Trilogy Metals Inc.
Trilogy Metals Inc., formerly NovaCopper Inc. is a metal 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.
Trilogy’s exploration efforts have been focused on two deposits in the Ambler mining district – the Arctic VMS (volcanogenic massive sulphide) deposit and the Bornite carbonate-hosted copper replacement deposit. Both deposits are located within the Company's land package that spans approximately 143,000 hectares and collectively known as the Upper Kobuk Minerals Projects or UKMP.
The Company 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.
(1) Arctic Project
Arctic is one of the highest-grade copper deposits known in the world with an average grade of 5% copper equivalent.
The Arctic deposit is a polymetallic volcanogenic massive sulphide deposit located approximately 470 kilometers northwest of the City of Fairbanks, Alaska. Current activities are focused on engineering and environmental site investigation studies that will form the basis for completing a pre-feasibility study by Q1 2018.
The Arctic Preliminary Economic Assessment (PEA) published in 2013 demonstrated robust economics for developing an open pit high-grade copper-zinc-gold-silver project based solely on the Arctic deposit.
Highlights of the Arctic PEA (2013) Include:
Pre-feasibility study planned for Q1 2018
(2) Bornite Project
Bornite is a carbonate-hosted high-grade copper deposit with significant exploration potential, located approximately 25 kilometers southwest of the Company’s Arctic deposit.
The Bornite deposit consists of a tilted horseshoe shaped orebody measuring 1,500 metres by 1,000 metres. The two prongs of mineralization are referred to as the Ruby Creek Zone and the South Reef Zone. Drilling in 2013 linked the South Reef and Ruby Zones into a >1km wide continuous zone of high-grade mineralization open to the north and east. A 10,000 metres drill program during the summer of 2017 will test the extensions of the already sizeable orebody.
The project has the potential to further enhance the long-term economics of the Ambler mining district. Current activities are focused on exploration, with mineralization remaining open to the north, northeast and south.
2017 Exploration Program and Budget Totals US$17 Million
The Company is currently executing the 2017 field program which consists of a US$10 million exploration program at Bornite. The Company will drill approximately 12,000 metres of core to expand the 6 billion pounds of known mineralization. Initial exploration results are planned for the second half of August, 2017. In addition, the Company will conduct field activities at Arctic to determine the site layout for the mill, tailings and waste storage facilities to support mining and processing of the high grade Arctic deposit. These studies, along with environmental baseline studies will be incorporated into a Pre-feasibility study planned for release in Q1, 2018. Total cost of the Arctic program is estimated at US$7.1 million. The Company expects a significant amount of news flow as a result of these activities.
8 billion pounds of Copper, 3 billion pounds of Zinc and over 1 million ounces of Gold Equivalent Precious Metals
Management and Directors
Rick Van Nieuwenhuyse, MSc (Geology), President, CEO and Director
Mr. Nieuwenhuyse has more than 30 years of experience in the natural resource sector. He was Founder, President, and CEO of NovaGold and Vice President of Exploration of Placer Dome Inc. Mr. Nieuwenhuyse brings years of working experience in and knowledge of Alaska to the Company. He received the Thayer Lindsley award in 2009 for his role in the Donlin Gold discovery and the Collin Spence award in 2016 for his role in the Bornite discovery.
Elaine M. Sanders, CA, Chief Financial Officer and Corporate Secretary
Ms. Sanders has more than 20 years of experience in audit, finance, and accounting with public and private companies. She has been involved with numerous financings and acquisitions, and has listed companies on both the TSX and AMEX.
Jennifer Harmer, CA, Controller
Ms. Harmer has more than 10 years of experience working with public companies in the mining industry.
Frank Gish, BSc (Geology), Exploration Business Manager
Mr. Gish is Exploration Business Manager for the Upper Kobuk Mineral Projects and brings more than 25 years of experience in mineral exploration.
Gerald J. McConnell, Q.C., Chairman
Mr. McConnell has over 25 years of experience in the resource sector.
Tony S. Giardini, CA, CPA, Director
Mr. Giardini is currently CFO at Kinross Gold Corporation.
William Hayden, Director
Mr. Hayden is a Director at Ivanhoe and has been involved with Ivanhoe Mines since 1998.
Gregory A. Lang, Director
Mr. Lang is currently CEO at NOVAGOLD.
Kalidas V. Madhavpeddi, Director
Mr. Madhavpeddi is currently International CEO of China Molybdenum Co.
Janice Stairs, LLB, MBA, Director
Ms. Stairs is currently General Counsel and Corporate Secretary of Nambia Rare Earths Inc.
Rick Van Nieuwenhuyse, Director
Mr. Van Nieuwenhuyse was former CEO of NOVAGOLD from 1991 to 2012.
Diana Walters, Director
Ms. Walters was former CEO of Liberty Metals and Mining.
William Iggiagruk Hensley, Director
Mr. Hensley is currently serving as chair of the First Alaskans Institute.
On July 20, 2018, Trilogy Metals Inc. announced that it has filed a National Instrument 43-101 technical report with the Canadian securities regulators relating to the Bornite project which supports the resource estimate previously announced on June 5, 2018.
On June 5, 2018, Trilogy Metals Inc. has released a maiden cobalt resource of 77 million pounds of inferred resources for the Bornite project. Total inferred resources (in pit and below pit) of 182.4 million tonnes grading 0.019 per cent Co for 77 million pounds of contained cobalt.
