VANCOUVER, BC, March 31, 2021 /CNW/ - Trevali Mining
Corporation ("Trevali" or the "Company") (TSX: TV) (BVL: TV)
(OTCQX: TREVF) (Frankfurt: 4TI)
reports its Mineral Reserves and Mineral Resources statements
as of December 31, 2020.
"We are very encouraged with the continued growth of the Mineral
Resources statement" said Ricus Grimbeek, President and CEO. "Rosh
Pinah and Caribou both materially added to our Mineral Reserves and
our strategy of focusing on near-mine exploration and resource
conversion drilling continued to deliver growth in respect to
Mineral Resources during 2020.
Globally, Trevali successfully increased its Measured and
Indicated Mineral Resources base by 3% at our four producing
operations. With exploration drilling restarted in late 2020 at
three of our four operations we look forward to providing further
positive updates on exploration and mine optimization efforts over
the course of the year."
Highlights
- Exploration and Expansion drilling successfully replaced and
increased global Zinc Measured and Indicated Resources, with growth
coming specifically from the Rosh Pinah and Caribou Mines:
-
- Measured and Indicated Mineral Resources increased by 3% over
the prior year to 8.4 billion pounds (3.8 million tonnes) of
contained zinc.
- Inferred Mineral Resources reduced by 4.7 million tonnes as
inferred category material was converted and upgraded to Measured
and Indicated Mineral Resources.
- Lead and Silver resources also increased:
-
- Measured and Indicated Mineral Resources increased to 2.2
billion pounds (1.0 million tonnes) of contained lead and 67
million ounces of contained silver.
- Inferred Mineral Resources include an additional 0.7 billion
lbs (0.3 million tonnes) of contained lead and 19.9 million ounces
of contained silver.
- Proven and Probable Mineral Reserves are:
-
- 2.5 billion pounds (1.2 million tonnes) of contained zinc.
- 553 million pounds (0.3 million tonnes) of contained lead.
- 18.2 million ounces of contained silver.
- Proven and Probable Mineral Reserves have increased globally by
1.5 million tonnes and grades have reduced marginally due to an
increase in Net Smelter Return value resulting from reduced offsite
costs and increased metal price forecasting.
- A reduction in offsite costs and an increase in metal price
forecasting resulted in an increase in value across all operations.
At both Rosh Pinah and Caribou, the increase in value and upgrading
of resources more than offset the depletion, and the reserve
tonnage increased by 1.4 million tonnes and 1.9 million tonnes
respectively
Consolidated Mineral Reserves and Mineral Resources
Statement
Consolidated Mineral Reserves and Mineral Resources statements
are summarized in Tables 1 to 3, while detailed breakdowns for each
of the mines (Santander, Caribou, Perkoa and Rosh Pinah) and
projects (Restigouche, Halfmile,
Stratmat and Santander Pipe) are
provided in the detailed section. Mineral Resources in this
document are reported inclusive of Mineral Reserves.
Table 1. Total Proven & Probable Mineral Reserves as of
December 31, 2020
(1,2)
|
|
|
Grade
|
Metal
|
Mine
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Perkoa
Mine
|
Proven &
Probable
|
1.53
|
11.94
|
-
|
-
|
403
|
-
|
-
|
Rosh Pinah
Mine
|
Proven &
Probable
|
11.19
|
5.98
|
1.29
|
21.11
|
1,476
|
319
|
7,599
|
Caribou
Mine
|
Proven &
Probable
|
4.51
|
6.06
|
2.30
|
70.14
|
603
|
229
|
10,175
|
Santander
Mine
|
Proven &
Probable
|
0.65
|
4.29
|
0.31
|
21.26
|
61
|
4
|
443
|
Total
|
Proven &
Probable
|
17.88
|
6.45
|
1.40
|
31.68
|
2,543
|
553
|
18,217
|
(1)
|
For additional detail
respecting the Mineral Reserve contained zinc, lead and silver
grades, see "Detailed Mineral Reserve and Mineral Resource Disclosure" within this news
release.
|
(2)
|
The M lbs (million
pounds) and K oz (thousand ounces) contained metals is the total
Proven + Probable Mineral Reserve estimation of all the mines on a 100% basis.
