VANCOUVER, Sept. 18, 2017 /PRNewswire/ - Trilogy Metals
Inc. (TSX, NYSE-MKT: TMQ) ("Trilogy Metals" or
the "Company") is pleased to announce initial high-grade copper
results from this summer's exploration diamond drilling program at
the Bornite Project, a part of the Company's Upper Kobuk Mineral
Projects ("UKMP") located in the Ambler mining district of
Northwest Alaska. Sample results
from the first three holes are available comprising 3,083 meters of
the in-progress 10,000 meter drill campaign. The initial 3
drill holes show thick and continuous intervals of copper
mineralization and represent up to 300 meter off-sets from the
Company's last round of drill holes completed in 2013, which shows
that the Bornite mineralized system continues to significantly
expand. The focus of this year's program is to target
high-grade copper mineralization north and east of the previously
identified resources and to define the edges of the mineralized
system. Additional drill results are anticipated to be
released regularly over the next couple of months as they become
available.
At a cutoff grade of 0.5% copper the results are as follows:
- RC17-234 intersected three mineralized intervals totaling 83.8
meters averaging 1.10% copper;
- RC17-235W intersected two mineralized intervals totaling 33
meters averaging 0.90% copper; and
- RC17-236 intersected two mineralized intervals totaling 116.4
meters averaging 1.06% copper.
Results are presented in Table 1 at a cutoff grade of
0.5% copper to be comparable with previous drill results released
by the Company. Results at a more selective higher grade cutoff of
1.0% copper are also presented in Table 2 to show locally
higher grade intervals.
Trilogy Metals is executing this US$10
million program at Bornite, which has been funded by South32
Limited per the agreement announced on April
10, 2017 (https://Trilogy PR April 19 2017). This
year's exploration at Bornite was approved by a joint
Trilogy-South32 Technical Committee and is focused on drilling the
extensions of mineralization last drilled by the Company in 2013.
Rick Van Nieuwenhuyse, President
and CEO of Trilogy Metals commented, "The initial three step-out
holes at Bornite demonstrate that high grade copper mineralization
continues to the north and east of previously drilled resources as
shown in Figure 1. Specifically, these three holes offset
mineralization previously intersected in hole RC13-224 which
intersected 236-meters of 1.9% copper. We are also seeing
significant cobalt mineralization occurring as the mineral
carrollite and associated with one or more stages of pyrite –
particularly in the higher grade copper zones with bornite and
chalcocite. More geochemical and metallurgical work is planned for
the cobalt. As the Grade x Thickness Map shows in Figure 2,
we have now traced the mineralized system over an area measuring
approximately 2,500 meters by 1,500 meters within which we are
consistently intersecting zones 100 to 200 meters thick and
containing 1% to 3% copper. Our drill program is
demonstrating that the Bornite mineralized system remains strong
and shows no signs of letting up as we continue to drill on trend
to the north and east. In addition, we are starting to see
new structural trends and controls on the axis of high grade
mineralization along a northwest vector. A recently completed
detailed Gravity Survey is showing some very promising results and
we will be integrating that information into our future targeting.
We have six more holes to report on between now and mid-November
and we have added a fourth drill rig to complete our planned
program. We will continue to report results as they become
available."
Table 1
0.5% Cu Cut-off with maximum 5m internal waste - Minimum 5m
interval
Hole
|
From
(m)
|
To
(m)
|
Length
|
Cu
(pct)
|
Co
(ppm)
|
Ag
(ppm)
|
RC17-0234
|
935.28
|
956.31
|
21.03
|
1.29
|
81.8
|
0.31
|
978.50
|
1005.31
|
26.81
|
1.44
|
96.5
|
0.13
|
1011.00
|
1047.00
|
36.00
|
0.72
|
70.1
|
0.10
|
Total
of
|
83.84
|
1.10
|
81.5
|
0.16
|
RC17-0235w
|
661.84
|
667.97
|
6.13
|
0.69
|
109.6
|
0.15
|
892.23
|
919.10
|
26.87
|
0.94
|
72.8
|
1.47
|
RC17-0236
|
720.79
|
747.89
|
27.10
|
0.80
|
103.4
|
0.72
|
777.88
|
867.18
|
89.30
|
1.13
|
211.2
|
0.60
|
Total
of
|
116.40
|
1.06
|
186.1
|
0.63
|
Table 2
1.0% Cu Cut-off with maximum 5m internal waste - Minimum 4m
interval
Hole
|
From
(m)
|
To
(m)
|
Length
|
Cu
(pct)
|
Co
(ppm)
|
Ag
(ppm)
|
RC17-0234
|
945.22
|
954.74
|
9.52
|
1.96
|
150.41
|
0.296
|
978.50
|
982.99
|
4.49
|
5.49
|
397.01
|
0.582
|
1037.00
|
1047.00
|
10.00
|
1.01
|
92.14
|
0.09
|
Total
of
|
24.01
|
2.22
|
172.3
|
0.26
|
RC17-0235w
|
901.02
|
919.10
|
18.08
|
1.06
|
87.49
|
1.64
|
RC17-0236
|
735.62
|
741.00
|
5.38
|
1.41
|
137.95
|
0.966
|
796.29
|
802.09
|
5.80
|
1.04
|
198.63
|
0.685
|
822.05
|
865.78
|
43.73
|
1.72
|
328.46
|
0.869
|
Total
of
|
54.91
|
1.62
|
296.1
|
0.86
|
Bornite Resource
Based on the Company's previous three field seasons of
exploration drilling and re-assaying of previously drilled core
from Kennecott, the Company announced an updated resource estimate
for the Bornite project of 5.5 Billion pounds of copper inferred
resource at a grade of 2.26% Cu and 913 Million pounds of copper
indicated resource at a grade of 1.02% Cu and filed a National
Instrument 43-101 technical report in 2016. See the Company's
press releases dated April 19, 2016
(http://Trilogy PR April 19 2016) and the Company's press release
on the filing of the updated NI43-101 Technical Report for Bornite
on May 16, 2016 (https://Trilogy PR
May 16 2016).
