Trilogy Metals Inc. (NASDAQ: TMQ) stock fell by 5.12% at last close whereas the TMQ stock price gained by 5.81% in the pre-market trading. Trilogy Metals is a metals exploration and manufacturing firm that has a 50% stake in Ambler Metals LLC, which owns 100% of the Upper Kobuk Mineral Projects in Northwest Alaska.
Recent Past Development
On May 21, 2021, Trilogy Metals announced that the precise vote results on the items of business examined at TMQ’s Annual Meeting of Shareholders held in Vancouver delighted TMQ. All of the proposals were accepted, and all of the directors nominated in the management proxy circular for the meeting were elected. At the Meeting, a total of 119,434,309 shares, or 82.77 percent of TMQ’s issued and outstanding shares, were presented.
On May 17, 2021, Trilogy announced that Ambler Metals LLC, a joint venture operating company held equally by Trilogy and South32 Limited, has completed the exploratory field plan for the Upper Kobuk Mineral Projects in Northwestern Alaska for 2021.
The shareholders of Ambler Metals accepted the 2021 program and budget of over US$27 million for the progress of the UKMP on November 19, 2020. Ambler Metals has completely funded the project, which will include about 14,600 meters of diamond drilling.
The exploration program is in line with a Trilogy Metals and South32 program that emphasizes on the exploration budget inside the UKMP’s 172,636-hectare (426,600-acre) footprint. The strategy lays out a clear and practical plan for moving forward with the highest-priority projects and development prospects, including both Volcanogenic Massive Sulphide and Carbonate-Hosted Copper. It includes everything from early-stage geophysical abnormalities discovered during a 2019 aerial Versatile Time Domain Electromagnetic survey to advanced VMS and CHC possibilities backed by historical data.
Tony Giardini, President and CEO of Trilogy, stated,
He’s ecstatic because they’ll be setting up camp shortly, with plans to start drilling in early June and have the first test results ready in the fall.The projected exploration campaign will be one of the largest in the Ambler Mining Area’s history, and they anticipate that it will eventually contribute to their mineral inventory in this growing world-class mining district.While they will not be drilling at the Bornite Project this year, TMQ believes in its potential and want to start drilling there in the near future.