Trevali's ownership interest is 90% of Perkoa and 90% of Rosh
Pinah.
|
Table 2. Total Measured & Indicated Mineral Resources as of
December 31, 2020
(1,2,3)
|
|
|
Grade
|
Metal
|
Project
|
Category
|
Quantity
Mt
|
Zn
%
|
Pb
%
|
Ag
g/t
|
Zn
M lbs
|
Pb
M lbs
|
Ag
K oz
|
Perkoa
Mine
|
Measured &
Indicated
|
3.54
|
11.98
|
-
|
-
|
936
|
-
|
-
|
Rosh Pinah
Mine
|
Measured &
Indicated
|
18.13
|
7.50
|
1.87
|
27.71
|
2,997
|
748
|
16,148
|
Caribou
Mine
|
Measured &
Indicated
|
12.52
|
6.52
|
2.47
|
73.25
|
1,799
|
682
|
29,476
|
Santander
Mine
|
Measured &
Indicated
|
2.71
|
4.66
|
0.49
|
26.42
|
278
|
29
|
2,302
|
Santander Pipe
Project
|
Measured &
Indicated
|
3.48
|
6.59
|
0.02
|
12.41
|
506
|
2
|
1,388
|
Restigouche
Project
|
Measured &
Indicated
|
1.08
|
5.00
|
3.30
|
46.30
|
119
|
79
|
1,613
|
Halfmile
Project
|
Measured &
Indicated
|
7.80
|
6.94
|
2.35
|
36.00
|
1,199
|
407
|
8,980
|
Stratmat
Project
|
Indicated
|
4.70
|
5.30
|
2.10
|
49.00
|
550
|
214
|
7,300
|
Total
|
Measured &
Indicated
|
53.96
|
7.05
|
1.82
|
38.74
|
8,384
|
2,160
|
67,208
|
(1)
|
For additional detail
respecting the Mineral Resources contained zinc, lead and silver
grades, see "Detailed Mineral Reserve and Mineral Resource Disclosure" within this news
release.
|
(2)
|
All Mineral Resources
referred to in this news release are inclusive of stated Mineral
Reserves. Mineral Resources that
are not Mineral Reserves do not have demonstrated economic
viability.
|
(3)
|
The M lbs (million
pounds) and K oz (thousand ounces) contained metals is the total
Measured + Indicated Mineral Resource estimation of all mines and projects on a 100% basis.
Trevali's ownership interest is 90% of Perkoa and 90% of Rosh
Pinah
|
Table 3. Total Inferred Mineral Resources as of December 31, 2020 (1,2,3)
|
|
|
Grade
|
Metal
|
Project
|
Category
|
Quantity
Mt
|
Zn
%
|
Pb
%
|
Ag
g/t
|
Zn
M lbs
|
Pb
M lbs
|
Ag
K oz
|
Perkoa
Mine
|
Inferred
|
0.57
|
8.68
|
0.00
|
0.00
|
110
|
-
|
-
|
Rosh Pinah
Mine
|
Inferred
|
4.01
|
7.27
|
1.50
|
28.21
|
642
|
133
|
3,635
|
Caribou
Mine
|
Inferred
|
2.65
|
5.72
|
2.39
|
73.86
|
334
|
140
|
6,288
|
Santander
Mine
|
Inferred
|
1.16
|
4.01
|
0.21
|
21.69
|
103
|
5
|
809
|
Santander Pipe
Project
|
Inferred
|
0.93
|
5.15
|
0.01
|
7.54
|
106
|
0
|
225
|
Restigouche
Project
|
Inferred
|
0.58
|
6.10
|
4.30
|
67.83
|
77
|
55
|
1,256
|
Halfmile
Project
|
Inferred
|
6.50
|
5.62
|
1.51
|
23.00
|
806
|
216
|
4,720
|
Stratmat
Project
|
Inferred
|
2.40
|
4.80
|
2.10
|
39.00
|
252
|
110
|
3,000
|
Total
|
Inferred
|
18.80
|
5.86
|
1.59
|
32.98
|
2,429
|
659
|
19,934
|
(1)
|
For additional detail
respecting the Mineral Resources contained zinc, lead and silver
grades, see "Detailed Mineral Reserve and Mineral Resource Disclosure" within this news
release.
|
(2)
|
All Mineral Resources
referred to in this news release are inclusive of stated Mineral
Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability.
|
(3)
|
The M lbs (million
pounds) and K oz (thousand ounces) contained metals is the total
Inferred Mineral Resource estimation of all mines and projects on a 100% basis.
