Trilogy Metals Announces Additional Results from the 2022 Drill Program at the Arctic Project in Alaska

Multiple Intercepts of High-Grade Polymetallic Mineralization, Including 8.24 Meters with a Copper Equivalent Grade of 8.8%

Update on Ambler Access Project

Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy" or the "Company") is pleased to announce the second set of drilling results from the 2022 summer field season at the Upper Kobuk Mineral Projects ("UKMP") located in northwestern Alaska . In addition, the Company is providing an update on the Ambler Access Project the proposed 211-mile, industrial-use-only road from the UKMP to the Dalton Highway that will enable advancing exploration and development at the Ambler Mining District.

The UKMP includes the Arctic (volcanogenic massive sulphide, or "VMS") deposit ("Arctic"), the Bornite (carbonate-hosted copper, or "CHC") deposit ("Bornite"), and prospective mining claims in the surrounding area. The drill program was completed by Ambler Metals LLC ("Ambler Metals"), the joint venture operating company equally owned by Trilogy and South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) ("South32").

The 2022 field program included 10,738 meters of diamond drilling, of which 8,376 meters was drilled at Arctic, the most ever drilled at Arctic in a single field season, while the remainder of the meterage was used on regional targets in the Ambler VMS Belt and near Bornite. The 2022 field program prioritized advancing Arctic with additional infill drilling to further improve the confidence in the mineral resource and for geotechnical studies to further de-risk the project.

On November 29, 2022 , the Company released the first assay results from the 2022 field program at Arctic, including four infill holes (AR22-0191, 0192, 0193, and 0195) and three geotechnical holes (AR22-0194, 0196 and 0197). For more information on these drill results, please visit the Company's website at https://trilogymetals.com/news-and-media/news/ .

This release covers an additional 10 holes comprising eight infill and two geotechnical. The infill holes are from two areas of the Arctic deposit – three holes from the northern edge of the Arctic deposit and five holes from the eastern part of the deposit (see Figure 1 ).

Drilling Highlights

Significant intersections of high-grade copper, zinc, lead, gold, and silver mineralization include:

Hole AR22-0201: 6.72 meters of 3.40% copper, 3.26% zinc, 0.48% lead, 0.358 g/t gold and 32.66 g/t silver for a copper equivalent grade of 5.27%.
Hole AR22-0204: 5.03 meters of 3.57% copper, 4.46% zinc, 0.69% lead, 0.351 g/t gold and 33.05 g/t silver for a copper equivalent grade of 5.96%.
Hole AR22-0213: 4.66 meters of 3.22% copper, 3.22% zinc, 0.28% lead, 0.194 g/t gold and 28.90 g/t silver for a copper equivalent grade of 4.87%.
Hole AR22-0215: 8.24 meters of 3.19% copper, 10.04% zinc, 2.50% lead, 0.705 g/t gold and 72.35 g/t silver for a copper equivalent grade of 8.81%, and 19.87 meters of 2.67% copper, 1.72% zinc, 0.22% lead, 0.427 g/t gold and 38.34 g/t silver for a copper equivalent grade of 3.99%.
Hole AR22-0232: 3.03 meters of 4.70% copper, 5.47% zinc, 1.35% lead, 0.636 g/t gold and 56.67 g/t silver for a copper equivalent grade of 8.07%.
Hole AR22-0237: 10.00 meters of 3.73% copper, 2.54% zinc, 0.42% lead, 0.067 g/t gold and 47.95 g/t silver for a copper equivalent grade of 5.66%.

Tony Giardini , President and CEO of Trilogy, commented, "As expected, the 2022 infill drill program continues to yield high grades of copper, zinc and precious metals, demonstrating the continuity of the high-grade zones of these metals at Arctic. The assay lab is going full steam ahead as we anticipate an ongoing flow of results in the near future, not only from Arctic but also from the nearby Ambler Belt and Cosmos Hills areas."

Richard Gosse , Vice President, Exploration at Trilogy, stated, "We are pleased with these additional infill drill results where grades and thicknesses continue to compare well with our resource model. It is very encouraging to see the model perform so well, especially as these infill holes are designed to test areas that were identified as having the potential for greater variance."

