Trevali Mining Corporation ("Trevali" or the "Company") (TSX:TV) (TSX:TV.WT)
(LMA:TV) (OTCQX:TREVF) (FRANKFURT:4TI) provides an update on activities at its
Halfmile and Stratmat Polymetallic Deposits in the Bathurst Mining Camp of New
Brunswick, Canada.
The following work programs, designed to build upon the 2010 Halfmile-Stratmat
Preliminary Economic Assessment Study (the "2010 PEA") completed by Tetra Tech
Wardop engineers, are in progress at Halfmile and Stratmat:
-- ongoing Geotechnical and Resource Definition Drilling
-- ongoing Environmental baseline studies conducted by Stantec Consulting
-- ongoing Archeological Impact Assessment conducted by Stantec Consulting
-- ongoing Tailings basin study initiated at Stratmat conducted by Stantec
Consulting
The aim of the above programs is to provide added confidence and additional
information required to make a technical decision on the potential of the
deposits to support a new stand-alone milling facility. Data will be used to
update the 2010 PEA.
The Company's current strategy for its Bathurst Mining Camp projects is as follows:
Short-Term (approx. 12-24 months): Complete re-start of the Caribou Mine Project
through the reactivation of the 3,000 tonne-per-day Caribou Mill Complex and the
associated underground deposit. If warranted and economically viable, potential
incremental or 'make-up' mineral feed sourced from the Halfmile deposit on a
short-term basis may be used to enhance mill performance while the Company
sufficiently expands its current Caribou underground infrastructure in order to
sustain steady-state 3,000 tonne-per-day mining operations. The Caribou deposit
remains open for expansion primarily at depth and the Company classifies the
exploration potential on the large property package as good to excellent.
Long-Term (approx. 5 years-plus): The Company continues to advance studies on
both its Halfmile and Stratmat Projects in order to ascertain if they will
support a second stand-alone milling facility in the Bathurst Mining Camp.
Details on these initial and ongoing work programs are provided below and upon
completion will be utilized to update the current PEA study.
The Company cautions that any production plans at Caribou and Halfmile-Stratmat
are based only on Indicated and Inferred Mineral Resources and not Mineral
Reserves, as neither Caribou nor Halfmile-Stratmat have demonstrated economic
viability. Inferred Mineral Resources are considered too speculative
geologically to have the economic considerations applied to them that would
enable them to be categorized as Mineral Reserves, and there is therefore no
certainty that the conclusions of any production plans and preliminary economic
assessment ("PEA") will be realized.
DETAILS
HALFMILE MINE
Trevali recently completed two programs of drilling for a total of 5,025 metres
in 15 holes on its Halfmile Mine project that currently hosts a NI-43-101
indicated resource of 6.26 million tonnes grading 8.1% zinc, 2.6% lead, 0.2%
copper and 30.8 g/tonne silver, plus additional inferred resources of 6.08
million tonnes grading 6.7% zinc, 1.8% lead, 0.14% copper and 20.5 g/tonne
silver (Figure 1).
The program targeted the lower portion of the Upper Zone and upper portion of
the Lower Zone, and was successful in gaining confidence and detail in the
resource at tighter spacings (Figure 2). Final assay results for the Upper Zone
drilling are shown in Table 1. Final assay results for the Lower Zone drilling
are pending. In 2012, the upper portion of the Upper Zone underwent trial mining
of approximately 125,000 tonnes of mineralized material that was toll-milled at
the nearby Brunswick 12 Mill and produced saleable zinc, lead-silver and
copper-gold concentrates.
Results from this drill program will assist in Halfmile Mine planning and
development for potential future production from a combined Halfmile-Stratmat
processing complex.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/trevali1.jpg.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/trevali2.jpg.
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Interval Ag Au
Hole ID From (m) To (m) (m) Zn (%) Pb (%) (g/tonne) (g/tonne) Cu (%)
----------------------------------------------------------------------------
HK13-19 172.78 174.94 2.16 11.89 5.06 103.19 0.47 0.26
----------------------------------------------------------------------------
HK13-20 189.72 193.96 4.24 6.90 3.55 68.36 0.34 0.13
----------------------------------------------------------------------------
HK13-21 194.70 203.50 8.80 7.72 2.46 63.93 0.46 0.36
----------------------------------------------------------------------------
HK13-22 224.30 224.60 0.30 6.51 2.83 51.30 0.13 0.19
----------------------------------------------------------------------------
HK13-23 203.95 212.97 9.02 2.84 0.66 18.28 0.61 0.52
----------------------------------------------------------------------------
HK13-24 236.97 242.07 5.10 3.66 1.36 23.58 0.19 0.08
----------------------------------------------------------------------------
HK13-25 299.92 301.41 1.49 8.73 3.34 57.20 0.27 0.08
----------------------------------------------------------------------------
HK13-26 278.27 281.59 3.32 6.73 1.89 25.12 0.22 0.25
----------------------------------------------------------------------------
HK13-27 179.56 188.42 8.86 5.38 1.31 32.18 0.38 0.30
----------------------------------------------------------------------------
STRATMAT DEPOSIT
In mid-July 2013, a drill program commenced on the Company's Stratmat Deposit
that currently hosts a NI-43-101 inferred resource of 5.5 million tonnes grading
6.1% zinc, 2.6% lead, 0.4% copper, 54 g/tonne silver and 0.6 g/tonne gold.
