Guest Contributor | Nov 5, 2019 | 0
Trustco’s Sierra Leone mining operations boosted with large scale mining licence approval
Trustco Group Holding in a statement to shareholders announced that Meya Mining received a letter from the National Minerals Agency (NMA) of Sierra Leone confirming that the large scale mining licence has been approved on the recommendation of the Minerals Advisory Board.
Meya Mining is the diamond mining operation of the Trustco Group in Sierra Leone.
In a bulletin on the Stock Exchange News Service (SENS) this week, shareholders were advised that Meya Mining received its Large Scale Mining Licence No ML2/2019 issued by the Minister of Mines and Mineral Resources for an initial term of 25 years with effect from 26 July 2019.
According to Trustco, shareholders are further referred to the SENS announcement dated 9 August 2018 where it was announced that both hurdle components have been achieved on the exploration results to the before mentioned date.
“Hurdle” means an intrinsic value of at least 3 million carats and/or a value of at least US$ 1 billion valued at international market prices, the announcement added.
According to Trustco, this was achieved during the Phase 1 exploration programme which focused on only 1 Dyke zone.
The announcement also stated that Meya Mining will continue its resource development programmes with the aim to define the resource in full.
Meanwhile, according to the announcement, ML2/2019 encompasses an area of 129.4 km2 and at least 16 more dyke zones were identified, which would unlock the full geo- economic potential.