VANCOUVER, Feb. 26, 2020 /PRNewswire/ - Trilogy
Metals Inc. (TSX/NYSE American: TMQ) ("Trilogy"
or the "Company") is pleased to announce that Ambler Metals LLC
("Ambler Metals"), the joint venture operating company equally
owned by Trilogy and South32 Limited (ASX, LSE, JSE: S32; ADR:
SOUHY) ("South32") has recently approved the 2020 program and
budget of $22.8 million for the
advancement of the Upper Kobuk Mineral Projects ("UKMP") located in
Northwestern Alaska. The budget is 100% funded by Ambler
Metals. All amounts are in US dollars.
Highlights of the 2020 Program
- $22.8 million budget fully
funded by Ambler Metals
- 10,000 meters of drilling at the Arctic Project
- 2,500 meters of drilling within the Ambler Volcanogenic
Massive Sulphide ("VMS") Belt
- Geologic mapping and geochemical soil sampling at the
Bornite Project
Arctic Project
Activities at the Arctic Project will continue to focus on
advancing studies and preparing for permit applications.
Ambler Metals plans to conduct a 10,000 meter drilling program at
the Arctic Project during the summer field season to gather
additional drill data for the conversion of resources to the
measured category, the next phase of metallurgical studies,
including pilot plant testing, and geotechnical drilling for
infrastructure placement. The drill program is expected to
commence in mid-June and finish at the end of August. Studies
are expected to continue throughout the year.
Regional Exploration
Following up from the 2019 work performed along the 70-mile (100
kilometer) Ambler VMS belt, Ambler Metals will continue exploration
efforts within the Ambler VMS to discover and define potential
deposits that can provide additional feed to a future Arctic
mill. Ambler Metals plans to conduct a 2,500 meter drill
campaign in the VMS belt, following up from last year's drilling at
the Sunshine prospect and at other identified targets. The
drill program is expected to commence in mid-July and finish at the
end of August. The drilling will be preceded by detailed
geologic mapping, geochemical soil sampling, and ground
geophysics.
Bornite Project
Following up from the past three field seasons of drilling
(2017, 2018 and 2019), this year's focus at the Bornite Project
will be geological mapping and geochemical soil sampling over the
northern Cosmos Hills and review of drill core and surface
exposures to determine controls on high grade zones of copper
mineralization. Although there is no planned drilling at the
Bornite Project in 2020, the Bornite geological database will be
updated and the team will identify priority drill targets for the
2021 field season.
Ambler Metals Joint Venture
On February 11, 2020, the Ambler
Metals joint venture was formed. Trilogy contributed all of
its assets associated with the 172,675-hectare UKMP, including the
Arctic and Bornite projects, while South32 contributed US$145 million, resulting in each party owning a
50% interest in Ambler Metals. The funds are dedicated to
advancing the Arctic and Bornite projects, along with exploration
in the Ambler mining district.
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.
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, statements relating to the planned expenditures
and the anticipated drilling, survey and other activity at the
Company's properties and the timing and objectives thereof are
forward-looking statements. 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 activities,
permitting timelines, requirements for additional capital,
government regulation of mining operations, environmental
risks, prices for energy inputs, labour, materials, supplies
and services, uncertainties involved in the interpretation of
drilling results and geological tests, unexpected cost increases
and other risks and uncertainties disclosed in the Company's Annual
Report on Form 10-K for the year ended November 30, 2019 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.
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SOURCE Trilogy Metals Inc.