Portfolio Update: Rebecca Gold Project

RNS Number : 3491U

Trident Royalties PLC.

01 August 2022

 

1 August 2022

Trident Royalties Plc

("Trident" or the "Company")

Portfolio Update: Rebecca Gold Project

Trident Royalties Plc (AIM:TRR), the diversified mining royalty company, is pleased to note the recent update by Ramelius Resources Ltd ("Ramelius")¹ for the Rebecca Gold Project ("Rebecca" or the "Project"), in Western Australia, in which Trident holds a 1.5% Net Smelter Return ("NSR")².

Following the acquisition of Apollo Consolidated Ltd. ("Apollo")³, Rebecca's previous operator, by Ramelius, further and ongoing drilling has increased the JORC compliant Mineral Resource estimate ("MRE") to 31Mt @ 1.2g/t for 1.2Moz Au.  This Mineral Resource update represents a 9% increase on the last Apollo estimate and, most significantly, provides for a 22% increase in the Indicated Resource category with 1Moz now classified as such (Table 1). Importantly, drilling to date represents only a small proportion of the ongoing 75,000m programme, with a greater proportion of exploration drilling planned for FY23 ¹.

Adam Davidson, Chief Executive Officer of Trident commented:

"We are pleased to note the recent Ramelius announcement outlining material Mineral Resource increases at the Rebecca Gold Project, over which Trident holds a 1.5% NSR. Ongoing infill and exploration drilling has continued to extend mineralised zones and improve resource confidence both within and outside of the current Rebecca optimised pit shell, as well as the Duchess and Duke deposits. This not only increased the total gold Resource endowment by 9% to 1.2Moz Au, but significantly moved 1Moz of gold into the higher confidence Indicated resource category.

With the Mineral Resource update based on only 9,070m from the planned 75,000m drill campaign, the prospects for future gold inventory increases are looking good for Trident's royalty, with the ongoing drill programme continuing to provide wide and high-grade gold intersections as the project continues to move towards a development decision."

REBECCA PROJECT UPDATE SUMMARY

· Mineral Resource Update : The latest Ramelius Mineral Resource at Rebecca is based on 9,070m of infill drilling completed since March 2022 (43 holes for 6,187m at Rebecca and 24 holes for 2,883m at Duchess), providing:

o  31Mt @ 1.2g/t for 1.2Moz (up 9% on previous Apollo Mineral Resource).

o  Original resource upgraded with 22% increase in Indicated Resources and greater proportion of exploration drilling planned in FY23.

o  Drilling has generally focussed on infilling, extending resource areas and improving confidence and is ongoing.

Table 1: 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.

· Infill & Exploration Drilling : Ongoing exploration and resource definition drilling continues to provide data and new mineralised zones:

o  During the last quarter Ramelius reports it has undertaken definition infill and extensional reverse circulation ("RC") and diamond drilling at the Rebecca deposit comprising an aggregate of 99 drill holes for 15,047m. This total included 44 RC holes for 6,431m and six diamond holes for 965m at the Rebecca deposit, 43 RC holes for 6,521m at the Duchess deposit, and six RC holes for 1,130m at the Cleo Prospect.

· Drilling Highlights : Significant downhole RC drilling intersections for the deposits comprising the Rebecca Project include:

o  Rebecca deposit

§ 13m @ 15.6g/t Au from 55m, including 6m @ 32.2g/t Au from 60m (hole RCLR0946 in the Jennifer Footwall Lode)

§ 33m @ 1.94g/t Au from 45m (hole RCLR0952 in the Laura Lode)

§ 7m @ 7.76g/t Au from 71m (hole RCLR0966 in the Maddy Lode)

§ 8m @ 1.29g/t Au from 184m and 21m @ 1.85g/t Au from 199m (in the Maddy Lode) (hole RCLR0956)

o  Duchess deposit

§ 17m @ 1.68g/t Au from 32m (hole RCLR2002 in the southern D Zone below conceptual open pit shell)

§ 6m @ 6.79g/t Au from 219m (hole RCLR2027 in the southern D Zone below conceptual open pit shell)

§ 13m @ 1.69g/t Au from 24m (hole RCLR2004)

§ 10m @ 2.26g/t Au from 98m (hole RCLR2017)

§ 10m @ 1.84g/t Au from 10m (hole RCLR2005 outside the pit shell in the B Zone)

§ The southern D Zone mineralisation is open to the south, and at depth below the current pit shell.

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: June 2022 Quarterly Activities Report, 28 July 2022

( https://www.rameliusresources.com.au/wp-content/uploads/bsk-pdf-manager/2022/07/June-2022-Quarterly-Activities-Report.pdf )

2  Trident royalty further information:

( https://tridentroyalties.com/projects/lake-rebecca-gold )

3  Source: Ramelius Resources ASX announcement: Update on Takeover of Apollo Consolidated, 10 November 2021:

( https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02449736-2A1337633?access_token=83ff96335c2d45a094df02a206a39ff4 )

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 [phone] / [phone]
Grant Thornton (Nominated Adviser) Colin Aaronson / Samantha Harrison / Samuel Littler	www.grantthornton.co.uk [phone]
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart / Ashton Clanfield	www.stifelinstitutional.com [phone]
Tamesis Partners LLP (Joint Broker) Richard Greenfield	www.tamesispartners.com [phone]
Hudson Sandler Investor Relations: John Smelt Public Relations: Charlie Jack / Harry Griffiths	[e-mail] [phone]

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:

·	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;
·	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.

 

END

 

 

PFUBCGDRLDXDGDB