| ||September 24, 2007|
Troymet Exploration Provides Project Update
| ||September 24, 2007 - Troymet Exploration Corp. (TSXV:TYE) is pleased to provide an update on its precious and base metal exploration projects located in British Columbia and Manitoba, Canada. The current property portfolio comprises the non-uranium assets previously held by Signet Minerals Inc. Troymet acquired these assets as part of a takeover agreement between Signet Minerals and Cash Mineral Ltd. in August 2007. Prior news releases relating to these properties are filed on SEDAR under Signet Minerals Inc.|
Golden Eagle Project
The 8,178-hectare Golden Eagle project is located within the Tintina Gold Belt in northwest British Columbia. The Company controls a 100% interest in the property through a mix of 100% owned claims and optioned claims. The property has the potential to host several deposits types, including high-grade gold-silver vein-hosted deposits, bulk tonnage copper/gold porphyries with associated skarn deposits and volcanogenic massive sulphide (VMS) deposits. Eleven separate mineralized zones have been identified over the property's 25-km long extent.
The most significant mineralization discovered to date on the property occurs in the Middle Ridge (Tannis) area, where high-grade gold-silver mineralization is hosted in pyrite and arsenopyrite bearing quartz veins/structures within rhyolitic intrusive. The first drill testing of the zone was undertaken in 2005, when three holes (TAN05-01 to 03) targeted the depth extension of two mineralized structures exposed in trenches on the north flank of Middle Ridge. The program was highly successful, intersecting high-grade mineralization in multiple structures over a 100-metre strike length and to 50 metres depth (Table 1).
Follow-up diamond drilling was delayed until fall 2006 due to a lack of available drill equipment. Only one hole (TAN06-04) was completed at Tannis before winter conditions prevented further drilling in the area. This hole intersected multiple vein sets including a 6-metre section 60 metres down dip of the main zone in TAN05-01, which returned 1.58 g/t gold and 25.4 g/t silver over 3.1 metres. Although lower grades were encountered, the intersection is strongly mineralized. A significant variability of gold and silver values is not uncommon in an epithermal-style mineralizing environment, and this type of setting has the potential to host bonanza-grade mineralization. Importantly, the mineralized structures on the north flank remain open along strike and to depth.
Table 1. Tannis Zone - 2005-2006 Drill Results
* Widths represent down hole core lengths. True widths cannot be reliably estimated at this time.
Mapping and prospecting over a 500 x 500 metre section of Middle Ridge in 2006 resulted in the discovery of several new quartz-arsenopyrite showings that extend across the ridge to its southern flank. Assay results of 3 chip samples and 26 grab samples collected are as follows:
3.09 g/t gold and 15 g/t silver over 1.3 metres
2.12 g/t gold and 122 g/t silver over 0.3 metres
10 grab samples returned >1 g/t gold, including:
- 1 sample > 100 g/t
- 2 samples > 39 g/t
- 6 samples > 3 g/t
6 grab samples returned >100 g/t silver, including:
- 1 sample > 1,600 g/t
- 4 samples > 600g/t
16 grab samples returned < 1.0 g/t gold
The field program was confined to the central and most easily accessible parts of the 500-metre wide ridge. The positive results further substantiate Tannis as a highly prospective drill target area and emphasize the need for expanding the detailed mapping and prospecting westwards into other prospective areas.
Due to the late start of the 2006 drill program, the planned drilling on high priority targets was not completed. There are a large number of exploration target areas that require follow-up. An airborne geophysical survey flown on the property in 2005, for example, identified 62 electromagnetic conductors and a number of magnetic anomalies, the majority of which have not been investigated.
A complete overview of the property including results of the 2006 exploration program is presented in a technical report entitled "Report on the 2006 Mineral Exploration Program on the Golden Eagle Property, Atlin Area, Northwestern British Columbia" (the Technical Report), dated June 8, 2007 by independent qualified person, Scott Casselman, P. Geo. (Reference Signet Minerals SEDAR filing July 8, 2007). A SEDAR filing of this report under Troymet Exploration is forthcoming.
