Troymet Updates Redhill Exploration Program
NANAIMO, BRITISH COLUMBIA--(Marketwired - Oct 25, 2016) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the Company") is pleased to report that the diamond drilling program on the Redhill project in British Columbia is complete. Five holes (1,003.5 metres) were drilled to test volcanogenic massive sulphide ("VMS") targets on the Alpha zone. Two holes tested targets on Horizon 3 and three holes tested targets on Horizon 2 (Figure 1). Split core samples have been submitted to ALS Global, Vancouver, for chemical analysis. Results are pending. Troymet's exploration model was confirmed and the Company now has an advanced understanding of the stratigraphy and mineralized horizons in the Alpha zone.
Troymet took advantage of the availability of a survey crew to complete a Volterra borehole electromagnetic ("EM") survey of one hole drilled on Horizon 3 at the start of the program. Results are pending. The Company plans to survey other holes at a later date.
On the Beta zone, Troymet successfully relocated, through EM and induced polarization ("IP") surveys, an untested, 40 mho target located 200 metres south of borehole S83-4 (2.54% copper, 2.78% zinc, 77.0 g/t Ag, and 0.37 g/t Au over 7.75 metres). (British Columbia ARIS (Assessment Report Indexing System) Report #28371). The 40 mho target is located on a 550 metre long EM conductor. Neither the 40 mho target or the EM conductor have been drilled. The Company plans to drill test this target as part of the next drill program.
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. The soil anomaly was identified by soil sampling on a 200 metre x 50 metre grid with selective in-fill soil sampling (222 samples) conducted on a 100 metre x 25 metre grid. Troymet plans overburden trenching of the better anomalies prior to drilling.
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 possible exploration and development of the Redhill Project; the exploration potential and analogous deposit potential of the Redhill Project; future data analysis, sampling plans and exploration plans on the Redhill Project; the timing for exploration and drilling on the Redhill Project; exploration targets and the potential of such exploration targets; and the ability and the timeframe within which the Redhill Project can be advanced. 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.