Trigon Metals Achieves 980 tpd Milestone at Kombat Mine
Trigon Metals Reaches Significant Underground Mining Milestone
Trigon Metals Inc. (OTCQB: PNTZF) has proudly announced a major achievement in its mining operations, successfully averaging 980 tonnes of ore per day from its underground mining at the Kombat Mine in Namibia over a continuous 30-day period. This accomplishment is a testament to the company's commitment to excellence and efficient resource management.
Unprecedented Achievement in Ore Production
This milestone not only meets but exceeds the performance targets set by the streaming agreement established with Sprott Private Resource Streaming and Royalty (B) Corp. This agreement called for an average production of 900 tonnes per day from underground operations over a 30-day period. Remarkably, Trigon met this requirement 13 months ahead of the stipulated deadline. This early achievement significantly enhances the company's strategic position.
Shifting Operations Towards Underground Mining
In light of the successful underground operations, the company has decided to pause its open-pit mining activities at the Kombat Mine by the end of September 2024. Several factors supported this decision, including:
- The successful recommissioning of the underground mine, which commenced commercial production on May 23, 2024.
- The consistent ability to mine an average of 900 tonnes per day over the last month.
- The notable quality difference and substantial benefits of the underground ore compared to the open-pit operations.
- Current milling capacity limitations that restrict plant throughput to 1,000 tonnes per day, allowing for a focus on higher-grade underground ore while maintaining lower-grade stockpiles.
In anticipation of this transition, the mining contractor for the open-pit operations has been informed of the upcoming pause and will finish demobilization by late September.
Leadership Insights on Strategic Decisions
According to Trigon's CEO and Executive Chairman, Jed Richardson, this achievement signifies not only the company's ability to exceed prior production expectations but also reduces risks related to the Sprott streaming agreement. This strong performance allows Trigon to sidestep the need to convert capital advances from the streaming agreement into a loan. Jed expressed gratitude to Tulela Mining and Construction, which has been a generous partner throughout the last four years, ensuring efficient operations.
Exploring Future Prospects
Rennie Morkel, President and COO, also shared insights into the operational shifts, noting that the company faced challenges with the open-pit mining sector. The significant stripping ratio required exceeded initial forecasts. By pausing these operations, Trigon can immediately reduce operating costs and increasingly concentrate on the more valuable underground ore. This decision enhances production capabilities while promoting cost efficiency, paving the way for a more sustainable future for the company.
Company and Transfer Agent Updates
In addition to the operational updates, Trigon has appointed Odyssey Trust Company as its new registrar and transfer agent, effective immediately. This change centralizes share transfers to Odyssey's Toronto office, aiming for streamlined shareholder services.
About Trigon Metals Inc.
Trigon Metals Inc. is a publicly traded Canadian exploration and development company, focusing on copper and silver assets within resource-friendly African markets. With ongoing operations in Namibia and Morocco, Trigon holds an 80% stake in five mining licenses located in the Otavi Mountainlands, renowned for its rich copper deposits. The company is devoted to exploring and redeveloping the historic Kombat Mine, contributing to its growing footprint in the mining industry.
Frequently Asked Questions
What is the recent achievement of Trigon Metals?
Trigon Metals has achieved an average production of 980 tonnes per day from underground operations at the Kombat Mine.
When will Trigon suspend open-pit mining operations?
The company plans to pause open-pit operations by the end of September 2024.
What was required by the streaming agreement with Sprott?
The agreement demanded an average production of 900 tonnes per day from underground operations over 30 consecutive days.
Who is the new transfer agent for Trigon Metals?
Odyssey Trust Company is now the registrar and transfer agent for Trigon Metals, taking over from TSX Trust Company of Canada.
Where are Trigon's mining operations located?
Trigon operates its mining projects primarily in Namibia and Morocco, focusing on copper and silver exploration and development.
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