Planning is in progress for a 2008 exploration program at Golden Eagle, to include:
- Continuation of drilling on the Tannis zone.
- Drilling a minimum of two holes on the LQ vein.
- Increasing the extent of mapping and sampling on the Tannis zone.
- Property-scale geological mapping and prospecting to follow up on various airborne electromagnetic and magnetic anomalies identified in 2005.
- Ground geophysics where warranted as a follow up field work.
- Additional drilling as dictated by results.
McClarty Lake Project
The 596-hectare McClarty Lake project is located 47 kilometres south-southwest of Snow Lake, Manitoba. Under the terms of an option agreement, Troymet may earn a 60% interest in two claims (252 hectares) from Hudson Bay Exploration and Development Limited (HBED), by incurring certain exploration and option expenditures. Troymet owns a 100% interest in the remaining three claims.
The McClarty Lake project lies within the prolific Flin Flon -- Snow Lake greenstone belt and is prospective for base metal +/- precious metal-rich volcanic-hosted massive sulphide (VMS) deposits. Previous exploration on the property was hampered by the lack of outcrop exposure and an overlying Phanerozoic cover to the favourable Proterozoic-aged volcanics. An EM conductor detected in 1996 was tested by 2 diamond drill holes in 1997 and 2 holes by Troymet's predecessor company in 2000. 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.
A Time Domain EM (TEM) survey undertaken in 2002 subsequently defined a potential massive sulphide horizon 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.
In 2007, winter conditions allowed for the drilling of five holes totalling 1,444 metres. The program tested the conductor system over a 475-metre strike length and intersected a semi- to massive sulphide horizon over 0.3 to 7-metre widths in 4 of 5 holes. Complete results of the program as well as a supporting NI 43-101 technical report are pending.
The 2,911-hectare Key property is located 125 km southwest of Vanderhoof, British Columbia.
The project covers an area of anomalous lake sediment geochemistry centered on a sequence of basaltic to rhyolitic volcanics possibly preserved within a graben. The geological setting has strong parallels with Eskay Creek. The exploration target for this greenfield project is a precious metals rich VMS deposit. An airborne time-domain electromagnetic (VTEM) and coincident magnetic survey is under consideration for this property as well as a first-pass prospecting and lithogeochemical sampling program.
Troymet holds a 100% interest in the 1,373-hectare Wheatcroft Lake property located west of Leaf Rapids, Manitoba. The project hosts a large, folded, epigenetic sulphide and gold mineralized system of approximately 2 kilometres lineal extent. Previous diamond drilling on the fold nose intersected widespread low-grade gold mineralization. Large areas of the horizon remain to be drill tested. Troymet is seeking a partner to further advance the project.
Troymet is a junior mining company actively engaged in exploration for gold, copper and zinc in Canada. The company's objective is to advance its high potential projects to the point of significant discovery and/or profitable sale. Troymet is aggressively seeking additional properties of merit for acquisition.
Tracy Hurley, PGeo, Vice-President, Exploration is the Company's Qualified Person responsible for the technical information provided in this release. Samples from the Golden Eagle property were analysed at Acme Analytical Laboratories in Vancouver, BC. All technical information for the Company's projects is obtained and reported under a formal quality assurance and quality control (QA/QC) program, details of which are presented on the Company's website at: www.TroyMet.com.
For further information, contact:
Tracy Hurley (604) 948-0777; email@example.com
Kieran Downes (250) 729-0453; firstname.lastname@example.org
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release may contain forward-looking statements. Except for statements of historical fact, all statements in this press release - including, without limitation, statements regarding future plans and objectives of the Company -- are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
You can view the Next News Releases item: Wed Sep 26, 2007, Troymet Announces Base Metal Discovery at McClarty Lake VMS Project
You can view the Previous News Releases item: Wed Sep 19, 2007, Troymet Exploration Commences Trading and Issues Options
You can return to the main News Releases page, or press the Back button on your browser.