Troymet Updates Exploration Programs
September 26, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the
"Company") is pleased to update exploration plans and programs on its
exploration properties. The Company recently closed a $1,844,850 private placement
to fund on-going exploration programs at the Key and Golden Eagle properties in
British Columbia.
Key Project
The Company has commenced the Phase II soil sampling
program on its 100% owned (8,854 ha) Key project in British Columbia. The Key
property is strategically located between and adjacent to the Blackwater gold deposit (New Gold Inc.) and the 3Ts
gold-silver deposit (Silver Quest Resources Ltd.).
The Phase II program is targeting:
- The northeast parts of the
property adjacent to the Blackwater gold deposit
which was acquired by New Gold Inc. through its recent acquisition of
Richfield Ventures Corp.
- The southwest corner of the
property, which is adjacent to the 3Ts gold-silver deposit of Silver Quest
Resources Ltd.
- Troymet
anticipates collecting approximately 2,600 samples if all target areas are
accessible.
Outcrop is sparse and limited to the peaks and ridges. As a consequence, soil
geochemistry and geophysics are important exploration tools. As part of the
Phase II program, access will be established to a number of drill targets in
the area of Tsacha Mt., which were inaccessible
during the winter program due to terrain and weather. These, and newly
identified targets, will be tested when drilling resumes.
The Phase I program completed in June 2011 targeted the eastern side of the
property, along the East Fault, and within and along a prominent aeromagnetic
feature that appears to extend as far as the adjacent Blackwater
gold deposit.
The 2011 winter reconnaissance drill program, the first ever on the Key
property, identified porphyry style mineralization associated with a large
magnetic complex in the area of Good News Lake.
Golden Eagle Project
The Company's program for the Golden Eagle project is commencing this week with
an induced polarization survey (IP) and a diamond drilling program is planned
for October. The 100% owned (8,178 ha) Golden Eagle property lies at the
southern end of the Tintina Gold Belt, which contains
many intrusion-related gold deposits such as Pogo (Alaska), Fort Knox (Alaska)
and Dublin Gulch (Yukon). Exploration by the Company has identified the
presence of a large intrusion-related gold system spanning the ~12-kilometre
strike length of the northern half of the Golden Eagle property. This gold
system is exposed in the granite/rhyolite of the Tannis
zone but capped by sediments and mafic volcanics of
variable thickness to the north, where multiple zones of
gold-silver-arsenic-antimony mineralization occur in the Skarn,
West Gully, and other zones. These zones are developed in the roof of the
intrusion over an area of approximately 5x5 kilometres
and are considered to represent leakage mineralization of a potentially larger
mineralized system below and directly related to the underlying intrusive. The
current exploration program is focused on the West Gully, Skarn
and Tannis targets.
West Gully Target
A 15 km IP survey is underway to identify drill targets for immediate follow-up
drilling in October 2011. The West Gully zone is a large (2.5 km�), overburden
covered, greenfield gold target with potential for
shallow mineralization. The 2009 gold-in-stream sediment sampling program
indicates widespread anomalous gold draining from the target area (News Release
- December 21, 2009). Hole N0901, the first and only hole drilled on the West
Gully zone, intersected 0.11 g/t gold over 86.84 metres
in variably sheared, silicified and chlorite-sericite
altered felsic intrusive. The hole was shut down in anomalous gold
mineralization (0.33 g/t gold over 15.24 metres). The
mineralized zone is also anomalous in pathfinder elements: arsenic, lead,
antimony, zinc and silver (News Release -- February 17, 2010).
Skarn Target
Drilling on the Skarn zone
is planned for October 2011 concurrent with the drill program on the West Gully
zone. The Skarn zone is a structurally-controlled,
gold-bearing, amphibole-sulphide skarn
located along the Paddy Fault which tracks the west contact of the Stuhini Group
with the Boundary Ranges Metamorphic Suite. The zone is overlain by a
moderate to strong gold-in-soil anomaly (5 to 1800 ppb), approximately 500 metres long and 120 metres wide.
