VANCOUVER, BC, Jan. 20, 2022 /CNW/ - Trilogy Metals Inc.
(TSX: TMQ) (NYSE American: TMQ) ("Trilogy" or the "Company") is
pleased to announce the release of an updated mineral resource
estimate for the Bornite Project located in the highly prospective
Ambler Mining District of Northwest
Alaska. The Bornite Project forms part of the Upper Kobuk
Mineral Projects ("UKMP"), owned by Ambler Metals LLC ("Ambler
Metals"), the joint venture operating company equally owned by
Trilogy and a wholly owned subsidiary of South32 Limited (ASX, LSE,
JSE: S32; ADR: SOUHY) ("South32").
Highlights of the Updated Bornite Resource Estimate
- At a base case 0.50% copper cut-off grade and constrained
within a limiting pit shell, the Bornite Project is estimated to
contain in-pit indicated mineral resources of 41.7 million
tonnes grading 1.04% copper for 955 million pounds of contained
copper and in-pit inferred mineral resources of 93.9 million
tonnes grading 0.98% copper for 2.0 billion pounds of contained
copper (see Table 1 for details).
- Below the resource limiting pit shell, and at a base case
cut-off grade of 1.5% copper, the combined South Reef and Ruby Zone
is estimated to contain additional inferred mineral resources of
50.3 million tonnes grading 2.97% copper for 3.3
billion pounds of contained copper (see Table 1 for details).
- The South Reef area, which represents the bulk of the resources
located below the pit shell, has inferred mineral resources
estimated at 35.3 million tonnes grading 3.39% copper for
2.6 billion pounds of contained copper (see Table 1 for
details).
- Below the resource pit shell, the Ruby Zone has inferred
mineral resources estimated to be 15 million tonnes grading
1.98% copper for 653 million pounds of contained copper (see
Table 1 for details).
- The total cobalt inferred mineral resource (in-pit and below
pit), based on a cut-off grade of 0.5% copper, is 185.8 million
tonnes grading 0.021% cobalt for 88 million pounds of contained
cobalt (see Table 2 for details).
The sensitivity of mineral resources located below the pit shell
to the cut-off grade is shown in Table 3 for the South Reef area
and in Table 4 for the Ruby Zone.
This mineral resource estimate was prepared for Trilogy Metals
Inc. by Robert Sim, P.Geo., SIM
Geological Inc. ("SGI") and Bruce M.
Davis, FAusIMM, ("BMD"), who are both independent Qualified
Persons as set forth by National Instrument 43-101. A National
Instrument 43-101 (NI 43-101) technical report detailing the
mineral resource estimate for the Bornite Project will be completed
and filed on SEDAR (www.sedar.com) within 45 days of this news
release.
Table 1. Estimate of Copper Mineral Resources for the Bornite
Project
Class
|
Type
|
Cut-off
(Cu%)
|
Tonnes
|
Average
Grade
|
Contained
Metal
|
(million)
|
Cu
(%)
|
Cu
(Mlbs)
|
Indicated
|
In-Pit
|
0.5
|
41.7
|
1.04
|
955
|
|
Total
Indicated
|
|
41.7
|
1.04
|
955
|
Inferred
|
In-Pit
|
0.5
|
93.9
|
0.98
|
2,034
|
Inferred
|
Below-Pit South
Reef
|
1.5
|
35.3
|
3.39
|
2,639
|
Inferred
|
Below-Pit Ruby
Zone
|
1.5
|
15.0
|
1.98
|
653
|
|
Total
Inferred
|
|
144.1
|
1.68
|
5,326
|
Notes:
|
|
(1)
|
Resources stated as
contained within a pit shell developed using a metal price of
US$3.50/lb copper, mining costs of US$3.00/tonne, milling costs of
US$11.00/tonne, underground mining cost of US$65.00/tonne, G&A
cost of US$5.00/tonne, 87% metallurgical recoveries and an average
pit slope of 43 degrees.
|
(2)
|
Mineral Resources are
not Mineral Reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
Mineral Resources will be converted into Mineral
Reserves.
|
(3)
|
It is reasonably
expected that the majority of Inferred mineral resources could be
upgraded to Indicated mineral resources with additional
exploration.