Trevali's ownership interest is 90% of Perkoa and 90% of Rosh
Pinah.
|
Detailed Mineral Reserve and Mineral Resource
Disclosure
Perkoa Mine
The annual Mineral Reserve statement for the Perkoa mine
utilized a net smelter return cut-off-value of US$100 per tonne while the Mineral Resources are
disclosed using a 5% ZnEQ cut-off value. The 2020 mine production
at Perkoa resulted in a net mining depletion of 0.78 million
tonnes. Mineral Reserves decreased by 0.5 million tonnes year on
year, which is less than the 2020 mining depletion, and is the
results of higher NSR values associated with marginally higher
metal prices, slightly higher metallurgical recoveries and lower
offsite costs such as treatment charges and freight. Measured and
Indicated Mineral Resources tonnages decreased from 4.4 million
tonnes to 3.5 million tonnes with grades decreasing from 12.64% Zn
to 11.98% Zn.
Table 6. Perkoa Mineral Reserves as at December 31, 2020(1,2)
|
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Perkoa Mine
(3)
|
|
|
|
|
|
|
|
Proven
|
0.58
|
13.70
|
0.00
|
0.00
|
176
|
0
|
0
|
Probable
|
0.95
|
10.85
|
0.00
|
0.00
|
227
|
0
|
0
|
Proven &
Probable
|
1.53
|
11.94
|
0.00
|
0.00
|
403
|
0
|
0
|
(1)
|
All Mineral Reserves
have been estimated in accordance with the Canadian Institute of
Mining, Metallurgy and Petroleum ("CIM") — Definition Standards adopted by CIM Council on May
10, 2014 (the "CIM Definition Standards"). Numbers may not
add due to rounding. The Mineral Reserve is shown at 100%
ownership, Trevali holds a 90% joint venture interest in the Perkoa
Mine.
|
(2)
|
The technical report
entitled "Technical Report on the Perkoa Mine, Burkina Faso" dated
April 12, 2018, is the current technical report for the Perkoa property.
|
(3)
|
The Perkoa
Underground Mine Mineral Reserve estimate is reported based on
planned stopes with a net smelter return
cut-off grade of
US$100/tonne, with average metal prices of: US$1.15/lb
zinc.
|
(4)
|
The Perkoa
Underground Mine Mineral Reserve estimate has been prepared by
Trevali's Technical group and non-independent Mine engineering consultants to the company with an
effective date of December 31, 2020, under the supervision of and
approved by Yan Bourassa (P.Geo.), a Qualified Person as defined in
NI 43-101. Mr. Bourassa is Vice President Technical Services of the
Company and accordingly, is not independent.
|
Table 7. Perkoa Mineral Resources as at December 31, 2020(1,2)
|
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Perkoa Mine
(3)
|
|
|
|
|
|
|
|
Measured
|
1.45
|
13.56
|
0.00
|
0.00
|
432
|
0
|
0
|
Indicated
|
2.10
|
10.90
|
0.00
|
0.00
|
504
|
0
|
0
|
Measured & Indicated
|
3.54
|
11.98
|
0.00
|
0.00
|
936
|
0
|
0
|
Inferred
|
0.57
|
8.68
|
0.00
|
0.00
|
110
|
0
|
0
|
(1)
|
All Mineral Resources
have been estimated in accordance with the CIM Definition
Standards. Mineral Resources are inclusive of
Mineral Reserves. Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability. Numbers may not add up due to rounding. The
Mineral Resource is shown at 100% ownership, Trevali holds a 90%
joint venture interest in the Perkoa Mine.
|
(2)
|
The technical report
entitled "Technical Report on the Perkoa Mine, Burkina Faso" dated
April 12, 2018, is the current technical report for the Perkoa property.
|
(3)
|
The Perkoa
Underground Mine Mineral Resource estimate is reported based on
zinc equivalent cut off grade of 5% Zn.
|
(4)
|
The Perkoa
Underground Mine Mineral Resource estimate has been prepared by the
mine geology department and non-independent Resource geology consultants to the
company with an effective date of December 31, 2020, under the
supervision of and approved by Yan Bourassa (P.Geo.), a Qualified
Person as defined in NI 43-101. Mr. Bourassa is Vice President
Technical Services of the Company and accordingly, is not
independent.
|
Rosh Pinah Mine
The conversion drilling program, along with increasing NSR
values, successfully replaced and exceeded the 2020 mining
depletion, resulting in an increase in tonnages for both Proven and
Probable Mineral Reserves and Measured and Indicated Mineral
Resource compared to the 2019 year-end Mineral Reserves and
Resources. The Mineral Reserve zinc grade is modestly lower than
2019, the decline occurred primarily due to a combination of mining
extracting higher than average Mineral Reserves grade tonnes in
2020, a reduction in the Mineral Reserves cut-off grade from
US$55/tonne to US$50/tonne NSR, as well as adding lower grade
tonnage at depth along the Western flank at the Western Orefield
deposit and at depth at the AAB deposit.
