UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): October 28, 2019
_______________________
Trilogy Metals Inc.
(Exact name of registrant as specified
in its charter)
_______________________
British Columbia |
001-35447 |
98-1006991 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
Suite 1150, 609 Granville Street
Vancouver, British Columbia
Canada, V7Y 1G5
(Address of principal executive offices,
including zip code)
(604) 638-8088
(Registrant’s telephone number, including
area code)
N/A
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2 below):
[_] Written communications pursuant
to Rule 425 under the Securities Act (17 CFR 230.425)
[_] Soliciting material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[_] Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.24d-2(b))
[_] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.23e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Shares |
TMQ |
NYSE American
Toronto Stock Exchange |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth
company [_]
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]
Item 7.01
Regulation FD Disclosure
On
October 28, 2019, Trilogy Metals Inc. (the “Company”) issued a press release reporting the second and final set of
assay results from this summer’s exploration diamond drilling program at the Bornite Project. A copy of the press release
is furnished as Exhibit 99.1 to this report.
In
accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1,
shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference
into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such filing.
Item 9.01
Financial Statements and Exhibits
(d) Exhibits
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
TRILOGY METALS INC. |
|
|
|
Dated: October 28, 2019 |
By: |
/s/ Elaine Sanders |
|
|
Elaine Sanders, Chief Financial Officer |
Exhibit 99.1
Trilogy Metals Reports High Grade Drilling
Results at the Bornite Project
VANCOUVER, Oct. 28, 2019 /CNW/ - Trilogy
Metals Inc. (TSX/NYSE American: TMQ) ("Trilogy Metals" or the "Company") is pleased to announce
the second and final set of assay results from this summer's exploration diamond drilling program at the Bornite Project, which
is part of the Company's Upper Kobuk Mineral Projects ("UKMP") located in the Ambler mining district of Northwest Alaska.
All amounts are in USD.
The six Bornite drill holes reported below
comprise approximately 4,596 meters from the 7,610-meter drill campaign which was completed in September. The results from the
first four holes at Bornite were announced on September 10, 2019. Three of the six drill holes contain significant copper mineralization
and were designed as infill holes to the 300 to 400-meter step-out holes completed in 2017 and 2018. Whereas, the other three holes
are step out exploration holes.
Drilling Highlights – Bornite Project
At a cutoff grade of 0.5% copper the most recent
drill results from the Bornite Project are as follows:
- RC19-0264 intersected 20 mineralized intervals including:
- 78.9 metres averaging 2.35% copper;
- 44.7 metres averaging 1.29% copper;
- 48.1 metres averaging 1.13% copper; and
- 15.5 metres averaging
3.24% copper.
- RC19-0265 intersected 11 mineralized intervals including:
- 16.3 metres averaging 2.93% copper;
- 24.3 metres averaging 1.52% copper; and
- 12. 4 metres averaging
1.95% copper.
- RC19-260 intersected eight mineralized intervals including:
- 8.1 metres averaging
1.75% copper.
- The remaining three holes (RC19-0262, RC19-0263 and RC19-0266),
which are exploration holes, did not encounter any significant mineralization.
At a higher cutoff grade of 1.5% copper, the
most recent drill results from the Bornite Project are as follows:
- RC19-0264 intersected 18 mineralized intervals including:
- 22.8 metres averaging 2.86% copper;
- 5.1 metres averaging 11.01% copper;
- 7.2 metres averaging 5.98% copper;
- 13.0 metres averaging 1.92% copper; and
- 6.7 metres averaging
2.14% copper.
- RC19-0265 intersected 10 mineralized intervals including:
- 8.7 metres averaging 4.58% copper;
- 12.4 metres averaging 2.01% copper; and
- 8.9 metres averaging 2.38% copper.
James Gowans, Interim President and CEO of
Trilogy Metals commented, "One of the factors that drew me to become involved with the Company is the fact that the Bornite
Project is one of the highest-grade copper projects in the world. As an engineer, who had constructed high-quality mines throughout
the world, the Bornite Project has many affinities to some of the world class assets that I have worked on, specifically the size
and grade. I look forward to advancing this project, which nicely complements our other high-grade project at Arctic."
The 2019 drilling budget of $9.2 million for
Bornite was funded entirely by South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) ("South32"), which funding represents
the third and final payment under the Company's option agreement (as amended, the "Option Agreement") with South32 and
maintains the Option Agreement in good standing.
