COMOX, BRITISH COLUMBIA -- (Marketwire) -- 01/23/13 -- Troymet Exploration Corp. (TSX VENTURE: TYE) ("Troymet" or the "Company") is pleased to update exploration plans for the McClarty Lake project, located approx. 45 kilometres south of HudBay Minerals Inc.'s ("Hudbay") Chisel North and Lalor volcanogenic massive sulphide (VMS) deposits. The Lalor project, scheduled to be in production in 2015, is on a fast track to become Hudbay's next major underground mine (see www.hudbay.com). The project is believed to hold the second largest metal deposit in the Flin Flon Greenstone Belt and the largest pre-development deposit discovered in the Flin Flon-Snow Lake region. The McClarty Lake project comprises two claims (DYC3606 & DOL78; 252 hectares) held in a Joint Venture between Hudbay (60%) and Troymet (40%), and three claims (MAC-1, MAC-2 & MAC-3; 344 hectares) owned 100% by Troymet.
Joint Venture Claims
Troymet is pleased to report that planning is well advanced for the 2013 winter diamond drilling on the McClarty Lake Joint Venture where Hudbay Minerals Inc. is the operator (HudBay 60%; Troymet 40%). The drill program will test for plunge extensions of the Discovery zone mineralization to the southeast, and be conducted by Hudbay in conjunction with its regional drill program. An access road is currently being prepared as are on-ice drill platforms. Under the terms of the Joint Venture Agreement, Hudbay must fund $1,076,051 in exploration costs before Troymet is required to fund its participating interest. Thereafter, Hudbay and Troymet will share all future exploration and development expenditures pro-rata based on their participating interests.
The McClarty Lake project is a property of substantial merit with excellent discovery potential for a precious metal-rich VMS deposit(s). Drilling in 2008 identified two laterally continuous zones of massive sulphides within a steeply NE-dipping sequence of felsic metavolcanic rocks. The lower zone carries up to 1.47% zinc over 43.05 metres including 3.46% zinc over 15.3 metres in addition to significant copper mineralization and is locally gold enriched. This base metal bearing zone has been confirmed over a strike length of approx. 75 metres and to a vertical depth of approx. 175 metres (open). The mineralization is shallow, with the lower zone starting at the base of the Palaeozoic sequence at a depth of approximately 50 metres. The upper zone occurs approximately 150 metres stratigraphically above the lower zone and is locally gold enriched. Both zones are open along strike and at depth (see "2008 Technical (NI 43-101) Report on the McClarty Lake Property" by R. Kutluoglu and A.H. Bailes, dated June 11, 2008 and filed on SEDAR July 10, 2008).
In 2011, Hudbay completed a approx. 20 line kilometre surface pulse electromagnetic survey over the Discovery zone as well as a 1,563 metre (3 hole) drill program (News Release - January 12, 2012). Hole MCC001 intersected the Discovery zone mineralization at a vertical depth of approximately 300 metres (1.03% zinc over 15.63 metres including 3.58 % zinc over 3.05 metres).
Troymet (100%) Claims
Troymet's 2011 exploration program on the MAC conductor identified the northern extension of the horizon that hosts the Discovery zone (News Release - April 11, 2011). The results of the first-pass reconnaissance drilling program are significant as they indicate the presence of a +2,000 metre long stratigraphic horizon that carries base metal mineralization in the two locales, where tested. The identification of a productive, base metal mineralized horizon extending through Troymet's 100% owned claims significantly increases the possibility of a significant VMS discovery on the Company's 100% owned ground.
Strategic Alternatives Review
Troymet is currently evaluating the various strategic alternatives available to Troymet with the goal of maximizing shareholder value. These alternatives may include, but are not limited to, a consolidation of the common shares of Troymet, the spinout of a property or properties of Troymet, joint ventures or other business combinations involving Troymet. No decision on any particular alternative has been reached at this time and there can be no assurance that the review of strategic alternatives will result in any change in Troymet's current operations, structure, assets or properties, that Troymet will pursue any particular transaction nor that any transaction will be concluded. Troymet does not intend to make any further announcement regarding the strategic alternatives review unless and until its Board of Directors has approved a specific transaction, if any, another course of action has been approved by the Board of Directors of Troymet or the Board of Directors otherwise deems disclosure of strategic alternatives developments is appropriate.
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
This press release may contain certain forward-looking information. In particular, this press release contains forward-looking information in respect of potential expenditures and a potential discovery on the McClarty Lake project. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. 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 the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports or prior exploration results, that the results it has received and the interpretation thereof are reliable and future costs and expenses being based on historical costs and expenses, adjusted for inflation. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company 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 the Company and its projects; general business, economic, competitive, political and social uncertainties; 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 the Company; 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 the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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.
Troymet Exploration Corp.
Most Popular Stories
- Americans Still Pessimistic Despite Economic Growth
- Apple to Unveil New Items on Sept. 9
- Bogdanovitch Delivers Laughs With 'She's Funny'
- Labor Day Travel Up, Gas Prices Down
- Nintendo Launching 'Amiibo' Toy-game Franchise
- U.K. Raises Terror Threat Level to 'Severe'
- Parra Joins Exclusive Club of Hispanic CEOs
- Axxis Solutions Appoints Benites as CEO
- Obama Puts Ukraine Violence on Russia
- Friends Followed Similar Paths to Violent Jihad