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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):
September 27, 2023
_______________________
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 September 27, 2023, the Company issued a press release providing an
exploration update on its 100%-owned projects in northern Alaska. The press release is attached hereto as Exhibit 99.1.
The information contained in the press release attached hereto is being
furnished and shall not be deemed 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: September 27, 2023 |
By: |
/s/ Elaine Sanders |
|
|
Elaine Sanders, Chief Financial Officer |
Exhibit 99.1
Trilogy Metals Advances 100%-Owned Helpmejack
Project in the Eastern Ambler Schist Belt, Alaska
Exceptionally High Zinc Values in Stream Sediment
Samples
VANCOUVER, BC, Sept. 27, 2023 /CNW/ - Trilogy Metals
Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy" or the "Company") is pleased to provide an exploration update
on its 100%-owned projects in northern Alaska. Simple, low-cost fieldwork involving stream sediment and rock sampling has outlined two
target areas prospective for volcanogenic massive sulphide ("VMS") and shale-hosted zinc deposits at the Helpmejack Project
located in the eastern part of the Ambler Schist Belt. Zinc values more than 3,000 ppm in stream sediments are the highest in Trilogy's
extensive regional stream sediment database.
The Helpmejack Project is near, but outside of, the
area of interest of the Upper Kobuk Mineral Projects ("UKMP") which host the world-class Arctic VMS deposit and are held by
Ambler Metals LLC ("Ambler Metals"), the joint venture operating company owned equally by Trilogy and South32 Limited (ASX,
LSE, JSE: S32; ADR: SOUHY) ("South32"). The project is among several exploration projects located along the proposed route of
the Ambler access road (the "Ambler Access Road") (see Figure 1).
Helpmejack Project
The Helpmejack claims cover a 12-kilometer strike
length of the Ambler Schist Belt between the UKMP and South32's Roosevelt project. Graphitic schists, calcareous shists, and mafic volcanics
seen at Helpmejack resemble those seen in the Ambler Sequence in the western part of the belt.
Stream-sediment geochemistry on samples collected
by Trilogy verified two historical stream-sediment sample anomalies. Trilogy traced anomalous levels of zinc to several upstream tributaries
and found anomalous levels of zinc and copper in an adjacent catchment area. Many of these streams are strongly anomalous in zinc (>500
ppm) and cadmium (>10 ppm), with anomalous levels of other elements characteristic of Besshi-style VMS deposits and shale-hosted zinc
deposits.
The anomalous drainages follow the strike of the geology
for five to six kilometers through the center of the claim block. Bright orange iron oxide staining along several of these streams
is visible from the air and a grab sample from a ferricrete deposit, adjacent to mapped mafic volcanics, assayed 0.8% zinc with anomalous
cadmium, manganese, cobalt, molybdenum, nickel, sulfur and antimony (see Figure 2).
South of this trend, a single stream-sediment sample
contained 3,100 ppm zinc and 49 ppm cadmium. Two repeat samples collected nearby contained 3,120 and 3,690 ppm zinc and 39 and 63 ppm
cadmium, respectively. These represent the highest zinc and cadmium values in Trilogy's stream sediment sample database of more than 2,800
samples collected throughout the Ambler Schist Belt, including streams draining the Company's flagship, Arctic VMS deposit.
Richard Gosse, VP Exploration of Trilogy Metals, said,
"The enrichments found in these stream sediments cannot be dismissed as metal scavenging and are thought to reflect the presence
of zinc sulphide mineralization. Stream sediment geochemistry is the most cost-effective regional exploration method in the Ambler Schist
Belt and was the method that led to the discovery of the Arctic VMS deposit. Recommended follow-up work at Helpmejack includes ridge and
spur soil sampling along with mapping and rock sampling, a low-cost program to find and evaluate the source of the zinc in the stream
sediments."
Tony Giardini, President and CEO of Trilogy, commented,
"These are encouraging early-stage results achieved with a lean budget – highlighting the ingenuity of our exploration team
and boots-on-the-ground exploration philosophy. We see upside in the Helpmejack and Malamute claims, which have relatively low holding
costs but offer potential to add value for shareholders, in addition to the primary UKMP asset, especially as the United States is looking
to secure domestic supplies of critical metals. They are strategically located in Alaska, in vicinity of the UKMP, South32's large Roosevelt
land package currently being explored for copper and zinc mineralization, as well as the proposed Ambler Access Road. We will continue
to evaluate work programs for Helpmejack and Malamute to build on these early results."
Malamute Project
The Malamute claims cover an eight-kilometer long
east-west valley immediately north of the west end of South32's Roosevelt property. The geology of the Malamute claim block is complicated
by the lack of outcrop. Government mapping at a 1:250,000 scale shows quartz mica schists and calcareous schists belonging to the Ambler
Schist Belt as well as meta-quartzites, phyllites and marble belonging to the Central Belt.
