VANCOUVER, BC, Nov. 19, 2020 /PRNewswire/ - Trilogy
Metals Inc. (TSX: TMQ) (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 2021 program and budget of
approximately $27 million for the
advancement of the Upper Kobuk Mineral Projects ("UKMP") located in
Northwestern Alaska. The budget is 100% funded by Ambler
Metals and is expected to be confirmed by the NANA Oversight
committee on December 3,
2020. Trilogy is also pleased to introduce the new leadership
team for the joint venture. All amounts are in US dollars.
Highlights of the 2021 Program
- Approximately $27 million
budget fully funded by Ambler Metals
- 7,600 meters of infill and metallurgical drilling at the
Arctic Project
- 7,000 meters of exploration drilling focused on drill-ready
targets along the Ambler Volcanogenic Massive Sulphide ("VMS")
Belt
- Engineering activities focused on getting the Arctic Project
ready for permitting
- Permitting efforts focused on submission of the Federal 404
permit application in the second half of 2021
- Program will be managed by an experienced leadership
team
Arctic Project
Activities at the Arctic Project will focus on an additional
7,600 meters of drilling which will have the dual purpose of
extracting additional material for metallurgical work and for the
conversion of mineral resources into the measured category. The
metallurgical program that is associated with this drilling will
support variability test work and pilot plant work which will
commence later in 2021.
Engineering work is continuing at Arctic with the aim of
submitting the application for the Notice of Intent for the 404
Dredge and Fill Permit, which is covered by the Clean Water Act, to
the United States Army Corps of Engineers. The Company expects
Ambler Metals will submit the permit applications during the second
half of 2021.
Exploration
Following up from the 2019 work performed along the 70-mile (100
kilometer) Ambler VMS belt, Ambler Metals will continue exploration
efforts along the belt to discover and define additional deposits
that may provide feed to a future Arctic mill. Ambler Metals plans
to conduct a 7,000-meter regional exploration drill campaign at the
Sunshine prospect and at other drill-ready targets. The drill
program is expected to commence in mid-July and finish before the
end of September. The drilling will be preceded by detailed
geologic mapping, geochemical soil sampling, and ground
geophysics.
COVID Safety Measures
During the 2021 field season, Ambler Metals will be adhering to
a strict COVID safety protocol regime which includes limited
personnel rotations, offsite and onsite testing, stringent
sanitation and disinfection procedures and contact tracing. These
protocols will be followed throughout the summer field season in
strict observance to Government of Alaska guidelines.
Ambler Metals Joint Venture and Leadership Team
On February 11, 2020, the Ambler
Metals joint venture was formed. Trilogy contributed all 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.
The permanent management team at Ambler Metals have been hired
and are all now based in Alaska.
The joint venture company is led by President and Chief Executive
Officer, Ramzi Fawaz, Vice President
Operations, Kevin Torpy and Vice
President Finance, Rebecca Donald.
The management profiles of the Ambler Metals executive team can be
found at https://amblermetals.com/management/. In addition to the
appointment of the leadership team at Ambler Metals, the Trilogy
technical team has now transitioned over to the entity.
Tony Giardini, President and CEO
of Trilogy, commented, "I am extremely excited that the Ambler
Metals joint venture has attracted experienced talent to advance
the world class Arctic project to the next level. This starts
with formalizing the budget for the 2021 program at the UKMP. The
proposed budget is expected to have a twofold positive impact for
the Company in that we will continue to de-risk the Arctic Project
and we will also move forward in unlocking the mineral potential
within the 100-kilometer-long VMS Mineral Belt as well as around
the Bornite copper-cobalt deposit. I am also pleased in that Ambler
Metals is making positive progress towards the commencement of
permitting of the Arctic Project."
Qualified Persons
Richard
Gosse, Vice President Exploration for Trilogy, is a
Qualified Person as defined by National Instrument 43-101. Mr.
Gosse 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 which holds a 50 percent
interest in Ambler Metals LLC which has a 100 percent interest in
the Upper Kobuk Mineral Projects ("UKMP") in northwestern
Alaska. On December 19, 2019, 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 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 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.
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, the
timing of submission and granting of permits, the Company's ability
to de-risk the Arctic Project and unlock the mineral potential of
the VMS Mineral Belt and the anticipated benefits of the permanent
management team at Ambler Metals 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.