NANAIMO, BRITISH COLUMBIA--(Marketwired - July 25, 2016) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the Company") is pleased to report that the program of detailed follow-up soil sampling and prospecting of 3DIP anomalies on the Alpha zone and evaluation of the gold-, copper-and zinc-in-soil anomalies on the Alpha South zone is complete. New drill targets have been identified associated with slumped/mechanically transported sulphides and the area of volcanic stratigraphy prospective for the discovery of VMS deposits has been significantly expanded.
The 3DIP survey mapped previously unrecognized and fundamental geologic patterns in the Alpha zone where the geologic sequence dips steeply west (~75°). The 3DIP shows where sulphides are introduced into the volcanic sequence accompanied by increased silicification, which is mapped by the resistivity. Plentiful breccia boulders, several of which contain massive sulphide blocks (photo links: angular sulphide in breccia; bedded sulphide in breccia) have been found in a prospective volcanic sequence (~100 m wide) that is coincident with the strong, chargeability/resistivity anomaly. The horizon is located ~70 m into the hanging wall of the VMS prospect (map link: chargeability showing prospective volcanic sequences). The sulphides are dominantly of pyrite with trace to minor chalcopyrite. The boulders represent slump features and/or mechanically transported mineralization likely the result of brecciation at source, transport down-slope by gravity-driven submarine debris flows, and deposition in depressions. What is geologically termed "transported ore" can form substantial bodies of mineralization as in the Buchans and Boundary VMS deposits in Newfoundland.
A large chargeability anomaly (> 20 milliseconds; ~280 m x 260 m), located approximately 130 m into the hanging wall of the VMS prospect, may represent slumped sulphides accumulated in a basin down-slope and/or a stockwork zone related to the VMS prospect (VMS prospect hole RH06-25, re-logged, quartered and re-assayed by Troymet, returned: 8.75% copper, 4.75% zinc, 1.22 g/t gold & 61.19 g/t silver over 2.04 m. The mineralization is open along strike and to depth). Maps of 3DIP chargeability and resistivity as well as copper, zinc and gold-in-soils can be viewed at www.troymet.com/projects/redhill/maps-and-photos.
The prospective volcanics, chargeability and resistivity anomalies continue to the west beneath the adjacent valley through which Trans-Canada Highway runs. A percussion hole (R87-7) drilled in the valley intersected copper mineralization in volcanics. It demonstrates the potential for the discovery of significant mineralization in this area:
"In the current program the best hole was R87-7 which intersected 1,236 ppm copper from 171 to 204 metres along with 1,694 ppm zinc, 5.7 ppm molybdenum and 2.4 ppm silver. The remainder of the hole was not anomalous. The higher grade intersection was associated with a relatively high pyrite content of 5% compared with 2% for most of the hole. Here the host rock consisted of interbedded rhyolites and andesites with chorite-sericite-quartz-pyrite alteration with minor chalcopyrite mineralization. (1987 BC ARIS Report 17263).
Detailed (100 m x 25 m) soil sampling was undertaken along the ~900 m x ~250 m gold-in-soil anomaly. Anomalous sample sites were also pitted and sampled. Results will be released once received and evaluated. Prospecting identified shearing with local quartz and quartz-carbonate veining along a magnetic low in a diorite intrusive. The gold-in-soil anomalies track this structure.
Alpha South Zone
The strongest gold-, copper-and zinc-in-soil anomalies were prospected and pitted. The copper and zinc anomalies appear to be associated with structures/shearing possibly associated with particular volcanic horizons. Further work is required to confirm this. The gold anomalies appear to be related to rhyolite. Sheared rhyolite in an area of anomalous gold-in-soils, on the south side of the zone, is altered to white clay. The rhyolite contains high levels of mercury (2,500 ppb) (BC ARIS report 23423). Further work is required to evaluate the significance of the gold-in-soil anomalies, and the implications of the high mercury levels in the rhyolite.
President and CEO, 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 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.