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O C T O B E R / N O V E M B E R 2 0 1 9
early as the late 1950s, considerable work
was completed by Trilogy to advance the
project. In 2017, Trilogy attracted partner
South32 to further explore and develop
the project. Under the agreement, South32
has an option to earn a 50% interest in the
joint venture, which includes the Arctic
and Bornite projects, by expending US
$150 million as well as contributing to the
amounts that Trilogy spends on explora-
tion at Arctic over three years. To maintain
the option, South32 is required to make
minimum exploration expenditures of US
$10 million per year.
This year marked the third and final
funding year of the option agreement, with
a decision to enter joint a venture required
by January 31, 2020. Total expenditures
for the project in 2019 are projected to be
$18.2 million.
Trilogy, South 32, and NANA con-
tinued to work with Alaska Industrial
Development and Export Authority
(AIDEA) on a proposal for the construc-
tion and operation of a 340-km long
all-season controlled-access industrial road
connecting the Ambler Mining District
with the Dalton Highway in order to facili-
tate the exploration and development of
the Ambler Mining District. In August
2019, the public release of the Draft
Environmental Impact Statement (EIS) by
the Bureau of Land Management (BLM)
and the Environmental and Economic
Analysis by the United States National
Park Service (NPS) was filed representing a
major milestone for the project.
At Shorty Creek, Freegold Ventures
Limited [FVL-TSX; FGOVF-OTC; FR4N]
granted South32 a four-year option to earn
a 70% interest in the Shorty Creek copper
project for a commitment of US $30 million.
To maintain the option in good standing,
South32 must contribute minimum explo-
ration funding of US $10 million over four
years with minimum exploration expendi-
tures of US $2 million in years one and two
and US $3 million in years three and four
for an aggregate US $10 million.
Originally explored for gold by Asarco
in the late 1980s, Shorty Creek was iden-
tified as having significant porphyry
ALASKA