|
Table 2. Estimate of Cobalt Mineral Resources for the Bornite
Project
Class
|
Type
|
Cut-off
(Cu%)
|
Tonnes
|
Average
Grade
|
Contained
Metal
|
(million)
|
Co
(%)
|
Co
(Mlbs)
|
Inferred
|
In-Pit
|
0.5
|
135.6
|
0.017
|
51
|
Inferred
|
Below-Pit South
Reef
|
1.5
|
35.3
|
0.039
|
30
|
Inferred
|
Below-Pit Ruby
Zone
|
1.5
|
15.0
|
0.021
|
7
|
|
Total
Inferred
|
|
185.8
|
0.021
|
88
|
Notes:
|
|
(1)
|
Mineral Resources
stated as contained within a pit shell developed using a metal
price of US$3.50/lb copper, mining costs of US$3.00/tonne, milling
costs of US$11.00/tonne, underground mining cost of US$65.00/tonne,
G&A cost of US$5.00/tonne, 87% metallurgical recoveries and an
average pit slope of 43 degrees.
|
(2)
|
Mineral Resources are
not Mineral Reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
Mineral Resources will be converted into Mineral
Reserves.
|
(3)
|
It is reasonably
expected that the majority of Inferred mineral resources could be
upgraded to Indicated mineral resources with additional
exploration.
|
(4)
|
Due to limited sample
data, none of the cobalt mineral resource meets the confidence
level for Indicated-class mineral resources. All cobalt mineral
resources are considered to be in the Inferred category.
|
Table 3. Sensitivity to Cut-Off Grade of Inferred Mineral
Resources Below the Base Case Pit Shell in the South Reef Area
Inferred
|
Cut-off (Cu
%)
|
Tonnes
(million)
|
Average
Grade
|
Contained
Metal
|
Cu
(%)
|
Co
(%)
|
Cu
(Mlbs)
|
Co
(Mlbs)
|
1.00
|
60.3
|
2.51
|
0.028
|
3,339
|
37
|
1.25
|
42.2
|
3.07
|
0.035
|
2,861
|
32
|
1.50 Base
Case
|
35.3
|
3.39
|
0.039
|
2,639
|
30
|
1.75
|
31.8
|
3.57
|
0.041
|
2,499
|
29
|
2.00
|
29.8
|
3.67
|
0.043
|
2,413
|
28
|
Notes:
|
|
(1)
|
Base case cut-off
grade of 1.50% copper is shown in bold in the table.
|
(2)
|
Mineral Resources are
not Mineral Reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
Mineral Resources will be converted into Mineral
Reserves.
|
(3)
|
It is reasonably
expected that the majority of Inferred mineral resources could be
upgraded to Indicated mineral resources with additional
exploration.
|
Table 4. Sensitivity to Cut-Off Grade of Inferred Mineral
Resources Below the Base Case Pit Shell in the Ruby Zone
Inferred
|
Cut-off (Cu
%)
|
Tonnes
(million)
|
Average
Grade
|
Contained
Metal
|
Cu
(%)
|
Co
(%)
|
Cu
(Mlbs)
|
Co
(Mlbs)
|
1.00
|
48.7
|
1.5
|
0.019
|
1,604
|
21
|
1.25
|
26.8
|
1.75
|
0.02
|
1,033
|
12
|
1.50 Base
Case
|
15.0
|
1.98
|
0.021
|
653
|
7
|
1.75
|
7.8
|
2.2
|
0.022
|
378
|
4
|
2.00
|
3.1
|
2.41
|
0.022
|
165
|
2
|
Notes:
|
|
(1)
|
Base case cut-off
grade of 1.50% copper is shown in bold in the table.
|
(2)
|
Mineral Resources are
not Mineral Reserves and do not have demonstrated economic
viability. There is no certainty that all or any part of the
Mineral Resources will be converted into Mineral
Reserves.
|
(3)
|
It is reasonably
expected that the majority of Inferred mineral resources could be
upgraded to Indicated mineral resources with additional
exploration.
|
Tony Giardini, President and CEO
of Trilogy, commented, "As seen in Figure 1, the Bornite and Arctic
projects not only have a significant amount of copper but both
assets also have some of the highest grades in the world and easily
stand apart from our copper peers. I want to also note that the
rationale of this updated resource estimate is to highlight the
South Reef area which, based on drilling, appears to be amenable to
underground bulk mining methods due to its exceptional mineralized
widths and continuity. While our Ambler Metals Joint Venture team
has been focused on the Arctic Project, which is located 24
kilometers from Bornite, we want to remind investors that Bornite
is also a very compelling copper-cobalt project and is one of the
highest-grade undeveloped copper assets in the world. We will now
pass along this resource estimate to the Ambler Metals Joint
Venture team which will look at ways at integrating this asset with
our other assets within the UKMP."
