NANAIMO, BRITISH COLUMBIA–(Marketwired – Nov. 17, 2015) – Troymet Exploration Corp. (TSX VENTURE:TYE) (“Troymet” or the Company”) reports the discovery of silver-rich, high-grade gold-telluride mineralization (Table 1) on its Wildcat gold-silver project located in the Detroit Mining District, an historic gold producing region in the northern Drum Mountains of central Utah. The mineralization is developed in a jasperoid boulder train on High Grade hill. Troymet is also pleased to report the discovery of a very rare tellurium mineral (carlsfriesite) associated with the high-grade gold. High Grade hill represents one drill target in the Core target area of the Wildcat project.
Table 1. Rock Chip Sampling Results
The jasperoid is developed in carbonates with thin-bedded silty, sandy, calcareous units amenable to decalcification and mineralization (Big Horse Limestone Member of the Orr Formation). Six rock chip samples of boulders taken over a 30-meter-distance range from 10 to 301 ppm Au, averaging 129 ppm Au, and one quantitative tellurium analysis yielded 0.38% Te. The jasperoid does not outcrop, but occurs as locally derived boulders adjacent to a hillside with limited rock exposures over a 100-metre-diameter area. The hillside contains locally sourced boulders and rocks of variably textured, hydrothermally altered siliciclastic rocks, breccia, calcite/marble, and jasperoid, and the soils are strongly anomalous:
|Au:||0.026 to 0.10 ppm|
|Bi:||0.045 to 2.23 ppm|
|Te:||5.85 to 72.4 ppm|
|Sb:||2.10 to 21.10 ppm|
|Pb:||15.2 to 122.5 ppm|
|Se:||0.40 to 1.0 ppm|
|Ag:||0.19 to 0.39 ppm|
Detailed soil sampling has been completed in an attempt to better define the target (Troymet news release dated November 10, 2015).
Tellurium occurs as iron tellurites/tellurates and as a rare calcium tellurium oxide mineral, carlfriesite. Polished thin section studies are underway to determine the relationship between tellurium and gold. The carlfriesite occurs in radial sprays up to 5 mm in diameter and in aggregates of crystals covering fracture surfaces up to 20 cm2 in area. Positive mineral identification was made with the assistance of x-ray diffraction (XRD) and portable x-ray fluorescence (XRF) analyses (academic publication planned). Carlfriesite (CaTe3O8) is a rare mineral, not previously known to occur in the United States, having previously been documented from only one area in the world, the Moctezuma gold region of Sonora, Mexico. At that locality the carlfriesite has a bright yellow color, while at Wildcat the carlfriesite is white. The Moctezuma region is a producer of gold-telluride ores, and other well-known tellurium-rich gold districts or regions include Goldfield, Nevada; Cripple Creek and Boulder County, Colorado; and Kalgoorlie, Australia. Cadmium telluride (CdTe) is used in solar panels and as a semiconductor material.
Kieran Downes, President and CEO of Troymet, comments: “The discovery of silver-rich, high-grade gold-telluride mineralization is a significant milestone in the development of the Wildcat project.”
The Wildcat project is situated astride the faulted contact between the Tertiary-aged Thomas caldera and Cambrian carbonates, in an area of complex faulting. Troymet’s exploration focus is gold and silver mineralization in veins, stockworks, breccias and bulk-tonnage deposits along the Joy Fault, and in structural/stratigraphic hosts in Cambrian carbonate rocks. The mineralization has some Carlin-like features, with high-grade gold in jasperoids hosted by Cambrian sediments similar to Long Canyon in Nevada. However, the chemistry points to a strong intrusive source, and mineralization within caldera-related faults suggests intrusion-related structural targets similar to Cove-McCoy, Fortitude and other distal disseminated gold deposits of central Nevada.
Troymet’s rock and soil samples were analyzed by ALS Global in Reno, Nevada, an ISO/IEC 17025:2005 accredited facility.
All technical data, as disclosed in this press release, has been verified by the Company’s President & CEO, Kieran Downes, Ph.D., PGeo, and professional geologist, Mark Coolbaugh, Ph.D., CPG, both qualified persons as defined by National Instrument 43-10.
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 is continuing to evaluate mineral properties for acquisition.
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 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.
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