| ||November 03, 2011|
Troymet Completes Soil Sampling at Key Project
| ||November 3, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") reports the Phase II soil sampling program on its 100% owned (8,854 ha) Key project in British Columbia, has been successfully completed. The Key property is strategically located between and adjacent to New Gold Inc.'s Blackwater gold deposit and the 3Ts gold-silver deposit of Silver Quest Resources Ltd. The Capoose silver deposit (New Gold Inc.) is located approximately 12 km to the northwest.|
New Gold acquired the Blackwater property through its purchase of Richfield Ventures Corp. for $550 million (News Release of April 4, 2011). More recently, New Gold consolidated its position in the district through its acquisition of Silver Quest's 25% interest in part of the Blackwater project as well as Silver Quest's 100% interest in the Capoose property for $132 million (News Release of October 17, 2011). As part of its consolidation of interests New Gold also acquired Geo Minerals Ltd.'s West Blackwater properties for $16 million (News Release of October 17, 2011).
Troymet reports it has now completed soil sampling over the principal target areas adjacent to the Blackwater property, along the principal structures trending from the Key property onto the Blackwater property, and along the east side of the Key property. The Phase II soil sampling program completed and expanded the Phase I program. Phase II was confined to the northeast parts of the property adjacent to the Blackwater gold deposit.
"We are pleased the soil sampling program was completed in a timely manner and ahead of schedule, and we look forward to an aggressive drilling program in the New Year. Troymet is very encouraged by New Gold's consolidation of its interests in the district and has increased confidence in the value of the Key property and its discovery potential." stated Kieran Downes, President and CEO.
The Company has moved sampling of the southwest corner of the Key property to a Phase III program to be completed in 2012 as Troymet has been advised the area will be logged in 2012. This will result in a more comprehensive and cost effective exploration program. The Company had planned to conduct soil sampling, in 2011, in this difficult to access part of the property which is adjacent to the 3Ts gold-silver deposit. Silver Quest has reported an NI 43-101 compliant resource estimate of 942,600 tonnes @ 4.89 g/t gold and 77 g/t silver for the 3Ts deposit (Silver Quest Fact Sheet of August 31, 2011). As well, Silver Quest completed 1,645 meter drill program (10 holes) on the 3Ts deposit in 2011 from which results are pending. Earlier, Silver Quest had reported the discovery of at least four new quartz-carbonate veins in outcrop (News Release of July 26, 2011).
As part of the Phase II program, access routes were identified to a number of drill targets in the area of Tsacha Mt. which were inaccessible during the winter 2011 drill program due to terrain and weather. These, and newly identified targets, will be tested when drilling resumes.
All soil samples have been submitted to ALS Chemex Labs Ltd. for analysis. Results will be reported once received, interpreted and validated.
Troymet is well financed and holds an exciting portfolio of precious metals and base metals exploration properties.
President & CEO, Kieran Downes, P. Geo., a qualified person as defined by National Instrument 43-101, is responsible for and has verified the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Tel: 1-888-456-4952 or email@example.com
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 press release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. 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. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
You can view the Next News Releases item: Mon Nov 28, 2011, Troymet Announces $500,000 Private Placement and Review of Strategic Alternatives
You can view the Previous News Releases item: Wed Oct 12, 2011, Troymet Mobilizes Drill to Golden Eagle Project
You can return to the main News Releases page, or press the Back button on your browser.