Trilogy Metals, Inc. (NYSE:$TMQ) has reported positive results in its latest drilling program at its Bornite Project located in the Ambler district of Northwest Alaska. The project is part of the company’s Upper Kobuk Mineral Projects, or UKMP.
3,083 meters of the 10,000-meter drill campaign has been finished at the first three holes of the test run. The first three holes located thick, continuous intervals of copper mineralization. This could represent as much as a 300-meter offset for the Company’s 2013 drill holes.
This year, the focus will be on finding high-grade copper mineralization north and east of the previously identified resources. The company also wants to define the edges of the mineralization. The next couple months will likely see additional drill results.
With a cutoff of 0.5% copper, the holes resulted in the following;
- RC17-234 totaled 83.8 meters with an average of 1.10% copper and intersecting three mineralized intervals.
- RC17-235W totaled 33 meters with an average of 0.90% and intersected two mineralized intervals.
- RC17-236 totaled 116.4 meters with an average of 1.06% copper and intersected two mineralized intervals.
The Bornite Program totals $10 million. Funding was achieved through a partnership with South32 Limited in an agreement that was formalized on April 10. The aforementioned exploratory drills were targeting extensions of mineralization previously discovered by TMQ during 2013.
President and CEO of TMQ, Rick Van Nieuwenhuyse stated that the company also noted significant deposits of cobalt, carrollite, and pyrite. Nieuwenhuyse also reiterated the tests proved the company’s theory that the previously discovered mineralization deposits extended out beyond initial findings. Test drilling will continue until mid-November with reports to follow.
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