Mineralized intervals of high-grade mineralization at a cut-off of 0.5% copper equivalent are reported in Table 1 . The locations of the holes are shown in Figure 1 and Table 2 . The drill holes are shown in cross sections in Figures 2, 3 and 4 .

The drill results contained in this news release are from 10 drill holes from the 2022 Arctic drill program, which include eight infill holes (AR22-0201, 0204, 0213, 0215, 0224, 0231, 0232 and 0237) and two geotechnical holes (AR22-0200 and 0207). All drill holes are sized HQ3 (63.5 mm diameter). The 2022 Arctic infill program was designed to increase confidence from Indicated to Measured in areas of the mineral resource block model that would be mined during the first four years of production, based on Trilogy's 2020 Arctic feasibility study¹ mine plan and with the highest estimated metal value.

Results indicate mineralization is reasonably continuous, especially in Zone 5 which typically contains higher grades and most consistent thicknesses at Arctic.

Within the Arctic deposit, mineralization occurs as stratiform semi-massive sulphide to massive sulphide beds within primarily graphitic to chloritic schists and fine-grained quartz schists. Sulphide mineralogy is similar for all intercepts: chalcopyrite, sphalerite and galena.

_______________________

¹ National Instrument 43-101 technical report titled "Arctic Feasibility Study Alaska, USA NI 43-101 Technical Report" with an effective date of August 20, 2020 and a release date of October 2, 2020 (the "2020 Feasibility Study")

Geotechnical holes AR22-0200 and 0207 were drilled to further define the talc horizon in the eastern pit wall. Hole AR22-0200 was abandoned and redrilled at 0207; both holes intersected Zone 4 mineralization as anticipated.

Table 1. Drill intercepts from the 2022 Arctic infill drilling program.

Hole	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	CuEq (%)	Ba (%)	Zone
AR22- 0200	31.74	40.19	8.45	0.016	6.82	1.69	0.04	0.84	2.08	0.01	4
AR22- 0201	89.33	92.99	3.66	0.221	18.45	0.44	0.22	1.12	1.23	4.55	7
	97.23	103.95	6.72	0.358	32.66	3.40	0.48	3.26	5.27	3.96	5
	129.56	139.50	9.94	0.016	3.98	0.95	0.02	0.22	1.09	0.03	3
	278.30	278.92	0.62	0.039	4.63	0.48	0.02	0.07	0.58	0.06	Sub 1
AR22- 0204	85.00	90.03	5.03	0.351	33.05	3.57	0.69	4.46	5.96	2.59	5
AR22- 0204	263.03	266.54	3.51	0.099	8.15	0.41	0.07	0.30	0.68	1.87	1
AR22- 0207	37.19	41.97	4.78	0.028	7.73	2.58	0.01	0.30	2.78	0.02	4
AR22- 0213	86.70	89.07	2.37	0.054	9.50	0.48	0.03	0.22	0.69	3.33	7
	97.34	102.00	4.66	0.194	28.90	3.22	0.28	3.22	4.87	1.86	5
	144.48	145.20	0.72	0.260	48.30	8.14	0.36	10.30	12.64	0.01	3
	151.11	158.00	6.89	0.037	6.29	0.95	0.02	0.61	1.27	0.05	3
AR22- 0215	108.44	117.81	9.37	0.266	29.04	1.37	0.41	1.94	2.64	4.86	5
	121.08	126.80	5.72	0.134	10.52	0.35	0.09	0.61	0.78	0.43	4
	140.33	142.87	2.54	0.358	32.68	2.15	0.25	0.82	3.05	0.69	?
	146.14	154.38	8.24	0.705	72.35	3.19	2.50	10.04	8.81	0.48	3
	165.80	166.73	0.93	0.022	4.80	0.89	0.01	0.82	1.25	0.00	2.5
	173.39	185.49	12.10	0.150	25.78	1.67	0.46	2.08	2.91	0.73	2.5
	188.80	198.32	9.52	0.180	33.52	1.00	0.53	2.12	2.36	2.73	2
	204.60	224.47	19.87	0.427	38.34	2.67	0.22	1.72	3.99	0.69	1
AR22- 0224	34.14	36.64	2.50	0.134	21.20	0.23	0.43	0.05	0.67	0.66	5/1
AR22- 0231	30.97	31.69	0.72	1.205	60.12	2.40	2.08	7.27	7.07	1.55	5/1
AR22- 0232	62.58	62.73	0.15	1.315	157.00	10.35	4.18	18.70	20.85	4.72	5
AR22- 0232	66.16	69.19	3.03	0.636	56.67	4.70	1.35	5.47	8.07	5.73	1
AR22- 0237	83.00	93.00	10.00	0.670	47.95	3.73	0.42	2.54	5.66	0.52	5

