VANCOUVER, BC, Feb. 26, 2021 /CNW/ - Trevali Mining
Corporation ("Trevali" or the "Company") (TSX: TV) (BVL:
TV) (OTCQX: TREVF) (Frankfurt: 4TI) announces it has
entered into a binding term sheet (the "Term Sheet") that
sets out the terms for an exploration joint venture with Arrow
Minerals ("Arrow")(ASX: AMD), wherein both parties will receive
reciprocal exploration rights to their exploration permits in the
highly prospective Boromo gold belt in Burkina Faso which is underexplored for base
metals.
The Term Sheet between the parties covers eight exploration
licences –Kikio, Kordie, Pilimpikou, Semapoun, and Viveo, (100%
Trevali portfolio); and Divole East, Divole West and Dyapya (100%
Arrow portfolio). Subject to concluding a definitive agreement in
respect of the joint venture and certain other conditions, the Term
Sheet provides for Arrow to perform gold exploration over the
Trevali permits and a reciprocal arrangement for Trevali to
undertake base metals exploration on Arrow's permits.
The area sits within the prolific Boromo Belt that hosts the
Poura, Batie West and Bissa gold
mines and Trevali's Perkoa mine along a highly favourable
structural corridor. Within the 1,024 km2 combined
permit package, known gold mineralization includes the Dassa,
Divole East, Poa and Guido advanced gold prospects.
The Term Sheet provides that the parties will enter into a
definitive agreement in respect of the exploration joint venture,
pursuant to which both Trevali and Arrow will be entitled to expand
their exploration activities as follows:
- Trevali receives the right to explore on Arrow permits in
return for a 51% interest in any base metals mineral resource
defined on Arrow's exploration permits.
- Arrow receives the right to explore on Trevali permits in
return for a 51% interest in any gold resource defined on Trevali's
permits.
- If Trevali discovers gold on an Arrow permit, Arrow will
reimburse Trevali an amount equal to two times Trevali's
exploration costs and grant Trevali a 2% NSR royalty on gold when
mined.
- If Arrow discovers base metals on a Trevali permit, Trevali
will reimburse Arrow an amount equal to two times Arrow's
exploration costs and grant Arrow a 2% NSR royalty on base metals
when mined.
- Exploration data will be shared between Trevali and Arrow.
Ricus Grimbeek, President & CEO of Trevali, stated: "I am
excited to enter into this exploration agreement with Arrow which
intends to accelerate the potential for a mineral discovery whether
it be gold, base metals or both, on our mutually underexplored
concessions. While the Boromo Belt is traditionally considered a
gold belt it does host our Perkoa mine, the only significant
zinc-silver massive sulphide mineralization discovered in the
Birimian to date. We hope to change that with the advancement of
this partnership."
ABOUT TREVALI
Trevali is a global base-metals mining Company, headquartered
in Vancouver, Canada. The
bulk of Trevali's revenue is generated from base-metals mining at
its four operational assets: the 90%-owned Perkoa Mine
in Burkina Faso, the 90%-owned Rosh Pinah Mine
in Namibia, the wholly-owned Caribou Mine in northern New
Brunswick, Canada and the wholly-owned Santander Mine
in Peru. In addition, Trevali owns the Halfmile and Stratmat
Properties and the Restigouche Deposit in New Brunswick,
Canada, and the past-producing
Ruttan Mine in northern Manitoba, Canada. Trevali also owns an effective
44%-interest in the Gergarub Project in Namibia, as well as an
option to acquire a 100% interest in the Heath Steele deposit
located in New Brunswick, Canada.
The shares of Trevali are listed on the TSX (symbol TV), the
OTCQX (symbol TREVF), the Lima Stock Exchange (symbol TV), and the
Frankfurt Exchange (symbol 4TI). For further details on Trevali,
readers are referred to the Company's website (www.trevali.com) and
to Canadian regulatory filings on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward–Looking Information and
Statements
This news release contains "forward–looking information" within
the meaning of Canadian securities legislation and "forward–looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 (collectively,
"forward–looking statements"). Forward–looking statements are based
on the beliefs, expectations and opinions of management of the
Company as of the date the statements are published, and the
Company assumes no obligation to update any forward–looking
statement, except as required by law. . In certain cases,
forward–looking statements can be identified by the use of words
such as "plans", "expects", "outlook", "guidance", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might", "will be taken", "occur" or "be achieved" or the negative
of these terms or comparable terminology. Forward–looking
statements relate to future events or future performance and
reflect management's expectations or beliefs regarding future
events including, but not limited to, statements with respect to
the proposed exploration joint venture in Burkina Faso and the Company's expectations
with respect to the exploration activities to be carried out
thereunder, the negotiation and execution of a definitive agreement
in respect of the joint venture and the satisfaction of other
conditions precedent to same.By their very nature, forward–looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward–looking statements. Such factors include, among others,
risks related to the proposed exploration joint venture in
Burkina Faso, including that the
Company may not enter into the definitive joint venture agreement
on the terms set out in the Term Sheet, or at all; the results of
exploration activities carried out pursuant to the joint venture,
including the discovery of gold or base metals deposits on the
Company's or Arrow's concessions subject to the joint venture
agreement; actual results of current exploration activities;
changes in project parameters as plans continue to be refined;
future prices of zinc, lead, silver, gold and other minerals and
the anticipated sensitivity of our financial performance to such
prices; possible variations in ore reserves, grade or recoveries;
dependence on key personnel; labour pool constraints; labour
disputes; availability of infrastructure required for the
exploration and development of mining projects; delays or inability
to obtain governmental and regulatory approvals for mining
operations or financing or in the completion of exploration,
development or construction activities; counterparty risks;
increased operating and capital costs; foreign currency exchange
rate fluctuations; operating in foreign jurisdictions with risk of
changes to governmental regulation; compliance with governmental
regulations; compliance with environmental laws and regulations;
land reclamation and mine closure obligations; challenges to title
or ownership interest of our mineral properties; maintaining
ongoing social license to operate; impact of climatic conditions on
the Company's mining operations; risks relating to epidemics or
pandemics such as COVID–19 including the impact of COVID–19 on our
business, financial condition and results of operations; corruption
and bribery; compliance with financial covenants; our ability to
raise capital; competition in the mining industry; ; litigation;
and other risks and uncertainties that are more fully described in
the Company's annual information form, interim and audited
consolidated financial statements and management's discussion and
analysis of those statements, all of which are filed and available
for review under the Company's profile on SEDAR at wwww.sedar.com.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward–looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. Trevali provides
no assurance that forward–looking statements will prove to be
accurate, as actual results and future events may differ from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward–looking statements.
SOURCE Trevali Mining Corp.