TORONTO, March 03, 2020 (GLOBE NEWSWIRE) -- Trigon Metals Inc. (TSX-V: TM) (“Trigon” or the “Company”) is pleased to announce that it has signed an amendment to its previously announced (see Trigon’s news release dated November 19, 2019) Memorandum of Understanding (“Amendment” or the “Extension”) to acquire a 100% interest in the Silver Hill Project (“Silver Hill” or the “Project”) in Morocco (the “Proposed Transaction”.)
‘Silver Hill’ refers to a 16km2 exploration project in the Anti-Atlas region of Morocco. Early basic surface exploration shows copper and silver mineralization at high grades distributed over a wide surface area.
The Amendment extends, by an additional three months, the period within which Trigon must negotiate and enter into a definitive agreement, having a new expiration date of May 19, 2020.
To date, the Company has completed a number of key requirements, including, but not limited to a management site visit in January 2020 and the completion of Trigon’s due diligence review of the Project. The team is presently preparing a National Instrument 43-101 compliant technical report on the Silver Hill property.
Jed Richardson, president and CEO of Trigon, commented: “Silver Hill is generating much excitement at Trigon. We are eager to begin our exploration work at the project. Ancient workings indicate a large mineralized area, and analysis of the slags suggest that historic mining here may have been focused on silver rather than copper. We look forward to continued business in mine-friendly Morocco as we close the Proposed Transaction and grow Trigon’s portfolio to the benefit of our valued shareholders.”
The Proposed Transaction is subject to further due diligence by Trigon, the parties negotiating and entering into a definitive agreement and obtaining of the necessary regulatory approvals, including approval of the TSX Venture Exchange.
Trigon Metals Inc.
Trigon is a publicly traded Canadian exploration and development company with its core business focused on copper operations in Namibia, one of the world’s most prospective copper regions, where it has substantial assets in place. The Company continues to hold an 80% interest in five mining licenses in the Otavi Mountain lands, an area of Namibia widely recognized for its high-grade copper deposits. Within these licences are three past producing mines including the Company’s flagship property, the Kombat Mine.
Cautionary Notes
This news release may contain forward-looking statements. These statements include statements regarding investment in and financing for the Company and the Kombat operations, the Amendment,, the Company’s ability to obtain adequate financing, the Company’s ability to closed the Proposed Transaction, the prospectivity of the Project, the Company’s ability to explore the Project and produce a NI 43-101 mineral resource estimate, the Company’s strategies and the Company’s abilities to execute such strategies, the Company’s ability to restart the Kombat operations, the Company’s expectations for the Kombat operations, and the Company’s future plans and objectives. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.