Troymet Commences RC Drill Program at Wildcat Project - Utah
NANAIMO, BRITISH COLUMBIA--(Marketwired - May 10, 2016) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the Company") is pleased to report that it has secured permits to drill its Wildcat gold-silver project in Juab County, Utah, held under option from Renaissance Gold Inc. A drill contract has been signed and crews have been mobilized to prepare drill platforms. Drilling is expected to start in mid-May 2016. The Phase I drill program is budgeted at 1,220 metres of reverse circulation drilling in 9 holes, ranging from 67 to 213 metres, in the "High Grade Hill", "Core" and "SE" target areas (Wildcat Maps). As part of its planning the Company has permitted 14 drill sites. The project is road accessible.
The High Grade Hill target contains unusually high grade gold in jasperoid. Silver, bismuth, antimony, tellurium and mercury are also highly anomalous (Corporate Presentation). The Core target encompasses a significant structural intersection on the Joy Fault coupled with a possible volcano-structural depression and/or vent complex. This structural setting is the focus of a 2 km long rock chip geochemical zoning pattern where gold progressively increases towards the Joy Fault. The pattern includes proximal bismuth, copper and silver and peripheral lead, tellurium and arsenic relative to the Joy Fault. Principal component analysis shows that factor 2 scores, related to a precious-metals related assemblage (?), progressively increase in strength as the Joy Fault is approached. This indicates that the metal-bearing hydrothermal system is located in a structurally complex magnetic low, suggestive of pervasive alteration and demagnetization (News Release of January 19, 2016). A fence of two holes drilled in 1990, at the extreme north end of the structural zone, 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.
The SE target encompasses the Rattler and Rattler Breccia drill targets, which are adjacent to a large recessive zone developed along the Joy Fault on the margin of the Thomas Caldera. The Rattler anomaly is developed in carbonate rocks immediately adjacent to the Joy Fault in contrast to the Rattler Breccia, which is developed in a structurally complex location on the Joy Fault. Neither target has been previously drilled. The Rattler comprises a 300 metre long soil anomaly parallel to the Joy Fault averaging approximately 0.3 ppm tellurium, with mercury and gold concentrations of up to 4.9 ppm and 0.122 ppm, respectively (News Release of July 27, 2015). The target contains strong pathfinder element anomalies and is interpreted to be "leakage" from mineralization in more favorable host rocks at depth (<100 metres) or from mineralization in hydrothermal breccias associated with the Joy Fault. The Rattler Breccia and adjacent carbonate host rocks are strongly anomalous in gold and other trace elements associated with epithermal and carbonate-hosted gold deposits. (News Release of November 24, 2015).
Troymet, through its wholly owned subsidiary Troymet USA LLC ("Troymet USA"), holds an option to acquire a 70% interest in the Wildcat property from Renaissance Exploration, Inc. ("RenEx"), a wholly owned subsidiary of Renaissance Gold Inc. Under the terms of option agreement, Troymet USA has retained RenEx as its contractor to take advantage of RenEx's expertise and established infrastructure. Troymet USA is exclusively responsible for the planning, execution and supervision of all exploration programs.
Qualified Person
President and CEO, 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 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
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 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 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; exploration targets and the potential of such exploration targets; and the Phase I drill program of the Wildcat Project, including the commencement of drilling, the budgeted metres to be drilled and the number of drill holes in Phase I. 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; Troymet's cost assumptions for its exploration programs at the Wildcat Project 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.