QAQC Program
The drill program and sampling protocol were managed by
qualified persons employed by Trilogy Metals. The diamond drill
holes were typically collared at HQ diameter drill core and reduced
to NQ diameter during the drilling process. Samples were collected
using a 0.2-meter minimum length, 2.5-meter maximum length and
1.7-meter average sample length. Drill core recovery averaged 91%
overall and 94% within the prospective lithologies. Three quality
control samples (one blank, one 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 in
North Vancouver, B.C.,
Canada, is a facility certified as
ISO 9001:2008 and accredited to ISO / IEC 17025:2005 from the
Standards Council of Canada.
Trilogy Metals will submit 5% of the assay intervals from
prospective lithologies to an independent check assay lab.
Qualified Persons
Andrew W. West, P.Geo.,
Exploration Manager for Trilogy Metals Inc., is a Qualified Person
as defined by National Instrument 43-101. Mr. West has reviewed the
technical information in this news release and approves the
disclosure contained herein.
About Trilogy Metals
Trilogy Metals Inc. is a metals exploration 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 VMS deposits that contain
copper, zinc, lead, gold and silver, and carbonate replacement
deposits which have been found to host high grade copper
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 future operating or financial performance
of the Company, planned expenditures and the
anticipated activity at the UKMP Projects, 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.
These forward-looking statements may include statements regarding
perceived merit of properties; exploration plans and budgets;
mineral reserves and resource estimates; work programs; capital
expenditures; timelines; strategic plans; market prices for
precious and base metals; or other statements that are not
statements of fact. 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 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 and the
estimation of reserves and resources; the need for cooperation of
government agencies and native groups in the development and
operation of properties as well as the construction of the access
road; the need to obtain permits and governmental approvals; risks
of construction and mining projects such as accidents, equipment
breakdowns, bad weather, non-compliance with environmental and
permit requirements, 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, 2016 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.
Cautionary Note to United States Investors
The Bornite Technical Report have been prepared in accordance
with the requirements of the securities laws in effect in
Canada, which differ from the
requirements of U.S. securities laws. Unless otherwise indicated,
all resource and reserve estimates included in this press release
have been prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101") and the
Canadian Institute of Mining, Metallurgy, and Petroleum Definition
Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a
rule developed by the Canadian Securities Administrators which
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
Canadian standards, including NI 43-101, differ significantly from
the requirements of the United States Securities and Exchange
Commission ("SEC"), and resource and reserve information contained
therein may not be comparable to similar information disclosed by
U.S. companies. In particular, and without limiting the generality
of the foregoing, the term "resource" does not equate to the term
"reserves". Under U.S. standards, mineralization may not be
classified as a "reserve" unless the determination has been made
that the mineralization could be economically and legally produced
or extracted at the time the reserve determination is made. The
SEC's disclosure standards normally do not permit the inclusion of
information concerning "measured mineral resources", "indicated
mineral resources" or "inferred mineral resources" or other
descriptions of the amount of mineralization in mineral deposits
that do not constitute "reserves" by U.S. standards in documents
filed with the SEC. Investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves. U.S. investors should also understand that
"inferred mineral resources" have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part of an
"inferred mineral resource" will ever be upgraded to a higher
category. Under Canadian rules, estimated "inferred mineral
resources" may not form the basis of feasibility or pre-feasibility
studies except in rare cases. Investors are cautioned not to assume
that all or any part of an "inferred mineral resource" exists or is
economically or legally mineable. Disclosure of "contained ounces"
in a resource is permitted disclosure under Canadian regulations;
however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards
as in-place tonnage and grade without reference to unit measures.
The requirements of NI 43-101 for identification of "reserves" are
also not the same as those of the SEC, and reserves reported by the
Company in compliance with NI 43-101 may not qualify as "reserves"
under SEC standards. Accordingly, information concerning mineral
deposits set forth in this press release or the Bornite Technical
Report may not be comparable with information made public by
companies that report in accordance with U.S. standards.
SOURCE Trilogy Metals Inc.