January 24, 2017
Troymet Reviews Redhill Plans
January 24, 2017 - Troymet Exploration Corp. (TSXV: TYE) (“Troymet” or the Company”) is pleased to review its plans for advancing the Redhill project in British Columbia. Troymet’s 2016 diamond drilling program on the Alpha prospect intersected two zones of significant copper, volcanogenic massive sulphide (“VMS”) mineralization in hole RH16-04, drilled in Horizon 2:
- Upper Zone: 0.72% copper and 6.5 g/t silver over 6.5 metres, starting at a depth of 5.1 metres
- Lower Zone: 0.64% copper and 1.5% zinc over 2.0 metres from 206.3-208.3 metres downhole
Lower Zone
Figure 1 shows the limited extent of drilling in the Lower Zone mineralization. Figure 2, a vertical longitudinal section, shows the distribution of the various mineralized drill intercepts in the Lower Zone. The geometry of the mineralization indicates the better mineralization lies below the levels drill tested to date. High-grade copper mineralization was intersected in the deepest holes (RH16-04 and RH-06-25) and this mineralization is open along strike and at depth. As well, the mineralized zone has not been drill tested to the northwest or southeast. A transient EM conductor is associated with the mineralization. With the exception of one shallow test (hole 85-2) this conductor is untested/undrilled to the southeast, and remains a significant target. The mineralization is crudely bedded and dips/plunges steeply west. The topography also drops off to the west into a prominent valley with the result that the mineralization is expected to remain or come close to surface. Troymet has identified a characteristic blue quartz eye pyroclastic porphyry that is associated with the VMS mineralization. The recognition of this important unit will guide future exploration.
Upper Zone
Hole RH16-04 collared in the Upper Zone which grades 0.72% copper and 6.5 g/t silver over 6.5 metres, starting at a depth of 5.1 metres (Figure 3). The mineralization extends upwards an additional 3.8 metres to the base of the casing; however, because of poor recovery in this interval, a reportable mineralized interval cannot be calculated. Secondary copper mineralization is present in the wall of the drill platform (Figure 4). The total downhole width of the mineralized zone is estimated to be in excess of 11.5 metres. This significant new discovery of VMS mineralization carries strong copper mineralization over a significant interval with samples up to 1.5% copper over 0.5 metres (Table 1).
The Upper Zone copper mineralization occurs on or just within the lower boundary of Horizon 3 (Figure 1). Horizon 3 is unexplored. The mineralization is open along strike and to depth and there are no nearby drill holes. As previously reported (News Release of July 25, 2016) breccia boulders, several of which contain massive sulphide blocks, have been found within Horizon 3 in a locale that is approximately 200 metres northwest of where hole RH16-04 was collared. The newly discovered Upper Zone together with the breccia boulders indicate significant discovery potential in Horizon 3.
Historically, three stacked prospective volcanic sequences are recognized (Horizons 1, 2 and 3), dipping steeply to the west. Stacked mineralized horizons are a common feature in VMS mining camps world-wide. Within a camp, deposits may occur laterally at a discrete time - stratigraphic interval or vertically stacked through hundreds of metres of volcanic stratigraphy. The distribution of TEM conductors in the Alpha prospect indicates there are additional prospective sequences that have not yet been mapped/recognized.
2017 Plans
Troymet’s exploration has resolved the form and configuration of the VMS mineralization in the Lower Zone, and identified high potential drill targets. As well, the Company discovered a new copper VMS zone (Upper Zone) in a prospective volcanic sequence that has not been explored. The Upper Zone is shallow and amenable to inexpensive follow up exploration. Troymet plans to strip, map, trench and sample the Upper Zone mineralization prior to further drilling. As well, Troymet plans borehole electromagnetic surveys (“EM”) of holes drilled in 2016 to identify off-hole conductors and conductors too deep to have been detected by surface EM and shallow penetrating airborne EM surveys.
Troymet plans to test the Beta target, when drilling resumes. As previously reported (News Release of October 25, 2016), the Company has identified a new, large chargeability anomaly associated with the 40 mho Beta target which is located on a 550 metre long EM conductor. The Beta target Is located 200 metres south of borehole S83-4 (2.54% copper, 2.78% zinc, 77.0 g/t Ag, and 0.37 g/t Au over 7.75 metres).
The gold-in-soil anomaly is aligned along the northeast edge of a resistivity high, in a magnetic low, in a diorite intrusive. Troymet plans overburden trenching of the better anomalies prior to drilling.
Table 1. Copper intercepts in the Upper Zone| Hole | From (m) | To (m) | Width (m) | Cu (ppm) | Ag (ppm) | Notes |
|---|---|---|---|---|---|---|
| RH16-04 | 1.3 | 2.1 | 0.8 | 850 | 2.58 | Incomplete recovery |
| RH16-04 | 2.1 | 3.1 | 1 | 862 | 5.54 | Incomplete recovery |
| RH16-04 | 3.1 | 4.1 | 1 | 363 | 10.55 | Incomplete recovery |
| RH16-04 | 4.1 | 5.1 | 1 | 1995 | 8.38 | Incomplete recovery |
| RH16-04 | 5.1 | 5.6 | 0.5 | 15000 | 14.65 | |
| RH16-04 | 5.6 | 6.1 | 0.5 | 3390 | 3.97 | |
| RH16-04 | 6.1 | 6.6 | 0.5 | 5750 | 5.05 | |
| RH16-04 | 6.6 | 7.1 | 0.5 | 8900 | 6.29 | |
| RH16-04 | 7.1 | 7.6 | 0.5 | 4860 | 4.70 | |
| RH16-04 | 7.6 | 8.1 | 0.5 | 10000 | 10.35 | |
| RH16-04 | 8.1 | 8.6 | 0.5 | 5470 | 4.28 | |
| RH16-04 | 8.6 | 9.1 | 0.5 | 9060 | 9.44 | |
| RH16-04 | 9.1 | 9.6 | 0.5 | 10900 | 7.16 | |
| RH16-04 | 9.6 | 10.1 | 0.5 | 7230 | 6.97 | |
| RH16-04 | 10.1 | 10.6 | 0.5 | 4330 | 4.16 | |
| RH16-04 | 10.6 | 11.1 | 0.5 | 6610 | 5.61 | |
| RH16-04 | 11.1 | 11.6 | 0.5 | 2480 | 2.63 |
Widths presented in Table 1 are downhole core lengths; true widths cannot be reliably estimated at this time. Core samples were analysed at ALS Global, Vancouver.
Qualified Person
All technical data, as disclosed in this press release, has been verified by 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
For further information, contact:
Investor Relations
Tel: 250-729-0453
Email: info@troymet.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 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, including potential stripping, mapping, trenching and sampling, potential EM surveys, and the resumption of exploration on identified targets; 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 stripping, mapping, trenching, sampling, EM surveys 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.
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