Richard Gosse, Vice-President
Exploration for Trilogy, commented, "The current resource update
confirms the significant size and copper grades at the Bornite
project and puts the spotlight on the high-grade resource in the
South Reef area, which is being separately reported in the
below-pit inferred resource category in this update. Besides its
exceptional grade, South Reef is characterized by good thickness
and continuity, and its discovery in 2011, more than 60 years after
copper was first discovered at Bornite, points to the excellent
exploration potential for other Bornite-type deposits nearby in the
Cosmos Hills and the Ambler Lowlands."
Notes:
|
|
(1)
|
Peer group data as
per latest company documents and public filings.
|
(2)
|
Assumes all assets on
a 100% basis. Trilogy has a 50% interest in the UKMP which includes
the Arctic and Bornite Projects.
|
Comparison of 2018 and 2021 Resource Estimates
Table 5 shows a comparison between the 2018 resource estimate
and the current estimate of mineral resources. As can be seen
below, the Indicated and Inferred in-pit resource tonnage estimates
increased by 3% and 12%, respectively. While the below-pit resource
tonnage decreased by 13%, the average copper grade increased from
2.89% to 2.97%. Total inferred resource tonnage (in-pit and
below-pit) decreased by about 2%.
Table 5. Comparison of Current and Previous Resource Estimates
for the Bornite Deposit
Class
|
Type
|
Cut-off
(Cu %)
|
December
2021
|
June
2018
|
Tonnes
(million)
|
Average
Grade Cu (%)
|
Contained
Metal Cu
(Mlbs)
|
Tonnes
(million)
|
Average
Grade Cu (%)
|
Contained
Metal Cu
(Mlbs)
|
Indicated
|
In-Pit
|
0.5
|
41.7
|
1.04
|
955
|
40.5
|
1.02
|
913
|
Inferred
|
In-Pit
|
0.5
|
93.9
|
0.98
|
2,034
|
84.1
|
0.95
|
1,768
|
Inferred
|
Below-Pit
|
1.5
|
50.3
|
2.97
|
3,292
|
57.8
|
2.89
|
3,683
|
Inferred
|
Total
Inferred
|
144.1
|
1.68
|
5,326
|
141.9
|
1.74
|
5,450
|
Factors that contribute to the changes in mineral resources are
summarized as follows:
- The current mineral resource estimate includes the results of
drilling that was conducted in 2017, 2018, and 2019, but the 2017
drill holes were too widely spaced to support updated mineral
resources on the northern (down-dip) part of the deposit at that
time. The additional drilling had no impact on the distribution of
mineral resources in the Indicated category located inside the
resource pit shell. Most of the new drilling was located along the
northern, down-dip side of the deposit, or in the vicinity of the
South Reef area. These additional drill holes generally resulted in
a slight reduction in the volume (tonnage) of mineral resources,
but with a corresponding increase in both copper and cobalt
grades.
- The interpretations of geologic domains and trend planes were
updated based on all available drilling information. The
differences in these interpretations compared to the previous
resource estimate are relatively minor.
- The projected operating costs and metal prices used to generate
the resource constraining pit shell were updated to reflect the
current mining environment. The mining cost was increased, by 50%
from US$2.00/tonne to US$3.00/tonne and the copper price was increased
from US$3.00/lb to US$3.50/lb. These changes have resulted in a
slightly larger resource constraining pit shell, which generally
increased the volume of open-pit mineral resources and decreased
the amount of underground mineral resources.
- The new mineral resource estimate was subjected to a critical
review of the continuity of grade and thickness of mineralization
below the pit shell; this was completed to ensure that the mineral
resource exhibits reasonable prospects for eventual economic
extraction using underground mining methods. This process has
eliminated some of the more isolated mineralized areas that were
present in the previous mineral resource estimate.
2017-2019 Drilling Campaigns
During the summer of 2017, seven drill holes were completed,
totaling 8,437 meters, that tested the down-dip continuity of the
northern part of the Bornite deposit. As stated previously, the
spacing of these holes was considered too far apart to support the
generation of additional mineral resource estimates at that time,
and as a result, the estimate of copper mineral resources remained
unchanged in the June 2018 report
from those reported in the previous technical report dated
April 2016. However, the June 2018 technical report did include, for the
first time, an estimate of cobalt mineral resources for the Bornite
Project.
In the summer of 2018, Trilogy Metals conducted a drilling
program on the Bornite property that included the completion of 12
holes totaling 10,123 meters that, in part, filled the gaps in
previous drilling in the northern, down-dip part of the
deposit.
In the summer of 2019, another drilling program, totaling 7,610
metres, was conducted on the property comprising eight holes that
tested the continuity of the mineralization within the Bornite
deposit and two holes that tested exploration targets located about
1 km south and southeast of the deposit.
