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Trilogy Metals announces increase in 2019 exploration budget

Mining News - Published on Mon, 11 Feb 2019

Image Source: The Assay
Trilogy Metals announced a new regional exploration budget of USD 2 million that is in addition to the previously announced 2019 programs and budgets of USD 16.2 million, increasing the exploration budget at the company’s Upper Kobuk mineral projects located in the Ambler mining district of Northwest Alaska for 2019 to USD 18.2 million.

As quoted in the press release:
Last December the company’s technical team held meetings in Perth, Australia with representatives of South32 Limited. Subsequent to these meetings, additional discussions took place in Vancouver resulting in both companies agreeing to increase exploration expenditures at the UKMP by US$2 million. The additional US$2.0 million has been approved for regional or district exploration focused on identifying and testing new drill targets within the Ambler Volcanogenic Massive Sulfide (VMS) belt. The company will contribute US$1 million to the UKMP regional program and South32 will contribute the remaining US$1 million.

The USD 1 million that South32 is contributing is in excess of the US$30 million in option payments that South32 has already contributed to maintain the option to form a 50/50 joint venture on the UKMP.

Source :

Posted By : Rabi Wangkhem on Mon, 11 Feb 2019
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