Trilogy Metals recapped project activities and steps taken in 2020 noting that it achieved major objectives within the permitting process for its Ambler Road access project which led to the receipt of final federal permits needed by Jan 2021.
In a press release on Friday, the company also referred to last year’s successful results from its Arctic copper-zinc-lead project feasibility study that will lead to mine development for a 10,000mt per day base metals operation holding a 12-year mine life. The company also discovered the deposit contains precious metals that will represent 16pc of Arctic’s net revenue.
Following 2021’s budgetary approval of about $27mn, further activities planned at the Arctic project include 7,600 meters of drilling that will extrude added metallurgical material and aid in the transition of mineral resources into measured groupings. Testing and the commencement of the related pilot plant will begin in late 2021 following the submission of permit applications set for H2 2021.
Trilogy’s continued work also includes exploration along the volcanic massive sulphide belt with plans to conduct a 7,000-meter drill exploration, scheduled to begin in mid-2021 and conclude by the end of September.
The company’s net earnings for its financial year ended Nov 30, 2020, were $161.8mn, a dramatic increase from a net loss of $27.9mn in the prior year. The improved earnings were attributed to $175.8mn in gains on asset derecognition given to Ambler, balanced by a 50pc share of the miner’s net operating loss and costs of feasibility studies for the Arctic project after the joint venture formation.
Also, costs of mineral properties were removed after the mineral properties contributed to the joint venture at the end of Q1 2020.