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Trigon Metals Inc
Symbol TM
Shares Issued 175,011,936
Close 2023-06-27 C$ 0.255
Market Cap C$ 44,628,044
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Trigon Metals receives permits for Addana in Morocco

2023-06-28 16:05 ET - News Release

Mr. Jed Richardson reports

TRIGON GRANTED PERMITS TO HIGHLY PROSPECTIVE HIGH-GRADE SILVER LEAD GROUND IN MOROCCO - ADDANA PROJECT, MOROCCO

Trigon Metals Inc. has been granted seven exclusive prospecting licences encompassing 112 square kilometres in the Addana Mountains of southern Morocco (collectively called the Addana project).

The Addana project is a silver and lead, polymetallic deposit located in a district that has seen lead and silver mining for hundreds of years. Numerous high-grade veins can be seen from surface over an area over 40 kilometres in strike length. The veins vary in length from 15 metres to 2.5 km, generally about 40 centimetres thick, often only a few metres and possibly amenable to the use of bulk open pit mining methods.

Historical mining was done using hand tools to a depth of up to 10 metres. Historical tax data from the area show that taxes were paid on 600 tonnes per year of raw ore extracted from the area, divided into three categories of material:

  • Al Quifox ore (80 per cent lead and 1,200 grams per tonne silver), Amjoute ore (65 per cent lead and 750 to 900 g/t silver) basic ore 50 per cent lead and 600 g/t silver.

Grab samples collected by Trigon from historic waste material

  • T1 -- 317 g/t silver and 22.6 per cent lead;
  • T2 -- 99 g/t silver and 9.5 per cent lead;
  • T3 -- 564 g/t silver, 24.8 per cent lead and 5.3 per cent zinc.

Jed Richardson, president and chief executive officer of Trigon Metals, commented: "The Addana project represents another example of the potential for world-class projects in Morocco. All seven permits have extensive artisanal workings showing the presence of silver lead veins. Analysis of slags from the area shows potential for material concentrations of copper, zinc and cobalt associated with silver and lead. Notably, the Addana permit area is 14 times the size of our target area at Silver Hill and the historic workings are far more pervasive."

The Addana project is located near Akka, in the province of Tata. It is located about 300 km from Agadir on the road connecting Agadir to Tata. The Addana Range was formed by an anticlinal fold in the Bani series of quartzites and schists, of Ordovician age.

Trigon has not verified the historical results contained in this press release and is not relying on them as current mineral resources or mineral reserves. Note that the grab samples are select samples and are not necessarily representative of mineralization on the Addana project. Readers are cautioned that there has been insufficient exploration by the company or its qualified person at the Addana project to define a mineral resource or mineral reserve; and it is uncertain whether further exploration will result in these targets being delineated as a mineral resource or mineral reserve.

Strategic alternatives for Moroccan assets

Trigon secured the permits for the Addana project as part of a reallocation of exploration permits in the Tata region. With the grant of the associated permits, Trigon has three years to explore before the permits must be renewed. Trigon must mobilize and establish exploration on the property within six months of their granting.

As the company develops the Addana and Silver Hill projects learning more about the size potential of each, the board of directors will explore various strategies to maximize shareholder value, including a spinout of the Morocco assets as a dividend to Trigon shareholders.

Qualified person

The technical information presented in this press release has been reviewed and approved for disclosure by Jed Diner (MSc, PGeol) is a qualified person (QP) as defined by National Instrument 43-101. Mr. Diner is independent of the company.

About Trigon Metals Inc.

Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper and silver holdings in mine-friendly African jurisdictions. Currently, the company has operations in Namibia and Morocco. In Namibia, the company holds an 80-per-cent interest in five mining licences in the Otavi Mountainlands, an area of Namibia widely recognized for its high-grade copper deposits, where the company is focused on exploration and redevelopment of the previously producing Kombat mine. In Morocco, the company is the holder of the Silver Hill project, a highly prospective copper and silver exploration project.

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