TIDMTRR
RNS Number : 9793M
Trident Royalties PLC.
27 September 2021
27 September 2021
Trident Royalties Plc
("Trident" or the "Company")
Royalty Portfolio Update: Lake Rebecca Gold Project Progress
Trident Royalties Plc (AIM:TRR, FSX:5KV), the growth-focused
mining royalty and streaming company, is pleased to note recent
announcements(1, 2) by Apollo Consolidated Ltd. ("Apollo")
regarding positive progress at the Lake Rebecca Gold Project ("Lake
Rebecca" or the "Project"), in Western Australia. Trident holds a
1.5% Net Smelter Return ("NSR") gold royalty (the " Lake Rebecca
Gold Royalty " or the "Royalty") over the entirety of the
Project.
Following Apollo's release of the April 2021 JORC (2012)
compliant Mineral Resource Estimate ("MRE") update(3) for over
1.1Moz of gold, ongoing drilling has continued to generate
significant gold intersections whilst technical evaluation studies
progress. Apollo's Diggers & Dealers Mining Forum
presentation(4) provides a detailed overview of the project status
together with useful deposit plans and sections.
Adam Davidson, Chief Executive Officer of Trident commented:
"We are pleased to note Apollo's recent announcements concerning
developments at the Lake Rebecca Gold Project, over which Trident
holds a 1.5% Net Smelter Return royalty.
The metallurgical drilling results continue to confirm excellent
grade and width continuity and provide further strong validation of
the April 2021 Mineral Resource Estimate block model, whilst
significant new drill intercepts are reported at the emerging Cleo
gold discovery, located 1.4km to the west of the 840,000oz Rebecca
gold deposit.
We continue to note Apollo's strong cash position with a cash
balance of A$34.9 million, as of 31 August 2021, and look forward
to following developments at the project as the technical studies,
resource and exploration drilling continues."
LAKE REBECCA PROJECT UPDATE SUMMARY
-- Metallurgical Study Work : Assay results from a further 5
metallurgical diamond drill holes continue to confirm excellent
grade and width continuity. The 63.5mm core diameter diamond holes
targeted mineralised structures typical of the average MRE grades
to provide bulk composite material for metallurgical studies.
Drill holes MET001 and MET002, both from the 195,000oz(3)
Duchess deposit have delivered intercepts of:
o MET001: 32m @ 1.56g/t Au from 25m, 30m @ 1.47g/t Au from 61m,
16m @ 0.79g/t Au from 98m, 16m @ 0.90g/t Au from 118m and 9m @
2.24g/t Au from 136m, including 1m @ 6.45g/t Au from 140m.
o MET002: 66m @ 1.03g/t Au from 114m and 22m @ 1.35g/t Au from
200m.
Drill hole MET003 at the 65,000oz(3) Duke deposit, drilled
parallel and through the target structure, intersected:
o MET003: 97m @ 1.85g/t Au from 40m including 1m @ 25.40g/t Au
from 103m and 1m @ 12.50g/t Au from 111m.
Drill holes MET005 and MET006, both from the 840,000oz(3)
Rebecca deposit have delivered intercepts of:
o MET005: 11m @ 1.20g/t Au from 34m, 19m @ 1.16g/t Au from 50m,
22.8m @ 1.43g/t Au from 76m, 12m @ 0.84g/t Au from 237m.
o MET006: 20.8m @ 2.35g/t Au from 80m (including 1m @ 17.3g/t Au
from 84m), 8m @ 1.82g/t Au from 116 and 17m @ 1.27g/t Au from
138m.
The results from Rebecca hole MET004, 75.8m @ 4.64g/t Au from
138m, were reported on 3 August(5) .
-- Cleo Deposit Exploration Drilling : Ongoing reverse
circulation ("RC") and diamond core drilling at the emerging Cleo
deposit, 1.4km west of the Rebecca deposit, continues to provide
significant new gold intercepts. Gold mineralisation has been
defined over 300m of strike and in multiple zones over an anomalous
(>0.10g/t Au) zone up to 150m. New inclined infill RC drill
intercepts, on a nominal 25m by 50m spacing, include:
o RCLR0841: 11m @ 2.99g/t Au* from 40m
o RCLR0845: 5m @ 2.30g/t Au from 50m and 10m @ 0.74g/t Au(*)
from 70m. Intercepts sit within a broader zone of gold anomalism
(calculated at a nominal >0.10g/t Au cut off, and a 1g/t Au
top-cut) of 112m @ 0.46g/t Au to end of hole.
o RCLR0846: 20m @ 0.86g/t Au from 40m and 25m @ 0.71g/t Au from
90m.
o RCLR0847: 13m @ 1.27g/t Au from 75m and 25m @ 1.43g/t Au from
90m.
Diamond core tail drill hole intercept:
o RCDLR0809: 6m @ 2.67g/t Au from 124m and 19m @ 0.94g/t Au from
141m. Intercepts zone of gold anomalism of 134m @ 0.40g/t Au
(calculated at a nominal >0.10g/t Au cut off, and a 1g/t Au
top-cut).
