Troymet Reports Start of Wildcat Project Field Work
CALGARY, ALBERTA--(Marketwired - May 19, 2015) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") is pleased to report that the initial field program on the Wildcat gold-silver project, Utah, has commenced. Management is currently enroute to the project and a field crew is mobilizing to the property.
Since optioning the property in February 2015, Troymet has completed a collation and analysis of all of the geological, geochemical, geophysical and drilling information. A number of specific target areas have been identified and these will be evaluated in the current program. The primary focus is structural feeders and breccias along the Joy Fault, structural/stratigraphic targets in Cambrian carbonate rocks and untested soil geochemical anomalies. These targets have the potential to host large, high-grade gold and silver mineralization in veins, stockworks, breccias and bulk-tonnage deposits.
The Wildcat project lies in the Detroit Mining District, an historic gold producing region in the northern Drum Mountains of Central Utah. The project, which is road accessible, is located approximately 50 kilometers northwest of the community of Delta and 177 kilometers south of Salt Lake City. The project is located astride the Joy Fault which juxtaposes volcanic tuffs of the Thomas caldera (Eocene-Oligocene) against Palaeozoic limestone sequences. The mineralization has some Carlin-like features with high grade gold in jasperoids hosted by Cambrian sediments similar to Long Canyon in Nevada. However, the chemistry points to a strong intrusive source and mineralization within caldera related faults suggests intrusion related structural targets similar to Cove-McCoy, Fortitude, and other distal-disseminated gold deposits of central Nevada. Numerous locally high-grade, gold-bearing jasperoids with strongly anomalous pathfinder geochemistry (Ag, Hg, Sb, Te, Bi) are present. Sampling by Troymet in the area of the Joy Fault confirmed the highly anomalous geochemistry (see News Release dated February 23, 2015).
Troymet, through its wholly owned subsidiary Troymet USA LLC ("Troymet USA"), holds an option to acquire a 70% interest in the Wildcat property from Renaissance Exploration, Inc., a wholly owned subsidiary of Renaissance Gold Inc. Under the terms of option agreement Troymet USA will retain RenEx as its contractor in Year 1 to take advantage of RenEx's expertise and established infrastructure. Troymet USA is exclusively responsible for the planning, execution and supervision of all exploration programs.
Qualified Person
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.
About Troymet
Troymet Exploration Corp. is a junior exploration company with a solid treasury and with projects in British Columbia (Golden Eagle), Manitoba (McClarty Lake) and Utah (Wildcat). Troymet operates the Wildcat 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 operates in the United States through its wholly owned United States subsidiary, Troymet USA LLC.
Kieran Downes, Ph.D., P.Geo., President, CEO & Director
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: the Wildcat project, including the mobilization, timing and goals of the initial Wildcat field program; the exploration potential and analogous deposit potential of the Wildcat project; future data analysis, sampling plans and exploration plans on the Wildcat project; and exploration targets and the potential of such exploration targets. 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: the current share price of Troymet's common shares and the ability to raise future equity financing, if needed, at prices acceptable to Troymet. Troymet's current and initial understanding and analysis of the Wildcat project; the ability of Troymet to discover viable exploration targets and the results of exploration on the Wildcat project; Troymet's general and administrative costs remaining constant; and the market acceptance of Troymet's business strategy. 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, and in particular, the Wildcat project; 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.
Contact
Anthony Zelen
Investor Relations
Tel: 888-456-4952
Cel: 778-388-5258
Email: anthony@senergyir.com
Website: www.troymet.com