Troymet Terminates Wildcat Option
NANAIMO, British Columbia, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Troymet Exploration Corp. (TSXV:TYE) (“Troymet” or the “Company”) announced today that it has terminated the option agreement on the Wildcat project, where the Company had an option to earn a 70% interest, because of financial stringencies. The Company intends to focus its exploration work on the Redhill and Golden Eagle projects, both of which are located in British Columbia.
Troymet owns a 100% interest in the Golden Eagle project (8,178 hectares). The project, which is well located with respect to access, has the potential to quickly develop significant and shallow gold (silver) mineralization in the Skarn (https://www.troymet.com/projects/golden-eagle/maps-and-photos) and Tannis zones. The Golden Eagle project is drill ready.
Troymet has an option to earn a 100% interest in the Redhill project (3,689 hectares) and its expenditures are currently well advanced over the required annual expenditure requirements. The Redhill project is well located with respect to access and infrastructure. Troymet’s exploration has identified significant volcanogenic massive sulphide (“VMS”) potential in the Alpha and Beta prospects, along with a >1,000 metre gold-in-soil anomaly that has never been drilled. As well, the Company has identified other prospective chargeability trends +/- Cu, Zn, Au-in-soil anomalies, EM anomalies, massive sulphide boulders. A 2017 gravity survey identified strong anomalies associated with the Upper and Lower VMS Zones, and, unexpectedly, with Horizon 1 (Alpha prospect) (https://www.troymet.com/news/troymet-reports-positive-gravity-anomalies-at-redhill).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 project is drill ready.
Troymet holds a 2% NSR royalty from New Gold Inc. on certain claims forming part of the Blackwater gold project in British Columbia.
Troymet’s McClarty Lake project in Manitoba comprises two parts:
- A Troymet (40%)/Hudbay Minerals Inc. (60%) joint venture covering 252 hectares. Hudbay must contribute $1,151, 052 in joint venture expenditures before Troymet is required to fund its participating interest.
- A 100% interest in adjoining claims (344 hectares).
Additional information can be viewed by visiting www.troymet.com.
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 Troymet’s projects including the Golden Eagle project, the Redhill project and the McClarty Lake project, the potential for such projects, and Troymet’s focus for future exploration on the Golden Eagle project and the Redhill project. 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, anticipated exploration costs and results of Troymet's projects and exploration and development of Troymet's projects, other costs and expenses of Troymet and possible financing scenarios. 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; 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 may 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.