| ||January 12, 2012|
Troymet Updates Exploration Progress at McClarty Lake
| ||January 12, 2012 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") updates exploration progress on the McClarty Lake project located near Snow Lake, Manitoba. The project lies ~45 kilometres south of HudBay Minerals Inc.'s Chisel North and Lalor volcanogenic massive sulphide (VMS) deposits. The property comprises three claims (MAC-1, MAC-2 & MAC-3; 344 hectares) owned 100% by Troymet and two claims (DYC3606 & DOL78; 252 hectares) held in a Joint Venture between HudBay (60%) and Troymet (40%). The Joint Venture was formed after HudBay completed its earn back of a 20% interest in the DYC3606 and DOL78 claims in June 2011 (News Release - June 6, 2011). Troymet is pleased with HudBay's participation and believes it is the best partner to explore and develop the McClarty Lake project. HudBay's participation in the project lends strong support to management's belief that McClarty Lake is a property of substantial merit with excellent discovery potential for a precious metal rich VMS deposit(s). |
Joint Venture Claims
The Company is pleased to report that it has received a draft Joint Venture Agreement from HudBay Minerals Inc. (TSX, NYSE:HBM) ("HudBay") and anticipates the final documentation will be complete in the near future. Further drilling is proposed to test for plunge extensions of the Discovery zone mineralization to the southeast.
In winter 2011, HudBay completed a surface pulse electromagnetic survey (~20 kilometres) over the Discovery zone as well as a 1,563-metre (3 holes) drill program. All of the drill holes were surveyed with borehole electromagnetics. A map showing the locations of the drill holes relative to previous drilling can be viewed at: Discovery Zone - Geology & Drill Hole Locations.
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. Assay highlights of the mineralized zone are presented in Table 1.
Table 1. Significant Results from 2011 HudBay Drilling
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.
The 2011 drilling program on the joint venture claims was managed and supervised by HudBay personnel. All core holes are NQ size drilled at 285° azimuth and -58° dip. Sample intervals are down hole measurements; true widths are not provided. All samples were prepared and analyzed at HudBay's Hudson Bay Mining and Smelting Co., Limited subsidiary's assay laboratory in Flin Flon, Manitoba. Assaying quality is monitored internally with a quality control program that includes the use of sample standards, blanks, duplicates and repeats, and externally through national and international programs. External check assays are performed at Acme Analytical Laboratories Ltd. in Vancouver, B.C., an ISO 9001:2008 accredited facility.
Troymet (100%) Claims
Troymet's 2011 exploration program on the MAC conductor identified the northern extension of the horizon that hosts the Discovery zone. The results indicate the presence of a +2,000 metre long stratigraphic horizon that carries base metal mineralization in the two locales where tested. The Company is currently planning a 2012 surface pulse electromagnetic survey to better define and extend the MAC conductor prior to further drilling.
The identification of a productive, base metal mineralized horizon extending through Troymet's 100% owned claims significantly increases the possibility of a significant VMS discovery on the Company's 100% owned ground.
Troymet considers that the McClarty Lake is a property of substantial merit with excellent discovery potential for a precious metal rich VMS deposit(s). The Company anticipates a winter 2012 diamond drilling program on the HudBay joint venture claims as well as on its 100% owned claims.
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.
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