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