TriMetals Mining Expands Mineralized Zone at the Jumbo Target at the Gold Springs Including an Intercept of 118.95 g/t Au and 28.4 g/t Ag Over 1.5 Metres
VANCOUVER, BC--(Marketwired - January 28, 2016) - TriMetals Mining Inc. (TSX: TMI) (TSX: TMI.B) (OTCQX: TMIAF) (OTCQX: TMIBF), (the "Company"), is pleased to announce the results of the 2015 drilling program which shows an expansion of the mineralized zone at the North end of the Jumbo target, together with some high grade intercepts.
The high grade intercept is in the central zone of the Jumbo target within drill hole J-15-003, between 135.6 and 137.2 metres downhole:
| Thickness (m) | Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | Gold Equivalent* (oz/t) | ||||
| 1.5 | 118.95 | 28.40 | 119.41 | 3.839 |
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 75% of Thickness.
Ralph Fitch, President and CEO of the Company, stated, "We know these very high grades exist on the property because we have found them in loose rocks ("float") in several places on the property, but this is the first time we have intersected these grades in a drill hole. Our exploration focus has been on large open pit resources but there is also the potential for smaller underground operations with these grades."
Examples of very high grade float samples from the property:
| Sample Number | Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | Gold Equivalent* (oz/t) | ||||
| 33853 | 57.32 | 59.40 | 58.3 | 1.87 | ||||
| 33175 | 292.29 | 225.80 | 295.9 | 9.51 | ||||
| 33161 | 145.68 | 148.20 | 148.1 | 4.76 | ||||
| 33017 | 126.83 | 442.70 | 134.0 | 4.31 |
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assume 100% metallurgical recoveries.
The very high grade intercept in drill hole J-15-003 is a small part of the entire 106.7-metre-thick gold bearing zone in the hole. However, it has a very large influence on the average grade of the entire gold bearing zone. In cases like this it is industry practice to "cut" or reduce these values to more typical values. We quote the actual intercept with the high grade value and then repeat the same interval using the average value of the four highest grade drill intercepts in Jumbo veins from previous drilling (18.6 g/t AuEq*), instead of using the very high actual assay of 3.839 AuEq* oz/t. (119.41 g/t AuEq*).
| Drill Hole | From (m) | To (m) | Thickness (m) | Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | ||||||
| J-15-003 | 106.7 | 213.4 | 106.7** | 2.15 | 5.98 | 2.25 | ||||||
| Incl. | 106.7 | 166.1 | 59.4 | 3.62 | 8.87 | 3.77 | ||||||
| If the high grade intercept of 3.839 AuEq* oz/t is reduced to the average of the 4 highest grade drill intercepts (18.6 g/t AuEq*) previously drilled on the Jumbo, then the intervals would average as follows: | ||||||||||||
| J-15-003 | 106.7 | 213.4 | 106.7** | 0.71 | 6.18 | 0.81 | ||||||
| Incl. | 106.7 | 166.1 | 59.4 | 1.03 | 9.22 | 1.18 | ||||||
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 75% of Thickness.
** includes a 10.7 metre interval assaying less than 0.1 gt AuEq
Drill hole J-15-003 is in the central zone of the Jumbo target and includes grades higher than those interpreted in the block model used to estimate the resource. Drill hole J-15-003 is located 100 meters north of hole J-14-018 (138.7 m @ 1.01 g/t AuEq, using a silver/gold ratio of 57.14) which was the best intercept from the 2014 drill program.
Drilling (2015) to the North of J-15-003, for the next two hundred metres, typically showed greater widths and better grades than had been seen in earlier drilling. All this mineralization is projected to come up to the surface.
| Drill Hole | From (m) | To (m) | Thickness (m) | Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | ||||||
| J-15-004 | 74.7 | 125 | 50.3 | 0.41 | 5.4 | 0.50 | ||||||
| Incl. | 74.7 | 77.7 | 3 | 2.0 | 4.2 | 2.07 | ||||||
| Incl. | 115.8 | 118.9 | 3 | 2.06 | 26.25 | 2.49 | ||||||
| J-15-005 | 62.5 | 114.3 | 51.8 | 0.48 | 4.42 | 0.55 | ||||||
| J-15-011 | 44.2 | 91.4 | 47.2 | 0.50 | 5.47 | 0.59 | ||||||
| Incl. | 82.3 | 89.9 | 7.6 | 2.24 | 4.86 | 2.32 | ||||||
| J-15-012 | 103.6 | 138.7 | 35.1 | 0.25 | 4.44 | 0.33 | ||||||
| Incl. | 128.0 | 138.7 | 10.7 | 0.47 | 1.77 | 0.50 |
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 65-85% of Thickness.