The program consisted of 5,510 metres in 18 drill holes and was designed to
(Figure 3):
-- increase confidence in the current resource, specifically in the upper
sections (top 200 metres) of the south west portion of the multi-lens
deposit;
-- gain initial geotechnical information;
-- provide drill holes for groundwater monitoring studies; and
-- gather additional geological and structural data
Details of the 2013 Phase-one Stratmat drill program are displayed in Figure 4
and summarized in Table 2. A second phase of resource definition drilling
(approx. 25,000 metres) was initiated in October 2013 and was designed to:
-- convert currently defined resources from the inferred to indicated
category through increased drill density; and
-- collect sufficient geotechnical, environmental and metallurgical data to
facilitate a detailed and updated PEA study.
Work on this second-phase Stratmat drill program is ongoing and results are pending.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/trevali3.jpg.
To view Figure 4, please visit the following link:
http://media3.marketwire.com/docs/trevali4.jpg.
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From To Interval Zn Pb Ag Au Cu Zone
Hole ID (m) (m) (m) (%) (%) (g/tonne) (g/tonne) (%) ID
----------------------------------------------------------------------------
ST-732 46.23 47.24 1.01 5.14 2.07 13.20 0.16 0.58 25
----------------------------------------------------------------------------
ST-734 156.42 158.03 1.61 4.63 2.54 32.00 0.16 0.17 25
----------------------------------------------------------------------------
ST-735 43.18 44.73 1.55 4.44 2.5 17.1 0.08 0.16 45
-------------------------------------------------------------------
94 97.54 3.54 1.54 0.62 9.77 0.1 0.11 15
-------------------------------------------------------------------
137.26 142.69 5.43 2.23 0.98 39.88 0.46 0.11 25
----------------------------------------------------------------------------
ST-736 191.94 192.97 1.03 6.32 4.16 68.70 0.45 0.60 25
----------------------------------------------------------------------------
ST-737 48 48.31 0.31 5.27 3.07 29.5 0.07 0.03 45
-------------------------------------------------------------------
107.74 111.74 4.00 0.16 0.07 1.62 0.04 0.06 15
-------------------------------------------------------------------
202.6 207.85 5.25 2.13 1.14 18.31 0.31 0.14 10
----------------------------------------------------------------------------
ST-738 94.40 101.14 6.74 5.57 2.96 18.47 0.20 0.38 15
-------------------------------------------------------------------
49.11 54.46 5.35 8.87 3.41 47.32 0.77 0.82 45
----------------------------------------------------------------------------
ST-739 237.98 243.85 5.87 2.52 1.27 18.68 0.37 0.16 25
-------------------------------------------------------------------
271 274.36 3.36 1.08 0.54 12.38 0.09 0.12 20
----------------------------------------------------------------------------
ST-740 50.5 54.83 4.33 4.44 2.51 8.54 0.09 0.1 45
-------------------------------------------------------------------
103.3 103.6 0.3 15.73 8.58 79 0.25 0.5 15
-------------------------------------------------------------------
160.9 161.2 0.3 22.5 10.23 51.6 2.73 2.15 25
----------------------------------------------------------------------------
ST-741 163.45 164.52 1.07 7.16 3 10.3 0.11 0.15 45
-------------------------------------------------------------------
234.62 241.38 6.76 1.8 0.87 19.84 0.14 0.22 25
----------------------------------------------------------------------------
ST-742 220.98 230.9 9.92 3.16 1.54 14.61 0.1 0.22 45
-------------------------------------------------------------------
287.63 288.02 0.39 5.65 3.12 31.90 0.18 0.30 15
-------------------------------------------------------------------
328.1 328.46 0.36 29.78 12.96 112 0.48 1.75 10
-------------------------------------------------------------------
395.22 396.41 1.19 21.54 9.75 220 1.52 0.44 20
----------------------------------------------------------------------------
ST-743 270.2 277 6.8 10.64 4.18 37.29 0.83 0.73 25
-------------------------------------------------------------------
308.26 312.27 4.01 2.84 1.5 25.4 0.13 0.15 20
----------------------------------------------------------------------------
ST-744 254.76 256.4 1.64 0.4 0.15 5.2 0.13 0.37 45
-------------------------------------------------------------------
285.91 290.73 4.82 7.87 3.68 59.41 0.36 0.7 15
-------------------------------------------------------------------
318.75 320.77 2.02 0.34 0.17 2.35 0.05 0.05 25
-------------------------------------------------------------------
382.69 386.64 3.95 2.07 0.71 21.24 0.24 0.19 20
----------------------------------------------------------------------------
