SOURCE: TriMetals Mining Inc.

TriMetals Mining Inc.

March 01, 2016 06:00 ET

TriMetals Mining Inc. Provides Update on Vein System Associated With the Historic Thor Mine Site Within the Gold Springs Project

VANCOUVER, BC--(Marketwired - March 01, 2016) - (TSX: TMI) (TSX: TMI.B) (OTCQX: TMIAF) (OTCQX: TMIBF), (the "Company"), is pleased to announce the completion of the analysis of exploration data on and around the patented Talisman claim whose purchase was completed last year. This claim includes portions of the historic Thor Vein located in Nevada very close to the Utah border. This area is comprised of a portion of 3 of the 26 areas of outcropping gold mineralization that TMI press releases often refer to when illustrating the potential of the large 74.7 sq km Gold Springs exploration property located in safe, mining friendly Nevada and Utah. Outcrop areas, Silica Hill/Thor, Silica Hill Extension and North Jennie are all parts of the Thor Vein System.

Since completing the acquisition of the Talisman property, TMI has conducted a detailed analysis of the historical data together with TMI exploration results. This analysis has identified what TMI's management believes is a high-priority drill target which is based on multiple high-grade gold and silver veins (see table below). The drill target is defined by a combination of drill hole, outcrop, and float sample assays over a strike length of 1,100 metres. This is part of a larger trend which may extend as much as 1.6 km as indicated by the ZTEM resistivity geophysical anomaly. The ZTEM anomalies have a high correlation with known gold mineralization and help to define the Jumbo Trend which hosts the majority of the resource that TMI has identified to date. 

Ralph Fitch President and CEO, stated, "Most of TMI's recent exploration effort has been focused at the Jumbo target in Utah where the resource block now extends over approximately 1.1 km within what we refer to as the Jumbo Trend which extends approximately 8 kms north-south. The Thor Vein System, which also trends north-south, is a separate target approximately 2 kms west of the Jumbo Trend. The Thor target as presently known, consists of a number of discrete higher-grade gold-silver veins each a few metres wide whereas the mineralization at the Jumbo consists of a mixture of veins and disseminated gold-silver mineralization in rocks over widths of 100 to 200 metres. The intrigue with the Thor is that in places the veins appear to be close enough together to make an interesting exploration target for open-pitable material but are of high enough grade that underground mining might be a possibility."

Ralph Fitch went on to say, "This is the first in a series of vein-target areas that I mentioned I would report on in my recent letter to Shareholders (PR, February 11, 2016). These vein targets have the potential to develop, with further drilling, into something like the 'Jumbo resource block', providing large open pit potential or possibly into resource blocks with higher grade material that could be mined by open pit or underground methods and be trucked to the Jumbo target to increase the overall grade of the resource there, potentially enhancing the economics demonstrated in the PEA (dated August 12, 2015). This review focuses on the higher grade aspects of the Thor target."

Analysis of the TMI drill intercepts and holes drilled by Energex dating from 1985-1988, along with numerous surface samples collected by TMI, Astral Mining (2004-2006), Cambior USA (1997-1999), and Energex, show a series of north-south striking veins over a 1,100 metre strike length. The Thor Vein System is comprised of the Thor, Dee, and Brown veins (which have all seen limited historic development work) along with the newly identified Lower Vein. This set of closely spaced veins represents a gold and silver mineralized corridor which coincides with the strongest ZTEM resistivity anomaly on the property. The table below shows both the drill intercepts and surface samples starting on the north end of the 1,100 metres of identified strike length and progressing south. (The TMI drill hole and sample information has been previously disclosed, see note at end of this press release):

Vein   TMI or Historic (H)   Sample Type* Drill hole or F, D or O   From or Sample No   To   Length**   Gold g/t   Silver g/t
Dee Vein North end   TMI   F   33008           2.03   25.1
Dee/Brown   H   O   527414           1.03   6.7
Dee/Brown   TMI   F   53646           3.97   43.2
Dee/Brown   TMI   F   33179           1.27   13.4
Dee/Brown   TMI   D   53644           4.46   12.3
                             
220m further south                        
                             
Dee Vein   Energex (H)   RC hole T-88-04   50.3   51.8   1.5   1.5   10.0
                             
                             
Dee   Energex (H)   RC hole T-88-05   48.8   51.8   3.0   0.86   0.85
Brown           68.6   70.1   1.5   3.3   19.2
                             
80m further south                        
                             
Dee/Brown Vein   Energex (H)   DDH 85-03           1.7   9.7   42.9
        Within (True width 95% of length) -- includes Dee and Brown Veins
Dee/Brown                   6.0   3.2   29.3
                             
Dee/Brown   Energex (H)   DDH 85-03A           1.4   12.9   74.0
        Within (True width 80% of length) -- includes Dee and Brown Veins
                    11.9   3.40   23.7
                             
Dee/Brown   TMI   O   33006           14.77   30.0
Dee   Energex (H)   O (channel sample)   26213       2.0   9.40   21.9
Dee/Brown   TMI   D   53632           13.30   39.6
Dee/Brown   TMI   O   53630           23.35   252.9
                             
