Mining News: News Nuggets: South32 funds $10 million for Bornite
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With all seven holes that did reach target depth cutting highgrade copper, the 2017 drill program did not find the edges of the Bornite deposit. Highlights from the 2017 drilling include: RC17-0234 cut three high-grade copper intervals 21 meters of 1.29 percent copper, 26.8 meters of 1.44 percent copper, and 36 meters of 0.72 percent copper; RC17-0236 cut two highgrade copper intervals from a depth of 720.8 meters 27.1 meters of 0.8 percent copper, and 89.3 meters of 1.13 percent copper; RC17-238 cut four zones of copper from a depth of 579.7 meters 10 meters of 0.61 percent copper, 4.9 meters of 2.11 percent copper, 5 meters of 0.55 percent copper, and 12.5 meters of 1.14 percent copper; and RC17-239 cut three copper zones 16.2 meters of 1.04 percent copper, 8.2 meters of 1.67 percent copper, and 26.1 meters of 1.46 percent copper. The results of the 2017 drilling program doubled the size of the known mineralized footprint and demonstrate that the highgrade Bornite copper resource system is open to further expansion. We have essentially doubled the size of the mineralized footprint with an overall Bornite system now measuring 1,500 meters by 2,500 meters, Trilogy Metals President and CEO Rick Van Nieuwenhuyse said on Dec. 4.
Additionally, Trilogy Metals Dec. 19 announced that a wholly-owned subsidiary of South32 has become a significant new shareholder by acquiring roughly 6.5 million Trilogy shares, which is approximately 6 percent of the outstanding common shares. CEO Van
Nieuwenhuyse also increased his Trilogy Metals shareholdings by approximately 1.7 million shares, bringing his total ownership of the company to 2.8 million shares or approximately 2.6 percent. South32 and Van Nieuwenhuyse purchased these shares from a previous shareholder. Trilogy Metals has granted South32 the right to participate between 20 percent and 40 percent in future financings, private or public, to a maximum ownership
of 19.9 percent of Trilogy. We are excited to have South32 as a significant shareholder and joining our other large shareholders: Electrum, Paulson and Baupost. Together with our strong supportive shareholders the company expects to advance development of the Arctic and Bornite projects in the Ambler mining district. It is an exciting time to be a Trilogy shareholder and I am pleased to personally be all-in on Ambler! said Van Nieuwenhuyse