After discovering new ultra high-grade copper mineralization at the Kombat Project in Namibia, Trigon Metals (TSXV: TM) has successfully completed its credit agreement with Sprott Mining.
On May 17, Trigon reported the discovery of multiple intercepts containing 4.4% Cu, with up to a staggering 10.1% Cu. Drilling at the Central Pit SW extension has outlined newly discovered mineralization that is expected to be incorporated into a mining plan that will result in the expansion of the planned central pit. The results illustrate continuity of the mineralization with a structure that runs the length of the central pit.
Sprott has lent Trigon US$2.5 million to put towards operating expenses at the Kombat Mine. The loan is considered a non-arm’s length transaction, as Eric Sprott owns 31 million common shares of $TM.v (Approximately 18% of the outstanding shares).
$TM.v is currently recovering from a big dip in late April / early May, trading for a steep discount at $.205. The company is currently valued at an MCAP of CAD $34.78 million.
As Trigon is currently shipping out concentrate from the Kombat mine, where it has multiple tonnes of copper concentrate stockpiled, I expect to hear updated revenue figures from the company before the end of this quarter. This will be a big catalyst to keep an eye out for.
https://ceo.ca/@businesswire/high-grade-drill-results-define-new-zone-beside-kombat