Spurred by a desire by governments to be greener and less fossil-fuel dependent, the electrification trend in the modern economy is taking off.
That trend is boosting demand for copper-intensive products like electric vehicles (“EVs”) and renewable energy sources like wind and solar. While the copper required for these items currently accounts for a fraction of the world’s overall copper demand, the growth in these sectors promises to goose demand for copper in the decades ahead.
In fact, a report from S&P Global is forecasting that global copper demand could double by 2035, from 25 million metric tons to 50 million metric tons.
That demand will be driven by government initiatives like the Biden administration’s signing of the recently passed Inflation Reduction Act, which provides big incentives for a wholesale switch to EVs and renewable power sources.
And, as copper demand increases, major copper-producing countries such as Chile, Peru and the Democratic Republic of the Congo face supply difficulties. All three countries have political risk that could hinder their ability to generate the copper the world needs.
Morocco: A long history of copper, silver production
In this environment, Morocco makes an excellent prospect as a country that can help fill the gap for both copper and silver.
Trigon Metals Inc. (TSXV: TM | FRA: TZU2 | (OTCQB: PNTZF), whose flagship project Silver Hill is located in Morocco, is certainly a big believer in the country’s potential.
According to Director Mohammed Benharref, who is based in the country, Morocco was the largest supplier of copper and silver in the world from the 13th to the 17th century. Benharref says “there’s a lot to discover, based on what has been done in the past.”
That faith in Morocco’s discovery potential is supported by Trigon’s success at outlining encouraging signs of copper and silver mineralization at and near surface at Silver Hill.
The company has tested one area of the project with drilling, another with a trench, and it has conducted a broad-based geophysical survey. Trigon’s CEO, Jed Richardson notes that “the drilling lines up with one of the chargeability anomalies from the geophysical survey.”
Highlights from that drilling include 14 meters of 1.08% copper and 74 parts per million silver. Richardson comments that “that’s $250/tonne metal over 14 metres and the trench we dug, some 2 kilometres distant is even better, with an implied value of almost $400/tonne.”
Both Richardson and Benharref see Morocco as having vast potential as a jurisdiction for mining, with a lot of mining professionals, an ability to get projects permitted easily and great infrastructure.
Based on their own findings at Silver Hill, they see the country as a promising locale for both silver and copper.
Trigon Metals: Producing copper, with a big exploration upside
Trigon holds an edge over pure exploration companies as it possesses the Kombat copper project in Namibia, which is expected to commence production soon. This project has the capacity to generate revenue that can be utilized to support the continuous exploration activities at Silver Hill.
As it stands, the geophysical survey at Silver Hill has highlighted several additional drill targets that could be even more prospective than the areas targeted by the initial drilling and trenching.
Richardson says: “the strongest anomalies from that survey are places we have not tested, and those targets are our next bit of work at Silver Hill.”
In addition to this work, Trigon is working to secure additional land or possible grant of a new land package for the project.
Silver Hill’s upside for both copper and silver exploration make it a project to watch as Trigon continues its exploration program there.
In a world where the electrification trend is sparking demand for copper (and, to a certain extent, silver), Trigon Metals looks undervalued when considering the potential of their assets.
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