The 2020 Mineral Resource and Reserves disclosure will mark the
first year that the AAB deposit is included in the Mineral Reserves
statement with underground infill drilling program converting a
portion of the Inferred Mineral Resources to Indicated Mineral
Resources.
The Rosh Pinah Expansion "RP2.0"
Feasibility Study which is assessing an expansion scenario to the
Rosh Pinah concentrator and a change of mining method to paste back
fill is scheduled to be completed in H2 2021 and is expected to
increase the current conversion rate of Measured and Indicated
Mineral Resource to Proven and Probable Mineral Reserves.
Table 8. Rosh Pinah Mineral Reserves as at December 31, 2020 (1,2)
|
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Rosh Pinah
Mine (3)
|
|
|
|
|
|
|
|
Proven
|
5.93
|
5.82
|
1.52
|
20.16
|
761
|
198
|
3,842
|
Probable
|
5.27
|
6.16
|
1.04
|
22.19
|
715
|
121
|
3,756
|
Proven &
Probable
|
11.19
|
5.98
|
1.29
|
21.11
|
1,476
|
319
|
7,599
|
(1)
|
All Mineral Reserves
have been estimated in accordance with the CIM Definition
Standards. Numbers may not add due to rounding. The Mineral Reserve is shown at 100%
ownership, Trevali holds a 90% joint venture interest in the Rosh
Pinah Mine.
|
(2)
|
The technical report
entitled "Rosh Pinah Expansion "RP2.0" NI 43-101 Pre-Feasibility
Study" dated March 31, 2020, is the current technical report for the Rosh Pinah
property.
|
(3)
|
The Rosh Pinah
Underground Mine Mineral Reserve estimate is reported based on
planned stopes with a net smelter return cut-off grade of US$55/tonne, with average metal prices
of: US$1.15/lb zinc, US$0.92/lb lead, US$21.60/oz
silver.
|
(4)
|
The Rosh Pinah
Underground Mine Mineral Reserve estimate has been prepared by
Trevali's Technical group and non-independent Mine engineering consultants to the
company with an effective date of December 31, 2020, under the
supervision of and approved by Yan Bourassa (P.Geo.), a Qualified
Person as defined in NI 43-101. Mr. Bourassa is Vice President
Technical Services of the Company and accordingly, is not
independent.
|
Table 9. Rosh Pinah Mineral Resource as at December 31, 2020 (1,2)
|
|
|
Grade
|
|
|
Metal
|
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Rosh Pinah
Mine (3)
|
|
|
|
|
|
|
|
Measured
|
11.37
|
7.49
|
2.11
|
28.07
|
1,877
|
530
|
10,259
|
Indicated
|
6.76
|
7.52
|
1.47
|
27.11
|
1,120
|
218
|
5,889
|
Measured &
Indicated
|
18.13
|
7.50
|
1.87
|
27.71
|
2,997
|
748
|
16,148
|
Inferred
|
4.01
|
7.27
|
1.50
|
28.21
|
642
|
133
|
3,635
|
(1)
|
All Mineral Resources
have been estimated in accordance with the CIM Definition
Standards. Mineral Resources are inclusive of
Mineral Reserves. Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability. Numbers may not add up due to rounding. The
Mineral Resource is shown at 100% ownership, Trevali holds a 90%
joint venture interest in the Rosh Pinah Mine.
|
(2)
|
The technical report
entitled "Rosh Pinah Expansion "RP2.0" NI 43-101 Pre-Feasibility
Study" dated March 31, 2020, is the current technical report for the Rosh Pinah
property.
|
(3)
|
The Rosh Pinah
Underground Mine Mineral Resource estimate is reported based on
zinc equivalent cut off grade of 4% ZnEQ.
|
(4)
|
The Rosh Pinah
Underground Mine Mineral Resource estimate has been prepared by the
mine geology department and non-independent Resource geology consultants to the
company with an effective date of December 31, 2020, under the
supervision of and approved by Yan Bourassa (P.Geo.), a Qualified
Person as defined in NI 43-101. Mr. Bourassa is Vice President
Technical Services of the Company and accordingly, is not
independent.
|
Caribou Mine – Bathurst Mining Camp Operations
The annual Mineral Reserve statement for the Caribou mine
utilized a net smelter return cut-off-value of US$75 per tonne, which is the same cut-off as
last year. Proven and Probable Mineral Reserves tonnage increased
from 2019 mainly due to increased NSR values driven by marginally
higher metal prices and lower offsite costs such as treatment
charges and freight. The mining depletion for 2020 was limited due
to the operation being put on care and maintenance but was still
replaced by conversion of Inferred Mineral Resource at depth. The
overall Mineral Reserve grade decreased due to the inclusion of
lower grade material in the Mineral Reserves due to the higher NSR
values. The Measured and Indicated Mineral Resources saw an
increase in tonnage, with grade remaining essentially unchanged
from last year's disclosure which resulted in an increase in
contained metal over the 2019 year-end Mineral disclosure.
