- Trigon Metals Inc. (TM) has signed a N$2 million agreement to acquire a Nambian land package licence from Otjiwa Mining and Prospecting CC
- The licence covers 5,614 hectares and is directly on the Kombat trend associated with the company’s Kombat Project
- The purchase consideration for the licence includes a cash price of N$1.75 million and the issuance of 84,129 Trigon shares worth N$250,000
- The company believes the licence represents a potential strike extension for the Kombat Project
- Trigon Metals Inc. (TM) is unchanged, trading at $0.23 per share as of 3:31 p.m. EST
Trigon Metals (TM) has signed a N$2 million agreement to acquire a prospecting licence from Namibian company Otjiwa Mining and Prospecting CC.
The licence covers 5,614 hectares which surround Trigon Metals’ Kombat and Gross Otavi projects and is directly on the Kombat trend associated with the Kombat Project. The purchase consideration for the licence includes a cash price of N$1.75 million and the issuance of 84,129 Trigon shares worth N$250,000.
The company believes the licence represents a potential strike extension for 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 program in conjunction with its ongoing exploration work on the Kombat project areas.
Jed Richardson, President and CEO of Trigon Metals, commented,
“[The licence], referred to as the Copper King extension, is an important part of the long-term future of the Kombat mine… [the] prospective strike length has numerous copper showings that Trigon is eager to test for potential economic deposits of mineralization, When surface drilling for near term open pit resources later this calendar year, drills will move to the new targets on the Copper King.”
The agreement is still subject to customary closing conditions.
Trigon Metals Inc. (TM) is unchanged, trading at $0.23 per share as of 3:31 p.m. EST.