CALGARY, ALBERTA -- (Marketwired) -- 06/14/13 -- Troymet Exploration Corp. (TSX VENTURE: TYE) ("Troymet" or the "Company") reports that it has received final assays for the one hole drilled in the 2013 drill program on the McClarty Lake joint venture property by the project operator, Hudbay Minerals Inc. ("Hudbay"). There were no significant copper, lead, zinc, gold or silver values in the samples assayed by Hudbay. Troymet is integrating all of the technical data into a 3D model to determine where future drilling should be undertaken.
As previously reported, Hudbay drilled a single 437 metre hole in February/March 2013 to test for the down dip and southward strike continuation of the Discovery Zone volcanic massive sulphide (VMS) mineralization discovered by Troymet in 2007. Only one hole was drilled by Hudbay because of ice conditions. Sulphide bearing gneisses and schists were intersected from 280 to 437 metres down hole. The main sulphide mineralization, consisting of predominantly pyrite (5-25%) and minor pyrrhotite, was intersected over a 52 metre interval from 346 to 398 metres down hole. A second 5 metre interval with 3-5% pyrite and minor pyrrhotite was intersected from 423 to 428 metres down hole. No significant occurrences of sphalerite (zinc sulphide) and chalcopyrite (copper sulphide) were reported by Hudbay.
The McClarty Lake project is located approx. 45 kilometres south of Hudbay's Chisel North and Lalor VMS deposits. The 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. 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.
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.
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