January 6, 2016
January 6, 2016 - Troymet Exploration Corp. (TSXV: TYE) ('Troymet' or the Company') is pleased to review progress on its active exploration projects. Troymet operates the Redhill copper-gold-zinc-silver volcanogenic massive sulphide ('VMS') project in British Columbia and the Wildcat gold-silver project located in the northern Drum Mountains of central Utah. Hudbay Minerals Inc. operates the McClarty Lake VMS project in Manitoba (Hudbay 60%; Troymet 40%).
Troymet plans drilling programs on the Redhill and Wildcat projects. Both are considered to have high discovery potential.
Troymet is fully funded for its proposed drill programs on the Redhill and Wildcat projects.
Wildcat Project
An application for a permit to conduct a 2016 drill program on the Wildcat project has been submitted to the State of Utah and the Bureau of Land Management (BLM).
Troymet optioned the Wildcat project from Renaissance Exploration, Inc. in February 2015 and quickly advanced it to drill ready status with new exploration and targeting concepts focusing on large-target, high-grade gold and silver mineralization in veins, stockworks, breccias and bulk-tonnage deposits.
Troymet initially completed a rigorous compilation and verification of historic data that identified new target opportunities. The subsequent field program included geological mapping, prospecting, rock chip sampling, soil sampling, hand trenching, BLEG sampling, vegetation and soils orientation sampling, claim staking, and reprocessing of ground magnetic and gravity databases. As well, detailed bi-directional ground magnetic and EM surveys were completed in the SE and Core target areas to aid in drill hole targeting. The field program successfully identified numerous prospective structural drill targets along the Joy Fault and in cross cutting structures.
Details of drill targets in the Rattler and Rattle breccia zones (SE target area) and at High Grade Hill ('HGH' - Core target area) have been released (news releases dated November 10, November 24 and December 8, 2015). The HGH zone, which is strongly oxidized, contains a very rare tellurium mineral (carlsfriesite) associated with the silver-rich, high-grade gold suggesting an affiliation with gold-telluride mineralization, an association previously unrecognized. Details of other drill targets in the Core zone will be released in the coming weeks.
Redhill Project
Troymet has received a British Columbia Mines Act multi-year permit for its proposed 2016 Diamond drilling program on the Alpha and Beta zones.
Troymet optioned the Redhill project from HomeGold Resources Ltd. In July 2015 and rapidly and cost effectively developed the project to drill ready status with new targeting concepts focusing on copper-gold-zinc-silver volcanogenic massive sulphide ('VMS') mineralization and structurally controlled gold mineralization.
An extensive prospecting and soil sampling program was conducted on the Alpha zone to complete soil sampling coverage of the zone, and to cover 11 fixed-loop transient EM conductors the majority of which have never been drilled. As well, three mineralized holes were re-logged and the high-grade intersection in hole RH-06-25 was re-assayed; 8.75% copper, 4.75% zinc, 1.22 g/t gold and 61.19 g/t silver over 1.7 metres. Data compilation on the Beta Zone identified a potentially significant untested drill target at conductor #3 with a conductivity thickness product of 40 mhos and an associated induced polarization (IP) response. Troymet may undertake additional electromagnetic surveys on the Alpha zone, prior to drilling, to test for extensions to prospective fixed-loop transient EM (TEM) conductors and to follow-up copper, zinc and gold soil anomalies, some of which are associated with historic prospective volcanic sequences.
Troymet has documented exploration progress on the Redhill project in a series of news releases issued between September 2, 2015 and December 1, 2015. The news releases can be found on the Company's website: www.troymet.com/news/2015.
McClarty Lake Project
Hudbay Minerals Inc., the Joint Venture operator, staked three new claims to cover newly identified targets in 2015 (news release dated March 19, 2015). Two of the newly identified targets occur near the boundary between Joint Venture claims and 100% owned Troymet claims. Hudbay plans to conduct ground geophysical surveys over the newly identified targets once ice conditions permit.
Under the terms of the Joint Venture Agreement, Hudbay must contribute $1,151,052 in joint venture expenditures before Troymet is required to fund its participating interest.
Qualified Persons
Kieran Downes, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information provided in this release.
Vancouver Resource Investment Conference 2016
Troymet will be presenting data for its projects at the Vancouver Resource Investment Conference which will be held from January 24-25, 2016 at the Vancouver Convention Centre West, Booth #531.
About Troymet Exploration Corp.
Troymet Exploration Corp. is a junior exploration company with a solid treasury and with projects in British Columbia (Redhill and Golden Eagle), Manitoba (McClarty Lake) and Utah (Wildcat). Troymet operates the Wildcat, Redhill and Golden Eagle projects. Hudbay Minerals Inc. is the operator of the McClarty Lake joint venture and must contribute $1,151,052 in joint venture expenditures before Troymet is required to fund its participating interest. Troymet retains a 2% net smelter returns royalty (NSR) on the Key property, British Columbia, which was sold to New Gold Inc. in 2013. Troymet is continuing to evaluate mineral properties for acquisition.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact: Anthony Zelen
Investor Relations
T: 888-456-4952
C: 778-388-5258
E: [email protected]
Website: www.troymet.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information in respect of: potential future expenditures by Hudbay on the Joint Venture; and future potential exploration surveys undertaken by Hudbay on the Joint Venture. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects Troymet's current beliefs and is based on information currently available to Troymet and on assumptions Troymet believes are reasonable. These assumptions include, but are not limited to: Troymet's current and initial understanding and analysis of the McClarty Project and the new exploration targets; Hudbay's continuing management approval to explore the Joint Venture; and Hudbay's exploration costs of the Joint Venture being consistent with past exploration costs incurred by Hudbay and Troymet on the Joint Venture. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of Troymet to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Troymet and its projects; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Troymet; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of other assumptions used to develop such forward-looking information and a description of other risk factors that may cause actual results to differ materially from forward-looking information can be found in Troymet's disclosure documents on the SEDAR website at www.sedar.com. Troymet does not undertake to update any forward-looking information except in accordance with applicable securities laws.
You can view the Previous News item:December 15th, 2015, Troymet's Joint Venture Partner Plans Ground Geophysics at McClarty Lake
Back to the main News page, or press the Back button on your browser.