Drilling returned some of the highest grades ever from Arctic with a highlight of 19.91m grading 6.75% copper, 7.59% zinc, 1.68% lead, 1.26 grams per tonne gold and 97.13g/t silver for a copper equivalent grade of 11.76%.

"The copper-equivalent grades at Arctic rival some of the high-grade copper projects in Africa, while being in one of the most stable mining jurisdictions in the world," said Trilogy Metals president and CEO Tony Giardini.

The 2021 Arctic drill programme included 4,131m of diamond drilling in 18 holes designed to convert a portion of the indicated resources to the measured category, and provide material for metallurgical testing and geotechnical information.

Shares in Trilogy Metals are trading at C$2.34, valuing the company at 338 million.