Wildcat

Target: Gold and silver in veins, stockworks, breccias and bulk-tonnage deposits
Location: 177 km south of Salt Lake City, Utah
Property: 80 mineral claims totalling 668 ha
Ownership: Troymet holds an option to earn 70%

Highlights

The Wildcat project is prospective for gold and silver mineralization in veins, stockworks, breccias and bulk-tonnage deposits along the Joy Fault, and in structural/stratigraphic hosts in Cambrian-aged carbonate rocks.The mineralization has some Carlin-like features, with high-grade gold in jasperoids hosted by Cambrian sediments similar to Long Canyon in Nevada. The geochemistry however, points to a strong intrusive source, and mineralization within caldera-related faults suggests intrusion-related structural targets similar to Cove-McCoy, Fortitude and other distal disseminated gold deposits of central Nevada.

Troymet’s 2015 exploration program employed new exploration and targeting concepts, which resulted in the identification of important new drill targets in previously unrecognized settings. Detailed geological mapping, geochemistry and geophysics identified the potential structural controls of a large area of gold-in-rock chip mineralization as well as new drill targets in the Core Target Area.

Current Status

Troymet has completed its Phase I reverse circulation ("RC") drill program on the Core , SE and High Grade Hill target areas with 10 RC holes totalling 1,321 metres. Drilling tested structural and stratigraphic targets, alteration zones including de-calcification zones in carbonates, silicification-jasperoids, oxidation after sulphides and geochemical anomalies .Results were reported in the Company's August 9, 2016 news release.

Previous Work

Gold and copper were first discovered in the Drum Mountains area in 1872. Small prospect pits are found within and around the Wildcat claim block but there has been no recorded production. Limited exploration was conducted by a handful of companies, including brief programs by Homestake Mining in 1980 and Gold Fields in 1989. AuEx (now Renaissance Exploration) staked the property in 2010 and conducted reconnaissance mapping and sampling, yielding high-grade gold in rock chip samples. In 2011-12, Newmont Mining participated with an earn-in agreement and completed 3,505 m of drilling. Results were disappointing; however, the drilling focused only on stratigraphic targets. Follow-up field work in conjunction with the review of geochemical and geophysical data has defined several important and untested structural targets.

Property-wide geological mapping identified 13 projected intersections of secondary faults with the Joy Fault, all of which are primary targets for gold and silver mineralization. Importantly, only one historic drill hole has intersected the Joy Fault proximal to one of these interpreted intersections/targets. This hole, drilled by Gold Fields Mining in 1991, intersected 22.72 m grading 1.27 g/t gold.

Core Target Area

The Core target area encompasses a significant structural intersection on the Joy Fault where a step-over/ramp structure places Paleozoic carbonate rocks against Tertiary volcanic rocks of the Thomas caldera. Re-logging of drill-chips from the only hole collared in volcanic rocks in the area identified a possible volcano-structural depression and/or vent complex with possible tectonic and hydrothermal breccias. This structural depression and possible vent complex likely helped generate and focus the hydrothermal system in the step-over structure near the volcanic-sedimentary contact. The prominent magnetic lows that characterize this area strongly indicate pervasive alteration and demagnetization ( Core Target Structure).

Troymet completed detailed magnetic and EM surveys of this area in 2015, which identified a number of concealed structures consistent with a step-over/relay ramp structure along the Joy Fault.The structure occurs near the focal point of a radial set of mineralized jasperoids with gold concentrations ranging from up to 301 ppm (High Grade Hill; November 17, 2015 news release), and also at the focal point of project-scale geochemical vectors.

This structural setting is the focus of a 2 km long rock chip geochemical zoning pattern where gold progressively increases towards the Joy Fault ( Au in Rock Chips & Te in Rock Chips). The pattern includes proximal bismuth, copper and silver and peripheral lead, tellurium and arsenic relative to the Joy Fault. Further confirming this pattern, principal component analysis shows that factor 2 scores, mapping a precious-metals related assemblage, progressively increase in strength as the Joy Fault is approached ( PCA). This points to the metal-bearing hydrothermal system being located in the structurally complex area where magnetics strongly indicate pervasive alteration and demagnetization.

The Core target area has a high discovery potential for high-grade gold and silver mineralization in veins, stockworks, breccias and bulk-tonnage deposits along the Joy Fault and structural/stratigraphic targets in Cambrian carbonate rocks.

SE Target Area

Seven of the newly recognized structural targets occur in the SE Target area and some have associated pathfinder element soil anomalies. None of the targets have been drilled and all are easily accessible from established roads. Within the target area the Joy Fault is largely concealed by overburden. Consequently, soil geochemistry, geophysics, structural mapping and trenching are critical in identifying drill targets. The target area is located along a pronounced NW-trending break in Bouguer gravity. Magnetic (TMI) data shows a strong magnetic low, approximately 1,800 m long and ~500 m wide, developed in the Cambrian carbonates along the Joy Fault.

Troymet's sampling of decalcified carbonate in a prospect pit near the intersection of a secondary fault with the Joy Fault yielded 2.2 and 3.9 g/t gold as well as 100 and >500 ppm tellurium and 100 and 283 ppm antimony. Three jasperoid rock chip samples from the same prospect pit assayed 0.115, 1.29, 2.46 g/t gold and also contained anomalous pathfinder element geochemistry ( July 27, 2015 news release).

Historic soil sampling by Newmont Mining in 2012 identified a 300 m long tellurium >> mercury >>>gold anomaly paralleling the Joy Fault in the SE Target area. The average tellurium concentration of 0.32 ppm (five samples) compares to a background of <0.05 ppm. Troymet's has verified the anomaly with additional soli test lines that yielded similar results. This anomaly has never been trenched or drilled. Gold and mercury concentrations in the same area are not as continuous, but range from 2 to 122 ppb gold and from 0.05 to 4.9 ppm mercury.

The combination of the anomalous prospect pit and the soil anomalies point to possible mineralization at shallow depths in this area.

N Target Area

The North target appears to be an extension of the Core target area, with the two zones covering a distance of ~1 km. The target is clearly recognizable in principal component analysis of the rock chip geochemistry ( PCA) and it has a strong gold and tellurium signature (Au in Rock Chips & Te in Rock Chips). Structural complexity in the North target, created by intersecting faults, appears to have created the necessary porosity and permeability for the emplacement of mineralization, as evidenced by the rock geochemistry.

Geology

The Wildcat project lies in the Detroit Mining District, an historic gold producing region in the northern Drum Mountains of Central Utah.The property straddles the Joy Fault, which juxtaposes Tertiary-aged volcanic tuffs of the Thomas caldera with Cambrian-aged carbonates. The dominant rocks within the property are limestone and jasperoids.The jasperoid is developed in carbonates with thin-bedded silty, sandy, calcareous units amenable to decalcification and mineralization. Jasperoids form prominent outcrops within the claim block, ranging in dimensions from several feet to over 152 m in length and up to 45 m in width. Variably iron-stained boulders and knobs throughout portions of the property characterize these jasperoid zones. Where unoxidized, clots and grains of pyrite are visible. Several breccia zones have also been mapped in the area, consisting of brecciated limestone with silica in a stockwork of fractures that commonly grade into total silica replacement.

Aside from the NW-trending Joy fault, the dominant structural orientations related to mineralization include WNW and ENE striking faults and fractures. Drainages and jasperoid breccias partially follow these two structural directions.

Technical Reports

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