Table 10. Caribou Mineral Reserves as at December 31, 2020 (1,2)
|
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Caribou Mine
(3)
|
|
|
|
|
|
|
|
Proven
|
2.30
|
6.22
|
2.29
|
69.56
|
315
|
116
|
5,141
|
Probable
|
2.21
|
5.90
|
2.32
|
70.76
|
288
|
113
|
5,034
|
Proven &
Probable
|
4.51
|
6.06
|
2.30
|
70.14
|
603
|
229
|
10,175
|
(1)
|
All Mineral Reserves
have been estimated in accordance with the CIM Definition
Standards". Numbers may not add due to rounding.
|
(2)
|
The technical report
entitled "Technical Report on the Caribou Mine, Bathurst, New
Brunswick, Canada" dated May 31, 2018, is the current technical report for the Caribou
property.
|
(3)
|
The Caribou
Underground Mine Mineral Reserve estimate is reported based on
optimized stopes designed on an incremental net smelter return cut-off grade of US$75/tonne with
average metal prices of: US$1.16/lb zinc, US$0.91/lb lead,
US$23.79/oz silver.
|
(4)
|
Caribou Underground
Mine Mineral Reserve estimate has been prepared by Trevali's
Technical group and non-independent Mine engineering consultants to the company with an
effective date of December 31, 2020, under the supervision of and
approved by Yan Bourassa (P.Geo.), a Qualified Person as defined in
NI 43-101. Mr. Bourassa is Vice President Technical Services of the
Company and accordingly, is not independent.
|
Table 11. Bathurst Mining Camp (New
Brunswick) Mineral Resources as at December 31, 2020 (1,2,3)
|
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Cu
|
Ag
|
Au
|
Zn
|
Pb
|
Cu
|
Ag
|
Au
|
Mt
|
%
|
%
|
%
|
g/t
|
g/t
|
M lbs
|
M lbs
|
M lbs
|
K oz
|
K oz
|
Caribou Mine
(4)
|
|
|
|
|
|
|
|
|
|
|
|
Measured
|
7.46
|
6.65
|
2.46
|
-
|
72.16
|
-
|
1,094
|
405
|
-
|
17,314
|
-
|
Indicated
|
5.05
|
6.33
|
2.48
|
-
|
74.87
|
-
|
705
|
276
|
-
|
12,162
|
-
|
Measured &
Indicated
|
12.52
|
6.52
|
2.47
|
-
|
73.25
|
-
|
1,799
|
682
|
-
|
29,476
|
-
|
Inferred
|
2.65
|
5.72
|
2.39
|
-
|
73.86
|
-
|
334
|
140
|
-
|
6,288
|
-
|
Restigouche
Project (5)
|
|
|
|
|
|
|
|
|
|
|
|
Measured
|
0.29
|
4.63
|
3.08
|
0.21
|
38.80
|
0.45
|
30
|
20
|
1.4
|
364
|
4
|
Indicated
|
0.79
|
5.19
|
3.36
|
0.22
|
49.07
|
0.55
|
91
|
59
|
3.8
|
1,249
|
14
|
Measured &
Indicated
|
1.08
|
5.00
|
3.30
|
0.22
|
46.30
|
0.52
|
119
|
79
|
5.3
|
1,613
|
18
|
Inferred
|
0.58
|
6.10
|
4.30
|
0.28
|
67.83
|
0.81
|
77
|
55
|
3.6
|
1,256
|
15
|
Halfmile
Project (6)
|
|
|
|
|
|
|
|
|
|
|
|
Measured
|
0.40
|
5.92
|
1.99
|
0.46
|
40.00
|
0.60
|
54
|
18
|
4.0
|
520
|
10
|
Indicated
|
7.40
|
7.00
|
2.37
|
0.16
|
35.00
|
0.29
|
1,146
|
389
|
26.0
|
8,450
|
70
|
Measured &
Indicated
|
7.80
|
6.94
|
2.35
|
0.18
|
36.00
|
0.30
|
1,199
|
407
|
31.0
|
8,980
|
80
|
Inferred
|
6.50
|
5.62
|
1.51
|
0.15
|
23.00
|
0.10
|
806
|
216
|
21.0
|
4,720
|
20
|
Stratmat
Project (7)
|
|
|
|
|
|
|
|
|
|
|
|
Indicated
|
4.70
|
5.30
|
2.10
|
0.40
|
49.00
|
0.60
|
550
|
214
|
43.0
|
7,300
|
90
|
Inferred
|
2.40
|
4.80
|
2.10
|
0.70
|
39.00
|
0.40
|
252
|
110
|
37.0
|
3,000
|
30
|
(1)
|
All Mineral Resources
have been estimated in accordance with the CIM Definition
Standards. Mineral Resources are inclusive of
Mineral Reserves. Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability. Numbers may not add up due to rounding
|
(2)
|
The technical report
entitled "Technical Report on the Caribou Mine, Bathurst, New
Brunswick, Canada" dated May 31, 2018, is the current technical report for the Caribou
property.
