VANCOUVER, BC, July 23, 2020 /CNW/ - South32 Limited
("South32") and Trilogy Metals Inc. (TSX: TMQ) (NYSE: TMQ)
("Trilogy Metals"), partners in Ambler Metals LLC ("Ambler
Metals"), are pleased to report the signing of the Record of
Decision ("RoD") by the United States Bureau of Land Management
("BLM") for the Ambler Mining District Industrial Access Project
("AMDIAP" or "Ambler Access Road"). The RoD approves the
development of the northern or "A" route which is to be a
211-mile-long gravel private access road in the southern
Brooks Range foothills to provide
industrial access to the Ambler Mining District. All amounts are in
United States dollars unless
otherwise stated.
The Section 404 Permit, which is governed by the Clean Water Act
("CWA"), will be issued shortly by the United States Army Corp. of
Engineers ("USACE").
The permitting of the proposed Ambler Access Road is a
significant milestone in the development of the Ambler Mining
District. The development of the road will unlock the world class
economic potential of the region by allowing greater access to the
district and the potential development of the Arctic project, which
is in a remote area of northwest Alaska.
South32 CEO Graham Kerr said, "We
welcome the Record of Decision, a key milestone to further progress
the Ambler Metals project. We look forward to continuing our
partnership with Trilogy to unlock the value of the project's
high-quality base and precious metals resources, working together
to advance it through the current study phase."
President and CEO, Tony
Giardini, of Trilogy Metals said, "I would like to express
my sincere appreciation to the BLM and the USACE for overseeing and
managing the long approval process for the Ambler Access Road. The
formal permitting of the AMDIAP is a significant event for the
Company and for all Alaskans."
Next Steps
On June 24, 2020, the Board of
Directors of the Alaska Industrial Development and Export Authority
("AIDEA"), approved a Memorandum of Understanding ("MOU") with
Ambler Metals which specifies how the parties will jointly
establish a plan regarding the permitting, feasibility, engineering
and design, construction and operation, financing and closure of
the AMDIAP. Ambler Metals has committed to contribute up to
$35 million to match AIDEA's
contribution of $35 million for these
activities.
AIDEA authorized spending up to $500,000 from the funds currently in the Arctic
Infrastructure Development Fund for 2020 predevelopment work on the
AMDIAP. These funds will be matched by another $500,000 by Ambler Metals and will be used to
further advance the project.
The issuance of the CWA Section 404 will establish a program to
regulate the discharge of dredged or fill material into waters of
the United States, including
wetlands. This is the key federal permit required for the
development of the AMDIAP.
For more information on the RoD and the CWA Section 404 permit
please visit the BLM website at https://www.blm.gov/alaska.
About South32
South32 is a globally diversified mining and metals company. We
produce bauxite, alumina, aluminium, energy and metallurgical coal,
manganese, nickel, silver, lead and zinc at our operations in
Australia, Southern Africa and South America. With a focus on growing our
base metals exposure, we also have two development options in
North America and several
partnerships with junior explorers around the world. Our purpose is
to make a difference by developing natural resources, improving
people's lives now and for generations to come. We are trusted by
our owners and partners to realise the potential of their
resources.
About Trilogy
Trilogy Metals Inc. is a metals exploration and development
company which holds a 50 percent interest in Ambler Metals LLC
which has a 100 percent interest in the UKMP in north western
Alaska. On December 19, 2020 South32, which is a globally
diversified mining and metals company, exercised its option to form
a 50/50 joint venture with Trilogy. The UKMP is located within the
Ambler Mining District which 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 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 land package that spans approximately 172,636
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.
Forward-looking Statements
This press release includes certain "forward-looking
information" and "forward-looking statements" (collectively,
"forward-looking statements") within the meaning of applicable
securities legislation, including, but not limited to, statements
regarding the economic potential of the Ambler Mining District, the
potential development of the Arctic project, the anticipated timing
on the CWA Section 404 Permit, and further advancement of the
AMDIAP, as contemplated by the MOU or otherwise. These
forward-looking statements reflect expectations at the date of this
release; however, they are not guarantees or predictions of future
performance. They involve known and unknown risks, uncertainties
and other factors, many of which are beyond our control, and which
may cause actual results to differ materially from those expressed
in the statements contained in this release. Readers are cautioned
not to put undue reliance on forward-looking statements. Except as
required by applicable laws or regulations, neither Trilogy Metals
nor South32 undertakes to publicly update or review any
forward-looking statements, whether as a result of new information
or future events. Past performance cannot be relied on as a guide
to future performance. Important factors that could cause
actual results to differ materially from Trilogy Metals'
expectations include risks related to the permitting, financing and
advancement of the AMDIAP and other risks and uncertainties
disclosed in Trilogy Metals' Annual Report on Form 10-K for the
year ended November 30,
2019 filed with the Canadian securities regulatory authorities
and with the United States Securities and Exchange Commission and
in other Trilogy Metals reports and documents filed with applicable
securities regulatory authorities from time to time.
Further information on South32 can be found at www.south32.net
and further information on Trilogy Metals can be found at
www.trilogymetals.com.
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SOURCE Trilogy Metals Inc.