Torr Metals Inc. Secures Exploration Permit for the Highway-Accessible Filion Gold Project
VANCOUVER, July 03, 2024 - Torr Metals Inc. ("Torr" or the "Company") (TSX-V: TMET.V) is pleased to announce the Government of Ontario has granted a three-year exploration permit (the "Permit) allowing for drilling on the Company's 100% owned 261km2 Filion Gold Project. The Project is ideally situated adjacent to excellent infrastructure with direct road access from the Trans-Canada Highway 11, paralleled by the regional railway and provincial power grid, as well as the nearby town of Kapuskasing located ~30 km to the southeast (Figure 1). Malcolm Dorsey, President and CEO, commented, "The granting of this exploration permit opens up a tremendous opportunity for Torr to build on our promising work from late last year at the Filion Gold Project. We are very excited to further advance our exploration, especially after identifying extensive kilometer-scale gold soil anomalies that have yet to be drill tested along-trend of historical high-grade rock and channel samples. We are in the process of finalizing exploration plans and look forward to the coming months as we keep the market updated on our progress."
Filion Gold Project
Having acquired the Project through staking on October 26, 2023, the Company moved rapidly with a first-ever systematic humus soil program that tested the underexplored potential of the gold-endowed Filion Fault Zone, where historical results include rock grab samples that assayed 9.1 g/t gold (Au) and channel sampling that reportedly yielded 91.4 g/t Au over 0.3 meters (Figure 2). Highlights of the 2023 soil program included:
- Delineation of Multiple Undrilled Anomalies: Six gold soil anomalies were delineated coincident with historical VLF-EM conductors, associated with significant shear structures and stratigraphic contacts, over a 2.5 kilometer-wide corridor; with over 75% of the 28 filtered conductors remaining untested by soil sampling. Of 318 humus soil samples, 39 showed >10 ppb Au with 13 exceeding 20 ppb Au, reaching a maximum of 1,320 ppb Au (Figure 2).
- Kilometer-scale Gold Trends: The largest 2023 gold soil anomaly measures 1200 meters in strike-length across multiple conductors along-trend of historical high-grade rock grab and channel samples; indicating a potential 2.5 kilometer (km) strike-length to undrilled gold mineralization. All 2023 soil anomalies remain open to the east and northeast (Figure 2).
- Untested Exploration Upside: None of the 2023 humus soil anomalies contain historical drilling, providing Torr with the opportunity to be the first to test the significant potential for a major new gold discovery along the Filion Fault, adjacent to the Trans-Canada Highway.
Within the regional greenstone belts of northern Ontario, early syn-volcanic aged gold deposits, such as those at Hemlo, Greenstone, Casa Berardi, and Detour Lake (Figure 1), are typically located within major east-west trending fault zones. These zones share similar geological settings to the Filion Fault, where key gold emplacement controls include structural dilational bends and competency contrasts along major stratigraphic contacts between mafic volcanics and quartz-feldspar porphyry units.
Quality Assurance and Control
Results from samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 and ISO 9001:2015 accredited facility). A secure chain of custody is maintained in transporting and storing of all samples. At ALS the "B" horizon soil samples underwent screening to 180 microns under the ALS code PREP-41. The samples were digested using Aqua Regia and analyzed via ICP-MS and ICP-AES using a 25g sample aliquot under the ALS code AuME-TL43. The Company follows industry standard procedures for the work carried out on the Kolos Project. Due to the reconnaissance nature of the soil sampling the Company relied on the internal quality assurance quality control ("QA/QC") measures of ALS. Torr Metals detected no significant QA/QC issues during review of the data.
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, based in Vancouver, British Columbia, is dedicated to advancing its 100% owned, district-scale copper-gold porphyry and orogenic gold projects in highly accessible mining regions of Canada. Each project benefits from excellent existing infrastructure, year-round drilling potential, and low-cost development opportunities. The approximately 240 km² Kolos Copper-Gold Project is located in the prolific copper-producing Quesnel Terrane of south-central British Columbia, with direct access to Highway 5, and is situated 286 km northeast of Vancouver. The approximately 261 km² Filion Gold Project lies within an unexplored gold-bearing greenstone belt, adjacent to the Trans-Canada Highway 11, just 202 km from Timmins, northern Ontario. For more details, please visit the Company's website, www.TorrMetals.com, or view documents filed 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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Attachments
- Figure 1: Filion Project Location Within an Unexplored Greenstone Belt
- Figure 2: Location of Anomalous Gold in 2023 Humus Soil Samples