Trilogy Metals and South 32, page-16

Thanks Geeenius. You are quite right on ownership terms. Then comes a major reconsideration of funding next stage drilling as both Boronite and Arctic are far from clearly defined.

From MiningJournal 28 Oct 2019:

"The (Trilogy Boronite) 2019 programme comprised 10 holes for 7,610m and its US$9.2 million budget was funded by South32 as the third and final payment under an option agreement. Three of the six holes for 4,596m had contained copper mineralisation and were designed as infill holes to the 300m-to-400m step-out holes completed in 2017 and 2018. Highlights included 78.9m grading 2.35% copper.

"In what promises to be a busy start to 2020, Trilogy hopes to receive "a record of decision from the BLM and a permit in January, as it works to complete a feasibility study in the first quarter and will potentially see investment partner South32 exercise its option on the project at the end of January," a company official told Mining Journal. South32 owns 11.8% of Trilogy and has spent $30 million over three years on the project. If it exercises its option, it will need to spend $150 million to acquire a 50% interest.
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The $150m mentioned gives S32 50% of the Ambler Mining District, including both the Arctic and Boronite projects, not of parent Trilogy. S32 owns 11.5% of Trilogy.

The Trilogy prospects/projects are very attractive. First class jurisdiction; beastly climate.

Ash