NANAIMO, BRITISH COLUMBIA--(Marketwired - Dec. 1, 2016) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the Company") is pleased to review plans for follow up drilling of holes WC16-08 and WC16-09 in the SE Target Area of the Wildcat gold project, Utah, held under option from Renaissance Gold Inc. (TSX VENTURE:REN). Troymet's initial exploration in the SE Target Area, in 2015, pointed to the likelihood of untested/undrilled precious metal mineralization at shallow depths associated with anomalous soil and rock chip geochemistry (News Release of November 24, 2015). The Company is pleased that its exploration model/target of shallow gold mineralization, in prospective silty limestones, concealed at shallow depths over an approximately 1 km2 area, has been validated with the intersection of significant elevated to anomalous gold in holes WC16-08 and WC16-09. These are the first holes drilled in this highly prospective district. Further drilling is required to establish the size and grade of this mineralization and to test for possible high-grade feeder zones. Parallels can be drawn with the Long Canyon gold deposit in northeast Nevada in that silty limestones carry Carlin-style gold mineralization beneath limestones that are nearly devoid of gold mineralization.
Hole WC16-08 intersected a long run of anomalous gold in the uppermost part of the Big Horse member (Figure 1). Anomalous mercury, tellurium and antimony broadly coincide with the anomalous gold interval (Figure 2). The feeder for this mineralization has not yet been identified. However, the extension of the structure with mineralization in WC16-09 lies 65 metres to the northeast and it may be the feeder for the mineralization in WC16-08 (Figure 5). Hole WC16-09 intersected anomalous gold near the bottom of the hole (7.0 metres of 0.040 g/t Au from 152.4 to 159.4 metres), just before intersecting gold-mineralized material in a >12-metre wide fault zone (Joy Fault?) where drilling stopped due to poor recovery related to friable and clay altered rock, and loss of sample material into open fractures (Figure 3). Nonetheless, grab and/or select chip samples with elevated to anomalous gold values were collected from contiguous samples in the structure, including distinctive ferruginous clay-rich siltstone chips assaying from 0.14 to 7.5 g/t Au. Tellurium is strongly anomalous in this hole, with 6.1 metres (53.3 - 59.4 metres) assaying 5.29 ppm Te that includes a zone of hydrothermal breccia, and 13.7 metres (83.8 to 97.5 metres) of 1.39 ppm Te.
The structure and mineralization in WC16-09 lie on the edge of an area of complex structure (Figure 4 and Figure 5). Prospective silty limestones and structures here could host significant gold mineralization as evidenced by the gold in holes WC16-08 and WC16-09. RTP is a technique that correctly positions the magnetic anomalies in map view. The tilt angle derivative is able to resolve shallow and deeper sources equally. In this way, a more complete and detailed picture of the magnetic signature of the target area is obtained.
The 2016 drill program utilized a reverse circulation (RC) drill. Poor sample recovery was experienced in a number of important holes including hole WC16-09, drilled on the Rattler Breccia, and holes WC16-05 and WC16-06 drilled on High Grade Hill (News Release of August 9, 2016). Troymet plans to re-drill the target areas originally tested by holes WC16-09 and WC16-05 with a diamond drill to ensure sample recovery. Gold mineralization in competent rock, as in hole WC16-08, can be further explored with RC drilling.
All technical data, as disclosed in this press release, has been verified by the Company's qualified persons Kieran Downes, Ph.D. P.Geo., a Qualified Person as defined by National Instrument 43-101.
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 Wildcat Project, including the exploration potential and analogous deposit potential of the Wildcat Project; future drilling and exploration plans for the Wildcat project including data analysis, sampling plans and exploration plans on the Wildcat Project; and exploration targets and the potential of such exploration targets. 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 Wildcat Project; the ability of Troymet to continue to discover viable exploration targets and the results of exploration on the Wildcat Project; Troymet's general and administrative costs remaining constant; Troymet's cost assumptions for its exploration programs at the Wildcat Project 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 Wildcat 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.