Torr Metals Stakes an Additional 218 Square Kilometres Significantly Expanding the District-Scale Latham Copper-Gold Project
Vancouver, March 11, 2022 - Torr Metals Inc. (TSXV: TMET) ("Torr" or the "Company") is pleased to announce that the Company has recently staked an additional ~218 km2 of mineral claims focused on extending trends to mineralization around the northwest portion of the Latham Copper-Gold Project (the "Property"). Guided by Torr's exploration model these highly prospective areas were identified through historical data compilation and integration into the Company's robust database. The 100% owned Latham Property is located within a highway-accessible area of the prolific Golden Triangle region of northern British Columbia, Canada, and covers a significant ~689 km2; making it the largest holding of mineral claims directly north of the Red Chris, Saddle North, GJ, and North Rok deposits. These deposits together with Galore Creek, Schaft Creek, and Gnat Pass constitute a ~160 km north-northeast trending corridor of copper-gold porphyry deposits that are genetically linked to Late Triassic and Early Jurassic intrusive rocks (Figure 1).
Figure 1. Latham Project and location of known Triassic and Jurassic porphyry deposits.
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Malcolm Dorsey, President and CEO, commented, "By consolidating this area into a massive ~689 km2 land package through proactively staking the most prospective ground we are well positioned to advance 13 known mineral occurrences and 17 grassroots exploration targets, in addition to the Gnat Pass deposit. With a ~218 km2 expansion we continue to add new highly prospective exploration targets as well as increase the Project's footprint and exploration upside with the potential for new discoveries as we go forward."
Figure 2. Latham trends to mineralization and known mineral occurrences.
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New Mineral Claim Staking Along the Pallen and Hu Trends
The newly staked mineral claims cover areas that exhibit geological characteristics consistent with prospective copper-gold porphyry and epithermal-style mineralization. This led to the Pallen trend being extended to ~13 km in length to fully encompass a mapped north-northeast trending Early Jurassic intrusive that is potassically altered with magnetite and copper-sulphide mineralization at the Pallen North occurrence. This style of alteration and mineralization suggests a near-surface exposure of an advanced argillic core of a porphyry system that will be further delineated with planned 2022 fieldwork (Figure 2). Within the newly acquired southern portion of the Pallen trend are the historically underexplored Disco, Moly, and Stikine occurrences, which exhibit sericitic phyllic alteration consistent with zonation on the periphery of the core portion of a porphyry system. With an inferred proximity to an advanced argillic zone the phyllic alteration shell provides the geochemical pathfinders necessary to aid in identifying and vectoring towards the potential core of an additional porphyry system, such as found at the Pallen North occurrence along-strike to the northeast.
The north-northeast Hu trend has also been extended to a total ~37 km length, (see Figure 2). Most of the historic work along the Hu trend focused on an Early Jurassic intrusion at the Hu and Hu West occurrences, where the associated alteration assemblage is consistent with an alkalic porphyry mineralizing system; including skarn, hornfels, clay-carbonate within shear structures, and advanced argillic alteration associated with copper sulphide mineralization and magnetite.
Currently the Company is compiling historic data to form a basis for advancing the known occurrences along the Hu and Pallen trends, as well as identify potential new targets for exploration in 2022.
Kulta Zone
Mapping within the Kulta zone by the British Columbia Geological Survey (Figure 2) suggests a highly prospective geological setting that includes Late Triassic and Early Jurassic intrusions within Stuhini Group rocks (Figure 2). Supporting the geological model are highly anomalous stream sediment samples collected by the Regional Geochemical Survey and Geological Survey of Canada in 2014 that assayed up to 61.9 ppb gold, 375 ppm silver, and 89.83 ppm copper. The stream sediment samples together with mapped geology suggest that the Kutla zone has substantial potential for new discoveries within an area that has largely been underexplored and along-trend to Galore Creek ~150 km to the southwest.
Project Highlights and Corporate Updates
Since 1960 there has been 14 operators that have conducted a significant amount of work on a number of claims that have for the first time been consolidated to form the Latham Copper-Gold Project. This historic work first identified the Gnat Pass copper-gold porphyry deposit in 1960 while later regional exploration identified the majority of nearby mineral occurrences during the 2000's (Figure 2). The Gnat Pass deposit is located within the eastern portion of the Property at the northern extent of the ~20 km Dalvenie trend and remains open to expansion along-strike as well as to depth.
Torr is currently compiling extensive historical datasets; including drill data from the Gnat Pass deposit, regional induced polarization (IP) surveys, soil, rock, and trench sampling. Compilation work has so far helped identify a minimum of three major trends to mineralization (Hu, Pallen, Dalvenie) commonly associated with proximal exposures of Late Triassic and Early Jurassic intrusions that are hosted within Late Triassic Stuhini Group. In addition, this work will improve and direct future drill targeting and fieldwork to effectively advance the significant number of targets at Latham.
Torr Metals also announces that Mrs. Taylor Niezen has been appointed Chief Financial Officer and Corporate Secretary of the Company, effective March 1, 2022. Taylor is a partner of an accounting and corporate services firm which provides financial, accounting, regulatory, compliance and management advisory services to numerous issuers on the TSX Venture Exchange, and other Canadian and U.S. exchanges. Taylor holds a Bachelor of Commerce from the University of Alberta and has over 5 years experience in the governance and reporting of private and publicly-listed exploration and mining companies. Mrs. Niezen replaces Mr. Justin Bourassa. Torr would like to thank Mr. Bourassa for his service to the Company and wish him well in his future endeavours.
In addition, the Company has granted a total of 2,300,000 incentive stock options to directors, officers, employees, and consultants. The incentive stock options vest immediately and may be exercised at a price of $0.30 per common share for a period of five years from the date of grant, subject to the terms of the Company's 10% rolling stock option plan and the policies of the TSX Venture Exchange.
Qualified Person
The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc., P.Geol., P.Geo., a consultant to the Company who is a qualified person defined under National Instrument 43-101.
About Torr Metals
Torr Metals is a Vancouver based mineral exploration company focused on defining and developing the substantial exploration and resource potential of the ~689 km2 Latham Copper-Gold Project, located within the prolific Golden Triangle of northern British Columbia. Year-round access is provided by Highway 37 with the project being favourably located 16 km south of the regional airport in Dease Lake. For further details about the Latham Copper-Gold Project, please refer to the Company's website or current geological Technical Report (August 24, 2021) filed on November 25, 2021 under the Company's profile on SEDAR at www.sedar.com.
On behalf of the Board of Directors
Torr Metals Inc.
"Malcolm Dorsey"
Malcolm Dorsey
President, CEO and Director
For further information:
Malcolm Dorsey
Telephone: 236-982-4300
Email: malcolmd@torrmetals.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 press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings, and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis which is available on the Company's profile on SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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