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| | McClarty Lake
The McClarty Lake property is favourably situated within the Flin Flon - Snow Lake greenstone belt, one of the largest Proterozoic volcanic-hosted massive sulphide (VMS) districts in the world. Twenty-seven copper-zinc-(gold) deposits within the belt have produced more than 183 million tonnes of sulphide ore. Previous Work Previous exploration on the property was hampered by lack of outcrop exposure and overlying Paleozoic-aged sediment cover. An electromagnetic (EM) conductor detected in 1996 was tested by two diamond drill holes in 1997 by HBED and two holes in 2000 (MC01 and MC02) by Troymet's predecessor company. All four holes intersected a gold and silver bearing semi-massive pyrite horizon in altered felsic volcanics, tracing the horizon over a 50-metre strike length and to 50 metres depth. The best intersection reported was 4.17 g/t gold and 8.48 g/t silver over 4.0 metres (Table 1). A deep penetrating Time Domain EM (TEM) survey undertaken in 2002 subsequently defined a potential massive sulphide horizon(s) over a strike length of approximately 600 metres. Plans to test the conductor were shelved in 2004 and 2005 because of the lack of drill availability, and in 2006 by poor ice conditions.
Winter conditions in 2007 allowed for the drilling of five holes, which successfully extended the known strike and dip extension of the sulphide horizon to over 425 metres (open) and to a vertical depth of 250 metres (open). Significant zinc sulphide (sphalerite) mineralization was discovered in two holes (MC07-04* & MC07-06*) collared 225 metres south of the 1997/2000 drilling. Up to 20% sphalerite within the semi- to massive pyrite horizon was intersected at 75-metre and 150-metre vertical depths. Along with the presence of copper sulphide (chalcopyrite), this marked the first discovery of significant base metal mineralization on the property. MC07-04* returned 2.94% zinc and 0.17% copper over 7.45 metres; including 4.78% zinc over 2.71 metres. MC07-06* was drilled as a 65 metre undercut to MC07-04 and intersected 2.26% zinc and 0.12% copper over 5.07 metres; including 3.00% zinc over 3.57 metres. 2008 Exploration Program
Ice conditions in winter 2008 allowed for the drilling of eight holes totalling 2,390 metres. Details of the program are presented in the Company's news releases dated April 9, April 25 and May 15, 2008. Significant assay results from each of the drilling programs are presented in Table 1. The 2008 drill program identified two laterally continuous zones of massive sulphides within a steeply NE-dipping sequence of felsic metavolcanic rocks. The lower zone, intersected in holes MC08-08, 10 and 11, carries up to 3.46% zinc over 15.3 metres in addition to significant copper mineralization and is locally gold enriched. This base metal bearing zone has now been confirmed over a strike length of ~75 metres and to a vertical depth of ~175 metres (open). The mineralization is shallow, with the lower zone starting at the base of the Palaeozoic sequence at a depth of approximately 50 metres. The upper zone occurs approximately 150 metres stratigraphically above the lower zone and is locally gold enriched. Both zones are open along strike and at depth. Table 1. 1997 - 2008 Diamond Drilling Highlights
* MC07-03 formerly designated as SIG-01-07; MC07-04 formerly SIG-02-07; MC07-05 formerly SIG-03-07; MC07-06 formerly SIG-04-07; MC07-07 formerly SIG-05-07. All holes were drilled at 291º azimuth and -55º dip. Widths represent down hole core lengths. True widths for the lower zone are estimated at 85% of core length. True widths for the upper zone cannot be reliably estimated at this time.
In addition to the VTEM survey, several drill holes from the 2008 program were surveyed by borehole EM geophysics. At least two off-hole anomalies were reported that have not been tested by drilling to date. The massive sulphide horizons are hosted by a sequence of variably silicified, sericititized and chloritized felsic volcanics and volcaniclastics. The volcanic sequence exhibits a distinctive coarse-grained (porphyroblastic) metamorphic mineral assemblage that is recognized in all of the VMS deposits in the Snow Lake area, and reflects an earlier hydrothermal event that has been overprinted by amphibolite-grade regional metamorphism. The alteration assemblage is considered a highly important exploration vector to massive sulphide mineralization. The alteration system associated with the massive sulphides has been traced laterally for approximately 500 metres (open). The high-grade nature of the mineralization and extensive alteration confirms the potential for the mineralizing system to host a precious metal rich VMS deposit(s). The sulphide mineralization and associated alteration system at McClarty Lake is very similar to that associated with the Chisel Lake and Lalor Lake volcanogenic massive sulphide deposits of the Snow Lake area. Results from the 2008 program are presented in a NI 43-101 technical report (available below) entitled "2008 Technical (NI 43-101) Report on the McClarty Lake Property", dated June 11, 2008 by Rory Kutluoglu, B.Sc. (Equity Engineering Ltd.) and qualified person, Alan H. Bailes, Ph.D., P.Geo. (Bailes Geoscience). Recommendations for follow up to the 2008 program include drilling a minimum of six holes totalling 1,600 metres. Four holes are recommended to investigate the newly-identified, discrete conductor east of the base metal bearing horizon and be drilled so as to test the conductor and continue to intersect the down dip extension of the sulphide lens intersected in holes MC07-04, -06 and MC08-08, -10, -11. Two holes are recommended to test off-hole anomalies in the vicinity of the 450-metre long conductor that were identified from interpretation of borehole geophysics. A deeper penetrating EM survey is also being considered to test the system at greater depths. 