Notes:

Copper equivalent (CuEq) calculations use metal prices assumptions of $3.00 /lb for copper, $1.10 /lb for zinc, $1.00 /lb for lead, $1,300 /oz for gold, and $18.00 /oz for silver.
Results are core intervals and not true thickness; true widths have not been determined for the above intercepts but are believed to be greater than 80% of actual drill thicknesses.
Cut-off grade of 0.5% CuEq.
Maximum internal dilution of up to three consecutive meters of
Within mineralized zones the minimum sample length was 0.29 m , maximum sample length was 2.50 m , and the average sample length was 0.98 m .
Core recovery averaged 84%.
No core recovery between the reported intercepts in AR22-0232, between 62.73 to 66.16 meters.
No core recovery in the 2.60 meters immediately prior to the reported intercept in hole AR22-0224, between 31.54 to 34.14 meters.
Some rounding errors may occur.

Figure 1. Location of Arctic drill holes from the UKMP drilling program.

Figure 2. Cross section showing hole AR22-0215.

Figure 3. Cross section showing holes AR22-0201, 0204, 0207 and 0213.

Figure 4. Cross section showing holes AR22-0201, 0204, 0215, 0224, 0231 and 0232.

Figure 5. Photos of drill core from hole AR22-0237 showing massive and semi-massive sulphide bands. Close-up photo of exceptionally well mineralized interval from Zone 5 consisting of medium-grained chalcopyrite with finer-grained interstitial sphalerite hosted within a quartz mica schist cut by quartz vein. Results for sample number 1159796, from 87.83 meters to 88.50 meters, are 15.1% copper, 13.3% zinc, 2.2% lead, 160 g/t silver and 2.7 g/t gold; part of the 10-meter interval of 5.66% copper equivalent reported in Table 1.

Table 2. Drill hole locations at the Arctic Project.

Hole	Easting	Northing	Elevation	Azimuth	Dip	Length (m)
AR22-0200	613594.96	7453192.51	937.47	35	-70	48.62
AR22-0201	613484.91	7453154.61	987.60	35	-50	325.53
AR22-0204	613492.30	7453086.11	986.94	35	-75	285.59
AR22-0207	613595.33	7453191.44	937.51	35	-70	205.74
AR22-0213	613378.03	7453042.66	942.62	80	-80	283.46
AR22-0215	613345.50	7453204.65	940.85	35	-70	258.17
AR22-0224	613049.00	7453513.24	851.65	35	-70	54.86
AR22-0231	613067.57	7453532.01	858.87	35	-70	61.42
AR22-0232	613133.35	7453466.26	892.02	35	-70	89.92
AR22-0237	613469.00	7453014.00	977.00	110	-45	169.77

Coordinates are in UTM Zone 4N (meters) coordinate system, NAD83 Datum.

Ambler Access Project

On November 15, 2022 , the United States Bureau of Land Management ("USBLM") submitted a status report announcing the anticipation of publishing a draft Supplemental Environmental Impact Statement ("SEIS") in the second quarter of calendar 2023 and a final SEIS in the fourth quarter of calendar 2023. On January 17, 2023 , the USBLM submitted a status report reaffirming the timing of the draft and final SEIS.

