On January 25, Trilogy announced the assay results of an additional two infill/metallurgical drill holes in the centre of the deposit and believed to be close to the true width.

The first hole intersected six mineralised intervals and included 27.65m of 2.75% copper, 2.65% zinc, 0.46% lead, 0.66 grams per tonne gold and 42.81g/t silver for a copper-equivalent grade of 4.67%; and 10.91m of 3.31% copper, 8.22% zinc, 1.78% lead, 0.81g/t gold and 70.85g/t silver for a copper-equivalent grade of 8.07%.

The second hole intersected two mineralised intervals and included 14.46m of 1.96% copper, 5.57% zinc, 1.71% lead, 0.73g/t gold and 51.13g/t silver for a copper-equivalent grade of 5.50%.

Trilogy president and CEO Tony Giardini said the company was looking forward to seeing further results from the remaining 12 drill holes from the 2021 field season.

"We keep getting more pleasant surprises from the assay lab as the infill results continue to demonstrate very high polymetallic grades over very compelling widths," he said.

BMO Capital Markets analyst Rene Cartier said the results continue to show strong grades and widths for the project.

"We expect a steady course for Arctic as the project advances permitting efforts, and longer term we see the potential for integration of Bornite [a copper project 25 kilometers southwest of Arctic]," he said.

The Arctic project is managed by Ambler Metals, the joint-venture operating company that is equally owned by Trilogy Metals and a wholly owned subsidiary of South32.

On January 25, Trilogy Metals traded on the Toronto Stock Exchange at C$1.90/share. It traded above the C$2 mark earlier in the month.