March 3, 2016
March 3, 2016 - Troymet Exploration Corp. (TSXV: TYE) (“Troymet” or the Company”)
is pleased to update progress on its exploration projects. Troymet
operates the Redhill and Golden Eagle projects in British Columbia and
the Wildcat project located in Utah. Hudbay Minerals Inc. operates the
McClarty Lake VMS project in Manitoba (Hudbay 60%; Troymet 40%).
Troymet plans drilling programs on the Redhill and Wildcat projects. Both are considered to have high discovery potential.
Troymet is fully funded (+$1,000,000) for its proposed drill programs on the Redhill and Wildcat projects.
Wildcat Project (Gold-Silver)
An application for a permit to conduct a 2016 drill program on the
Wildcat project was submitted to the State of Utah and the Bureau of
Land Management (BLM) in January 2016. Troymet is awaiting approval of
the permit. Planning for a drill program is well advanced.
Troymet’s 2015 field program successfully identified numerous
prospective structural drill targets along the Joy Fault and in cross
cutting structures. The Company has documented exploration progress on
the Wildcat project in a series of news releases issued between November
10, 2015 and February 17, 2016. The news releases can be found on the
Company’s website at www.troymet.com/news/2016.
Troymet’s exploration focus is gold and silver mineralization in
veins, stockworks, breccias and bulk-tonnage deposits along the Joy
Fault, and in structural/stratigraphic hosts in Cambrian carbonate
Redhill Project (Copper-Gold-Zinc-Silver VMS)
Troymet has received a British Columbia Mines Act multi-year permit
for its proposed 2016 diamond drilling and geophysical program on the
Alpha and Beta zones. The Company’s 2015 field program identified
several volcanogenic massive sulphide (VMS) targets associated with
interflow horizons within a stacked sequence of felsic volcanics. The
undrilled targets have associated electromagnetic (EM) conductors and
copper- and zinc-in-soil anomalies.
Troymet’s re-assay of an intersection in an historic drill hole (DDH
RH06-25) returned 8.75% copper, 4.75% zinc, 1.22 g/t gold and 61.19 g/t
silver over 2.04 metres. This intersection, which remains un-bracketed,
confirms the prospectivity of the un-drilled VMS targets.
In addition, a new +1,000m trend of elevated to anomalous gold-in-soil values was identified.
Troymet plans a reconnaissance, induced polarization survey over the
strongest EM anomalies, the high-grade intersection in hole RH06-25 and
the new +1,000m gold soil anomaly to help in targeting prior to
Troymet has documented exploration progress on the Redhill project in
a series of news releases issued between September 2, 2015 and December
1, 2015. The news releases can be found on the Company’s website at www.troymet.com/news/2016.
Golden Eagle Project (Gold-Silver)
Troymet is continuing to monitor the potential to develop a
significant and shallow gold-silver resource in the Skarn prospect,
especially at this time of rising gold prices. Historic drilling in 1990
and 1997 was limited to an area 265 m long and intersections ranged
from 2.12 g/t Au over 9.9 m to 7.64 g/t Au over 3.5m. Only visually
obvious mineralization was assayed and no drill core exists today from
this drilling. In 2011, Troymet drilled one hole (N11-06) to test the
northern limit of the area of historic drilling. The hole collared in
mineralization and cut a wide, structurally controlled zone comprising
high-grade veining and lower-grade host rock:
- 1.27 g/t Au over 36.45m (open)
- incl. 4.13 g/t over 3.5 m
- and 6.0 g/t over 1.0 m
- 4.05 g/t Ag over 15.45 m (upper part of the gold zone)
- Mineralization outcrops and is open along strike and at depth
- Untested anomalous soils and rock chips over ~1,000m
This intersection demonstrated the potential for high-grade,
sub-cropping, bulk-tonnage gold mineralization that was not recognized
in the past. A compilation of the pertinent exploration data can be
viewed at: Skarn Prospect.
McClarty Lake Project (Copper-Zinc-Gold VMS)
As previously announced (news release dated December 15, 2015),
Hudbay Mining Inc., the Joint Venture operator, has advised Troymet that
it plans to conduct ground geophysical surveys over newly staked
targets once ice conditions permit.