Ralph Fitch stated, "The importance of these drill results is they show that the mineralization at the north end of the Jumbo target is stronger than was previously interpreted and is open to further expansion to the North and to depth. This has the potential to enhance our open pit scenario described in our most recent PEA (press release August 12, 2015). At the South end of the Jumbo hole J-15-10 again shows that we can find gold mineralization by following the boundaries of the ZTEM geophysical anomalies. As I have mentioned before we have defined approximately 35 km of ZTEM geophysical features which we believe will be associated with gold mineralization and we have only drilled approximately 3 km to date resulting in the present, reported resource estimate and positive updated PEA*** (M&I resource of 597,000 oz AuEq @ 0.62 g/t AuEq and an Inferred resource of 306,000 oz AuEq @ 0.45 g/t AuEq, using a silver/gold ratio of 57.14)."
The 2015 Reverse-Circulation drill program included 3,132 metres in 14 holes. All drilling was completed in Utah in the Jumbo resource area. The objectives of the program were to extend and better define the mineralization to the north, test for deeper mineralization to the east of the Jumbo Main Zone, explore for down-dip extensions to the mineralization, and to test a ZTEM geophysical anomaly located southwest of the southern extension of Jumbo. All but one of the fourteen holes encountered strong gold mineralization.
Hole J-15-013 tested for extensions to the gold mineralization intersected in hole J-15-003, approximately 50 metres further south, and hole J-15-014 tested for extensions of the gold mineralization approximately 50 metres below hole J-15-003.
| Drill Hole | From (m) | To (m) | Thickness (m) | Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | ||||||
| J-15-013 | 102.1 | 137.2 | 35.1 | 0.41 | 15.88 | 0.67 | ||||||
| J-15-014 | 167.6 | 181.4 | 13.7 | 0.59 | 9.30 | 0.74 |
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 80% of Thickness.
Hole J-15-003 was drilled approximately 100 metres north of hole J-14-018 and hole J-15-001 was drilled approximately 50 metres below hole J-14-018, both were designed to explore for extensions to the gold mineralization seen in hole J-14-018. Drill hole J-15-003 intersected strong mineralization as reported above whereas J-15-001 encountered a post-mineral dike (un-mineralized intrusive rock) in the expected location of the gold mineralization and failed to intersect the type of grades seen in hole J-14-018.
| Drill Hole | From (m) | To (m) | Thickness (m) | Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | ||||||
| J-15-001 | 152.4 | 175.3 | 22.9 | 0.16 | 4.8 | 0.24 |
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 75% of Thickness.
Holes J-15-002 and J-15-007 tested the down-dip extensions of the main Jumbo zone. Both holes encountered the same post-mineral dike seen in hole J-15-001 but included part of the mineralized interval.
| Drill Hole | From (m) | To (m) | Thickness (m) | Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | ||||||
| J-15-002 | 42.7 | 185.9 | 143.3 | 0.22 | 8.29 | 0.35 | ||||||
| Incl. | 59.4 | 86.9 | 27.4 | 0.49 | 13.88 | 0.71 | ||||||
| J-15-007 | 53.3 | 62.5 | 9.1 | 1.10 | 9.87 | 1.26 | ||||||
| And | 82.3 | 196.6 | 114.3 | 0.21 | 8.90 | 0.35 | ||||||
| Incl. | 82.3 | 129.5 | 47.2 | 0.27 | 14.61 | 0.50 |
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 70-75% of Thickness.
