May 29, 2012
Troymet Initiates Exploration Program on Key Project
May 29, 2012 - Troymet Exploration Corp. (TSXV:TYE) (“Troymet” or the “Company”) is pleased to report it has commenced mobilization of crews to the Key project to begin its fully funded $1M exploration and diamond drilling program.Program Highlights:
- 3,000 metres of diamond drilling budgeted; will be expanded with success.
- Initial focus on targets at/near the boundary of New Gold’s Blackwater property, which will be the first drilling ever conducted in this area.
- Evaluation and follow up of gold-in-soil anomalies identified over ~4,200 ha (~42 km2) area.
Kieran Downes, President and CEO, stated, “This is Troymet’s second summer field season exploring for precious metals on the Key project, where the Company’s exploration programs have identified a number of high potential gold targets. Troymet’s goal in the current program is to quickly identify and refine drill targets in the gold anomalous zones, and to test these and other existing drill targets in a cost effective and efficient manner.”
A heavy snow pack this year delayed the start-up of the field program. Troymet recently completed its evaluation and prioritization of the various gold-in-soil anomalies identified in the Company’s 2010 and 2011 soil sampling programs (see News Release of January 19, 2012). The 2011 soil sampling program, which focused on the east half of the property, identified several anomalous trends and clusters hosted in glacial till, especially in the central and northeast sectors of the property. Gold anomalies are less pronounced in the southeast quadrant where ablationary till and fluvio-glacial deposits are common, and these may have modified the original gold-in-soil anomalies.
The gold-in-soil anomalies were identified by sampling every 50 metres along 200 metre spaced lines. The Company plans more detailed sampling (every 25 metres along 100 metre spaced lines), prospecting and induced polarization (“IP”) surveys over seven principal anomalous zones (Table 1; Key Property - Anomalous Zones) prior to diamond drilling. As well, prospecting and sampling will be conducted over anomalies in the southeast quadrant to determine if drill targets are also present there. Troymet also plans to complete soil sampling, prospecting and mapping over the western half of the property in summer 2012.
Table 1. Principal Anomalous Zones
| Anomaly / Zone |
Width (m) |
Length (m) |
Peak Values | Element Association | |||||
| Au (ppb) | Ag (ppm) | As (ppm) | Cu (ppm) | Pb (ppm) | Zn (ppm) | ||||
| GN Lake | 170 | 800 | 420 | 5.33 | 46.5 | 802.0 | 145.5 | 974.0 |
Au, Ag, As, Cu |
| GN Lake W | 980 | 980 | 340 | 2.10 | 230.0 | 260.0 | 234.0 | 750.0 | Au, Ag, As, Cu, Pb, Zn |
| Blue Road | 600 | 2,400 | 243 | 1.56 | 52.1 | 330.0 | 38.2 | 222.0 | Au, Ag, As, Cu |
| Valley Fault | 260 | 340 | 151 | 0.79 | 3.7 | 21.7 | 8.3 | 72.0 | Au |
| East Fault | 400 | 2,600 | 114 | 2.80 | 348.0 | 577.0 | 57.7 | 382.0 | Au, Ag, As, Cu |
| Mt Tsacha | 350 | 350 | 35 | 0.90 | 439.0 | 249.0 | 91.0 | 774.0 | Au, Ag, As, Cu, Pb, Zn |
| Far North | 140 | 200 | 16 | 1.52 | 46.7 | 29.8 | 22.7 | 83.4 | Au, Ag, As |
The 100% owned (8,854 ha) Key project located in central British Columbia has significant discovery potential and is road accessible. It is strategically located immediately adjacent to New Gold Inc.’s Blackwater gold deposit. On March 7, 2012, New Gold announced the following NI 43-101 compliant mineral resource estimate for the Blackwater deposit:
- Indicated gold resource: 174 million tonnes at an average grade of 0.98 grams per tonne containing 5.5 million ounces of gold at a 0.4 gram per tonne cut-off grade.
- Inferred gold resource: 92 million tonnes at an average grade of 0.78 grams per tonne containing 2.3 million ounces of gold at a 0.4 gram per tonne cut-off grade.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Anthony Zelen
Investor Relations
Tel: 1-888-456-4952 or anthony@senergyir.com
Website: www.troymet.com
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 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.
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