The announcement of drilling results can often be a trigger for the stock of a mining company and hence, it was perhaps not a surprise that the Trilogy Metals Inc (NYSEAMERICAN:TMQ) stock ended up with gains of 2% on Monday.
Trading Data
On Monday, TMQ stock jumped 2.26% at $1.81 with more than 143k shares, compared to its average volume of 172k shares. The stock has moved within a range of $1.7500 – 1.8600 after opening trade at $1.77.
First Results of the 2021 Drill Program at the Arctic Project Received; Mineralization Extends Beyond Proposed Arctic Pit
Yesterday, the company came into focus among investors after it made an announcement with regards to the first drilling results for the summer field season in 2021. The drilling activities had taken place at Arctic Project, which is a constituent of the Upper Kobuk Mineral Projects and is located in the Northwestern region of Alaska.
It is a joint venture that is owned equally by South32 Limited and Trilogy. The company announced that the diamond drilling at the project in 2021 had consisted of drilling to the tune of as much as 4131 metres.
On top of that, it should be noted that the programme had led to the drilling of as many as 18 holes at the property. The results that were produced by the company were from the first two drilling holes and Trilogy stated in its press release that the results from the other 16 holes were going to be announced over the coming two months.
Key Quote
Tony Giardini, President and CEO of Trilogy, commented, “The initial drilling results from Arctic continue to confirm our belief that the Arctic deposit is one of the highest grade polymetallic mineral projects in the world. Not only is Arctic high grade, but it also has wide zones of mineralization that are relatively close to surface. Of note is drill hole AR21-0175 which appears to extend high-grade mineralization beyond the current pit at Arctic. The latest drilling program at Arctic will assist Ambler Metals in the continued de-risking of the project and in the detailed engineering of the asset.”
Technical Data
TMQ stock is trading below the 50-Day and 200-Day Moving averages of $1.92 and $1.95 respectively. Moreover, the stock is below the 200-Day moving average of $2.23. The stock is down 18% in the past month.
