Trilogy Metals' drill program is setback due to adverse weather, hiring
(Kitco News) - Alaska-focused Trilogy Metals (TSX/NYSE American: TMQ) said Tuesday its planned drilling program is behind schedule due to adverse weather conditions in the district and staffing challenges within the exploration program.
In June the company had planned for 7,600 meters of drilling at the Arctic project, as well as an additional 7,000 meters of exploration drilling. The company said it is working around the issues.
"As a result, Ambler Metals is unlikely to achieve the drill meters planned at Arctic for this field season. Notwithstanding, the lower-than-expected drilling productivity, Ambler Metals has recovered sufficient mineralized material to complete the planned metallurgical program at Arctic. Also, all the planned geotechnical drilling was completed at the Arctic Project. The Company does not expect the shortfall in the drilling program to influence the permitting and development timeline of the Arctic Project," said the company in a news release.
Over the past five trading days the company traded down 2.33% to $2.52.
Trilogy Metals is a metals exploration and development company which holds a 50 percent interest in Ambler Metals located in Alaska. Last year South32 exercised its option to form a 50/50 joint venture with Trilogy.