Troymet Targets the Core Area at Wildcat
NANAIMO, BRITISH COLUMBIA--(Marketwired - Jan 19, 2016) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") is pleased to update progress on its Wildcat gold-silver project in Juab County, Utah, where the Company has identified important drill targets in the highly prospective Core Target Area (Figure 1).
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.
Kieran Downes, President and CEO of Troymet, comments: "The Core Target Area encompasses drill targets with high precious metals discovery potential. We are anxious to drill these targets."
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 (Figure 2).
Troymet completed detailed bi-directional magnetic and EM surveys of this area in 2015. Processing of the magnetic data, which included advanced SI grid-based processing techniques and the use of directional filters, first and second vertical derivatives, tilt images, and high-pass filters, identified a number of concealed structures consistent with a step-over/relay ramp structure along the Joy Fault. The step-over/ramp structure occurs near the focal point of a radial set of mineralized jasperoids with gold concentrations ranging from near zero up to 301 ppm, 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 (Figure 3 & Figure 4). 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 (Figure 5). This points to the metal-bearing hydrothermal system being located in the structurally complex area where magnetics strongly indicate pervasive alteration and demagnetization.
A fence of two holes drilled in 1990, at the extreme north end of the step-over, intersected 7.6 metres of 0.56 g/t Au and 3.0 metres of 0.43 g/t Au in the shallow hole. The undercut hole intersected 22.9 metres of 1.27 g/t gold. As well, the High Grade hill discovery occurs in the Core Target Area (news release of November 17, 2015). Troymet plans to drill test a number of attractive targets in this area which it believes have 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.
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Figure 1: Geology Map
Figure 2: Core Target Area Structure
Figure 3: Gold in Rock Chips
Figure 4: Tellurium in Rock Chips
Figure 5: Principal Component Analysis-Factor 2
Troymet's rock and soil samples are analyzed by ALS Global in Reno, Nevada, an ISO/IEC 17025:2005 accredited facility.
Qualified Persons
All technical data, as disclosed in this press release, has been verified by the Company's qualified persons Kieran Downes, Ph.D. P.Geo., and Mark Coolbaugh, Ph.D., CPG. Both are Qualified Persons as defined by National Instrument 43-101.
Booth #531 - Vancouver Resource Investment Conference 2016
Troymet will be attending the Vancouver Resources Investment Conference on January 24-25, 2016.
About Troymet Exploration Corp.
Troymet Exploration Corp. is a junior exploration company with a solid treasury 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.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo., President, CEO & Director
Website: www.troymet.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 news release may contain 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 Wildcat Project, including the exploration potential and analogous deposit potential of the Wildcat Project; future data analysis, sampling plans and exploration plans on the Wildcat Project; and exploration targets and the potential of such exploration targets. 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 Wildcat Project; the ability of Troymet to discover viable exploration targets and the results of exploration on the Wildcat Project; 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 Wildcat Project; 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.
Contact
Troymet Exploration Corp.
Anthony Zelen
Investor Relations
T: 888-456-4952
C: 778-388-5258
anthony@senergyir.com