In September 2022 , U.S. Senators Lisa Murkowski and Dan Sullivan , both R- Alaska , and U.S. Representative Mary Peltola , D- Alaska , wrote to Interior Secretary Deb Haaland in a bi-partisan show of support for the road. Senators Murkowski and Sullivan urged prompt re-approval of the road, while Representative Peltola reiterated the potential economic benefits the road could bring to area residents, the state and the nation, and to also encourage the timely completion of its approval process. In November 2022 , Senators Murkowski and Sullivan wrote a second letter to Interior Secretary Haaland to reiterate their support for the road, stressing that further delay in its approval process would be a risk to Alaskan jobs, and U.S. economic and national security due to prolonged reliance on foreign sources of supply of minerals and metals needed for renewable energy infrastructure and modern defense systems.

QA/QC Program

The drilling program, sampling and assaying protocol, and data verification were managed by qualified persons (QPs) employed by Ambler Metals. The diamond drill holes were completed using HQ3 diameter core, and recoveries averaged 84%. Drill core was cut lengthwise into halves using a diamond saw, with one-half used for the assay sample and the other half retained in core boxes and archived at site.

Samples were collected through mineralized zones using a 0.29 m minimum length and 2.50 m maximum length; average sample length is 0.98m . Weights of the drill core samples range from 0.72 to 11.46 kg, depending on the size of core, rock type, and recovery.

Each core sample was placed into a bag with a numbered tag and quality control samples were inserted between core samples using the same numbering sequence. Then, samples were grouped into batches for shipping and laboratory submissions. Each batch of 20 samples contains quality control (QC) samples that comprise one certified reference material (CRM), one core blank (BLK), and one crushed or pulp duplicate (DUP). In addition, 1 field duplicate was taken within mineralized intervals for every 20 samples. Chain of custody records are maintained for sample shipments and the custody is transferred from Ambler Metals expeditor to the laboratory upon delivery.

Samples were shipped to ALS Minerals laboratory in Fairbanks, Alaska , USA, for sample submission. ALS Minerals Fairbanks is a satellite sample preparation facility accredited under ALS Minerals. The ALS Minerals Fairbanks shipped the samples to ALS Minerals in North Vancouver, B.C. , Canada , for sample preparation and analysis. ALS Minerals North Vancouver is an independent laboratory certified under ISO 9001:2008 and accredited under ISO/IEC 17025:2005 by the Standards Council of Canada . Selected sample batches were sent to ALS Minerals laboratory in Vientiane, Laos for fire assay. ALS Minerals includes its own internal quality control samples comprising certified reference materials, blanks, and pulp duplicates.

Drill core samples were weighed (WEI-21), dried if excessively wet (DRY-21), coarse jaw crushed to 70% passing 6 mm (CRU-21), fine jaw crushed to 70% passing 2 mm (CRU-31), riffle split to 250 g subsamples (SPL-21) and pulverized to 85% passing 75 μm (PUL-31). Crushed duplicates were created by riffle splitting crushed samples into two parts.

Gold analyses were completed using a 30 g lead fire assay and AAS finish (Au-AA23). Multi-element analyses for 48 elements were completed using a geochemical four acid digestion and ICP-ES/MS finish (ME-MS61). Over-range assays for Ag, Cu, Zn, and S were completed using an ore grade four-acid digestion and ICP-ES finish (ME-OG62). Additional analyses were completed for Ba and Hg.

Au, Ag, Cu, Pb, and Zn assays for QC samples were reviewed to ensure that CRMs are within tolerance limits specified on supplier certificates, BLKs are below acceptable thresholds, and DUPs display statistical patterns normally expected for sample types, methods, and elements. CRMs that returned assays outside of tolerance limits and BLKs with assays above thresholds were deemed to have failed. Sample batches containing failed QC samples were re-assayed to ensure that the QC samples returned acceptable results before release. All QC monitoring data are reviewed and signed off by an independent QA/QC geologist.

There is no known relationship between core sample recoveries and assay grades. Ambler Metals will submit 5% of the assay intervals from prospective lithologies to a laboratory independent of ALS Minerals for check assaying.