Stream-sediment sampling on the Malamute claims verified
anomalous levels of cobalt in historical sediments collected by the Alaska Division of Geological and Geophysical Surveys between 1977
and 1982. Trilogy's samples contain >300 ppm cobalt and up to 240 ppm copper in four adjacent north-south drainages and define a target
area that is approximately 2.5 kilometers wide by six kilometers in length that is largely covered by overburden. Follow-up soil
samples along ridges and spurs, and geological mapping are recommended.
Trilogy staked the Helpmejack and Malamute claims
in 2021 following an extensive target generation study using publicly available geoscientific data from the State of Alaska as well as
historical exploration reports (see Trilogy news release dated October 4, 2021). The claims are held by 995 Exploration Inc., a wholly-owned
subsidiary of Trilogy.
Ambler Schist Belt
The Ambler Schist Belt stretches for over 300 kilometers
in an east-west direction along the southern boundary of the Brooks Range (see Figure 1). With the discovery and delineation of the Arctic
VMS and Bornite copper-cobalt-germanium deposits, and subsequent exploration in the area, the host stratigraphy of the western part of
the belt is well defined. It comprises a 1.0 to 1.5-kilometer thick sequence of metasedimentary and bi-modal metavolcanic rocks known
as the Ambler Sequence which hosts economically significant VMS occurrences including the Arctic, Sunshine, Smucker and Sun deposits.
In the eastern part of the belt, particularly in the
Survey Pass quadrangle, reconnaissance scale mapping (1:250,000 scale) carried out by the United States Geological Survey ("USGS")
did not capture the level of detail needed to differentiate the Ambler Sequence units identified in the west. Exploration was carried
out in the eastern part of the belt in the seventies and eighties by several companies, including Anaconda that discovered the Roosevelt
VMS occurrence.
QA/QC Program
Stream sediment samples and the single grab sample
described in this news release weighed between 0.12 and 0.52 kilograms. Location was recorded using a GPS and a sample tag was inserted
into each sample bag. Samples were dried in the field and shipped to ALS Minerals laboratory in Vancouver, Canada. ALS Minerals is an
independent laboratory certified under ISO 9001:2008 and accredited under ISO/IEC 17025:2005. ALS Minerals includes its own internal quality
control samples comprising certified reference materials, blanks, and pulp duplicates. The samples were sieved using a 180-micron screen
prior to completing multi-element analyses by AuME-ST43 analytical code (gold by fire assay and multi-elements by aqua regia digest with
ICP finish).
Qualified Person
Richard Gosse, P.Geo., Vice President Exploration
for Trilogy Metals Inc., is a Qualified Person as defined by National Instrument 43-101 and S-K 1300. Mr. Gosse has reviewed the technical
information in this news release and approves the disclosure contained herein.
About Trilogy Metals
Trilogy Metals Inc. is a metal exploration and development
company which holds a 50 percent interest in Ambler Metals LLC, which has a 100 percent interest in the Upper Kobuk Mineral Projects in
northwestern Alaska. On December 19, 2019, South32, 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 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 a land package that spans approximately 190,929 hectares.
Ambler Metals has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation that provides a framework for the exploration
and potential development of the Ambler Mining District in cooperation with local communities. Trilogy's vision is to develop the Ambler
Mining District into a premier North American copper producer while protecting and respecting subsistence livelihoods.
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, perceived merit of properties
and claim blocks, outcomes of studies and testwork, and the Company's plans to provide further updates and the timing 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 our ability to
conserve cash and to raise capital at terms favorable to the Company, or at all and other risks and uncertainties disclosed in the Company's
Annual Report on Form 10-K for the year ended November 30, 2022 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.
The findings described in this news release are
conceptual in nature. There has been insufficient exploration work to estimate a mineral resource. It is uncertain if further exploration
will result in the estimation of a mineral resource. The exploration results described in this news release therefore do not represent,
and should not be construed to be, an estimate of a mineral resource or mineral reserve.
View original content:https://www.prnewswire.com/news-releases/trilogy-metals-advances-100-owned-helpmejack-project-in-the-eastern-ambler-schist-belt-alaska-301939742.html
SOURCE Trilogy Metals Inc.
View original content: http://www.newswire.ca/en/releases/archive/September2023/27/c6467.html
%CIK: 0001543418
For further information: Company Contacts: Tony Giardini, President
& Chief Executive Officer; Elaine Sanders, Vice President & Chief Financial Officer, Phone: 604-638-8088
CO: Trilogy Metals Inc.
CNW 06:30e 27-SEP-23
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