-- Rebecca Deposit Drilling : Step-down drilling and further
resource definition drilling continues to provide new gold
mineralisation at the Rebecca deposit. New inclined infill RC drill
intercepts, include:
o RCLR0850: 10m @ 1.23g/t Au from 110m and 10m @ 3.53g/t Au from
195m
Diamond core tail drill hole RCDLR0833 intercepts, to the west
and below the high-grade Jennifer structure, may represent a
significant new zone of gold mineralisation that may link to a
previous intercept of 10m @ 2.15g/t Au in RCDLR0378, located 180m
up-dip:
o RCDLR0833: 10m @ 0.68g/t Au from 331m and 15m @ 2.33g/t Au
from 347m
Diamond core tail drill hole RCDLR0725, testing down-dip of
Laura structure, intercepted:
o RCDLR0725: 4m @ 1.50g/t Au from 382m and 2m @ 1.55g/t Au from
389m
-- Technical Studies & Cash Position : Apollo reports that
the engineering, metallurgical, hydrological and environmental
activities are ongoing whilst it remains in a good financial
position to continue the exploration and technical studies with
A$34.9M in consolidated cash as of 31 August 2021.
Royalty Information
Trident announced the completion of the Lake Rebecca Gold
Royalty Acquisition (as defined below) on 29 October 2020.
On 24 September 2020, the Company announced that it had entered
into a binding agreement to acquire an existing 1.5% Net Smelter
Return gold royalty over tenement E28/1610 (the "Lake Rebecca Gold
Royalty Acquisition"), which hosts the entirety of the
million-ounce Lake Rebecca Gold Project, currently owned and
operated by ASX-listed Apollo Consolidated in Western
Australia.
The royalty is payable on production from exploration licence
E28/1610 which is currently pending conversion to a mining licence
(M28/400, application date 2 December 2019), and covers the
entirety of the Cleo, Duke, Duchess and Rebecca deposits which are
collectively referred to as the "Lake Rebecca Gold Project." Apollo
has publicly stated that it is aggressively pursuing the
development of Lake Rebecca.
Trident considers Lake Rebecca to be a cornerstone asset for the
company and is expected to underpin the precious metals' allocation
in Trident's royalty portfolio.
Notes & References
All of the technical information in this release has been
extracted from the publicly available source documents identified
below. technical information compiled by the Competent Persons set
out in the referenced Apollo announcements. The complete set of
drilling results, plans and sections, reported in accordance with
the JORC Code (2012), can also be found in the referenced Apollo
announcements. The Company confirms that it is not aware of any new
information or data that materially affects the information
included in the original market announcements and, all material
assumptions and technical parameters underpinning the Mineral
Resource estimates continue to apply and have not materially
changed. The Company confirms that the form and context in which
the Competent Person's findings are presented have not been
materially modified from the original market announcement. The
reader is advised that the appropriate JORC tables and Competent
Persons Statements may be found in those documents.
1 Source: Apollo Consolidated ASX announcement. Rebecca and Cleo
Resource drilling results, 22 September 2021
(
https://app.sharelinktechnologies.com/announcement/asx/abd918c6b39ac72e1a80541efc44b5dd
)
2 Source: Apollo Consolidated ASX announcement. Rebecca
metallurgical drilling results, 4 September 2021
(
https://app.sharelinktechnologies.com/announcement/asx/bb25f8d34cd38f05b1ea7cd99e7f2b85
)
3 Source: Apollo Consolidated ASX announcement. Resource Update, 20 April 2021
(
https://app.sharelinktechnologies.com/announcement/asx/04ecc22b55573422a308f3b215d6522a
)
Lake Rebecca Mineral Resource Estimate
Indicated Inferred Indicated & Inferred
------------------------------------------ -----------------------------------------
Grade Grade Grade
Deposit Tonnes g/t Ounces Tonnes g/t Ounces Tonnes g/t Ounces
-------------- ------ ----------------- --------------- ------ ----------------- -------------- ------ -----------------
Rebecca 13,600,000 1.5 640,000 6,800,000 0.9 200,000 20,400,000 1.3 840,000
-------------- ------ ----------------- --------------- ------ ----------------- -------------- ------ -----------------
Duchess 4,150,000 0.9 125,000 2,700,000 0.8 75,000 6,850,000 0.9 195,000
-------------- ------ ----------------- --------------- ------ ----------------- -------------- ------ -----------------
Duke 1,450,000 1.1 55,000 400,000 1.1 15,000 1,900,000 1.1 65,000
Total 19,200,000 1.3 815,000 9,900,000 0.9 290,000
Total Indicated & Inferred Mineral Resource 29,100,000 1.2 1,105,000
------------------------------------------------------------------------------------------------ -------------- ------ -----------------
4 Source: Apollo Consolidated ASX announcement. Diggers and
Dealers Presentation, 4 August 2021
(
https://app.sharelinktechnologies.com/announcement/asx/55ab173644b1178eee2cd2e184e76c6b
)
5 Source: Apollo Consolidated ASX announcement. Rebecca
metallurgical hole and drilling results, 3 August 2021
(
https://app.sharelinktechnologies.com/announcement/asx/2c8038bf0bac312833727566e80a226f
)
* Intercept contains one or more composite samples that will be resampled at 1m intervals
Competent Person's Statement
The technical information contained in this disclosure has been
read and approved by Mr Nick O'Reilly (MSc, DIC, MAusIMM, MIMMM,
FGS), who is a qualified geologist and acts as the Competent Person
under the AIM Rules - Note for Mining and Oil & Gas Companies.