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 that 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, one of the richest and most-prospective known copper-dominant districts in the world. It hosts world-class polymetallic volcanogenic massive sulphide deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits that 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, statements relating to interpretation of drill results; the Company's beliefs regarding the potential of the Upper Kobuk Mineral Projects; and the Company's expectations regarding de-risking of the Upper Kobuk Mineral 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", "poised" and similar expressions, or statements that events, conditions, or results "will", "may", "could", "would" 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, permitting timelines, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, supplies and services the interpretation of drill results, 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; the need for cooperation of government agencies and native groups in the development and operation of properties; the need to obtain permits and governmental approvals; 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, 2021 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. Copy of Company's Form 10-K may be obtained at no charge by visiting our Investors website at www.trilogymetals.com , the SEC's website at www.sec.gov or at www.sedar.com . 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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Trilogy Metals Reports High Grade Copper and Zinc from Drilling at its Arctic Deposit

VANCOUVER, Oct. 27, 2016 /PRNewswire/ – Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ), formerly NovaCopper Inc., is pleased to announce drill results and provide a project update from its 2016 summer field program at the Arctic poly-metallic volcanogenic massive sulphide (VMS) deposit, part of the Upper Kobuk Mineral Projects (UKMP) located in the Ambler mining district of Northwest Alaska. All amounts are in United States dollars unless otherwise stated.

The majority of this year’s project budget of US$5.5 million was spent on a drilling program at the Arctic Project that included 3,058 meters of drilling for geotechnical, hydrological, waste rock characterization and metallurgical studies as well as further resource definition. In addition to the drilling program, a series of environmental studies were conducted over the UKMP. The LiDAR survey that was incomplete last year due to weather conditions was also completed during the summer. This site investigation work will form the basis for completing a future pre-feasibility study on the Arctic deposit.

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Trilogy Metals Announces Third Quarter Results and Provides a Corporate and Project Update

VANCOUVER, Oct. 6, 2016 /CNW/ – Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ), formerly NovaCopper Inc., announces its financial results for the third quarter ended August 31, 2016. Details of the Company’s financial results are contained in the unaudited consolidated financial statements and Management’s Discussion and Analysis which will be available on the Company’s website at www.trilogymetals.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are inUnited States dollars unless otherwise stated.
Corporate and Project Update
Name Change
In September 2016, we changed our name to Trilogy Metals Inc. to better reflect our Company’s naturally diversified resource base. The Company’s Upper Kobuk Mineral Projects (“UKMP”) are located in the Ambler mining district in northwest Alaska; a region known to host deposits rich in copper, zinc, lead, gold and silver. The Company controls the mineral rights to approximately 353,000 acres of land containing two known mineral belts, the Ambler Schist Belt and the Bornite Carbonate Sequence. The Ambler Schist Belt hosts volcanogenic massive sulphide (“VMS”) type mineralization occurring as a series of high-grade polymetallic copper-lead-zinc-gold-silver deposits along the entire 100 kilometer (70 mile) long belt. The Bornite Carbonate Sequence hosts several copper replacement targets around the Aurora and Pardner Hill prospects, in addition to an established resource identified at Bornite. Mineralization at Bornite is open to further exploration. The shareholders had previously voted in favour of the change of the Company’s name to Trilogy at our annual and special meeting of shareholders held on May 18, 2016.
Upper Kobuk Mineral Projects
In early August 2016, we wrapped up another successful season advancing the Arctic deposit towards pre-feasibility. The majority of the 2016 project budget of $5.5 million was spent completing a 3,058 metre drill program at the Arctic Project to support geotechnical, hydrological, waste rock characterization and metallurgical studies, as well as resource definition. Substantial field work was also completed to support the continuation of baseline environmental data collection. During the course of the field season, data collection was completed to support an aquatic survey, an avian and large mammal habitat survey, an archaeological survey and expansion of the wetlands delineation and surface quality work. The remaining thirty percent of the LiDAR survey (used to obtain high resolution topographic data) over the UKMP, initiated during the last field season, was completed. The site investigation work completed in 2016 will form the basis for the completion of studies this fall and a future pre-feasibility study on the Arctic deposit. Drill assay results are expected to be released during the fall of 2016.
Sale of Sunward and the Titiribi Project
On September 1, 2016, Trilogy closed the sale of all of the issued and outstanding shares of Sunward Investments Ltd. (“Sunward Investments”) to Brazil Resources Inc. (“BRI”) for consideration of 5,000,000 common shares of BRI, of which 2,500,000 common shares are subject to a six month holding period, and 1,000,000 BRI warrants, with each warrant exercisable into one common share of BRI for a period of two years from the closing date at an exercise price of Cdn$3.50 for total consideration valued at approximately$8.1 million. Sunward Investments, through a subsidiary, owns 100% of the Titiribi gold-copper exploration project located approximately 70 kilometers southwest of the city of Medellin, in Antioquia Department, Colombia. Trilogy acquired Sunward Investments and the Titiribi project as part of its acquisition of Sunward Resources Ltd. (“Sunward”) in a business combination which closed on June 19, 2015.
The Company reclassified the net assets of Sunward Investments as an asset held for sale and its operations as a discontinued operation, retrospectively, in its third quarter financial statements. The Company expects to realize a gain on the sale of approximately$4.4 million in the fourth quarter of 2016.
Connect with Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ) to receive an Investor Presentation.