Database and Methodology
The project database comprises a total of 273 diamond drill
(core) holes totaling 106,406 meters, including 203 holes that
targeted the Ruby Zone to the west and 58 holes that targeted the
South Reef area to the east. The remaining 12 holes in the database
were exploratory in nature and tested for satellite mineralization
proximal to the Bornite deposit or represent holes that encountered
problems and were therefore abandoned. The database contains a
total of 39,740 samples that were analyzed for copper content and
34,177 samples that were analyzed for cobalt content. Most holes
were drilled by Trilogy Metals, plus a few select historical holes
drilled by Kennecott Mines Company, containing additional analyses
for elements such as zinc, lead, gold, silver, and cobalt. At this
time, only copper and cobalt show any significant economic
potential, and the others were excluded from the estimation of
mineral resources.
Grade estimates are made into model blocks measuring
5m x 5m
x 5m, using ordinary kriging with
sample data composited to 2-meter intervals. The copper and cobalt
resource models were validated using a combination of a visual
review and statistical comparisons with models generated using
other estimation methods. The effects of potentially anomalous high
grade sample data were controlled using a combination of
traditional top cutting as well as restricting the distance of
influence during block grade interpolation. Copper and cobalt
resources in the Inferred category occur within a maximum distance
of 100 meters from a drill hole and exhibit reasonable confidence
in the grade and continuity of mineralization. Copper resources
included in the Indicated category are considered amenable to
open-pit extraction methods and are delineated with holes spaced at
a maximum distance of 75 meters. Note that there is less available
cobalt sample data and, as a result, none of the cobalt mineral
resource is included in the Indicated category. A portion of the
mineral resource has been constrained within a pit shell generated
based on the copper content in the model using a copper price of
US$3.50/lb, mining operating costs of
US$3.00/tonne, processing costs of
US$11.00/tonne and G&A costs of
US$5.00/tonne, copper process
recovery of 87% and a pit slope of 45 degrees. Mineral resources
located below the pit shell are based on an assumed mining cost of
US$65.00/tonne and exhibit the
continuity and thickness to be considered amenable to underground
extraction methods such as longhole stoping and cut-and-fill
mining. It is assumed that extraction from the Bornite deposit is
based on the copper content in the rocks and that cobalt would be a
secondary contributor to the potential economic viability of the
deposit. As a result, both copper and cobalt mineral resource
estimates are defined based on a copper cut-off grade
threshold.
Location and Distribution of Mineral Resources
The location of the Bornite Project is shown in Figure 2. The
distribution of open pit and underground mineral resources at the
South Reef and Ruby Zone are shown in Figures 3 and 4.
Geology and Mineralization
The Bornite deposit is located approximately 24 km southwest of
the Arctic deposit, subject of Trilogy's Feasibility Study
completed in 2020, that will be served by the Ambler Access Road.
Bornite is a carbonate-hosted copper deposit with associated cobalt
and is made up of three stratabound copper bodies or 'reefs' that
plunge northeast at about -25 degrees. These include the Lower and
Upper Reefs, referred to as the Ruby Zone, with both in-pit and
below-pit resources. Approximately 250 meters southeast of the Ruby
Zone is the South Reef Zone, discovered in 2011. South Reef's 2%
copper shell starts at about 400 meters below surface and plunges
to the northeast at about -25 degrees to approximately 1,000 meters
below surface. The true thickness of the resource at South Reef is
variable, ranging from 5 meters to over 40 meters and averages
about 15-20 meters.
The geology of the Bornite resource area is composed of
alternating intervals of carbonate rocks (limestone and dolostone)
and calcareous phyllite. Limestone transitions laterally into
dolostone near zones of mineralization and is hydrothermally
altered. Copper mineralization at Bornite is comprised of
chalcopyrite, bornite, and chalcocite as stringers, veinlets, and
breccia fillings distributed in stacked, roughly stratabound zones
exploiting favorable stratigraphy.
Cobalt mineralization at Bornite is comprised of cobaltiferous
pyrite within and enveloping the copper mineralized zones and
carrollite and cobaltite directly associated with copper bearing
minerals.