On May 31, 2018, Trilogy Metals Inc. announced that it has added Patrick (Pat) Donnelly as vice-president, corporate communications and development, and Robert (Bob) Jacko as vice-president, projects, to the Company's senior management team.
On May 29, 2018, Trilogy Metals Inc. has provided an update on its project activities. Preparations are under way at the Bornite camp to accommodate the 2018 field programs on the Company's 100-per-cent-owned Upper Kobuk mineral projects located in northwestern Alaska.
On February 20, 2018, Trilogy Metals Inc. has released the positive results of its prefeasibility study (PFS) for its Arctic copper-zinc-lead-silver-gold project in the Ambler mining district of northwestern Alaska. These results convert indicated mineral resources at Arctic to probable mineral reserves. The results of the PFS show that Arctic is a robust, high-quality project.
On February 2, 2018, Trilogy Metals Inc. has released its financial results for the year and fourth quarter ended Nov. 30, 2017, and has provided a review on its activities during 2017.
On January 16, 2018, Trilogy Metals Inc. has released additional infill drill results and provided a project update from its 2017 summer field program at the Arctic polymetallic volcanogenic massive sulphide (VMS) deposit, part of the Upper Kobuk mineral projects (UKMP) located in the Ambler mining district of northwestern Alaska. Trilogy drills 31.11 m of 1.58% Cu, 2.84% Zn at Arctic.
On January 10, 2018, Trilogy Metals Inc. has provided an update on metallurgical test work results for samples from the in-pit resource area of the Bornite project. Bornite metallurgical test work demonstrates high quality copper concentrate grades and recoveries.
On December 14, 2017, Trilogy Metals Inc. announced that South32 Ltd. has committed to finance the $10-million (U.S.) 2018 program and budget for Trilogy Metals Inc.'s Bornite project. The finances, which represent the second tranche of $10-million (U.S.), maintain the option agreement in good standing, and will be transferred before Jan. 31, 2018. The 2018 program will include infill and offset drilling to better define and expand the high-grade copper resources at Bornite.
Trilogy Metals recently completed the first $10-million (U.S.) exploration drill program at Bornite Project that was financed by South32.
On December 11, 2017, Trilogy Metals Inc. announced that it has appointed Alaska native leader William Iggiagruk Hensley to the Company's board of directors. Mr. Hensley is currently serving as chair of the First Alaskans Institute.
On December 4, 2017, Trilogy Metals Inc. announced additional significant drill results from the 2017 Bornite Project exploration program.
At a cut-off grade of 0.5 per cent copper, the results are as follows:
On November 21, 2017, Trilogy Metals Inc. announced that it has filed a final short-form base shelf prospectus with the securities commissions in each of the provinces of Canada, other than Quebec, and a corresponding registration statement on Form S-3 with the U.S. Securities and Exchange Commission (SEC) allowing for the future issuance, from time to time, of up to $50-million (U.S.) in common shares, warrants to purchase common shares or share purchase contracts of the company, or a combination of those securities.
On September 18, 2017, Trilogy Metals Inc. announced initial high-grade copper results from this summer's exploration diamond drilling program at the Bornite projec. Initial drilling on the Bornite Project continues to expand high-grade copper system.
At a cut-off grade of 0.5 per cent copper the results are as follows:
On June 28, 2017, Trilogy Metals Inc. announced its second quarter results for the period ended May 31, 2017. Details of the Company's financial results are contained in the unaudited interim consolidated financial statements and management's discussion and analysis which will be available on the Company's website, on SEDAR and on EDGAR.
On June 12, 2017, Trilogy Metals Inc. announced that it has started its exploration field season for the Bornite project. The Company has engaged Tuuq Drilling in partnership with Major Drilling International Inc. to execute the 12,000-metre exploration drilling program at the Bornite project. Tuuq Drilling/Major Drilling are utilizing three diamond core rigs capable of drilling to depths of 1,400 metres.
On June 5, 2017, Trilogy Metals Inc. announced that it has engaged Ausenco Engineering Canada Inc. to prepare the Arctic prefeasibility study (PFS) technical report anticipated to be complete in the first quarter of 2018. The Company has also engaged Amec Foster Wheeler to complete mine planning and SRK Consulting (Canada) Inc. to complete tailings and waste design, hydrology and environmental studies.
On May 9, 2017, Trilogy Metals Inc. announced that its shareholders voted in favour of all items of business before the annual meeting of the shareholders held in Vancouver on May 8, 2017, and the nominees (Tony Giardini, William Hayden, Gregory Lang, Kalidas Madhavpeddi, Gerald McConnell, Janice Stairs, Rick Van Nieuwenhuyse and Diana Walters) listed in the management proxy circular for the meeting were all elected as directors.
On April 25, 2017 Trilogy Metals Inc. announced an updated resource estimate for the Arctic deposit.
On April 19, 2017, Trilogy Metals Inc. announced pre-feasibility level metallurgy results for the Arctic deposit.
On April 10, 2017, Trilogy Metals Inc. announced that it has granted South32 Ltd., an Australian mining company an option to form a 50/50 joint venture on its Alaskan assets for a minimum investment by Souht32 of US$150 million.