September 26, 2011
September 26, 2011 - Troymet Exploration Corp. (TSXV:TYE) (“Troymet” or
the “Company”) is pleased to update exploration plans and programs on
its exploration properties. The Company recently closed a $1,844,850
private placement to fund on-going exploration programs at the Key and
Golden Eagle properties in British Columbia.
The Company has commenced the Phase II soil sampling program on its 100%
owned (8,854 ha) Key project in British Columbia. The Key property is
strategically located between and adjacent to the Blackwater gold
deposit (New Gold Inc.) and the 3Ts gold-silver deposit (Silver Quest
The Phase II program is targeting:
- The northeast parts of the property adjacent to the Blackwater
gold deposit which was acquired by New Gold Inc. through its recent
acquisition of Richfield Ventures Corp.
- The southwest corner of the property, which is adjacent to the 3Ts gold-silver deposit of Silver Quest Resources Ltd.
- Troymet anticipates collecting approximately 2,600 samples if all target areas are accessible.
Outcrop is sparse and limited to the peaks and ridges. As a consequence,
soil geochemistry and geophysics are important exploration tools. As
part of the Phase II program, access will be established to a number of
drill targets in the area of Tsacha Mt., which were inaccessible during
the winter program due to terrain and weather. These, and newly
identified targets, will be tested when drilling resumes.
The Phase I program completed in June 2011 targeted the eastern side of
the property, along the East Fault, and within and along a prominent
aeromagnetic feature that appears to extend as far as the adjacent
Blackwater gold deposit.
The 2011 winter reconnaissance drill program, the first ever on the Key
property, identified porphyry style mineralization associated with a
large magnetic complex in the area of Good News Lake.
Golden Eagle Project
The Company’s program for the Golden Eagle project is commencing this
week with an induced polarization survey (IP) and a diamond drilling
program is planned for October. The 100% owned (8,178 ha) Golden Eagle
property lies at the southern end of the Tintina Gold Belt, which
contains many intrusion-related gold deposits such as Pogo (Alaska),
Fort Knox (Alaska) and Dublin Gulch (Yukon). Exploration by the Company
has identified the presence of a large intrusion-related gold system
spanning the ~12-kilometre strike length of the northern half of the
Golden Eagle property. This gold system is exposed in the
granite/rhyolite of the Tannis zone but capped by sediments and mafic
volcanics of variable thickness to the north, where multiple zones of
gold-silver-arsenic-antimony mineralization occur in the Skarn, West
Gully, and other zones. These zones are developed in the roof of the
intrusion over an area of approximately 5x5 kilometres and are
considered to represent leakage mineralization of a potentially larger
mineralized system below and directly related to the underlying
intrusive. The current exploration program is focused on the West Gully,
Skarn and Tannis targets.
West Gully Target
A 15 km IP survey is underway to identify drill targets for immediate
follow-up drilling in October 2011. The West Gully zone is a large (2.5
km²), overburden covered, greenfield gold target with potential for
shallow mineralization. The 2009 gold-in-stream sediment sampling
program indicates widespread anomalous gold draining from the target
area (News Release - December 21, 2009). Hole N0901, the first and only
hole drilled on the West Gully zone, intersected 0.11 g/t gold over
86.84 metres in variably sheared, silicified and chlorite-sericite
altered felsic intrusive. The hole was shut down in anomalous gold
mineralization (0.33 g/t gold over 15.24 metres). The mineralized zone
is also anomalous in pathfinder elements: arsenic, lead, antimony, zinc
and silver (News Release — February 17, 2010).
Drilling on the Skarn zone is planned for October 2011 concurrent with
the drill program on the West Gully zone. The Skarn zone is a
structurally-controlled, gold-bearing, amphibole-sulphide skarn located
along the Paddy Fault which tracks the west contact of the Stuhini Group
with the Boundary Ranges Metamorphic Suite. The zone is overlain by a
moderate to strong gold-in-soil anomaly (5 to 1800 ppb), approximately
500 metres long and 120 metres wide. Chip and channel samples collected
from trenches returned 6.4 to 44.7 g/t over widths of 2.0 to 2.4 metres.
