securities laws and
the rules and regulations thereunder.
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 zinc and lead concentrate
production at its three operational assets: the 90%-owned Perkoa
Mine in Burkina Faso, the
90%-owned Rosh Pinah Mine in Namibia, and the wholly owned Caribou Mine in
northern New Brunswick, Canada. In
addition, Trevali owns the Halfmile and Stratmat Properties and the
Restigouche Deposit in New Brunswick,
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 company's growth strategy is focused on the
exploration, development, operation, and optimization of properties
within its portfolio, as well as other mineral assets it may
acquire that fit its strategic criteria. Trevali's vision is to be
a responsible, top-tier operator of long-life, low-cost mines in
stable pro-mining jurisdictions. Trevali is committed to socially
responsible mining, working safely, ethically, and with integrity.
Integrating responsible practices into its management systems,
standards, and decision-making processes is essential to ensuring
everyone and every community's long-term sustainability.
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.
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. 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. 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. 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, including any new or ongoing
decrees and regulations issued by any governmental authority in
response to the COVID-19 pandemic; 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