Portfolio Update: Rebecca Gold Project
21 September 2022
Trident Royalties Plc
("Trident" or the "Company")
Royalty Portfolio Update: Rebecca Gold Project
Trident Royalties Plc (AIM:TRR), the diversified mining royalty company, is pleased to note recent updates for the Rebecca Gold Project ("Rebecca" or the "Project"), in Western Australia, by the project operator, Ramelius Resources Ltd ("Ramelius")1,2. Ramelius has reported details for a further 55 drillholes associated with the ongoing 75,000m drill program previously announced, and further stated that work is currently in progress to generate Ore Reserves for the Project.
This follows the announcement of the updated and increased 31Mt @ 1.2g/t for 1.2Moz Au JORC (2012) compliant Mineral Resource estimate ("MRE") for Rebecca on 28 July 2022. Trident holds a 1.5% net smelter return gold royalty over the entirety of the Project and its currently defined Resource3,4.
Adam Davidson, Chief Executive Officer of Trident commented:
"We are pleased to note Ramelius' announcement that work is in progress to generate Ore Reserves at the Rebecca Gold Project, and that further drilling for Resource definition, geotechnical studies and waste-dump sterilisation work has been scheduled, with testing of near-mine exploration targets scheduled to commence towards the end of 2022.
The commencement of Ore Reserve definition and supporting studies are key milestones for the Project and a meaningful step towards an investment decision at Rebecca. We remain encouraged by the ongoing stream of successful drilling results at Rebecca which appear to support the potential to grow the Resource and support the targeted 100koz per annum production rate over a 10yr mine life as previously noted by Ramelius."
REBECCA PROJECT - UPDATE SUMMARY
· Mineral Reserve Work and Project Timeline in Progress :
o Ramelius Resources and Reserve Statement1 notes that following the significant increase to Mineral Resources provided by Rebecca, work is now in progress to generate Ore Reserves for the Project.
o Current and H2 2022 scheduled groundwork at Rebecca includes resource definition drilling, geotechnical drilling and waste-dump sterilisation drilling, with testing of near-mine exploration targets scheduled to commence towards the end of 20222.
· Infill & Exploration Drilling Highlights : Ongoing resource definition infill and extensional reverse circulation ("RC") and diamond core drilling continues to provide encouraging results since the recent Mineral Resource update. A total 55 new drillholes are reported covering a broad range of different targets / lodes across each of the 4 deposits. Significant drillhole intersections include:
o Rebecca deposit :
§ 8m @ 59.3g/t Au from 108m (hole RCLR0997, at the southern extremity of the Rebecca conceptual pit design, this intersection highlights further potential to the south where the next pre-existing drill fence is located 250m away)
§ 13m @ 9.76g/t Au from 78m and 11m @ 1.34g/t Au from 94m (hole RCLR0983 in northern end of Rebecca deposit adjacent to an up-dip hole historical result of 24m @ 5.57g/t Au)
§ 9m @ 2.13g/t Au from 45m (hole RCLR0991)
§ 6m @ 1.56g/t Au from 45m (hole RCLR0992)
§ 21m @ 1.17g/t Au from 49m (hole RCLR1011)
o Duchess deposit :
§ 18m @ 1.40g/t Au from 193m (hole RCLR2038)
§ 6m @ 1.80g/t Au from 26m (hole RCLR2039)
§ 17m @ 0.95g/t Au from 22m (hole RCLR2045)
§ 34m @ 0.84g/t Au from 95m (hole RCLR2048)
o Duke deposit :
§ 10m @ 1.67g/t Au from 45m (hole RCLR2053)
o Cleo deposit :
§ 20m @ 1.53g/t Au from 80m , including 11m @ 2.00g/t Au from 80m (hole RCLR0985)
The complete set of drilling results, plans and sections, reported in accordance with the JORC Code (2012), can be found in the referenced announcements.
ABOUT RAMELIUS
Ramelius is an established ASX listed (Ticker Code: RMS) gold production and exploration company having produced over one million ounces over the last five financial years. Ramelius operates two production centres at Mt Magnet and Edna May which produced a total of 259koz in FY22, with FY23 operating guidance set at 240-280koz.
Notes & References
All of the technical information in this release has been extracted from the publicly available source documents identified below, the reader is advised that the appropriate JORC tables and Competent Persons Statements may be found in those documents.
1 Source: Ramelius Resources ASX announcement: Resources And Reserves Statement 2022, 13 September 2022
2 Source: Ramelius Resources ASX announcement: Development Projects & Exploration Update, 15 September 2022
3 Trident royalty further information:
( https://tridentroyalties.com/projects/lake-rebecca-gold )
4 Source: Ramelius Resources ASX announcement: June 2022 Quarterly Activities Report, 28 July 2022
Rebecca Gold Project Mineral Resource Estimate, 28 July 2022
|
Rebecca Deposit |
Indicated |
Inferred |
Total |
||||||
|
Million Tonnes |
Gold Grade (g/t) |
Gold Ounces (Koz) |
Million Tonnes |
Gold Grade (g/t) |
Gold Ounces (Koz) |
Million Tonnes |
Gold Grade (g/t) |
Gold Ounces (Koz) |
|
|
Rebecca |
18.0 |
1.4 |
790 |
3.1 |
1.1 |
110 |
21.0 |
1.3 |
890 |
|
Duchess |
6.1 |
0.9 |
180 |
2.1 |
0.9 |
63 |
8.3 |
0.9 |
250 |
|
Duke |
1.6 |
1.1 |
57 |
0.45 |
1.3 |
19 |
2.1 |
1.1 |
76 |
|
Total |
26.0 |
1.2 |
1,000 |
5.7 |
1.0 |
190 |
31.0 |
1.2 |
1,200 |
Note: JORC (2012) compliant MRE at 0.5g/t Au cut-off. Figures rounded to 2 significant figures. Rounding errors may occur.
The company confirms that it believes that all material assumptions and technical parameters underpinning the mineral resource estimate continue to apply and have not been materially altered.
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 Adam Davidson / Paul Smith |
www.tridentroyalties.com +1 (757) 208-5171 / +41 79 947 1348 |
|
Grant Thornton (Nominated Adviser) Colin Aaronson / Samantha Harrison / Samuel Littler |
+44 020 7383 5100 |
|
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart / Ashton Clanfield |
+44 20 7710 7600 |
|
Tamesis Partners LLP (Joint Broker) Richard Greenfield |
+44 20 3882 2868 |
|
Hudson Sandler Investor Relations: John Smelt Public Relations: Charlie Jack / Harry Griffiths |
+44 207 796 4133 |
About Trident
Trident is a growth-focused diversified mining royalty and streaming company, providing investors with exposure to a mix of base battery, precious, and bulk metals.
Key highlights of Trident's strategy include:
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Building upon a royalty and streaming portfolio which broadly mirrors the commodity exposure of the global mining sector (excluding fossil fuels) 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;
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Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America;
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Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players;
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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;
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Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and
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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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