CALGARY, ALBERTA--(Marketwired - Feb. 23, 2015) -Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") is pleased to report that Troymet's wholly owned subsidiary, Troymet USA Corp. ("Troymet USA"), has entered into an option agreement (the "Option") with Renaissance Exploration, Inc. ("RenEx"), a wholly owned subsidiary of Renaissance Gold Inc. ("Renaissance"), on the Wildcat gold project, Utah (the "Wildcat Project"). Under the terms of the Option, Troymet USA may acquire a 70% interest in the Wildcat Project by paying RenEx US$50,000 in cash, reimbursing the 2014 claim fees of US$8,219, incurring US$3 million on exploration and development over seven years in staged exploration, and by completing a bankable feasibility study. Minimum annual work commitments to keep the Option in good standing are US$50,000 in Year 1, US$250,000 in Year 2, US$350,000 in Year 3, and US $500,000 in Years 4 through 7. Any excess expenditure in any year will be carried forward and applied to subsequent years' expenditure requirements, and the expenditures may be accelerated by Troymet USA in its sole discretion. Troymet USA is exclusively responsible for the planning, execution and supervision of all exploration programs. Troymet USA will retain RenEx as its contractor in Year 1 to take advantage of RenEx's expertise and established infrastructure.
Kieran Downes, President and CEO of Troymet, comments: "The Wildcat project contains untested and partially tested high potential gold-silver targets in a unique geological setting. The project is located in a mining friendly jurisdiction and is road accessible for easy exploration."
The Wildcat project lies in the Detroit Mining District, a historic gold producing region in the northern Drum Mountains of Central Utah. The project is road accessible and is located approximately 50 kilometers northwest of the community of Delta and 177 kilometers south of Salt Lake City.
The Wildcat Project straddles the Joy Fault, which juxtaposes volcanic tuffs of the Thomas caldera (Eocene-Oligocene) against Palaeozoic limestone sequences. The mineralization has some Carlin-like features, with high-grade gold in jasperoids hosted by Cambrian sediments similar to Long Canyon in Nevada. However, the chemistry points to a strong intrusive source, and mineralization within caldera-related faults suggests intrusion related structural targets similar to Cove-McCoy, Fortitude and other distal-disseminated gold deposits of central Nevada. Numerous locally high-grade, gold-bearing jasperoids with strongly anomalous pathfinder geochemistry (Ag, Hg, Sb, Te, Bi) are present. Sampling by Troymet in the area of the Joy Fault has confirmed the highly anomalous geochemistry (Table 1). All samples were analyzed at the ALS Chemex Labs Ltd. in Vancouver, BC, an ISO 17025:2005 accredited facility.
Table 1. Composite Rock Chip Sampling Results
Sample
ID |
Au
(ppm) |
Ag
(ppm) |
As
(ppm) |
Bi
(ppm) |
Hg
(ppm) |
Sb
(ppm) |
Te
(ppm) |
|
Description |
| WC1 |
1.49 |
15.2 |
156 |
11.8 |
8.55 |
195 |
40.3 |
|
Jasperoid |
| WC2 |
0.21 |
1.66 |
88.7 |
0.17 |
0.237 |
48.1 |
6.1 |
|
Decalcified silty carbonate (site of 1.27 g/t Au over 22.7 m in drill hole) |
| WC3 |
0.15 |
1.94 |
23 |
1.05 |
0.148 |
56 |
4.84 |
|
Jasperoid |
| WC4 |
135.5 |
167 |
9.5 |
567 |
9.33 |
66.6 |
>500 |
|
Jasperoid |
| WC5 |
2.46 |
1.44 |
332 |
5.74 |
37.4 |
99.6 |
>500 |
|
Hydrothermal breccia in Joy Fault |
Photos showing outcropping jasperoids at the Wildcat property are available here: Wildcat Property Facing ENE and Wildcat Property Facing West.
Factor analysis of rock chip geochemical data by Renaissance has defined a coherent metal loading factor (factor 2 with Au, Te, Ag, Sb, Bi, Pb, In, As) whose pattern displays property-wide zoning over a length of 2 kilometers (1.25 miles), strengthening in the vicinity of the Joy Fault. Anomalous recessive zones are almost completely untested by drilling. In the eastern part of the project, Renaissance has identified a hydrothermal breccia and altered zone with rock chip gold grades of up to 3.94 ppm Au (0.115 opt) which also occurs adjacent to the recessive Joy fault, and is un-drilled.
The project database is extensive and complete. Troymet USA plans to integrate all of the geological, geochemical and geophysical data into a 3D model(s) to confirm and select specific target areas. Planned exploration includes surface trenching with additional geological mapping and geochemical sampling prior to drilling. Immediate targets include structural feeders and breccias along the Joy Fault (sample WC5), structural/stratigraphic targets in Cambrian carbonate rocks (samples WC1, WC3 and WC4) and untested soil geochemical anomalies. These targets have the potential to host large, high-grade gold and silver mineralization in veins, stockworks, breccias and bulk-tonnage deposits.
Kieran Downes, P. Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information provided in this release.
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 potential earning of the Option and possible exploration and development expenditures on the Wildcat Project; 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.