VANCOUVER, BC, Oct. 4, 2021 /CNW/ - Trilogy Metals Inc.
(TSX: TMQ) (NYSE American: TMQ) ("Trilogy" or the "Company") is
pleased to announce that it has staked three blocks of claims
outside of the Upper Kobuk Mineral Projects ("UKMP") in
northwestern Alaska. All three
claim blocks, which are 100 percent owned by Trilogy, are
strategically located along the route of the proposed Ambler Access
Road and are prospective for Arctic-type volcanogenic massive
sulphide ("VMS") deposits. The claims were staked earlier this year
and in August the Company carried out a preliminary reconnaissance
of the claims.
The three claim blocks are briefly described below and shown in
Figure 1:
- West Kobuk claims – 23,680
acres (approx. 9,583 hectares) abutting the western end of the UKMP
and covering the projection of the Ambler schist belt,
- Helpmejack claims – 19,520 acres (approx. 7,900 hectares)
covering part of the Ambler schist belt west of the Roosevelt
Project owned by South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY)
("South32"),
- Malamute claims – 12,480 acres (approx. 5,050 hectares)
covering an area adjoining the Roosevelt project area.
The three areas were identified by a systematic target
generation study using publicly available geoscientific data from
the State of Alaska as well as
privately obtained historical exploration reports. Results of the
reconnaissance program are being compiled and will be used to
prepare a plan and budget for the 2022 field season.
Tony Giardini, President and CEO
of Trilogy, commented, "While Trilogy is focused on the oversight
of our primary asset, the UKMP which is being managed by Ambler
Metals LLC, the joint venture company equally owned by Trilogy
Metals and South32, the Company has used its exploration expertise
to add some early-stage, high-quality projects to its
portfolio. Given our relationships and significant technical
experience within the Ambler Mining District, we decided to stake
some prospective ground in our backyard. We believe that these
projects, which have low holding costs, have potential to add value
to our shareholders."
Property Descriptions
West Kobuk
The West Kobuk claims cover the
Ambler schist belt immediately west of the UKMP. The area was
previously explored by Kennecott after their discovery of the
Arctic deposit in 1965. Kennecott's airborne electromagnetic survey
over the Ambler lowlands in 1966 identified numerous conductors
within the West Kobuk claim block
but there was little follow up done. Field visits by Trilogy
geologists to two target areas within the claim block confirmed the
presence of the continuation of the Ambler schist belt to the north
and west of the UKMP.
Helpmejack
The Helpmejack claim block covers a 12-kilometer strike length
of Ambler schist belt which is between the UKMP and South32's
Roosevelt Project. The US Geological Survey ("USGS") mapped Ambler
belt metavolcanics and metasediments in the Helpmejack area, but
the area received little exploration despite stream sediment
samples collected in the 1970's having anomalous levels of copper
and zinc. Trilogy's fieldwork identified gossanous metavolcanics
exposed along a stream for over 25 metres.
Malamute
The Malamute claims cover the south side of an 8-kilometer long
east-west valley immediately north of the west end of South32's
Roosevelt property. Mapped by the USGS as undifferentiated
metasediments and metavolcanics the area covers six adjacent
drainages with high cobalt and elevated copper in stream sediment
samples collected by the Alaska Division of Geological and
Geophysical Surveys between 1977 and 1982. Trilogy visited the six
drainages and resampled the anomalous streams.
Qualified Persons
Richard Gosse, P.Geo., 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 metal exploration and development
company which holds a 50 percent interest in Ambler Metals LLC
which has a 100 percent interest in the UKMP 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 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 a land package that spans approximately 172,636
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. 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 claim blocks being
prospective for Arctic-type VMS deposits; anticipated future
exploration activity on these claim blocks; and the potential for
these claims blocks to add value for Trilogy's shareholders, 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 impact of the COVID-19 pandemic; 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, 2020 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.