Mining News: Enter Trilogy Metals

What does a name say about a company? Management of NovaCopper Inc. feels that its corporate moniker does not say enough about the diversity of metals present in the high-grade deposits encompassed by its Upper Kobuk Minerals Projects in the Ambler mining district of Northwest Alaska.
Arctic, the most advanced UKMP deposit, actually hosts more zinc than it does copper. And, while copper remains the dominant metal in terms of value, zinc supply shortages are closing the price gap between these two metals. Additionally, strong gold and silver prices have increased precious metals contributions to Arctic’s value this year.
“The Ambler district is more than just copper – it is copper; it’s zinc; (and) it’s precious metals,” NovaCopper President and CEO Rick Van Nieuwenhuyse explained in a recent interview.
As such, when markets open in Toronto and New York Sept. 8, NovaCopper Inc. will be no more. In its place, Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ), will grace the boards of the Toronto Stock Exchange and NYSE-MKT.
NovaCopper shares under the previous symbol, NCQ, will seamlessly transition to Trilogy Metals shares, requiring no action for current shareholders.
Transition to Trilogy
Spun out of Novagold Resources Ltd. in 2012 to continue the exploration of Arctic and Bornite, two of the highest grade un-mined copper deposits in the world, NovaCopper was a natural choice for the Ambler mining district focused exploration company.
In the months leading up to the formation of NovaCopper, Van Nieuwenhuyse, who was then president and CEO of Novagold, forged a partnership with NANA Regional Corp. that brought together a large package of Novagold-owned mining claims blanketing a 70-mile- (110 kilometer) long belt of high-grade copper-lead-zinc-gold-silver deposits with an adjacent package of NANA-owned lands known for hosting exceptionally high-grade copper.
The alliance provides the Inupiat-owned Alaska Native regional corporation with the opportunity to benefit from the exploration and eventual development of the world-class Arctic deposit and other similar volcanogenic massive sulfide prospects across the Ambler belt. In return, NovaCopper was given the opportunity to investigate Bornite, a copper-rich deposit situated about 16 miles (26 kilometers) southwest of Arctic, and explore other mineral prospects across a large highly prospective swath of NANA lands in the Upper Kobuk region.
Over the ensuing four years, the partnership and the mineral endowment found on the 353,000 acres of UKMP lands has grown.
Today, the Arctic and Bornite deposits together are believed to host roughly 8.4 billion pounds of copper; 2.6 billion lbs. of zinc; 610,000 oz. of gold; 45.3 million oz. of silver; as well as significant quantities of lead and cobalt.
It is the natural diversity this broad range of metals – especially the zinc and precious metals components of Arctic, the UKMP deposit nearest to a production decision – that prompted the transition to the new name of Trilogy Metals.
Arctic focus
Over the past two years, the rebranded company has focused its field work on gathering the last bits of information needed to complete a pre-feasibility study that will outline plans to develop an open pit mine at Arctic.
A roughly 3,000-meter drill program at Arctic was the biggest ticket item of this year’s field program.
Prior to a similar infill drill program completed last year, Arctic hosted 23.85 million metric tons of indicated resource averaging 3.26 percent (1.71 billion lbs.) copper, 4.45 percent (2.34 billion lbs.) zinc, 0.76 percent (400 million lbs.) lead, 0.71 grams per metric ton (550,000 oz.) gold, and 53.2 g/t (40.8 million oz.) silver.
This VMS deposit also contains an estimated 3.63 million metric tons of inferred resource averaging 3.22 percent (239 million lbs.) copper, 3.84 percent (285 million lbs.) zinc, 0.58 percent (43.2 million lbs.) lead and 0.59 g/t (60,000 oz.) gold.
“What is so spectacular about Arctic is it hosts really fantastic grades,” said Van Nieuwenhuyse.
