Trilogy Metals Inc. [TMQ-TSX, NYSE] shares advanced Thursday after the company released an update on its 100%-owned Helpmejack and Malamute projects in Alaska.
Trilogy Metals is a diversified exploration company with a focus on the Ambler mining district in northwestern Alaska. Ambler ranks as one of the richest and most prospective known districts for the discovery of world class polymetallic volcanogenic massive sulphide (VMS) deposits that contain copper, zinc, lead, gold and silver as well as carbonate replacement deposits with high grade copper mineralization.
Trilogy staked the Helpmejack and Malamute claims in 2021 following an extensive target generation study using publicly available geoscientific data from the State of Alaska as well as historical exploration reports.
The company said simple, low-cost fieldwork involving stream sediment and rock sampling has outlined two target areas that are prospective for volcanogenic massive sulphides (VMS) and shale-hosted zinc deposits at the Helpmejack Project in the eastern part of the Ambler Schist Belt,
Zinc values of more than 3,000 ppm in stream sediments are the highest in Trilogy’s extensive regional stream sediment database and could be favourable target environment for VMS and shale-hosted deposits, the company said in a press release.
Trilogy shares advanced on the news, rising 3.1% or $0.02 to 67 cents. The shares currently trade in a 52-week range of $1.12 and 58 cents.
The Helpmejack Project is ncar, but outside of the area of interest in the Upper Kobuk Mineral Projects in northwest Alaska which host the Arctic VMS deposit and are held by Ambler Metals, the joint venture company owned equally by Trilogy and South32 Australia Ltd. [S32-ASX, JSE, LSE, SOUHY-ADR).
The project is among several exploration projects located along the proposed route of the Ambler access road.
The Helpmejack claims cover a 12-kilometre strike length of the Ambler Schist Belt between the UKMP and South32’s Roosevelt project, which is being explored for copper and zinc mineralization.
Recommended follow-up work at Helpmejack includes ridge and spur soil sampling along with mapping, a low-cost program to find and evaluate the source of the zinc in the stream sediments.
Meanwhile, at the Malamute claim, the company said stream sampling verified anomalous levels of cobalt and copper from prior government sampling work. It said follow-up sampling and geological mapping are recommended.
The Malamute claims cover an eight-kilometre long east-west valley immediately north of the west end of South32’s Roosevelt property.
“We see upside in the Helpmejack and Malamute claims, which have relatively low holding costs but offer the potential to add value for our shareholders, in addition to the UKMP asset, especially as the United States is looking to secure domestic supplies of critical metals,’’ said Trilogy President and CEO Tony Giardini.