Mr O'Reilly is a Principal Consultant working for Mining Analyst
Consulting Ltd which has been retained by Trident to provide
technical support.
** Ends **
Contact details:
Trident Royalties Plc www.tridentroyalties.com
Adam Davidson +1 (757) 208-5171
Grant Thornton (Nominated Adviser) www.grantthornton.co.uk
Colin Aaronson / Samantha Harrison +44 020 7383 5100
/ Lukas Girzadas
---------------------------
Tamesis Partners LLP (Joint Broker) www.tamesispartners.com
Richard Greenfield +44 20 3882 2868
---------------------------
Shard Capital Partners LLP (Joint www.shardcapital.com
Broker) +44 20 7186 9927
Erik Woolgar / Isabella Pierre
---------------------------
St Brides Partners Ltd (Financial www.stbridespartners.co.uk
PR & IR) +44 20 7236 1177
Susie Geliher / Catherine Leftley
---------------------------
About Trident
Trident is a growth-focused diversified mining royalty and
streaming company, providing investors with exposure to a mix of
base and precious metals, bulk materials (excluding thermal coal)
and battery metals.
Key highlights of Trident's strategy include:
-- Expanding on a royalty and streaming portfolio which broadly
mirrors the commodity exposure of the global mining sector
(excluding thermal coal) with a bias towards production or
near-production assets, differentiating Trident from the majority
of peers which are exclusively, or heavily weighted, to precious
metals;
-- Acquiring royalties and streams in resource-friendly
jurisdictions worldwide, while most competitors have portfolios
focused on North and South America;
-- Targeting attractive small-to-mid size transactions which are
often ignored in a sector dominated by large players;
-- Active deal-sourcing which, in addition to writing new
royalties and streams, will focus on the acquisition of assets held
by natural sellers such as: closed-end funds, prospect generators,
junior and mid-tier miners holding royalties as non-core assets,
and counterparties seeking to monetise packages of royalties and
streams which are otherwise undervalued by the market;
-- Maintaining a low-overhead model which is capable of
supporting a larger scale business without a commensurate increase
in operating costs; and
-- Leveraging the experience of management, the board of
directors, and Trident's adviser team, all of whom have deep
industry connections and strong transactional experience across
multiple commodities and jurisdictions.
The acquisition and aggregation of individual royalties and
streams is expected to deliver strong returns for shareholders as
assets are acquired on terms reflective of single asset risk
compared with the lower risk profile of a diversified, larger scale
portfolio. Further value is expected to be delivered by the
introduction of conservative levels of leverage through debt. Once
scale has been achieved, strong cash generation is expected to
support an attractive dividend policy, providing investors with a
desirable mix of inflation protection, growth and income.
Forward-looking Statements
This news release contains forward -- looking information. The
statements are based on reasonable assumptions and expectations of
management and Trident provides no assurance that actual events
will meet management's expectations. In certain cases, forward --
looking information may be identified by such terms as
"anticipates", "believes", "could", "estimates", "expects", "may",
"shall", "will", or "would". Although Trident believes the
expectations expressed in such forward -- looking statements are
based on reasonable assumptions, such statements are not guarantees
of future performance and actual results or developments may differ
materially from those projected. Mining exploration and development
is an inherently risky business. In addition, factors that could
cause actual events to differ materially from the forward-looking
information stated herein include any factors which affect
decisions to pursue mineral exploration on the relevant property
and the ultimate exercise of option rights, which may include
changes in market conditions, changes in metal prices, general
economic and political conditions, environmental risks, and
community and non-governmental actions. Such factors will also
affect whether Trident will ultimately receive the benefits
anticipated pursuant to relevant agreements. This list is not
exhaustive of the factors that may affect any of the forward --
looking statements. These and other factors should be considered
carefully and readers should not place undue reliance on
forward-looking information.
Third Party Information
As a royalty and streaming company, Trident often has limited,
if any, access to non-public scientific and technical information
in respect of the properties underlying its portfolio of royalties
and investments, or such information is subject to confidentiality
provisions. As such, in preparing this announcement, the Company
often largely relies upon information provided by or the public
disclosures of the owners and operators of the properties
underlying its portfolio of royalties, as available at the date of
this announcement.
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END
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