2010 Exploration Program HudBay indicated its intent to earn an additional 20% interest in the option claims by conducting a 2010 winter drilling program on the Discovery zone and other untested targets. After completing a ground EM survey over the target area in February 2010, unseasonably warm weather conditions affected lake ice conditions in the region, preventing HudBay from conducting the drilling portion of its program. On its 100% owned claims, Troymet also planned a 2010 winter drill program to evaluate the Mac EM conductor, which lies on-trend and ~1000 metres northeast of the Discovery zone. The Mac conductor was identified by the 2008 VTEM helicopter-borne survey and there is no record of prior drilling in this area. Troymet's winter program commenced in January 2010 with the establishment of a 10.6 km grid on the 100% owned MAC 3 claim. This was followed up by a pulse electromagnetic (PEM) survey that identified a strong conductive response on the southwest edge of the grid. The Company's geophysical contractor, Crone Geophysics of Mississauga, Ontario (Crone), recommended a 400-metre x 1000-metre extension of the grid and survey coverage. The grid extension and additional survey was completed in the first week of March 2010. Interpretation of the results by Crone verified a strong bedrock conductor(s) and follow-up drilling was recommended. Troymet secured a drilling contractor for the 2010 program; however, due to the warm spring conditions in Manitoba, the Province implemented an early spring road restriction that banned heavy loads on specific roads, prohibiting the mobilization of drilling equipment to the property. The opportunity for a winter drill program in 2010 was effectively closed by this restriction. 2011 Exploration Program
Troymet's 2011 winter program commenced in February with three holes (1,156 metres) testing the Mac EM conductor over a 300-metre strike length. Drill hole MAC-11-01 intersected an intrusive margin complex (IMC) that is described as a heterogeneous zone characterized by xenoliths (remnant rafts) of mafic volcanics and minor metasediments within a granitic to tonalitic intrusion. Several 1-2 metre wide pyritic zones (3-5% pyrite ± graphite ± quartz veining) hosted within volcanic xenoliths returned anomalous copper values up to 1,202 ppm (0.12%) Cu. Drill hole MAC-11-02 intersected a felsic volcanic horizon hosts a number of 1 to 4 metre wide, finely laminated pyritic zones containing up to 15% pyrite ± graphite, returning anomalous copper (up to 294 ppm) and zinc up to 196 ppm). The hole also intersected xenolithic tonalite intrusive, characterized by xenoliths of mafic volcanics and zones of strong sulphide replacement. The 1- to 2-metre wide sulphidic zones host up to 10% pyrite, 30% pyrrhotite and <1% chalcopyrite, returning anomalous copper and zinc values up to 1,038 ppm (0.10%) Cu and 361 ppm Zn. Drill hole MAC-11-03 intersected xenolithic granodiorite intrusive that is characterized as hosting abundant volcanic xenoliths and zones of strong sulphide replacement. The 2- to 3-metre wide sulphidic zones host up to 20% pyrite, <1% sphalerite and trace chalcopyrite, returning anomalous copper and zinc values up to 281 ppm Cu and 4,341 ppm (0.43%) Zn. The altered volcanic xenoliths and strongly sulphidized zones are reminiscent of the volcanic horizon that hosts the Discovery zone, and may represent a northern extension of that horizon. The dominance of xenoliths and sulphidized zones within the various intrusive bodies suggests that the volcanic horizon, where intersected, has been partially digested. There is potential for uninterrupted extensions of the mineralized volcanics along strike and to depth. The results are significant, as they indicate the possibility a +2,000-metre long stratigraphic horizon that carries base metal mineralization in the two locales, where tested. Further details are provided in the Company's April 11, 2011 news release. Given the absence of outcrop in this region of the Snow Lake camp, the location and orientation of initial drill holes were based entirely on the interpretation of various geophysical surveys. A review of the PEM survey with representatives of Crone Geophysics concluded that the orientation of the PEM survey was not optimal, and that a survey of the VTEM conductor trend from loops laid out east of the trend could identify additional conductors along the productive horizon. The PEM conductor/Mac zone remains open to the north and south, as well as to depth. Further PEM surveys and diamond drilling are required to adequately explore the Mac mineralized zone. HudBay's 2011 winter program included a surface pulse electromagnetic survey (~20 kilometres) over the Discovery zone and drilling of three holes (1,563 metres). Hole MCC001, drilled on section with 2008 holes MC08-08, 10 and 11, intersected the mineralized zone approximately 150 metres below the intersection in hole MC08-10 at a vertical depth of approximately 300 metres. A wide zone of mineralization comprising a mix of massive, semi-massive and disseminated sulphide was intersected from 293.6 to 404.0 metres. The intersection returned 15.63 m grading 1.03% Zn, 0.45% Cu and 0.22 g/t Au, including 3.05 m grading 3.58% Zn, 0.16% Cu and 0.25 g/t Au. Holes MCC002 and MCC003 were drilled on section with hole MC08-09. These holes were drilled on the north side of an interpreted fault that offsets the mineralization, to test an off-hole geophysical anomaly. Neither hole intersected significant mineralization, although a wide zone of mineralized schist (1 to 7% disseminated pyrite with rare chalcopyrite) was intersected in MCC002 from 323.85 to 493.0 metres including an intersection of massive pyrite from 418.9 to 419.9 metres. Hole MCC003 also intersected a wide zone of mineralized schist (trace to 25% disseminated pyrite > pyrrhotite) from 365.5 to 549.6 metres, with massive to semi-massive pyrite intersected from 393.1 to 393.6 metres and 545.7 to 546.9 metres. Further details of the HudBay program are provided in the Company's January 12, 2012 news release. Troymet anticipates a winter 2012 diamond drilling program on the HudBay joint venture claims as well as on its 100% owned claims. Vice-President Exploration, Tracy Hurley, PGeo, is the Company's Qualified Person for the McClarty Lake project. Technical Reports | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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