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Meya Mining Announces Diamond Resource Estimate and Withdrawal of Cautionary Announcement
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 DIAMOND RESOURCE ESTIMATE AND
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Trustco Shareholders ("shareholders") are referred to the announcement published on
SENS dated 27 July 2023. In the announcement, shareholders were informed about the
Transaction through which Sterling Global Trading ("SGT") would become a 70%
shareholder in Meya Mining. The terms mentioned in the aforementioned SENS
announcement still apply. The circular containing the full details of the Transaction has not
been issued yet due to the pending Resources Report on Meya Mine.
Meya Mining, located within the eastern province of Sierra Leone, in which Trustco Group
Holdings Ltd ("Trustco") mining portfolio holds a 19.5% interest, has released findings from
a diamond resource estimate, by Z Star Mineral Resource Consultants, Qualified Persons
as defined by the SAMREC reporting code, for the Meya River kimberlite domain (Meya
River). In terms of paragraph 12.12(a)(i) of the Listings Requirements, Sean Duggan, a
Principal Mineral Resource Analyst and Director of Z Star Mineral Resource Consultants,
has approved this report and the inclusion of the information, as per the report, in this
announcement and confirms that the information in the announcement complies with the
SAMREC reporting code.
The report confirms the total kimberlite ore down to a depth of 800m below surface is 6.05
million tonnes. The assessed in-situ grade is 33 carats per hundred tonnes, translating to a
total of 1.99 million carats contained within Meya River and an estimated value of USD 763
million (of which USD 104 million is in the indicated category and USD 659 million inferred),
based on an average value of USD 382 per carat.
This assessment covers a 2.8 km strike length of the Meya River domain, which represents
less than 5% of the total combined strike lengths of the kimberlite domains within Meya
Mining's licensed area. The mine is expected to reach commercial production during the
financial year.
Trustco's total investment in Meya Mining amounted to USD 116 million as of 31 August
2023, representing 34.1% of Trustco's total investment portfolio at that time. This
announcement is to update shareholders with the latest information in the report from the
mining experts who are still in the process of completing the PEA Report.
Withdrawal of Cautionary Announcement
Shareholders are further referred to the announcement published on SENS dated 30 May
2024 and specifically the cautionary announcement relating to the Meya Resource. With
the update on the Resource Report, shareholders are advised that caution is no longer
required to be exercised when dealing in the Company's securities.
Further updates will be provided as the PEA report is finalized and additional information
becomes available. The Meya River Kimberlite Dyke Diamond Resource Estimate Report is
available at the Company's website at https://tinyurl.com/2twpv78v.
Windhoek, Namibia,
5 June 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: 05-06-2024 10:50:00
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