|
(3)
|
The technical report
entitled "Technical Report on Preliminary Economic Assessment for
the Halfmile-Stratmat Massive Sulphide Zinc-Lead-Silver Integrated Project Bathurst, New
Brunswick, Canada" dated October 26, 2017, is the current technical
report for the Halfmile-Stratmat property.
|
(4)
|
The Caribou
Underground Mine Mineral Resource estimate is reported based on
zinc equivalent cut off grade of 5% ZnEQ. The
Caribou Underground Mine Mineral Resource
estimate has been prepared by the mine geology department and
non-independent technical consultants to the company with an
effective date of December 31, 2020, under the supervision of and
approved by Yan Bourassa (P.Geo.), a Qualified Person as defined in
NI 43-101. Mr. Bourassa is Vice President Technical Services of the
Company and accordingly, is not independent.
|
(5)
|
The Restigouche
Underground Mine Mineral Resource estimate is reported based on
zinc equivalent cut off grade of 3% ZnEQ. The Restigouche Underground Mine Mineral
Resource estimate has been prepared by the exploration geology
department and non-independent technical consultants to the company
with an effective date of December 31, 2020, under the supervision
of and approved by Yan Bourassa (P.Geo.), a Qualified Person as
defined in NI 43-101. Mr. Bourassa is Vice President Technical
Services of the Company and accordingly, is not
independent.
|
(6)
|
The Halfmile
Underground Project Mineral Resource estimate is reported based on
zinc equivalent cut off grade of 5% ZnEQ. The
Halfmile Underground Project Mineral
Resource estimate was prepared and approved by Professional
Geologist Gilles Arseneau (P.Geo.), a consultant with SRK
Consulting (Canada) Inc., who is an Independent Qualified Person as
defined in NI 43-101, with an effective date of October 26,
2017.
|
(7)
|
The Stratmat
Underground Project Mineral Resource estimate is reported based on
zinc equivalent cut off grade of 5% ZnEQ. The
Stratmat Underground Project Mineral
Resource estimate was prepared and approved by Professional
Geologist Gilles Arseneau (P.Geo.), a consultant with SRK
Consulting (Canada) Inc., who is an Independent Qualified Person as
defined in NI 43-101, with an effective date of October 26,
2017.
|
Santander Mine
The annual Mineral Reserve estimate at the Company's Santander
mine utilized a net smelter return cut-off-value of US$50 per tonne which is the same as used to
disclose the 2019 year-end Mineral Reserves. The 2020 Mineral
Reserves decreased with mining depletion as well as changes to
mining dilution and metallurgical recoveries.
The Santander Mineral Reserves are aligned with the current life
of mine plan at the operation which have been previously disclosed
by the company for the Santander operation with suspension of the
mining activities at the end of 2021 and focus shifting to
exploration.
Table 12. Santander Mineral Reserves as at December 31, 2020 (1,2)
|
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Santander Mine
(3)
|
|
|
|
|
|
|
Proven
|
0.54
|
4.29
|
0.34
|
22.83
|
50.8
|
4.1
|
395
|
Probable
|
0.11
|
4.33
|
0.15
|
13.63
|
10.6
|
0.4
|
49
|
Proven &
Probable
|
0.65
|
4.29
|
0.31
|
21.26
|
61.4
|
4.4
|
443
|
(1)
|
All Mineral Reserves
have been estimated in accordance with the CIM Definition
Standards. Numbers may not add due to rounding.
|
(2)
|
The technical report
entitled "Mineral Reserve Estimation Technical Report for the
Santander Zinc Mine, Province de Huaral, Perú" dated March 31, 2017, is the current technical report
for the Santander property.