Holes J-15-006 and J-15-008 tested the deep easterly extension of the system. These holes were drilled well into the hanging wall of the Jumbo mineral system, further east than prior drilling. Strong alteration of the rocks seen in these holes indicates that the mineral system is open to the east.
| Drill Hole | From (m) | To (m) | Thickness (m) | Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | ||||||
| J-15-006 | 152.4 | 164.6 | 12.2 | 0.22 | 6.89 | 0.33 | ||||||
| And | 204.2 | 228.6 | 24.4 | 0.17 | 7.86 | 0.30 | ||||||
| J-15-008 | 240.8 | 256.0 | 15.2 | 0.18 | 10.25 | 0.34 |
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 75-85% of Thickness.
Hole J-15-009 was drilled at the south end of the Main Jumbo Zone and was designed to further define higher-grades from earlier drilling and to examine foot-wall mineralization in this area.
| Drill Hole | From (m) | To (m) | Thickness (m) | Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | ||||||
| J-15-009 | 86.9 | 170.7 | 83.8 | 0.29 | 7.82 | 0.41 | ||||||
| Incl. | 91.4 | 114.3 | 22.9 | 0.78 | 16.21 | 1.04 |
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 80% of Thickness.
Hole J-15-010 was located southwest of the southern Jumbo mineralization to test a ZTEM geophysical anomaly testing for a new zone of mineralization.
| Drill Hole | From (m) | To (m) | Thickness (m) | Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | ||||||
| J-15-010 | 25.9 | 42.7 | 16.8 | 0.18 | 4.96 | 0.26 | ||||||
| And | 94.5 | 102.1 | 7.6 | 0.54 | 7.88 | 0.67 | ||||||
| And | 161.5 | 166.1 | 4.6 | 0.25 | 4.27 | 0.32 |
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 90% of Thickness.
About TriMetals Mining Inc.
TriMetals Mining Inc. is a growth focused mineral exploration company creating value through the exploration and development of the near surface, Gold Springs gold-silver project in mining friendly Nevada and Utah in the U.S.A.
The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry.
The Company's common shares and Class B shares are listed on the Toronto Stock Exchange under the symbols "TMI" and "TMI.B" and the common shares and Class B shares also trade on the OTCQX market under the symbol "TMIAF" and "TMIBF". Additional information related to TriMetals Mining Inc. is available at www.trimetalsmining.com and on SEDAR at www.sedar.com.
Qualified Person
The Qualified Person on the Gold Springs property is Randall Moore, Executive Vice President of Exploration -- North America of TriMetals Mining Inc. and he has reviewed and approved the content of this press release.
Quality Assurance and Quality Control
Approximately 8.2 kg of RC chips are sent to the laboratory for each 1.52 metre drill interval. 15-20% of the samples submitted by the Company are blanks and standards. In addition, the laboratory also includes duplicates of samples, standards and blanks. The results of these check assays are reviewed prior to the release of data. All RC chip sample assays are also reviewed for their geological context and checked against the drill logs.
Assay Method
Assays were performed in Reno, Nevada by Inspectorate America Corporation Laboratories, an ISO 9001:2000 Certified laboratory. Gold was analyzed by fire assay of a 30-gram sample with an AAS finish (FA430). All other elements were analyzed by the 30 element, 4 acid digestion ICP method (MA300). Over-limit assays of Au and Ag were analyzed by fire assay of a 30-gram sample with a gravimetric finish (FA530-Au/Ag).
Gold Equivalence
Unless otherwise indicated, gold equivalent (AuEq) was calculated using a silver/gold price ratio of 61.9.
*** Updated Preliminary Economic Assessment (Updated PEA) and Resource Estimate. The updated PEA, prepared by Global Resource Engineering, Ltd (GRE) and Kurt Katsura, M.S., R.G., dated August 12, 2015, is based on an updated mineral resource estimate for the Jumbo Zone and the Grey Eagle Zone at the Gold Springs gold-silver project with an effective date of June 3, 2015 (See TMI News Release dated June 3, 2015).
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements." Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "likely", "further", "continue", "will", "potential", "can" and similar expressions. Interpretations of exploration results, including the strength of mineralization, are forward-looking statements. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company's Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company's existing plans and further exploration and development programs for Gold Spring, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, TMI assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company's expectations as of January 28, 2016.
Contact
TriMetals Mining Inc. Contact:
Ralph Fitch
President & CEO
303.584.0606
ralphfitch@trimetalsmining.com
Matias Herrero
Chief Financial Officer
303.584.0606
mherrero@trimetalsmining.com