CANADIAN mining company Trigon Metals has acquired exclusive prospecting licence (EPL) 8529 in the area surrounding its Kombat and Gross Otavi projects at Otavi.
Chief executive officer Jed Richardson in a statement says the purchase consideration for the licence comprises a cash price of N$1,75 million and N$250 000 to be settled by the issuance of 84 129 Trigon shares.
“EPL8529 referred to as the Copper King Extension, is an important part of the long-term future of the Kombat mine as the 35km of prospective strike length has numerous copper showings that Trigon is eager to test for potential economic deposits of mineralisation.
“When surface drilling for near-term open-pit resources ends later this calendar year, drills will move to the new targets on the Copper King,” Richardson says.
EPL 8529, is situated on the Kombat trend, a region associated with high-grade copper and silver mineralisation, which covers an area of 5 614 hectares in the Grootfontein district of the Otjozondjupa region, between Otavi and Grootfontein.
The licence is currently held by Namibian company Otjiwa Mining and Prospecting CC, and is valid for a period of three years from 9 November 2022 to 8 November 2025.
Richardson says Trigon and its Namibian subsidiary, Trigon Mining (Namibia) (Pty) Ltd, entered an agreement with Otjiwa for the acquisition of EPL 8529 on 30 January 2023.
From a geological perspective, the licence represents a potential strike extension of the Kombat project, with various known mineral occurrences on the property.
“Trigon management has extensive knowledge of the area and plans to implement an exploration programme in conjunction with its ongoing exploration work on the Kombat project areas,” Richardson says.
The sale agreement is subject to customary closing conditions, including approval from Namibia’s minister of mines and energy, Tom Alweendo, for the transfer of the licence from Otjiwa to Trigon Mining, and the approval of the Toronto Stock
Exchange Venture Exchange.
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