Troymet Exploration Corp.
TSX VENTURE : TYE

Troymet Exploration Corp.

May 09, 2011 08:30 ET

Troymet Intersects Porphyry Style Mineralization on Key Project

COMOX, BRITISH COLUMBIA--(Marketwire - May 9, 2011) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") announces results from the winter reconnaissance diamond drilling program on its 100% owned Key project. The project is located 125 km southwest of Vanderhoof, BC, and immediately adjoins the Blackwater project of Richfield Ventures Corp. In total, 12 holes (1,576.8m) were drilled including five holes in the area of Good News Lake and four holes on the Crag Grid on the west side of the property. Three holes were lost in broken rubbly ground or in thick overburden.

The Company is pleased to report that drilling intersected highly anomalous porphyry style mineralization in five widely-spaced holes in the area of Good News Lake (Table 1; www.troymet.com/i/maps/Key_DH-IP.png and www.troymet.com/i/maps/Key_DH-TMI.png;). A large porphyry target requiring significant additional drilling is indicated.

Individual holes carry copper or molybdenum +/- zinc, and locally weak to moderate silver and elevated to anomalous gold. The mineralization occurs in altered volcanics capping a 2.5 x 3.0 km multi-phase intrusive. Interpreted diatremes/breccia pipes lie within a distinct, weakly magnetic phase of the intrusive. Garnet alteration, breccias and semi-massive to massive pyrite and magnetite occur immediately south of Good News Lake. Induced polarization (IP) surveying has outlined a prominent anomaly with chargeabilities of 20 to 60 mv/v associated with the mineralization over a minimum of 1.2 km north-south and 3 km east-west. The IP indicates the presence of a large hydrothermal system with high sulphide content and may, in part, represent a pyritic halo. As well, layered sphalerite mineralization occurs along the contact of mafic tuffs and interbedded sediments on Tsacha Mountain, approximately 2.5 km to the north.

Drill holes Key-7, 8 and 9, drilled to test coincident IP and gold-in-soil anomalies along and adjacent to the GN Fault, intersected a similar sequence of felsic to intermediate tuffs that are variably magnetic, silicificed, pyritized (3-15%), sericitized and brecciated with stringer and quartz vein/veinlet stockworks. All three holes intersected locally anomalous mineralization and altered and pyritized rocks throughout their entire lengths. Holes Key-8 and 9 tested targets approximately 180m west and 200m south of Key-7, respectively.

  • Hole Key-7 intersected 312.7 m of significantly anomalous molybdenum along with intervals of anomalous to low-grade zinc mineralization, anomalous copper and narrow intervals of anomalous gold (Table 1), including:
    • 312.7m @ 0.02%MoS2
    • 45.5m @ 0.05% MoS2
Select molybdenum-rich samples contained 0.04 to 0.13 ppm rhenium. Quartz-pyrite and quartz-pyrite-molybdenum-magnetite veins/veinlets are developed throughout the entire section and sphalerite with trace chalcopyrite occur locally. Alteration is present in narrow envelopes to the veins; however, where multi-phase veining is present the rock appears pervasively altered.
  • Hole Key-8 intersected several sections of anomalous to low-grade zinc mineralization, and anomalous silver, gold and lead, including:
    • 122.5m @ 452 ppm Zn & 0.012 g/t Au & 1.1 ppm Ag
    • 4.3m @ 0.114 g/t Au & 2.8 ppm Ag
  • Hole Key-9 intersected strongly anomalous zinc, silver, gold and lead mineralization, including:
    • 45.8m @ 0.01 g/t Au; 2.5 g/t Ag & 961 ppm Zn
    • 5.0m @ 0.05 g/t Au; 11.1 g/t Ag & 2279 ppm Zn

Hole Key-10, collared 2.2 km NE of Key-7, tested a coincident IP and copper-in-soil anomaly on the East Fault. It intersected silicified and pyritized (1-10%) alteration within felsic to intermediate volcanics with stringer quartz-pyrite-pyrrhotite veins/veinlets to 204.2 m. The zone also carries anomalous copper and tungsten.

Hole Key-12, drilled to test an IP anomaly, intersected monzonite intrusive with mafic dyking in the upper part of the hole. The monzonite carries disseminated pyrite (1-10%) throughout together with quartz-pyrite+/-chalcopyrite veins and stringers accompanied by anomalous copper values.

Table 1. Significant Drill Results

HoleFrom
(m
)To
(m
)Width
(m
)Au
(ppm
)Ag
(ppm
)Cu
(ppm
)Pb
(ppm
)Zn
(ppm
)Mo
(ppm
)MoS2
(%
)W
(ppm
)
Key-76.1318.8312.71310.02
incl52.0229.0177.01810.03
and73.0116.543.5216.80.04
incl181.8227.345.5287.30.05
31.045.014.0673
incl34.838.53.71237
50.062.012.0590
incl58.059.01.04680
31.141.510.4142
110.5183.072.5149
181.75183.01.250.145
265.1266.781.680.144
Key-083.05125.58122.530.011.1096452
incl.3.055.62.550.012.509571627
and27.047.420.40.011.87111418
and59.064.65.60.092.46120413
incl.59.063.34.30.112.83136319
and77.6585.78.050.021.60501719
Key-0925.471.245.80.012.50151961
incl.34.748.814.10.025.813211484
incl.41.846.85.00.0511.134942279
and124.7125.00.30.067.104080486
Key-1015.24204.22188.9837517
incl.125.14128.082.94139359
and149.05151.552.50126830
and185.93186.70.7710055
Key-12112.6138.525.9<0.005<0.5280
incl.128.15129.151.00.02713.91040

Hole Key-11 attempted to test one of the possible diatremes in the intrusive (September 16, 2010 news release) but was lost in thick overburden.

Four holes tested targets on the Crag grid located on the west side of the property. Holes Key-3 and 5 tested coincident induced polarization/gold-in-soil/surface gold targets, while holes Key-4 and 6 tested two VTEM targets. The VTEM anomalies appear to be associated with fault/breccia zones in felsic to intermediate volcanics with local vein/disseminated pyrite. The IP/gold-in-soil/surface gold targets comprise silicified and pyritised (trace to 1%) felsic to intermediate volcanics. No significant values were returned. Holes Key-1 and 2 were lost in broken, rubbly ground and did not reach target depth.

Troymet is currently mobilizing a field crew to the property to continue prospecting and sampling in unexplored areas of the large (8,854 ha) property. The Company has also contracted specialists in glacial till mapping and sampling to advise and guide the field program. To date, less than a third of the property has been explored in any detail.

Additional IP surveying and soil sampling are planned to delineate the extent of the porphyry system prior to resumption of diamond drilling. A number of drill targets in the area of Tsacha Mountain were inaccessible during the winter program due to terrain and weather, and are expected to be drilled this summer. Following receipt of all assays, the Company plans to schedule additional geophysical programs and diamond drilling.

Samples were assayed at ALS Chemex, Vancouver, BC, an ISO 9001:2000 accredited facility. On-site management of the drill program was provided by Casselman Geological Services Ltd. All technical information for the Company's Key project is obtained and reported under a formal quality assurance and quality control (QA/QC) program, details of which are presented on the Company's website at: www.troymet.com/i/pdf/QAQC-Key.pdf.

Independent consultant, Scott Casselman, P.Geo., of Casselman Geological Services Ltd., is a qualified person as defined by NI 43-101 and has reviewed the technical information provided in this release.

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.

Contact Information