Safi Silver Corp. (PNTZF) reports developments for a Canadian exploration and development company focused on copper and silver holdings in African jurisdictions. Recent updates center on the company’s transition from Trigon Metals to Safi Silver, including the short-form amalgamation with its Safi Silver subsidiary, the TSX Venture ticker change to SF, and an unchanged OTC Pink symbol.
Company news also covers the Moroccan exploration portfolio, including the Addana silver-bearing polymetallic vein project and the Silver Hill sedimentary copper prospect, along with the Kalahari Copperbelt Project in Namibia. Other recurring disclosures include shareholder meeting results, equity incentive plans, ownership changes, and funding tied to the completed divestiture of Kombat Mine interests.
Trigon Metals Inc. announced the successful completion of conditions precedent for a US$5 million credit facility with IXM SA to restart the Kombat mine. The first tranche of US$2.5 million will be drawn immediately, with the second tranche expected in December 2021. Additionally, an offtake agreement for copper concentrate has been signed with IXM. The Kombat Project has historically produced 12.46 million tonnes of copper. The company anticipates commissioning the plant in December 2021 and expects to produce first concentrates in early 2022.
Trigon Metals Inc. (TSXV:TM) announced significant drilling results from its Kombat Mine project in Namibia. Recent geotechnical drilling intercepted high-grade copper mineralization, with notable results including an 8m intersection of 6.56% Cu and 5m of 9.15% Cu. These findings suggest potential increases in both resource tonnes and deposit grade, enhancing the viability of the planned open pits. The company holds a strong position in the Otavi Mountainlands, having produced over 12.46 million tonnes of copper historically. The project is still in a developmental phase, with further exploration expected.
Trigon Metals has entered into a $5 million credit agreement with IXM SA to finance the restart of the Kombat Mine in Namibia. This facility will be used for capital and operating expenses and will be drawn in two tranches of $2.5 million. IXM will acquire 100% of the copper concentrate produced from the mine, with first production expected in early 2022. Trigon's CEO, Jed Richardson, highlights the significance of this partnership for the company's growth and future operations.
Trigon Metals Inc. has resumed production at the Kombat Mine in Namibia after a 14-year closure. The first blast took place on October 19, 2021, marking a significant milestone for the company and its shareholders. The Kombat Copper Project, covering over 7,500 ha, previously produced approximately 12.46 million tonnes of copper from 1962 to 2008 at a grade of 2.62%. The company also holds additional exploration licenses in Namibia and Morocco, focusing on copper and silver.
Trigon Metals has provided an update on its Silver Hill project in Morocco. The company is preparing for a resumption of drilling in December 2021 after completing drilling in early 2021. Recent activities include detailed topographic surveys, geochemical sampling, and planning for a ground geophysical survey to explore potential mineral connections. The trench reported high grades of copper and silver, indicating a significant mineralized strike length. Trigon has also welcomed an experienced geologist, Jed Diner, to enhance its exploration team.
Trigon Metals Inc. has announced that Tulela Mining & Construction CC has commenced mining establishment at the Kombat Mine in Namibia. Tulela has set up an operational base including refurbished offices and workshops, with mining equipment already delivered. Initial work involves topsoil clearing and employee training, with open pit mining expected to start by October 2021. The Kombat Copper Project, Trigon's flagship, holds significant copper production history and prospective areas for lead and zinc. The company maintains a focus on copper and silver exploration.
Trigon Metals has filed an updated NI 43-101 technical report for the Kombat copper project in Namibia, showing a significant increase in mineral resources. The report indicates an Indicated Mineral Resource of 12.22 million tonnes and an Inferred Mineral Resource of 1.91 million tonnes, reflecting a 66% increase from previous estimates. The comprehensive resource estimate, which incorporates advanced geological analysis, is projected to support operations for over 20 years. The technical report is available on both SEDAR and Trigon's website.
Trigon Metals Inc. plans a non-brokered private placement of up to 12,500,000 units at $0.40 per unit, aiming for gross proceeds of $5,000,000. Each unit includes one common share and one-half warrant, with warrants exercisable at $0.50 for two years. The offering’s close is anticipated around September 10, 2021, pending regulatory approvals. Proceeds will fund the recommencement of mining at the Kombat mine and support working capital. Trigon holds significant mining interests in Namibia and Morocco, focusing on copper and silver exploration.
Trigon Metals Inc. has announced the completion of manufacturing long lead equipment items for the Kombat processing plant, contracted to Yantai Xinhai Industry & Trade Co., Ltd. Equipment will be shipped from China to Namibia soon, with other local orders also nearing completion. The project is on schedule for plant commissioning by year-end, with significant progress reported on refurbishment. The Kombat Mine, noted for its copper production, is a key asset for Trigon, which also operates in Morocco.
Trigon Metals Inc. has signed a Power Supply Agreement with CENORED, ensuring a stable power supply for the Kombat Mine in Namibia. This agreement follows earlier commitments for power infrastructure installation, with preliminary work already in progress. CEO Jed Richardson emphasized the partnership's significance for the Kombat mine's restart efforts and the benefits for the Kombat Village. The Kombat project has a historical production of approximately 12.46 million tonnes of copper, highlighting its importance in Trigon's operations.