Troymet Exploration Corp.
TSX VENTURE : TYE

Troymet Exploration Corp.

February 16, 2012 08:30 ET

Troymet Intersects 1.27 g/t Gold over 36.45 metres at Golden Eagle

COMOX, BRITISH COLUMBIA--(Marketwire - Feb. 16, 2012) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") reports assays from the recently completed diamond drilling program (6 holes; 867.15 metres) on the North prospect of its 100% owned (8,178 hectare) Golden Eagle project, located in northwestern British Columbia, just south of the BC-Yukon border. Drilling on the Skarn zone has identified a new bulk tonnage gold target.

Highlights:

  • Hole N11-06: 36.45 metres grading 1.27 g/t gold (open)
    • including 3.5 metres grading 4.13 g/t and 1.0 metre grading 6.0 g/t
  • New bulk tonnage gold target identified
  • Mineralization is open along strike and at depth
  • Petrographic studies confirm the mineralization is hosted in altered felsic volcanics

Hole N11-06 (Table 1) was drilled on the Skarn zone to test an area of historic drilling from which no drill core exists. The hole intersected 36.45 metres grading 1.27 g/t gold in felsic volcanics. The upper portion of this gold intersection was also anomalous in silver, grading 4.05 g/t silver over 15.45 metres. The mineralization is associated with strong potassic alteration, carbonate alteration and silicification developed along the Paddy Fault. The mineralized zone is open southwards along the Paddy Fault towards the Catfish zone (~2.5 kilometres) and at depth. The potential for a wide zone(s) of gold mineralization was not recognized in the past. Troymet is currently modelling the new data and historical data in 3D to identify additional drill targets. A compilation map of the North Prospect area is presented at www.troymet.com\i\maps\GE_NPComp.jpg.

"The recognition of a new bulk tonnage gold target is very important at the Golden Eagle project", said Kieran Downes, President and CEO, "especially as there is significant exploration potential to evaluate along strike."

Previous exploration had concluded the gold mineralization was associated with a feldspar-amphibole porphyry dyke. The current drilling, along with petrographic analyses, shows this is not the case. Historically, there has been very limited, shallow diamond drilling on the Skarn zone. Drilling in the area of a trench, which returned 200.5 g/t gold in a grab sample, returned intercepts ranging from 1.28 g/t gold over 6.0 metres to 14.6 g/t gold over 1.0 metre, and four holes drilled over a 265 metre strike length returned intercepts ranging from 1.32 g/t gold over 3.2 metres to 7.64 g/t gold over 3.45 metres (News Release of June 25, 2009).

Holes N11-01 to N11-05 were drilled to test induced chargeability ("IP") anomalies +/- anomalous gold-in-stream sediments associated with the West Gully intrusive. Three holes (N11-01, 02 and 03) tested chargeability targets over a distance of approximately 525 metres along strike of 2009 hole, N09-01. The IP targets are partly aligned along a drainage with anomalous gold-in-silt values. Hole N11-04 was drilled at 180 degrees to N09-01; this hole was lost in a cave associated with old workings with the result that the depth extension of the mineralization was not tested. Hole N11-05 tested an IP target along the northeast faulted contact of the intrusive. Drainages rising in this area contain anomalous gold-in-silt values. All holes intersected trace to 2% disseminated pyrite + magnetite. Intersections are presented on Table 1.

Table 1. Significant Drill Intersections
Hole # Target From (m ) To (m ) Interval (m ) Gold (g/t )
N11-01 West Gully 110.00 115.50 5.55 0.05
123.50 127.50 4.00 0.07
N11-02 West Gully 82.10 83.00 0.90 0.75
99.30 100.15 0.85 0.13
182.75 189.55 6.80 0.17
including 182.75 187.00 4.25 0.25
214.30 232.30 18.00 0.44
including 218.65 222.20 3.55 2.04
N11-03 West Gully 34.80 36.60 1.80 0.10
39.40 40.81 1.41 0.14
47.30 47.55 0.25 0.24
N11-04 West Gully 75.00 79.00 4.00 0.16
N11-05 West Gully 22.40 24.40 2.00 0.07
45.80 47.80 2.00 0.13
N11-06 Skarn 3.05 39.50 36.45 1.27
including 8.00 11.50 3.50 4.13
and 9.00 9.50 0.50 9.69
and 11.00 11.50 0.50 9.98
and 17.00 18.00 1.00 6.00
and 33.00 35.50 2.50 6.37
* Interval represents down hole core length; true widths cannot be reliably estimated at this time.
Table 2. Drill Hole Specifications
Hole # UTM E UTM N Azimuth° Dip° Depth (m)
N11-01 505938 6643231 45 -45 250
N11-02 506168 6643271 20 -45 150
N11-04 505972 6643547 180 -45 200
N11-03 506426 6643428 20 -45 100
N11-05 506205 6643974 20 -45 100
N11-06 508153 6642013 300 -45 60.6

The South Klondike Highway runs through the centre of the property, providing excellent access from Whitehorse, Yukon, 90 kilometres to the north. The project is situated at the southern end of the Tintina Gold Belt, which contains many intrusion-related gold deposits such as Pogo (Alaska), Fort Knox (Alaska), Dublin Gulch (Yukon) and the White Gold property near Dawson City (Yukon).

On-site supervision of the diamond drill program was provided by Aurora Geosciences Ltd. of Whitehorse, Yukon. Drill core samples were analyzed by ALS Chemex Labs Ltd., an ISO 9001:2000 certified laboratory. Aurora maintained a QAQC program whereby standard samples and blanks were inserted into each batch of samples to ensure quality control.

Kieran Downes, P. Geo., a qualified person as defined by National Instrument 43-101, is responsible for the technical information provided in this release.

Troymet is well financed and holds an exciting portfolio of precious metals and base metals exploration properties.

TROYMET EXPLORATION CORP.

Kieran Downes, Ph.D., P.Geo., President, CEO & Director

This press release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. 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. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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.

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