|
(3)
|
The Santander
Magistral Underground Mine Mineral Reserve estimate is reported
based on optimized stopes designed on an incremental net smelter return cut-off grade of
US$50/tonne with metal prices of: US$1.15/lb zinc, US$0.90/lb lead,
US$25.15/oz silver.
|
(4)
|
The Santander
Magistral Mineral Reserve estimate has been prepared by Trevali's
Technical group and non-independent Mine engineering consultants to the company with an
effective date of December 31, 2020, under the supervision of and
approved by Yan Bourassa (P.Geo.), a Qualified Person as defined in
NI 43-101. Mr. Bourassa is Vice President Technical Services of the
Company and accordingly, is not independent.
|
Table 13. Santander Mine Mineral Resource as at December 31, 2020 (1,2)
|
|
Grade
|
Metal
|
Category
|
Quantity
|
Zn
|
Pb
|
Ag
|
Zn
|
Pb
|
Ag
|
Mt
|
%
|
%
|
g/t
|
M lbs
|
M lbs
|
K oz
|
Santander Mine
(3)
|
|
|
|
|
|
|
|
Measured
|
1.41
|
4.47
|
0.67
|
33.26
|
139
|
21
|
1,508
|
Indicated
|
1.29
|
4.87
|
0.29
|
18.94
|
139
|
8
|
786
|
Measured &
Indicated
|
2.71
|
4.66
|
0.49
|
26.42
|
278
|
29
|
2,302
|
Inferred
|
1.16
|
4.01
|
0.21
|
21.69
|
103
|
5
|
809
|
Santander Pipe
Project (4)
|
|
|
|
|
|
|
|
Measured
|
0.53
|
7.78
|
0.03
|
16.76
|
91
|
0
|
286
|
Indicated
|
2.95
|
6.38
|
0.01
|
11.62
|
415
|
1
|
1,102
|
Measured &
Indicated
|
3.48
|
6.59
|
0.02
|
12.41
|
506
|
2
|
1,388
|
Inferred
|
0.93
|
5.15
|
0.01
|
7.54
|
106
|
0
|
225
|
(1)
|
All Mineral Resources
have been estimated in accordance with the CIM Definition
Standards. Mineral Resources are inclusive
of Mineral Reserves.
Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. Numbers may not add up due
to rounding.
|
(2)
|
The technical report
entitled "Mineral Reserve Estimation Technical Report for the
Santander Zinc Mine, Province de Huaral, Perú" dated March 31, 2017, is the current technical
report for the Santander property.
|
(3)
|
The Santander
Magistral Underground Mine Mineral Resource estimate is reported
based on net smelter return cut-off grade of US$40/tonne with metal prices of: US$1.15/lb zinc,
US$0.90/lb lead, US$25.15/oz silver. The Santander Magistral
Underground Mine Mineral Resource estimate has been prepared by the
mine geology department and non-independent Resource geology
consultants to the company with an effective date of December 31,
2020 under the supervision of and approved by Yan
Bourassa (P.Geo.), a Qualified Person as defined in NI
43-101. Mr Bourassa is Vice President, Exploration &
Mineral Resources of the Company and accordingly, is not
independent.
|
(4)
|
The Santander Pipe
Underground Deposit Mineral Resource estimate is reported based on
net smelter return cut-off grade of US$40/tonne with metal prices of: US$1.15/lb zinc,
US$0.90/lb lead, US$25.15/oz silver. The Santander Pipe
Underground Deposit Mineral Resource estimate has been prepared by
the exploration geology department and non-independent Resource
geology consultants to the company with an effective date of
December 31, 2020, under the supervision of and approved by Yan
Bourassa (P.Geo.), a Qualified Person as defined in NI 43-101. Mr.
Bourassa is Vice President Technical Services of the Company and
accordingly, is not independent.
|
Qualified Persons and Technical Information
The Mineral Reserve and Mineral Resource estimates have been
estimated and compiled in accordance with definitions and
guidelines set out in the Definition Standards for Mineral
Resources and Mineral Reserves adopted by the Canadian Institute of
Mining, Metallurgy, and Petroleum and as required by Canada's National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("NI 43-101"). For a
description of the key assumptions, parameters and methods used to
estimate mineral reserves and resources at Trevali's material
properties, as well as data verification procedures and a general
discussion of the extent to which the estimates of scientific and
technical information may be affected by any known environmental,
permitting, legal title, taxation, sociopolitical, marketing or
other relevant factors, please see the technical reports for the
company's material properties as filed by Trevali on SEDAR
at www.sedar.com.