ST-745 276.63 280.12 3.49 0.63 0.17 3.42 0.05 0.04 25
----------------------------------------------------------------------------
ST-746 363.36 366.8 3.44 2.06 0.61 8.82 0.11 0.35 15
-------------------------------------------------------------------
419.12 420.12 1 4.38 1.45 25.75 0.67 0.55 10
-------------------------------------------------------------------
491.28 493.74 2.46 2.30 0.56 20.95 0.53 0.30 20
-------------------------------------------------------------------
585.12 596.89 11.77 1.03 0.15 2.34 0.05 0.03 30
-------------------------------------------------------------------
683.37 684.00 0.63 4.33 0.37 12.10 0.45 0.90 40
----------------------------------------------------------------------------
ST-748 376.18 383.37 7.19 8.87 2.71 66.13 0.46 0.23 25
----------------------------------------------------------------------------
As previously announced in 2011-12, Trevali successfully completed a drill
program on the Stratmat Main Zone that is located approximately one kilometre
northeast of the current drilling. See News Releases February 6, 2012
(TV-NR-12-04), April 12, 2012 (TV-NR-12-11) and June 6, 2012 (TV-NR-12-15).
Results from all three drill programs will be used for an updated NI 43-101
resource estimate planned for H2-2014.
In support of an Environmental Impact Assessment study for the Stratmat site, an
Archeological Impact Assessment was initiated in 2012 by Stantec Consulting and
is ongoing. This study includes a review of the area surrounding the
preliminarily planned mine site. Additionally a review of the site hydrology is
also underway and will be used to evaluate potential tailings dam options.
Further geotechnical, environmental and metallurgical studies required for the
PEA will be carried out in early 2014.
OTHER NEWS
The Company also confirms that today it has filed an amended National Instrument
43-101 report entitled "Independent Technical Report for the Caribou Massive
Sulphide Project, Bathurst, New Brunswick, Canada", prepared by SRK Consulting
(Canada) Inc. to, among other things, expand on the infrastructure located at
the Caribou Project.
Qualified Person and Quality Control/Quality Assurance
EurGeol Dr. Mark D. Cruise, Trevali's President and CEO and M. Dayle Rusk,
P.Geo, Trevali's Director, Geology, are qualified persons as defined by NI
43-101, have supervised the preparation of the scientific and technical
information that forms the basis for this news release. Dr. Cruise is not
independent of the Company, as he is an officer, director and shareholder. Ms.
Rusk is not independent of the Company as she is an officer and shareholder.
In the case of the Halfmile drill program, on-site personnel rigorously
collected and tracked samples which were then security sealed and shipped to
Activation Laboratories Ltd. ("Actlabs") preparation facility in Fredericton,
New Brunswick. Following preparation, the samples are sent to Actlabs in
Ancaster, Ontario for assay. In the case of the Stratmat drill program, on-site
personnel rigorously collected and tracked samples which were then security
sealed and shipped to Acme Analytical Laboratories Ltd. ("AcmeLabs") preparation
facility in Timmins, Ontario. Following preparation, the samples are sent to
AcmeLabs in Vancouver, British Columbia for assay. Quality control systems of
both ActLabs and AcmeLabs comply with the requirements for the International
Standards ISO 9001:2000 and ISO 17025: 1999. Analytical accuracy and precision
are monitored by the analysis of reagent blanks, reference material and
replicate samples. Quality control is further assured by the use of
international and in-house standards. Blind certified reference material is
inserted at regular intervals into the sample sequence by Trevali personnel in
order to independently assess analytical accuracy.
ABOUT TREVALI MINING CORPORATION
Trevali is a zinc-focused base metals mining company with operations in Canada
and Peru.
In Peru, the Company has commenced commissioning and concentrate production at
its Santander zinc-lead-silver mine and metallurgical plant with subsequent ramp
up to 2,000-tonnes-per-day production scheduled in December 2013. The Company
anticipates declaring Commercial Production at the Santander Mine shortly.
In Canada, Trevali owns the Caribou mine and mill, Halfmile mine and Stratmat
polymetallic deposit all located in the Bathurst Mining Camp of northern New
Brunswick. Initial trial production from the Halfmile underground mine was
successfully undertaken in 2012 and the Company anticipates commencing
operations at its 3,000-tonne-per-day Caribou Mill Complex in 2014.
All of the Company's deposits remain open for expansion.