50m further south                    
                             
Dee/Brown Vein South   Energex (H)   RC hole 86-06   19.8   20.4   0.6   10.83   134.1
                             
                             
Dee   Energex (H)   RC hole 86-07   30.8   32.0   1.2   4.63   142.9
Brown           33.2   34.4   1.2   4.94   25.4
        Within combined Dee and Brown mineralized zone (true width 80% of length)
Dee/Brown           24.4   34.4   10.1   1.62   29.2
                             
120m further south                        
                             
Possible Dee   TMI   Thor core hole
11-01c
  55.8   57.0   1.2   1.80   27.5
                             
Dee/Brown   TMI   D   53627           1.96   18.5
Dee/Brown   TMI   F   53626           3.33   36.3
    Cambior (H)   F   42155           14.07   62.6
    Cambior (H)   F   42154           14.17   154.0
                             
Lower Vein   TMI   Thor core hole
11-01c
  108.2   110.5   2.3   7.71   52.5
Dee/Brown   TMI   F   53655           6.01   93.4
Dee/Brown   TMI   F   53656           1.55   18.9
Dee/Brown   TMI   F   53657           2.13   19.9
                             
Thor Vein   TMI   RC hole 
Thor-11-02
  36.6   38.1   1.5   5.94   102.8
            within                
Thor           36.6   39.6   3.0   3.63   88.7
            And                
Thor           42.7   44.2   1.5   3.44   53.0
            within                
Thor           42.7   45.7   3.0   2.38   42.0
                        1.96   31.7
        Entire mineralized intercept (true width not known but probably approximately 30% of length)
Thor           35.1   51.8   16.8   1.24   34.7
Thor Vein 200 m N   TMI   F   53633           3.99   6.1
Thor   TMI   F   53612           1.94   25.2
Thor   TMI   O   53613           1.92   4.1
Dee/Brown   Astral   O   527437           1.15   1.6
                         
Dee vein   TMI   RC Hole
Thor 11-03
  67.1   68.6   1.5   2.23   52.5
            within                
Dee vein           65.5   70.1   4.6   1.30   32.2
                             
Dee/Brown   TMI   D   53611           1.56   15.4
Dee/Brown   TMI   F   53662           1.00   18.5
                             
350m further south                    
                             
Dee or Lower   Cambior (H)   F   42161           99.53   143.6
Dee or Lower   TMI   O   53049           3.30   3.8
Dee or Lower   Cambior (H)   F   42160           62.40   139.2
                             
150m further south                    
                             
        Drill hole                    
Dee/Lower   TMI   RC SH-12-02   86.9   88.4   1.5   1.86   6.3
        Within wider zone which ended in a void interpreted to be a solution cavity. Sample showed intense alteration which is often associated with strong vein development. This hole needs to be re-drilled to try and obtain a complete sample.
Dee/Lower           77.7   91.4   13.7   0.44   3.0
                             
Dee or Lower   TMI   O   53622           2.96   28.8
        O   53623           1.96   4.9
        O   53038           32.66   14.6
        O   33002           1.24   23.8
                             

*F= float or loose rock at the surface, D= dump material (waste from historic workings) and O= outcrop (hand specimen).

**Unless otherwise indicated, true width unknown but believed to approximate sample width.

TMI results above were press-released by High Desert Gold Corporation (HDG) prior to its acquisition by TMI (formerly South American Silver Corp.). See HDG's PR 11-01, 11-11, 11-13, 11-17 and HDG 12-16 available on www. Sedar.com.

About TriMetals Mining Inc.

TriMetals Mining Inc. is a growth focused mineral exploration company creating value through the exploration and development of the near surface, Gold Springs gold-silver project in mining friendly Nevada and Utah in the U.S.A. 

The Company's approach to business combines the team's track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry.

The Company's common shares and Class B shares are listed on the Toronto Stock Exchange under the symbols "TMI" and "TMI.B" and the common shares and Class B shares also trade on the OTCQX market under the symbol "TMIAF" and "TMIBF". Additional information related to TriMetals Mining Inc. is available at www.trimetalsmining.com and on SEDAR at www.sedar.com.

Qualified Person

The Qualified Person on the Gold Springs property is Randall Moore, Executive Vice President of Exploration -- North America of TriMetals Mining Inc. and he has reviewed and approved the content of this press release.

Quality Assurance and Quality Control

For TMI assays, the laboratory includes duplicates of samples, standards and blanks in their assay reports. The results of these check assays are reviewed prior to the release of data. All sample assays are also reviewed for their geological context.

Assay Method

TMI assays were performed in Reno, Nevada by Inspectorate Laboratories, an ISO 9001:2000 Certified laboratory. Gold was analyzed by fire assay of a 30 gram sample with an ICP finish. All other elements were analyzed by the 50-4A-UT method.

Forward Looking Statements

Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "target", "future", "potential", "believes", "possibility", "may", "might", "could" and similar expressions. These forward- looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in exploration plans and project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company's Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill and metallurgical testing results, LIDAR and ZTEM surveys, and sampling and reconnaissance RC drill results, including the reliability of exploration results of previous companies; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company's existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.

Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, TMI assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company's expectations as of March 1, 2016.

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