A $27 million advancement is planned at Ambler's Arctic project
Trilogy and South32 (ASX, LSE, JSE: S32; ADR: SOUHY) announced today that about $27 million has been budgeted for Ambler Metals' Upper Kobuk Mineral projects located in Northwestern Alaska.
Ambler Metals is jointly run by the two companies.
Highlights are a 7,600 meters of infill and metallurgical drilling at the Arctic Project, and an additional 7,000 meters of exploration drilling focused on drill-ready targets along the Ambler Volcanogenic Massive Sulphide ("VMS") Belt.
Engineering activities are focused on getting the Arctic Project ready for permitting.
Permitting efforts focused on submission of the Federal 404 permit application in the second half of 2021.
An August feasibility study envisioned a conventional open-pit copper-zinc-lead-silver-gold mine-and-mill complex for a 10,000 tonne-per-day operation for a minimum 12-year mine life. The base case scenario utilizes long-term metal prices of $3.00/lb for copper, $1.10/lb for zinc, $1.00/lb for lead, $1,300/oz for gold and $18.00/oz for silver.