2021 Exploration Activities
During the 2021 field season, field mapping and relogging of
drill core advanced the understanding of the Bornite deposit, and
the potential for additional deposits was advanced with a new
interpretation of the carbonate sequence at Bornite and an improved
structural understanding of the Cosmos Hills. The Bornite sequence
is now interpreted as a tectonized "normal" carbonate slope deposit
that consists of calcitic material (lime mud) derived from a nearby
shallow-marine source area, interlayered with variable amounts of
terrigenous mud. Importantly, superimposed on the active limestone
slope system is the local presence of dolostone-clast conglomerate
that are likely derived from subaqueous horst blocks of
pre-existing older dolostone that shed into the slope limestone
system. The fault scarp(s) that shed dolostone clasts were probably
part of a seafloor paleo-topographic system that developed during
regional extension and associated fault-mediated syn-depositional
subsidence. Proximal-distal relationships may help locate
structures that delivered mineralizing fluids because dolostone
conglomerates dominate the stratigraphy in the mineralized areas of
the Bornite deposit. Massive sulphide distribution and
characteristics suggest that syn-sedimentary faults associated with
dolostone-clast conglomerates may have later served as conduits for
mineralizing fluids. A better understanding of the configuration of
the sedimentary system is recommended as its characteristics could
assist in future exploration looking for other Bornite-style
deposits.
Qualified Persons
Robert Sim, P.Geo., a Qualified
Person as defined by NI 43-101, is responsible for the estimate of
mineral resources presented in this news release and has reviewed,
verified, and approved the contents of this news release as they
relate to the mineral resource estimate, including the sampling,
analytical, and test data underlying the mineral resource estimate.
Mr. Sim is independent from Trilogy Metals and confirms there were
no limitations from the company in verifying the drilling and
sample data with site visit observations and monitoring of the
QA/QC program.
Richard Gosse, Vice President of
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 Upper Kobuk Mineral
Projects ("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 181,387
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.
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 future
demand for and price of cobalt, the future price of copper, the
estimation of mineral reserves and mineral resources, the
realization of mineral reserve and mineral resource estimates, the
timing and amount of estimated future production, the
South Reef Zone appearing to be amenable to underground bulk mining
methods, the possible integration of the Bornite Project within the
UKMP, the filing and timing of an updated Technical Report on the
Bornite Project, costs of production, capital expenditures, costs
and timing of the development of projects, the potential future
development of Bornite, the future operating or financial
performance of the Company, planned expenditures
and the anticipated activity at the UKMP, 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.
These forward-looking statements may include statements regarding
perceived merit of properties; exploration plans and budgets;
mineral reserves and resource estimates; work programs; capital
expenditures; timelines; strategic plans; market prices for
precious and base metals; or other statements that are not
statements of fact. 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, development and
mining activities, permitting timelines, requirements for
additional capital, government regulation of mining operations,
environmental risks, unanticipated reclamation expenses; mineral
reserve and resource estimates and the assumptions upon which they
are based; capital estimates; prices for energy inputs, labour,
materials, 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 and the estimation of reserves and
resources; the need for cooperation of government agencies and
native groups in the development and operation of properties as
well as the construction of the access road; the need to obtain
permits and governmental approvals; risks of construction and
mining projects such as accidents, equipment breakdowns, bad
weather, non-compliance with environmental and permit requirements,
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,
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.
Cautionary Note to United States Investors
This press release has been prepared in accordance with the
requirements of the securities laws in effect in Canada, which differ from the requirements of
U.S. securities laws. Unless otherwise indicated, all resource and
reserve estimates included in this press release have
been prepared in accordance with Canadian National Instrument
43-101 Standards of Disclosure for Mineral Projects ("NI 43-101")
and the Canadian Institute of Mining, Metallurgy and Petroleum
(CIM)—CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended ("CIM Definition
Standards"). NI 43-101 is a rule developed by the Canadian
Securities Administrators which establishes standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Canadian standards,
including NI 43-101, differ significantly from the requirements of
the United States Securities and Exchange Commission (SEC), and
resource and reserve information contained herein may not be
comparable to similar information disclosed by U.S. companies. In
particular, and without limiting the generality of the foregoing,
the term "resource" does not equate to the term "reserves". Under
U.S. standards, mineralization may not be classified as a "reserve"
unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time
the reserve determination is made. The SEC's Industry Guide 7 did
not permit the inclusion of information concerning "mineral
resources". The SEC's new mining disclosure rules under Regulation
S-K 1300 are closer, but not identical to NI 43-101 and CIM
Definition Standards. As the Company is not yet subject to
Regulation S-K 1300, it remains subject to SEC industry Guide 7.
Bornite does not have known reserves, as defined under SEC Industry
Guide 7. Accordingly, information concerning mineral deposits
set forth herein may not be comparable with information made public
by companies that report in accordance with U.S. standards under
either SEC's Industry Guide 7 or Regulation S-K 1300.
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multimedia:https://www.prnewswire.com/news-releases/trilogy-metals-announces-updated-resource-estimate-for-the-bornite-project-301464720.html
SOURCE Trilogy Metals Inc.