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• Trigon reported additional high-grade near-surface drill results (2.59% Cu over 9.0m & 2.07% Cu over 10.0m)
• Management announced that surface work has already begun, and the first blast is now projected ahead of scheduled for May 9, 2023
• Despite a strong month for the stock (up ~40%), TM is trading at just 0.2x NAV compared to copper producing peers at 0.7x NAV
This morning, Trigon Metals Inc. (TM:TSXV), announced additional high-grade drill results from its Kombat Mine in Namibia. The Company reported drill results from 12 holes totalling 996m at the Kavango West area, 150m west of the Main Kavango Pit (Figure 1). Our research note from April 20th covered results from 12 holes from the Kavango North area (which can be found here). These results build upon the already reported high-grade copper drill results from the Main Kavango Pit and East 400 area (150m east of the Kavango Pit), highlighting the strong mineralization across the Kombat trend. The Company also announced that mining will begin on May 9th, ahead of the previously scheduled first blast of May 16th, highlighting the Company’s readiness for full scale production. We are maintaining our BUY rating and C$0.60/share target price on Trigon Metals Inc.
Kavango West is a direct extension of the main body of mineralization which lies just west of the planned Kavango Pit. The mineralization at Kavango West appears to be higher grade but deeper than that of Kavango and Kavango North. From the historical drilling, it is apparent that this mineralization connects to even larger ore bodies at depth and is close to existing underground workings.
TM: More High-Grade Drill Results; Mining Ahead of Schedule
What you need to know:• Trigon reported additional high-grade near-surface drill results (2.59% Cu over 9.0m & 2.07% Cu over 10.0m)
• Management announced that surface work has already begun, and the first blast is now projected ahead of scheduled for May 9, 2023
• Despite a strong month for the stock (up ~40%), TM is trading at just 0.2x NAV compared to copper producing peers at 0.7x NAV
This morning, Trigon Metals Inc. (TM:TSXV), announced additional high-grade drill results from its Kombat Mine in Namibia. The Company reported drill results from 12 holes totalling 996m at the Kavango West area, 150m west of the Main Kavango Pit (Figure 1). Our research note from April 20th covered results from 12 holes from the Kavango North area (which can be found here). These results build upon the already reported high-grade copper drill results from the Main Kavango Pit and East 400 area (150m east of the Kavango Pit), highlighting the strong mineralization across the Kombat trend. The Company also announced that mining will begin on May 9th, ahead of the previously scheduled first blast of May 16th, highlighting the Company’s readiness for full scale production. We are maintaining our BUY rating and C$0.60/share target price on Trigon Metals Inc.
Kavango West is a direct extension of the main body of mineralization which lies just west of the planned Kavango Pit. The mineralization at Kavango West appears to be higher grade but deeper than that of Kavango and Kavango North. From the historical drilling, it is apparent that this mineralization connects to even larger ore bodies at depth and is close to existing underground workings.
Underlying
TRIGON METALS INC.
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Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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