Troymet Starts Redhill Drill Program
NANAIMO, BRITISH COLUMBIA--(Marketwired - Sep 19, 2016) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the Company") is pleased to announce that crews are mobilizing to its Redhill project to start the 1,000 metre diamond drilling program. Drill targets include both volcanogenic massive sulphides and gold mineralization. Troymet has completed an extensive 3DIP survey, detailed prospecting, and a large, two-phase soil sampling program on the Alpha zone, as well as compiling all of the historical exploration data. This work has identified a number of significant and untested drill targets as well as potential, untested extensions to the VMS prospect.
Three stacked prospective volcanic horizons are recognized, dipping steeply to the west (Figure 1). Volcanogenic massive sulphide mineralization is present in all three horizons and all have associated chargeability anomalies. Troymet's 3DIP survey allows the geometry of the chargeability and resistivity associated with the mineralization to be examined at depths ranging from 5 to 400 metres below surface.
Troymet is targeting horizons 2 and 3. Horizon 3 is located ~70 m into the hanging wall of the VMS prospect (8.75% copper, 4.75% zinc, 1.22 g/t gold & 61.19 g/t silver over 2.04 metres) which is associated with a 200 metre long Fixed Loop Transient EM conductor as well as Borehole Transient EM conductors.
Horizon 3 is ~100 metres wide at its northwest end but it is not exposed along strike to the south. The 3DIP data shows chargeability and resistivity, in horizon 3, increasing in size and coherency to +/- 200 metres depth. Two large chargeability anomalies are identified; one (> 20 milliseconds), over an area of ~280 x 260 metres, just west of the VMS prospect, and another (16-18 milliseconds), over an area ~ 210 x 100 metres, in the southeast part of the grid. These anomalies may represent (in part) slumped/mechanically transported sulphides as angular sulphide and bedded sulphide in breccia blocks have been found on this horizon (News Release of July 25, 2016). The >20 millisecond anomaly is stratigraphically above the VMS prospect and it may have been fed by the same feeder/stringer zone that generated the VMS prospect. The 16-18 millisecond anomaly has an associated 100 metre long Fixed Loop Transient EM conductor.
Historically, only two holes, almost 400 metres apart, have been drilled in horizon 3. Hole R98-05, which tested VMS mineralization exposed at surface, intersected low grade copper and zinc mineralization but it did not test the strong chargeability anomaly (Figure 2). Hole S-84-2 was drilled to test a UTEM conductor. There is no information as to what this hole intersected other than a reference to it having intersected up to 30% pyrite at the bottom of the hole (BC ARIS assessment report 28371). The hole did not test the strong chargeability anomaly (Figure 3).
The gold-in-soil anomaly is aligned along the northeast edge of a resistivity high, in a magnetic low, in a diorite intrusive. Prospecting has identified shearing with local quartz and quartz-carbonate veining along the magnetic low.
Qualified Persons
All technical data, as disclosed in this press release, has been verified by the Company's qualified persons Kieran Downes, Ph.D., P.Geo., and Ronald H. McMillan, Ph.D., P.Geo. Both are Qualified Persons as defined by National Instrument 43-101.
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 EXPLORATION CORP.
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 contains 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 Redhill Project, including the exploration and drilling to be conducted on the Redhill Project; potential drill targets and the potential results of the drilling and extensions to the project which may result from such exploration and drilling; and the potential timing for exploration and drilling on the Redhill Project. 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 Redhill Project; the ability of Troymet to discover viable exploration targets and the results of exploration on the Redhill Project; the cost of exploration, including sampling and drilling, on the Redhill 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 Redhill 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.