Gold mineralization occurs as visible gold and associated with pyrite
in quartz-calcite stringer veins and quartz-carbonate-sulphide veinlets.
Past drilling was limited and shallow. Drill intercepts ranged from
1.28 g/t gold over 6.0 metres to 7.64 g/t gold over 3.45 metres (News
Release — June 25, 2009). Significant areas of the zone remain untested
The structure controlling the Skarn zone extends at least another 1.5 km
southwards to the Catfish zone. Streams anomalous in gold drain from
this 1.5 km length and anomalous gold-in-soils occur locally. This 1.5
km long area has never been drilled, nor has the Catfish zone. Troymet
plans to drill test the Skarn zone at depth and along strike of earlier
drilling, the Catfish zone, and the intervening 1.5 km long structure to
test for high impact intrusive-related gold mineralization.
The Company plans to drill test the high-grade gold-silver
mineralization deeper in the rhyolite/granite host. Drill permits are
pending. High-grade gold-silver mineralization is hosted in pyrite and
arsenopyrite bearing quartz veins/structures within rhyolitic intrusive,
granitic intrusive and to a lesser extent in flanking metavolcanics.
The best intersections returned 5.09 metres grading 7.93 g/t Au and 23.8
g/t Ag and 4.3 metres grading 2.05 g/t Au and 43.8 g/t Ag. The presence
of granitic intrusive at depth indicates a composite, volatile-rich
intrusive system in this locale. The possible roots of the vein system
in the larger underlying granitic phase have not been targeted by any
previous drill programs and deeper drilling in this area is required.
McClarty Lake Project
The Company anticipates a winter 2012 diamond drilling program on the
HudBay joint venture claims as well as on its 100% owned claims. The
McClarty Lake property is located near Snow Lake, Manitoba and lies ~45
kilometres south of HudBay’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
owned (DYC3606 & DOL78; 252 hectares) owned 60% by Hudson Bay
Exploration & Development Ltd. (“HudBay”) and 40% by Troymet (News
Release — June 6, 2011).
Troymet is awaiting delivery of the technical data and confirmation of
expenditures by HudBay. 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). Troymet identified a gold-bearing VMS system
(Discovery zone) on the option claims in 2007.
Drilling by Troymet on its 100% owned claims identified the probable
northern extension of the horizon that hosts the Discovery zone (News
Release — April 11, 2011). Results of the first-pass reconnaissance
drilling program are significant, as they indicate the presence of a
+2,000-metre long stratigraphic horizon that carries base metal
mineralization in the two locales, where tested. The identification of a
productive, base metal mineralized horizon extending through Troymet’s
100% owned claims substantially increases the possibility of a
significant VMS discovery in this area.
Troymet has today granted 3.0 million options to purchase common shares
of Troymet to directors, officers, and consultants of Troymet in
accordance with the Company’s stock option plan. All of the options have
an exercise price of $0.10 per share. Out of these options, 1.0
million options were issued to a consultant of the Corporation. These
options expire two years from the date of grant and vest as to 25% of
the options on the date of issuance and 25% on each of the 6, 12 and 18
month anniversaries of the date of grant (such that the options are
fully vested 18 months from the date of issuance). The remaining 2.0
million options were issued fully vested to directors and officers of
the Corporation with an expiry date of 5 years from the date of
Troymet has determined that exemptions from the various requirements of
the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101
are available for the issuance of the options to the directors and
officers of the Corporation (Formal Valuation - Issuer Not Listed on
Specified Markets; Minority Approval - Fair Market Value Not More Than
25% of Market Capitalization).
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 firstname.lastname@example.org
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
You can view the Next News item:October 12th, 2011, Troymet Mobilizes Drill to Golden Eagle Project
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