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Trilogy Metals announces South32 to fund US$10 Million 2018 Program and Budget for the Bornite Project
Trilogy Metals announces South32 to fund US$10 Million 2018 Program and Budget for the Bor...
About this update from Trilogy Metals Inc.
[{"type":"text","content":"\n\n\n\nTrilogy Metals announces South32 to fund US$10 Million 2018 Program and Budget for the Bornite Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Dec. 14, 2017\n\n\n\nTSX, NYSE American Symbol: TMQ \n\n\n\nVANCOUVER, Dec. 14, 2017 /CNW/ - Trilogy Metals Inc. (TSX, NYSE-MKT: TMQ) (\"Trilogy\" or \"Trilogy Metals\") is pleased to announce that South32 Limited (ASX/JSE/LSE: S32) (\"South32\") has committed to fund the US$10 million 2018 program and budget for the Bornite Project. The funds, which represent the second tranche of US$10 million, maintains the Option Agreement (see below) in good standing, and will be transferred before January 31, 2018. The 2018 program will include in-fill and off-set drilling to better define and expand the high grade copper resources at Bornite. The 2018 Program was recently approved by the joint Trilogy-South32 Technical Committee.\n\nTrilogy Metals recently completed the first US$10 million exploration drill program at Bornite that was funded by South32. The 2017 program had been previously approved by the joint Technical Committee and was focused on drilling the extensions of mineralization last drilled by the Company in 2013. Results of this year's exploration program at the Bornite Project were released by Trilogy Metals on September 18, 2017 (https://Trilogy PR Sep 18 2017) and December 4, 2017 (https://Trilogy PR Dec 4 2017). The 2017 drilling program doubled the size of the known mineralized footprint and continues to demonstrate that the high-grade Bornite copper resource system is open to further expansion.\n\nAgreement\n\nOn April 10, 2017 Trilogy announced it had entered into an agreement with South32 whereby Trilogy has granted South32 an option to form a 50/50 joint venture with respect to Trilogy's Alaskan assets, known collectively as the Upper Kobuk Mineral Projects (\"UKMP\"), which includes the Arctic and Bornite Projects, the Exploration and Option to Lease Agreement with NANA Regional Corporation, Inc. (\"NANA\"), and the remainder of Trilogy's state mining claim...