Troymet Identifies North Area Drill Target at Wildcat
TSX VENTURE: BST
NANAIMO, BRITISH COLUMBIA--(Marketwired - Feb. 17, 2016) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") reports a new drill target in the North Target area on its Wildcat gold-silver project in Juab County, Utah. The 2015 exploration program of prospecting, mapping, BLEG sampling and soil sampling, in conjunction with detailed analysis of the airborne magnetics, identified the North Target area as a potential drill target. The target is clearly recognizable in Principal Component Analysis (PCA) of the rock chip geochemistry (Figure 1) and it has a strong gold and tellurium signature (Figure 2 & Figure 3). PCA analysis is a technique used to bring out strong patterns in a dataset to make data easy to explore and visualize. In the case of the rock geochemistry dataset (49 elements + geology), PCA analysis shows geology to be the first factor (Factor 1). Heavy metal geochemistry comprises the second factor (Factor 2) and it shows a strong focus on the Core and North Target areas.
Structural complexity in the North target, created by intersecting faults, appears to have created the necessary porosity and permeability for the emplacement of mineralization, as evidenced by the rock geochemistry. The North target appears to be an extension of the Core target. Together the two zones cover a distance of ~1,000 metres. Troymet plans further work in this area once field work resumes.
|Figure 1: Principal Component Analysis-Factor 2|
|Figure 2: Gold in Rock Chips|
|Figure 3: Tellurium in Rock Chips|
Troymet's rock and soil samples are analyzed by ALS Global in Reno, Nevada, an ISO/IEC 17025:2005 accredited facility.
An application for a permit to conduct a 2016 drill program on the Wildcat project has been submitted to the State of Utah and the Bureau of Land Management (BLM) (news release dated January 6, 2016).
All technical data, as disclosed in this press release, has been verified by the Company's qualified persons Kieran Downes, Ph.D. P.Geo., and Mark Coolbaugh, Ph.D., CPG. Both are Qualified Persons 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 may contain 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 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 discover viable exploration targets and the results of exploration on the Wildcat 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 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.
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