NANAIMO, BRITISH COLUMBIA–(Marketwired – Oct. 7, 2015) – Troymet Exploration Corp. (TSX VENTURE:TYE) (“Troymet”) is pleased to update progress on its exploration program on the Redhill copper-gold-zinc-silver volcanogenic massive sulphide (“VMS”) project in British Columbia. Troymet retained Frontier Geosciences Inc. of Vancouver to review the results of a Transient EM (TEM) survey conducted on the Alpha zone in 2005. This survey consisted of approximately 16 km of TEM surface coverage, as well as downhole TEM testing in three boreholes. The surface TEM coverage identified a number of conductors that vary in depth and quality along strike. It is believed that the target sulphides are associated with prospective volcanic sequences that dip steeply to the southwest (view map). Historically, three stacked prospective sequences are recognized, dipping steeply to the west. Stacked mineralized horizons are a common feature in VMS mining camps world-wide. Within a camp, deposits may occur laterally at a discrete time – stratigraphic interval or vertically stacked through hundreds of metres of volcanic stratigraphy. The distribution of TEM conductors in the Alpha zone indicates there are additional prospective sequences that have not yet been mapped/recognized. Historical drill testing is concentrated in the centre of the TEM grid; however, the stronger TEM responses occur in the southeastern and northwestern areas of the grid. These stronger TEM responses have not yet been drilled, they continue to the limits of the survey grid, and remain open.
The primary purpose of Frontier’s review was to determine why the TEM survey shows only a shallow (~50 metres) EM conductor in the area of diamond drill holes 84-1, RH05-23 and RH06-25, whereas holes RH05-23 and RH06-25 intersected deeper mineralization (~145 metres) that was the target of downhole TEM testing. Frontier’s conclusion is that the shallow TEM conductor and the deeper mineralization intersected in holes RH05-23 and RH06-25 are two separate zones; “The deeper mineralization is likely not detected from the southwest loop (Loop 2) due to null coupling to the southwest dipping horizon“. Consequently, the gold-rich, high grade copper intercepts in holes RH05-23 and RH06-25 may be part of a deeper, high grade zone(s) of VMS mineralization. Additional drilling is required to test for a significant zone of mineralization in this area.
Troymet is in the process of permitting a diamond drilling program on the Alpha and Beta zones which will test the prospective TEM conductors, and other targets. Additional EM surveys may be required on the Alpha zone, prior to drilling, to test for extensions to the prospective TEM conductors and to follow-up soil geochemical anomalies. As previously reported, Troymet has completed a soil sampling program on the Alpha zone (News Release dated September 16, 2015) and results will be released once received, assessed and evaluated.
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 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 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 Redhill Project, including the possible exploration and development of the Redhill Project; the exploration potential and analogous deposit potential of the Redhill Project; future data analysis, sampling plans and exploration plans on the Redhill Project; the timing for exploration and drilling on the Redhill Project; exploration targets and the potential of such exploration targets; and the ability and the timeframe within which the Redhill Project can be advanced. 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 Redhill Project; the ability of Troymet to discover viable exploration targets and the results of exploration on the Redhill Project; the cost of exploration, including sampling and drilling, on the Redhill 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 Redhill 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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