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Trident Royalties provides Lake Rebecca Gold Project update

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Global Mining Review,

Trident Royalties Plc, a growth-focused mining royalty and streaming company, has provided a technical update for the Lake Rebecca Gold Royalty (the royalty) over tenement E28/1610 which hosts the entirety of the 1 million oz Lake Rebecca Gold Project, currently owned and operated by Apollo Consolidated in Western Australia.

Since the completion of the royalty acquisition (announced 29 October 2020) Apollo has released technical and drilling updates for the project including the constituent Rebecca, Duchess, Duke and Cleo deposits (all of which are covered by the royalty). Project highlights are summarised below.

Adam Davidson, CEO and Executive Director of Trident, commented: "We are delighted by the exploration progress Apollo has made at the 1 million oz Lake Rebecca Gold Project, over which Trident holds a 1.5% net smelter royalty.

"Since completing the royalty acquisition on 29 October 2020, Apollo has announced some very encouraging infill and exploratory drilling results which bode well for significant upgrades in the expected 2Q21 mineral resource estimate update, and which serve to further de-risk future technical studies on the project as Apollo seeks to fast track the project into mine construction.

"It is also encouraging to note that the royalty area shows prospectivity for the definition of further resources as highlighted by developments at the emerging Cleo deposit. We look forward to following developments at the project as drilling continues and technical studies commence."


Rebecca deposit

Infill and step-out drilling results considered very positive.

  • High-density# infill drilling results help to de-risk future mining studies, improving geological confidence in the Rebecca deposit resource modelling, especially around the margins of high-grade gold zones such as the Jennifer, Maddy and Laura structures.
  • Strong gold drill intercepts have been returned in expected positions whilst additional intercepts have extended the mineral resource block model in places. Example down-hole intercepts include:
    • Hole RCLR0729: 21 m at 2.45 g/t gold (Au) from 209 m, 7 m at 1.24 g/t Au from 285 m and 7 m at 2.09 g/t Au from 301 m.
    • Hole RCLR0727: 30 m at 1.16 g/t Au from 143 m (Laura structure), 33 m at 1.46 g/t Au from 217 m and 15 m at 1.74 g/t Au from 255 m (Maddy structure).
    • Hole RCLR0680: 13 m at 2.96 g/t Au and 4 m at 2.97 g/t Au from 270 m.
    • Hole RCLR0681: 9m at 3.81 g/t Au from 255 m.
  • Significant new hanging-wall gold mineralisation identified to the west of the Jennifer structure; downhole examples include:
    • Hole RCLR0731 with 7 m at 2.21 g/t Au from 312 m.
    • Hole RCLR0682 with 18 m at 1.79 g/t Au from 168 m.
    • Hole RCLR0681 with 15 m at 1.27 g/t Au from 85 m.
  • New near-surface gold mineralisation identified; down-hole examples include:
    • Hole RCLR0741 22 m at 1.31 g/t Au from 120 m.
    • Hole RCLR0722 10 m at 1.22 g/t Au from 30 m, 8 m at 3.53 g/t Au from 43 m and 3 m at 8.22 g/t Au from 85 m.
  • Apollo has stated that drilling along the 1.7 km long Rebecca deposit continues to demonstrate the strength of the mineralised system, confirming and building on the geological modelling and that the major mineralised structures remain open to depth and will be the focus of additional RC and diamond drilling during 2021.

Duchess and Duke Deposits

  • New drilling results from 12 holes at the Duchess deposit, located approximately 4 km south of Rebecca, has increased the understanding of the mineralised system, confirming, widening and extending the known mineralisation within the 900 m long and >400 m wide deposit footprint; best new down-hole intercept: 20 m at 1.64 g/t Au from 110 m in hole RCLR0700.
  • Results show exploration potential for the circa 1 km of ground between the Duchess deposit (180 000 oz Au inferred resource) and Duke deposit (80 000 oz Au inferred resource).

Cleo exploration target

  • Early stage drilling shows good potential for future mineral resource definition.
  • Infill and extensional reverse circulation (RC) drilling focusing on a part of the Cleo target, 1.4k m to the west of the Rebecca deposit, has returned encouraging results from shallow depths; example down-hole intersections include:
    • Hole RCLR0683: 10 m at 1.0 g/t Au from 110 m.
    • Hole RCLR0684: 10 m at 0.82 g/t Au from 20 m, 5 m at 1.69 g/t Au from 35 m, 5 m at 4.24 g/t Au from 80 m and 5 m 1.46 g/t Au from 95 m.
    • Hole RCLR0685: 5 m at 3.76 g/t Au from 55 m, 15 m at 0.52 g/t Au from 80 m, 28 m at 0.63 g/t Au from 105 m and 10 m at 0.92 g/t Au from 140 m.
  • These encouraging intercepts lie within a 150 m wide surface footprint and feature broad down-hole anomalous zones of gold anomalism, for example 115 m at 0.51 g/t Au from 40 m in RCLR0685 (calculated at nominal >0.1 g/t Au and 2 g/t Au top-cut).
  • Preliminary geological interpretation for Cleo suggests near surface vertically orientated gold mineralisation which remains open in strike and to depth.
  • Follow-up drilling is planned to expand the mineralised footprint and increase geological understanding along the current approximately 1 km long gold mineralisation strike.

Next steps

  • Mineral resource estimate update scheduled for completion in 2Q21 (Trident expects an increase in contained ounces based on the positive infill and extensional drilling results since the February 2020 maiden mineral resource estimate of total indicated and inferred 27.1 million t at 1.2 g/t Au for 1.035 million oz Au).
  • Exploration drilling continues to test under-explored structural targets lying between the Cleo, Duchess and Rebecca deposits.
  • Geotechnical testwork is in progress.
  • High resolution photographic and topographic surveys flown to support future technical and project evaluation studies.
  • Apollo well-funded to continue the work programme (AUS$18.6 million in consolidated cash as of 11 January 2021).

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