Drilling over the past two seasons has focused on upgrading much of the inferred resources to the higher confidence measured and indicated categories; some pit expansion drilling; and holes targeted to collect pit slope stability, hydrology and metallurgical information.
Thanks in part to great weather at Arctic this year, the 2016 program came in under the US$5.5 million budgeted for the field work.
Trilogy Metals is expected to release results from this drilling and the other field work in October.
Advancing Ambler
When Trilogy Metals returns to the Ambler district in 2017, the company plans to complete the geotechnical work needed to further refine locations for a power plant, mill, waste rock pile, stockpiles and tailings facilities for the Arctic mine plan to be detailed in the prefeasibility study.
The renamed company also would like to resume drilling at Bornite, a copper-rich carbonate replacement deposit that is reminiscent of those found in the African Copper Belt of southern Africa and the Mt. Isa district of Queensland, Australia.
Using a 0.50 percent copper cutoff grade, Bornite now hosts an estimated 40.5 million metric tons of in-pit indicated resources averaging 1.02 percent (913 million pounds) copper; and 84.1 million metric tons of inferred resources averaging 0.95 percent (1.8 billion lbs.) copper.
Additionally, at a 1.50 percent copper cutoff grade, Bornite is estimated to contain 57.8 million metric tons of below-pit inferred resources averaging 2.89 percent (3.7 billion lbs.) copper.
While already world-class in terms of both size and grade, the various zones of Bornite are open to expansion in several directions. The most compelling area is a 1,000-meter-wide stretch of continuing high grades along the northern front.
Hole RC13-0220, the most northeasterly hole drilled at Bornite cut three very high-grade intervals from 877 to 923 meters (at a 2.0 percent cutoff): 5.9 meters of 6.66 percent copper; 9.9 meters of 2.48 percent copper; and 19.7 meters of 2.24 percent copper.
Hole RC13-0224, drilled about 800 meters west of hole 220, cut five high-grade intercepts from 579 meters to 755 meters along this northern front: 19.5 meters of 3.02 percent copper; 16.8 meters of 2.36 percent copper; 39.5 meters of 2.37 percent copper; 8.6 meters of 3.26 percent copper; and 6.5 meters of 7.7 percent copper.
Trilogy believes that continued expansion in this direction could put the grades and size of its Ambler deposits on par with Mount Isa, where more than 400 million metric tons of ore grading 2.12 percent copper has been mined over the past 75 years.
Financial footing
An innovative financing completed last year puts Trilogy Metals in a good position to finish the pre-feasibility work at Arctic and continue exploration at Bornite.
In mid-2015, the company closed the buyout of Sunward Resources Ltd., a fellow exploration company with roughly US$20 million in the bank but a market cap hovering around US$13 million.
In exchange for the cash and Sunward’s Titiribi gold-copper project in Columbia, NovaCopper issued 43.1 million shares to Sunward shareholders.
When Trilogy Metals lights up the boards of the TSX and NYSE-MKT exchanges, it will have nearly US$10 million of this cash remaining in its treasury.
Adding to this strong financial footing, the company cut a deal in mid-August to sell the Titiribi property to Brazil Resources Inc., an exploration company with a growing portfolio of gold and copper properties in South America and Alaska.
In exchange for the Columbia gold-copper property, Trilogy will hold 5 million Brazil Resources shares. With a 50-day moving average of C$2.60 per share, these shares are currently worth about C$13 million.
“While we believe the Titiribi property has excellent exploration potential and a strong local team, the sale allows NovaCopper (Trilogy) to focus on its high-grade copper, zinc and precious metals projects located in Northwest Alaska,” said Van Nieuwenhuyse.
Connect with Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ) to receive an Investor Presentation.

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