The common shares of Trevali are listed on the TSX (symbol TV), the OTCQX
(symbol TREVF) and on the Lima Stock Exchange (symbol TV). Certain warrants to
purchase common shares of Trevali are listed on the TSX (symbol TV.WT). For
further details on Trevali, readers are referred to the Company's web site
(www.trevali.com) and to Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
TREVALI MINING CORPORATION
Mark D. Cruise, President
This news release contains "forward-looking statements" within the meaning of
the United States private securities litigation reform act of 1995 and
"forward-looking information" within the meaning of applicable Canadian
securities legislation. Statements containing forward-looking information
express, as at the date of this news release, the Company's plans, estimates,
forecasts, projections, expectations, or beliefs as to future events or results
and the company does not intend, and does not assume any obligation to, update
such statements containing the forward-looking information. Such forward-looking
statements and information include, but are not limited to statements as to: the
accuracy of estimated mineral reserves and resources, anticipated results of
future exploration, and forecast future metal prices, anticipated results of
future electrical sales and expectations that environmental, permitting, legal,
title, taxation, socio-economic, political, marketing or other issues will not
materially affect estimates of mineral reserves. These statements reflect the
Company's current views with respect to future events and are necessarily based
upon a number of assumptions and estimates that, while considered reasonable by
the Company, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
These statements reflect the Company's current views with respect to future
events and are necessarily based upon a number of assumptions and estimates
that, while considered reasonable by the company, are inherently subject to
significant business, economic, competitive, political and social uncertainties
and contingencies. Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different from the
results, performance or achievements that are or may be expressed or implied by
such forward-looking statements contained in this news release and the company
has made assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation: fluctuations in spot and forward
markets for silver, zinc, base metals and certain other commodities (such as
natural gas, fuel oil and electricity); fluctuations in currency markets (such
as the Peruvian sol versus the U.S. dollar); risks related to the technological
and operational nature of the Company's business; changes in national and local
government, legislation, taxation, controls or regulations and political or
economic developments in Canada, the United States, Peru or other countries
where the Company may carry on business in the future; risks and hazards
associated with the business of mineral exploration, development and mining
(including environmental hazards, industrial accidents, unusual or unexpected
geological or structural formations, pressures, cave-ins and flooding); risks
relating to the credit worthiness or financial condition of suppliers, refiners
and other parties with whom the Company does business; inadequate insurance, or
inability to obtain insurance, to cover these risks and hazards; employee
relations; relationships with and claims by local communities and indigenous
populations; availability and increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and development, including
the risks of obtaining necessary licenses and permits and the presence of laws
and regulations that may impose restrictions on mining,; diminishing quantities
or grades of mineral reserves as properties are mined; global financial
conditions; business opportunities that may be presented to, or pursued by, the
Company; the Company's ability to complete and successfully integrate
acquisitions and to mitigate other business combination risks; challenges to, or
difficulty in maintaining, the Company's title to properties and continued
ownership thereof; the actual results of current exploration activities,
conclusions of economic evaluations, and changes in project parameters to deal
with unanticipated economic or other factors; increased competition in the
mining industry for properties, equipment, qualified personnel, and their costs.
Investors are cautioned against attributing undue certainty or reliance on
forward-looking statements. Although the Company has attempted to identify
important factors that could cause actual results to differ materially, there
may be other factors that cause results not to be as anticipated, estimated,
described or intended. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements or information to reflect
changes in assumptions or changes in circumstances or any other events affecting
such statements or information, other than as required by applicable law.
Trevali's production plans at Caribou-Halfmile-Stratmat and Santander are based
only on Indicated and Inferred Mineral Resources and not Mineral Reserves and do
not have demonstrated economic viability. Inferred Mineral Resources are
considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral Reserves,
and there is therefore no certainty that the conclusions of the production plans
and Preliminary Economic Assessment (PEA) will be realized. Additionally where
Trevali discusses exploration/expansion potential, any potential quantity and
grade is conceptual in nature and there has been insufficient exploration to
define a mineral resource and it is uncertain if further exploration will result
in the target being delineated as a mineral resource.
We advise US investors that while the terms "measured resources", "indicated
resources" and "inferred resources" are recognized and required by Canadian
regulations, the US Securities and Exchange Commission does not recognize these
terms. US investors are cautioned not to assume that any part or all of the
material in these categories will ever be converted into reserves.
This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities
described herein have not been and will not be registered under the United
States Securities Act of 1933, as amended, or the securities laws of any state
and may not be offered or sold within the United States, absent such
registration or an applicable exemption from such registration requirements.
The TSX has not approved or disapproved of the contents of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Trevali Mining Corporation
Steve Stakiw, Vice President, Investor Relations
and Corporate Communications
(604) 488-1661 or Direct: (604) 638-5623
sstakiw@trevali.com
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