This year's program at Bornite was comprised
of 10 drill holes totaling approximately 7,610 metres through a combination of infill and expansion drill holes in and around the
known resource. The first set of results from four drill holes was released on September 10, 2019 (https://trilogymetals.com/news/2019/trilogy-metals-reports-drilling-results-from-newly-discovered-zone-at-the-sunshine-prospect-and-drilling-results-at-the-bornite-project).
RC19-0262, RC19-0263 and RC19-0266 were all
exploration holes designed to test targets identified by various geophysical methods away from the existing resource. RC19-0262
was designed to test the far east side of the deposit following up on a district-wide Versatile Time Domain Electromagnetic ("VTEM")
anomaly identified during the spring 2019 VTEM/Z – Axis Tipper Electromagnetic ("ZTEM") survey; RC19-0263, on the
far west side of the deposit was testing a gravity anomaly identified during the 2017 field program; and RC19-0266 was testing
the south-end of the South Reef mineralization where copper mineralization (azurite, malachite) is observed at the surface of Iron
Mountain.
On September 1, 2019, Trilogy Metals completed
its summer exploration drilling program at Bornite and Sunshine and geotechnical activities at its Arctic Project. Additional drill
results from the Arctic Project and the Sunshine prospect are anticipated to be released over the next few weeks as they become
available.
Results for Bornite are presented in Table
1 at a cutoff grade of 0.5% copper to be comparable with previous drill results released by the Company. All but
hole RC19-0264 were drilled normal to stratigraphy and therefore the intercepts can be considered to be true widths. Hole RC19-0264
was drilled at a northeast azimuth to intersect a moderately southwest dipping mineralized carbonate vein set identified in previous
oriented drill holes and is oblique to the main stratigraphically controlled mineralization. Results at a more selective
higher-grade cutoff of 1.5% copper are also presented in Table 2 to show locally higher-grade intervals. Table
3 shows drill hole locations. Figure 1 shows the location of the drill holes on a plan map and Figure
2 shows a cross-section through drill hole RC19-0264 and Figure 3 shows a cross-section through drill hole
RC19-0265.
Table 1 - 0.5% Cu cut-off with maximum 3
m internal waste – Minimum 1.5 m interval
Hole |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Co (%) |
RC19-0260 |
652.05 |
655.77 |
3.72 |
0.62 |
0.010 |
664.59 |
672.69 |
8.1 |
1.75 |
0.010 |
814.12 |
815.69 |
1.57 |
0.82 |
0.001 |
856.66 |
858.62 |
1.96 |
0.55 |
0.014 |
864.29 |
865.93 |
1.64 |
0.69 |
0.013 |
869.3 |
871.54 |
2.24 |
0.72 |
0.019 |
899.23 |
900.85 |
1.62 |
0.62 |
0.004 |
907.59 |
911.83 |
4.24 |
1.37 |
0.015 |
RC19-0262 |
No Significant Mineralization |
RC19-0263 |
No Significant Mineralization |
RC19-0264 |
228.98 |
231.35 |
2.37 |
0.75 |
0.001 |
383.4 |
391.68 |
8.28 |
0.73 |
0.020 |
394.92 |
410.83 |
15.91 |
0.53 |
0.015 |
420.02 |
468.13 |
48.11 |
1.13 |
0.020 |
471.88 |
516.61 |
44.73 |
1.29 |
0.015 |
522.41 |
530.35 |
7.94 |
0.81 |
0.011 |
533.4 |
543.71 |
10.31 |
0.89 |