The Mineral Reserve and Mineral Resource estimates were prepared
under the supervision of Yan
Bourassa (M.Sc., P.Geo.), Trevali's Vice President of
Technical Services. Mr. Bourassa is a Qualified Person as defined
by NI 43-101.
Notice to United States Investors
Unless otherwise indicated, all mineral resource and mineral
reserve estimates included in this press release have been prepared
in accordance with NI 43-101, and the Canadian Institute of Mining,
Metallurgy and Petroleum (the "CIM") – CIM Definition Standards on
Mineral Resources and Mineral Reserves, adopted by the CIM Council,
as amended (the "CIM Standards"). NI 43-101 contains the rules and
codes of practice developed by the Canadian Securities
Administrators that established minimum standards for all public
disclosure of scientific and technical information an issuer makes
concerning mineral projects. The terms "mineral reserve", "proven
mineral reserve" and "probable mineral reserve" are Canadian mining
terms as defined in accordance with NI 43-101 and the CIM
Standards. These definitions differ materially from the definitions
in the U.S. Securities and Exchange Commission ("SEC") Industry
Guide 7 ("SEC Industry Guide 7") under the United States Securities
Exchange Act of 1934, as amended. Under the SEC Industry Guide 7
standards, a "final" or "bankable" feasibility study is required to
report reserves, the three-year historical average price is used in
any reserve or cash flow analysis to designate reserves, and the
primary environmental analysis or report must be filed with the
appropriate governmental authority. In addition, the terms "mineral
resource", "measured mineral resource", "indicated mineral
resource" and "inferred mineral resource" are defined in and
required to be disclosed by NI 43-101 and the CIM Standards;
however, these terms are not defined terms under SEC Industry Guide
7 and are normally not permitted to be used in reports and
registration statements filed with the SEC. Investors are cautioned
not to assume that all or any part of mineral deposits in these
categories will ever be converted into reserves. Actual recoveries
of mineral products may differ from reported mineral reserve and
mineral resource estimates due to inherent uncertainties in
acceptable estimating techniques. In particular, inferred mineral
resources have a great amount of uncertainty as to their existence,
and great uncertainty as to their economic and legal feasibility.
It cannot be assumed that all or any part of an inferred mineral
resource will ever be upgraded to a higher category. Under Canadian
rules, estimates of inferred mineral resources may not form the
basis of feasibility or pre-feasibility studies, except in very
limited circumstances. Investors are cautioned not to assume that
all or any part of an inferred mineral resource exists or is
economically or legally mineable. Disclosure of "contained metal"
in a resource is permitted disclosure under Canadian regulations;
however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards
as in place tonnage and grade without reference to unit measures.
Mineral resources may be affected by further infill and exploration
drilling that may result in increases or decreases in subsequent
resource estimates. Mineral resources may also be affected by
subsequent assessments of mining, environmental, processing,
permitting, taxation, socio-economic, and other factors. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. Investors are cautioned not to assume that all
or any part of the mineral deposits in these categories will ever
be converted into proven and probable mineral reserves. For the
above reasons, information contained in this news release
containing descriptions of the Company's mineral deposits may not
be comparable to similar information made public by United States companies subject to the
reporting and disclosure requirements under the United States federal securities laws and
the rules and regulations thereunder.
About Trevali Mining Corporation
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 statement 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 Company's growth
strategies, the continued success of mineral exploration, the
content, cost, timing and results of future exploration programs
and life of mine expectancies, Trevali's ability to fund future
exploration activities, estimation of mineral reserves and mineral
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production and
capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses and title disputes or
claims. 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 actual results of current exploration activities,
including the inherent uncertainty of mineral exploration and
estimations of exploration targets; changes in project parameters
as plans continue to be refined; future prices of zinc, lead,
silver 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;
potential conflicts of interest involving our directors and
officers; labour pool constraints; labour disputes; availability of
infrastructure required for the development of mining projects;
delays or inability to obtain governmental and regulatory approvals
for mining operations or financing or in the completion of
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, including any new or ongoing
decrees and regulations issued by any governmental authority in
response to the COVID-19 pandemic; 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; corruption and bribery;
limitations inherent in our insurance coverage; compliance with
debt covenants; competition in the mining industry; our ability to
integrate new acquisitions into our operations; cybersecurity
threats; litigation; and other risks of the mining industry
including, without limitation, other risks and uncertainties that
are more fully described in the Company's annual information form,
interim and annual 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 www.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 Corporation