Troymet Reports Positive Gravity Anomalies at Redhill

2017-08-17 / @nasdaq


NANAIMO, B.C., Aug.17, 2017(GLOBE NEWSWIRE) -- Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the Company") is pleased to report positive results from a recently completed test gravity survey over the volcanogenic massive sulphide ("VMS") mineralization in the Alpha prospect of the Redhill project in British Columbia (Figure 1 and Figure 2). Gravity anomalies respond to the depth and geometry of a mineralized body, as well as the total mineralized mass. The gravity survey identified strong anomalies associated with the Upper and Lower VMS Zones, and, unexpectedly, with Horizon 1. The results support Troymet's belief that significant VMS mineralization likely occurs at depth in the Upper and Lower VMS zones. The unexpectedly strong anomaly associated with Horizon 1 suggests an untested mineralized mass at depth.

The single test line was orientated orthogonal the Upper Zone and Lower zone VMS mineralization, and to the three stacked horizons hosting VMS mineralization. Several gravity highs can be identified on the overall Bouguer Gravity profile (Figure 2). One high is associated with the Upper Zone mineralization (~300 metres). The Lower Zone mineralization may be related to the broad, lower amplitude gravity high from ~340 to 500 metres. However, the Lower Zone dips at ~65 ? under the upper Zone (Figure 3) with the result that the strong anomaly at ~300 metres is thought to be the result of the superimposition of the two zones. Alternatively, the gravity is indicating a significant sulphide mass associated with the Upper Zone. The best massive sulphide mineralization was intersected in holes RH16-04 and RH06-25 (Figure 4).Mineralization between these two strong intersections and surface is typically thin and stringer-like as might be expected peripheral to a well-developed VMS deposit. A borehole EM survey (BHEM) of RH06-25 identified an off-hole response at 30 Hertz, with conductivities in the range of 100 to 300 Mhos indicating a potentially large body of mineralization under holes RH16-04 and RH06-25. This is the primary drill target in this area.

A second significant high is associated with Horizon 1 and its associated Fixed Loop Transient EM (FLTEM) conductor. The strong gravity anomaly indicates potential at depth.Horizon 1 has not been drill tested at depth and the FLTEM conductor has not been drill tested along strike. The distribution of sulphides in Horizon 1 may mimic the Lower Zone with the better VMS mineralization occurring at depth. This is an important drill target.

A broad, lower amplitude gravity high occurs within Horizon 3. Gravity anomalies also occur at the start (0 metres) and finish (700 metres) of the survey line. These anomalies have not been delineated. The anomaly at 700 metre occurs with a FLTEM conductor which is likely mapping a potentially mineralized horizon. This has not been drilled.

The anomaly at 0 metres lies in an overburden covered valley and on the north flank of the induced polarization/magnetic high drill tested by the Company in 2016 (hole RH16-01). This hole was probed with BHEM; no conductors were identified. Following completion of the 2016 drill program, and with a better understanding of the stratigraphy of the volcanic pile, it was recognized that the favourable and prospective VMS geology occurs stratigraphically below this horizon, to the northeast, towards Horizon 3.

The survey was completed by Excel Geophysics Inc. Station spacing was 10 metres and 69 stations were surveyed. An extended gravity survey is being considered given the positive results from the test survey.

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.


Kieran Downes, Ph.D., P.Geo.
President, CEO & Director

For further information, contact:
Investor Relations
Tel: 250-729-0453

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 the potential resumption of exploration on identified targets including potential stripping, mapping, trenching and surveying; 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 sampling 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 Troymet does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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