0.008 |
549.16 |
595.1 |
45.94 |
0.81 |
0.008 |
600.04 |
603.5 |
3.46 |
0.54 |
0.029 |
610.88 |
629.61 |
18.73 |
0.59 |
0.008 |
640.25 |
643.81 |
3.56 |
0.70 |
0.010 |
648 |
653.64 |
5.64 |
0.46 |
0.013 |
660.04 |
676.3 |
16.26 |
0.93 |
0.010 |
680.95 |
694.18 |
13.23 |
1.06 |
0.016 |
718.73 |
797.66 |
78.93 |
2.35 |
0.017 |
801.32 |
816.82 |
15.5 |
3.24 |
0.028 |
827.4 |
835.37 |
7.97 |
0.73 |
0.007 |
841.56 |
845.82 |
4.26 |
0.63 |
0.015 |
864.41 |
865.93 |
1.52 |
0.76 |
0.009 |
923.54 |
927.21 |
3.67 |
0.73 |
0.012 |
RC19-0265 |
520.6 |
523.34 |
2.74 |
2.82 |
0.030 |
534.51 |
542.37 |
7.86 |
1.59 |
0.004 |
560.53 |
572.92 |
12.39 |
1.95 |
0.015 |
576.8 |
580.83 |
4.03 |
2.54 |
0.014 |
594.8 |
611.09 |
16.29 |
2.93 |
0.078 |
628.19 |
629.88 |
1.69 |
0.72 |
0.005 |
633.68 |
657.93 |
24.25 |
1.52 |
0.010 |
667.67 |
678.14 |
10.47 |
0.99 |
0.007 |
682.14 |
687.45 |
5.31 |
1.85 |
0.007 |
696.83 |
698.69 |
1.86 |
2.44 |
0.002 |
RC19-0266 |
No Significant Mineralization |
Table 2 - 1.5% Cu cut-off with maximum 3
m internal waste – Minimum 1.5 m interval
Hole |
From (m) |
To (m) |
Length (m) |
Cu (%) |
Co (%) |
RC19-0260 |
665.78 |
668.73 |
2.95 |
3.08 |
0.019 |
RC19-0262 |
No Significant Mineralization |
RC19-0263 |
No Significant Mineralization |
RC19-0264 |
436.79 |
449.76 |
12.97 |
1.92 |
0.036 |
475.29 |
477.29 |
2.00 |
1.75 |
0.018 |
480.43 |
485.87 |
5.44 |
1.97 |
0.008 |
488.9 |
495.58 |
6.68 |
2.14 |
0.007 |
528.61 |
530.35 |
1.74 |
1.55 |
0.009 |
537 |
538.83 |
1.83 |
1.66 |
0.007 |
559.76 |
561.82 |
2.06 |
2.22 |
0.010 |
661.77 |
663.58 |
1.81 |
1.59 |
0.014 |
685.95 |
687.63 |
1.68 |
1.83 |
0.018 |
722.58 |
727.99 |
5.41 |
2.44 |
0.021 |
731.52 |
733.45 |
1.93 |
2.23 |
0.008 |
740.7 |
745.24 |
4.54 |
2.29 |
0.015 |
752.86 |
775.68 |
22.82 |
2.86 |
0.032 |
781.87 |
786.99 |
5.12 |
11.01 |
0.006 |
RC19-0264 |
801.32 |
802.95 |
1.63 |
1.62 |
0.005 |
809.63 |
816.82 |
7.19 |
5.98 |
0.055 |
RC19-0265 |
520.6 |
522.27 |
1.67 |
3.71 |
0.041 |
536.06 |
537.07 |
1.01 |
9.06 |
0.004 |
564.03 |
572.92 |
8.89 |
2.38 |
0.018 |
578.51 |
580.83 |
2.32 |
3.61 |
0.021 |
598.6 |
607.32 |
8.72 |
4.58 |
0.139 |
635.51 |
637.49 |
1.98 |
2.51 |
0.020 |
645.57 |
657.93 |
12.36 |
2.01 |
0.013 |
671.82 |
673 |
1.18 |
2.68 |
0.001 |
684.03 |
687.45 |
3.42 |
2.41 |
0.005 |
696.83 |
698.69 |
1.86 |
2.44 |
0.002 |
RC19-0266 |
No Significant Mineralization |
Table 3 – Bornite Drill Hole Locations
Hole |
East (m) |
North (m) |
Elevation (m) |
Azimuth |
Dip |
Length |
RC19-0260 |
590464 |
7440760 |
319 |
206 |
-77 |
947 |
RC19-0262 |
591218 |
7439500 |
435 |
206 |
-77 |
915 |
RC19-0263 |
588910 |
7440860 |
211 |
206 |
-80 |
738 |
RC19-0264 |
589837 |
7440408 |
246 |
34 |
-65 |
960 |
RC19-0265 |
590631 |
7440377 |
292 |
206 |
-75 |
748 |
RC19-0266 |
589256 |
7438650 |
508 |
220 |
-70 |
288 |
Mineralization within the Bornite deposit occurs
as a series of "Reefs" hosted by both the Upper and Lower Bornite Carbonate sequences separated by generally unmineralized
phyllite units. The Cu-Co mineralization at Bornite occurs in three distinct carbonate zones, the Upper Reef, the Lower Reef and
the South Reef. All three zones were drill tested this year.
