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Meya Mining Announces NI 43-101 Technical Report For The Meya Diamond Mine Project (‘Technical Report’)
TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
Registered as an external company in South Africa
(External registration number 2009/002634/10)
JSE share code: TTO
NSX share code: TUC
OTCQX share code: TSCHY
ISIN Number: NA000A0RF067
("Trustco" or "Company")
MEYA MINING ANNOUNCES NI 43-101 TECHNICAL REPORT FOR THE MEYA
DIAMOND MINE PROJECT ('TECHNICAL REPORT')
1. Trustco Shareholders ("shareholders") are referred to the announcement published
on SENS dated 5 June 2024 relating to Meya Mining, located within the eastern
province of Sierra Leone, in which Trustco Group Holdings Ltd ("Trustco") mining
portfolio holds a 19.5% interest.
2. In the announcement, shareholders were informed about the Resource Estimate,
which was prepared by Z Star Mineral Resource Consultants, Qualified Competent
Persons as defined by the SAMREC reporting code, for the Meya River kimberlite
domain (Meya River) only.
3. Subsequently, Meya Mining has released the "NI 43-101 Technical Report for the
Meya Diamond Mine Project, Sierra Leone" dated 27 August 2024 with an effective
date of 19 August 2024 (the "Technical Report"). The Technical Report was
prepared at a Preliminary Economic Assessment (PEA) level and will be referred to
as the "Technical Report" or "PEA" hereinafter. This report will be submitted to the
Readers Panel of the JSE for review in terms of paragraph 12.4 of the Listings
Requirements.
4. In accordance with paragraph 12.12(a)(i) of the Listings Requirements, Sean
Duggan, Pri.Sci.Nat., M.Sc., Principal Mineral Resource Analyst and Director of Z
Star Mineral Resource Consultants, has authored Section 14, as well as relevant
content in Sections 1, 25, 26 of the Technical Report as a Qualified Person and has
reviewed the inclusion of the summary of the report in this announcement. The
technical report was authored in accordance with the NI 43-101 reporting code of
the Technical Report as a Qualified Person. Mr Duggan has approved the Resource
Estimate and its inclusion in this announcement, confirming the estimate is in
accordance with the SAMREC reporting code.
5. Casey Hetman, P. Geo., M.Sc., corporate consultant/practice leader of the mining
and geology SRK Consulting (Canada) Inc. in Vancouver, has authored Sections 4,
5, 6, 7, 8, 9, 10, 11, 12, 23, 24, as well as relevant content in Sections 1, 25, 26 of
the Technical Report as a Qualified Person and has reviewed the inclusion of the
summary of the report in this announcement. The Technical Report was authored
in accordance with the NI 43-101 reporting code.
6. Jarek Jakubec, C.Eng., FIMMM, M.Sc., corporate consultant/practice leader of the
mining and geology SRK Consulting (Canada) Inc. in Vancouver, has authored
Sections 3, 12, 15, 16, 19, 21.1.1, 21.2.1, 22, as well as relevant content in Sections
1, 25, 26 of the Technical Report as a Qualified Person and has reviewed the
inclusion of the summary of the report in this announcement. The Technical Report
was authored in accordance with the NI 43-101 reporting code.
7. The Technical Report presents the results of a PEA Report for the Meya Mine
project, focused on the underground development of the Meya River kimberlite dyke
zone. The PEA is based on a diamond resource estimate by Z Star Mineral
Resource Consultants, as mentioned in the aforementioned SENS announcement,
which still applies (5 June 2024).
8. The PEA study evaluates the potential viability for underground mining of the Meya
River domain using the Long Hole Open Stoping (LHOS) method and applying
Tomra sorting technology to eliminate run of mine waste rock from the diamond
bearing kimberlite prior to treating the material through a dense media separation
(DMS) plant. The process plant includes a series of Tomra XRT units to recover
large diamonds, as the Meya Project has proved to be a large stone producer.
9. The PEA resulting economic analysis indicates the potential for positive returns of
post-tax net present value (NPV) of $US95.1M discounted at 10% over seven years
life of mine.
10. It is important to note that this technical report only covers a 1.3 km strike length
portion of the Meya River domain, which has a strike length of 2.8 km down to 800m
below the surface. Thus, less than 3% of the intrinsic geo-economic potential within
the license area, considering that at least 16 more domains need to be evaluated in
the coming years. Meya Mining intends to continue the resource development
campaign on the remaining domains, with the aim to add additional resource on an
annual basis over the remaining 20 year license period. The Meya River domain
provides a solid cornerstone from which the mine will continue to expand. The mine
is expected to reach steady state commercial production during the forthcoming
financial year.
The NI 43-101 Technical Report for the Meya Diamond Mine Project, Sierra Leone dated
27 August 2024 with an effective date of 19 August 2024 is available at the Company's
website at https://tinyurl.com/yvy8p6xs.
Windhoek, Namibia,
2 September 2024
Komada Holdings (Pty) Ltd
Company Secretary and Investor Relations Services to Trustco Group
Holdings Limited
JSE Sponsor
Vunani Sponsors
NSX Sponsor
Simonis Storm Securities Proprietary Limited – Windhoek
OTCQX Sponsor
J.P Galda & Co – New York
Date: 02-09-2024 04:25:00
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