Chip and channel samples collected from trenches returned 6.4 to 44.7 g/t over
widths of 2.0 to 2.4 metres. Gold mineralization
occurs as visible gold and associated with pyrite in quartz-calcite stringer
veins and quartz-carbonate-sulphide veinlets. Past drilling was limited and shallow. Drill
intercepts ranged from 1.28 g/t gold over 6.0 metres
to 7.64 g/t gold over 3.45 metres (News Release --
June 25, 2009). Significant areas of the zone remain untested
The structure controlling the Skarn
zone extends at least another 1.5 km southwards to the Catfish zone. Streams
anomalous in gold drain from this 1.5 km length and anomalous gold-in-soils
occur locally. This 1.5 km long area has never been drilled, nor has the
Catfish zone. Troymet plans to drill test the Skarn zone at depth and along strike of earlier drilling,
the Catfish zone, and the intervening 1.5 km long structure to test for high
impact intrusive-related gold mineralization.
Tannis Target
The Company plans to drill test the high-grade gold-silver mineralization
deeper in the rhyolite/granite host. Drill permits are pending. High-grade
gold-silver mineralization is hosted in pyrite and arsenopyrite
bearing quartz veins/structures within rhyolitic
intrusive, granitic intrusive and to a lesser extent in flanking metavolcanics. The best intersections returned 5.09 metres grading 7.93 g/t Au and 23.8 g/t Ag and 4.3 metres grading 2.05 g/t Au and 43.8 g/t Ag. The presence of
granitic intrusive at depth indicates a composite, volatile-rich intrusive
system in this locale. The possible roots of the vein system in the larger
underlying granitic phase have not been targeted by any previous drill programs
and deeper drilling in this area is required.
McClarty Lake Project
The Company anticipates a winter 2012 diamond drilling program on the HudBay joint venture claims as well as on its 100% owned
claims. The McClarty Lake property is located near
Snow Lake, Manitoba and lies ~45 kilometres south of HudBay's Chisel North and Lalor
volcanogenic massive sulphide (VMS) deposits. The
property comprises three claims (MAC-1, MAC-2 & MAC-3; 344 hectares) owned
100% by Troymet and two claims owned (DYC3606 &
DOL78; 252 hectares) owned 60% by Hudson Bay Exploration & Development Ltd.
("HudBay") and 40% by Troymet
(News Release -- June 6, 2011).
Troymet is awaiting delivery of the technical data
and confirmation of expenditures by HudBay. HudBay's participation in the project lends strong support
to management's belief that McClarty Lake is a
property of substantial merit with excellent discovery potential for a precious
metal rich VMS deposit(s). Troymet identified a
gold-bearing VMS system (Discovery zone) on the option claims in 2007.
Drilling by Troymet on its 100% owned claims
identified the probable northern extension of the horizon that hosts the
Discovery zone (News Release -- April 11, 2011). Results of the first-pass
reconnaissance drilling program are significant, as they indicate the presence
of a +2,000-metre long stratigraphic horizon that carries base metal
mineralization in the two locales, where tested. The identification of a
productive, base metal mineralized horizon extending through Troymet's 100% owned claims substantially increases the
possibility of a significant VMS discovery in this area.
Option Issuance
Troymet has today granted 3.0 million options to
purchase common shares of Troymet to directors,
officers, and consultants of Troymet in accordance
with the Company's stock option plan. All of the options have an exercise price
of $0.10 per share. Out of these options, 1.0 million options were issued to a
consultant of the Corporation. These options expire two years from the date of
grant and vest as to 25% of the options on the date of issuance and 25% on each
of the 6, 12 and 18 month anniversaries of the date of grant (such that the
options are fully vested 18 months from the date of issuance). The remaining
2.0 million options were issued fully vested to directors and officers of the
Corporation with an expiry date of 5 years from the date of issuance.
Troymet has determined that exemptions from the
various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral
Instrument 61-101 are available for the issuance of the options to the
directors and officers of the Corporation (Formal Valuation - Issuer Not Listed
on Specified Markets; Minority Approval - Fair Market Value Not More Than 25%
of Market Capitalization).
President & CEO, Kieran Downes, P. Geo., a
qualified person as defined by National Instrument 43-101, is responsible for
and has verified the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director