Under the terms of the Joint Venture Agreement, Hudbay must
contribute $1,151,052 in joint venture expenditures before Troymet is
required to fund its participating interest.
Kieran Downes, P.Geo., a Qualified Person as defined by National
Instrument 43-101, has reviewed and verified the technical information
provided in this release.
About Troymet Exploration Corp.
Troymet Exploration Corp. is a junior exploration company with a
solid treasury (+$1,000,000) and with projects in British Columbia
(Redhill and Golden Eagle), Manitoba (McClarty Lake) and Utah
(Wildcat).Troymet operates the Wildcat, Redhill and Golden Eagle
projects.Hudbay Minerals Inc. is the operator of the McClarty Lake joint
venture and must contribute $1,151,052 in joint venture expenditures
before Troymet is required to fund its participating interest.Troymet
retains a 2% net smelter returns royalty (NSR) on the Key property,
British Columbia, which was sold to New Gold Inc. in 2013.
Please visit us at Booth 2945 at the Prospectors and Developers
Association of Canada (PDAC) convention in Toronto (March 6 - 9, 2016).
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact: Anthony Zelen
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
This news release contains certain
forward-looking information. All statements included herein, other than
statements of historical fact, are forward-looking information and such
information involves various risks and uncertainties. In particular,
this news release contains forward-looking information in respect of:
the Redhill, Golden Eagle, Wildcat and McClarty Lake Projects, including
the possible exploration and development of the Redhill, Golden Eagle,
Wildcat and McClarty Lake Projects; the exploration potential and
analogous deposit potential of the Redhill, Golden Eagle, Wildcat and
McClarty Lake Projects; future data analysis, sampling plans and
exploration plans on the Redhill, Wildcat and McClarty Lake Projects;
the timing for exploration and drilling on the Redhill, Golden Eagle,
Wildcat and McClarty LakeProjects; exploration targets and the potential
of such exploration targets; and the ability and the timeframe within
which the Redhill, Golden Eagle, Wildcat and McClarty Lake Projects can
be advanced. 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. This
forward-looking information reflects Troymet’s current beliefs and is
based on information currently available to Troymet and on assumptions
Troymet believes are reasonable. These assumptions include, but are not
limited to: the current share price of Troymet’s common shares and the
ability to raise future equity financing, if needed, at prices
acceptable to Troymet; Troymet’s current and initial understanding and
analysis of the Redhill, Golden Eagle, Wildcat and McClarty Lake
Projects; the ability of Troymet to discover viable exploration targets
and the results of exploration on the Redhill, Golden Eagle, Wildcat and
McClarty Lake Projects; the cost of exploration, including sampling and
drilling, on the Redhill, Golden Eagle, Wildcat and McClarty Lake
Projects; Troymet’s general and administrative costs remaining constant;
and the market acceptance of Troymet’s business strategy.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors which may cause the actual results,
level of activity, performance or achievements of Troymet to be
materially different from those expressed or implied by such
forward-looking information. Such risks and other factors may include,
but are not limited to: the early stage development of Troymet and its
projects, and in particular, the Redhill, Golden Eagle, Wildcat and
McClarty Lake Projects; general business, economic, competitive,
political and social uncertainties; capital market conditions and market
prices for securities, junior market securities and mining exploration
company securities; commodity prices; the actual results of current
exploration and development or operational activities; competition;
changes in project parameters as plans continue to be refined; accidents
and other risks inherent in the mining industry; lack of insurance;
delay or failure to receive board or regulatory approvals; changes in
legislation, including environmental legislation, affecting Troymet;
timing and availability of external financing on acceptable terms;
conclusions of economic evaluations; and lack of qualified, skilled
labour or loss of key individuals. A description of other assumptions
used to develop such forward-looking information and a description of
other risk factors that may cause actual results to differ materially
from forward-looking information can be found in Troymet’s disclosure
documents on the SEDAR website at
www.sedar.com.Troymet does not undertake to update any forward-looking information except in accordance with applicable securities laws.
You can view the Next News item:April 4th, 2016, Troymet Starts Field Program at Redhill
You can view the Previous News item:February 17th, 2016, Troymet Identifies North Area Drill Target at Wildcat
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