Mineralization is typically observed as breccia
matrix replacement and is generally dominated by chalcopyrite and sometimes by bornite with chalcocite – particularly in
the higher-grade zones. Mineralization can also be observed as vein and replacement zones containing chalcopyrite and calcite/dolomite
gangue. These styles of mineralization were observed in all holes mentioned in this press release.
Figure
1 - Map Showing Location of 2019 Drilling Program at Bornite (CNW Group/Trilogy Metals Inc.)
QA/QC Program Bornite
The drill program, sampling protocol, and data
verification were managed by qualified persons employed by the Company. Diamond drill holes were typically collared at PQ (internal
diameter of 85 millimeters) and reduced to HQ (internal diameter of 63.5 millimeters) during the drilling process. Samples were
collected using a 0.2-metre minimum length, a 2.5-metre maximum length and a 1.9-metre average sample length. Drill core recovery
averaged 93% for Bornite drill core. Three quality control samples (one blank, one certified standard and one duplicate) were inserted
into each batch of 20 samples. The drill core was sawn, with half sent to ALS Minerals in Fairbanks for sample preparation and
the sample pulps forwarded to ALS's North Vancouver facility for analysis. ALS Minerals is an independent company certified as
ISO 9001:2008 and accredited to ISO / IEC 17025:2005 from the Standards Council of Canada. The assay results for the primary and
quality control samples were reviewed by an independent database manager and passed with good inferred quality. The Company
will submit 5% of the assay intervals from prospective lithologies to an independent check assay lab.
Figure 2 – Cross Section of Bornite Drilling
Showing RC19-0264 Results (CNW Group/Trilogy Metals Inc.)
Figure 3 – Cross Section of Bornite Drilling
Showing RC19-0265 Results (CNW Group/Trilogy Metals Inc.)
Qualified Persons
Andrew W. West, Certified Professional Geologist,
Exploration Manager for Trilogy Metals Inc., is a Qualified Person as defined by National Instrument 43-101. Mr. West has reviewed
the scientific and technical information in this news release and approves the disclosure contained herein.
About Trilogy Metals
Trilogy Metals Inc. is a metals exploration
and development company focused on exploring and developing the Ambler mining district located in northwestern Alaska. It is one
of the richest and most-prospective known copper-dominant districts located in one of the safest geopolitical jurisdictions in
the world. It hosts world-class polymetallic volcanogenic massive sulphide ("VMS") deposits that contain copper, zinc,
lead, gold and silver, and carbonate replacement deposits which have been found to host high-grade copper and cobalt mineralization.
Exploration efforts have been focused on two deposits in the Ambler mining district - the Arctic VMS deposit and the Bornite carbonate
replacement deposit. Both deposits are located within the Company's land package that spans approximately 143,000 hectares. The
Company has an agreement with NANA Regional Corporation, Inc., a Regional Alaska Native Corporation that provides a framework for
the exploration and potential development of the Ambler mining district in cooperation with local communities. Our vision is to
develop the Ambler mining district into a premier North American copper producer.
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning
of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform
Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, the results
of drilling activity and the advancement of the Bornite project, are forward-looking statements. The assay results disclosed in
this press release should not be considered representative of other drilling results for the 2019 drilling campaign. Forward-looking
statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible", and similar expressions, or statements
that events, conditions, or results "will", "may", "could", or "should" occur or be achieved.
Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to
be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving
success of exploration, permitting timelines, requirements for additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses, supplies and services the interpretation of drill results, the need for
additional financing to explore and develop properties and availability of financing in the debt and capital markets; uncertainties
involved in the interpretation of drilling results and geological tests; the need for cooperation of government agencies and native
groups in the development and operation of properties; the need to obtain permits and governmental approvals; unanticipated variation
in geological structures, metal grades or recovery rates; unexpected cost increases, which could include significant increases
in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; and other risks and uncertainties
disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2018 filed with Canadian securities regulatory
authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with
applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions
and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements
or beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Trilogy Metals Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2019/28/c1573.html
%CIK: 0001543418
For further information: Company Contact: Patrick Donnelly,
Vice President, Corporate Communications & Development, patrick.donnelly@trilogymetals.com, 604-630-3569, 604-638-8088 or 1-855-638-8088
CO: Trilogy Metals Inc.
CNW 06:30e 28-OCT-19
This regulatory filing also includes additional resources:
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