gsfl
12 years ago
Troymet & Hudbay Sign Joint Venture Agreement on McClarty Lake Project
August 14, 2012 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") is pleased to announce it has signed a formal joint venture agreement with a subsidiary of HudBay Minerals Inc. (TSX, NYSE: HBM) ("Hudbay"), in respect of two claims (DYC3606 & DOL78; 252 hectares) that form part of its McClarty Lake project located near Snow Lake, Manitoba. The participating interests are Hudbay - 60% and Troymet - 40%. Under the terms of the joint venture agreement, Hudbay must contribute $1,151,052 in joint venture expenditures 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, President and CEO of Troymet stated: "We are pleased to have concluded the formal joint venture agreement and look forward to advancing the property together with Hudbay. We believe the McClarty Lake project is a property of substantial merit with excellent discovery potential for a precious metal rich VMS deposit(s). We also believe Hudbay is the best partner to explore and develop the project."
The McClarty Lake project lies ~45 kilometres south of Hudbay's Chisel North and Lalor VMS deposits. The zinc-copper-gold Discovery zone found by Troymet in 2007 exhibits a VMS mineralization style and associated alteration system that is similar to that associated with the Chisel North and Lalor Lake deposits. Hudbay's 2011 drilling extended the Discovery zone to 300 metres vertical depth.
Troymet also owns a 100% interest in three claims (MAC-1, MAC-2 & MAC-3; 344 hectares) that adjoin the joint venture claims. Exploration by Troymet has identified the northern extension of the horizon that hosts the Discovery zone on the joint venture claims, indicating 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 increases the possibility of a significant VMS discovery on Troymet's 100% owned ground.
gsfl
13 years ago
Troymet Focuses on Key Project
March 1, 2012 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") reports that the Company's primary focus, in 2012, will be on its 100% owned (8,854 ha) Key project in British Columbia. A $1 million exploration and diamond drilling program is scheduled to commence in May. The program is fully funded and permitted.
The Key project has significant discovery potential and is road accessible. It is strategically located between and adjacent to New Gold Inc.'s Blackwater gold deposit and the 3Ts gold-silver deposit of Independence Gold Corp. On November 4, 2011, New Gold announced a large gold resource (5.4 M oz Indicated; 1.2 M oz Inferred) at the Blackwater deposit. Drilling of the Blackwater deposit is continuing and an updated gold resource is anticipated. On January 29, 2012, Independence announced an increased gold and silver resource (Inferred: 0.39 M oz Au and 9.9 M oz Ag) at the 3Ts deposit.
As previously reported (News Release of January 19, 2012):
Troymet has currently identified eight large target areas with significant gold + silver + other element anomalies in soils.
- Several anomalies trend towards the Blackwater property.
- One anomaly is on the Key-Blackwater property border.
- Four anomalies lie north of Good News Lake where wide spaced drilling by Troymet in 2011 (5 holes) intersected anomalous porphyry style mineralization and a large hydrothermal system with high sulphide content (News Release - May 9, 2011).
- One of the anomalies encompasses an area with layered sphalerite mineralization in tuffs/sediments on Tsacha Mountain (~ 2.5 km north of Good News Lake), as well as two strong, undrilled VTEM anomalies.
Distinct anomalies and trends have been identified in the eastern half of the property and several are associated with the GN and East Faults.
Multiple new drill targets have been identified.
Troymet is continuing to compile and evaluate the numerous and extensive soil anomalies to prioritize targets. The field program will commence once the property is clear of snow (anticipated by early May) and will include definition of soil anomalies and determining where induced polarization ("IP") surveys are required to better define targets prior to drilling. Drilling is currently planned in the second quarter to test 8 priority targets (10 holes - 1,500 metres). Additional targets will likely be added following completion of the IP surveys. Troymet also plans to complete soil sampling, prospecting and mapping over the western half of the property in summer 2012, in conjunction with planned logging by forestry companies in the area.
The Key project will remain the Company's principal focus. The very encouraging drill results from the Golden Eagle project Skarn zone will be followed up and delineated as a second priority. Further drilling is planned on the McClarty Lake Joint Venture where HudBay Minerals Inc. is the operator. No work is planned this winter on Troymet's 100% owned claims at McClarty Lake.
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
For further information, contact:
Anthony Zelen
Investor Relations
Tel: 1-888-456-4952 or anthony@senergyir.com
Website: www.troymet.com
gsfl
13 years ago
Troymet Identifies Large Geochemical Soil Anomalies and Additional Drill Targets on Key Project
January 19, 2012 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") updates exploration progress on its 100% owned (8,854 ha) Key project in British Columbia. The Key property is strategically located between and adjacent to New Gold Inc.'s Blackwater gold deposit and the 3Ts gold-silver deposit of Independence Gold Corp. The Capoose silver deposit (New Gold Inc.) is located approximately 12 km to the northwest.
Troymet has currently identified eight large target areas with significant gold + silver + other element anomalies. Several trend towards the Blackwater property and one anomaly is on the property border. Four of the anomalies lie north of Good News Lake where wide spaced drilling by the Company in 2011 (5 holes) intersected anomalous porphyry style mineralization and a large hydrothermal system with high sulphide content (News Release - May 9, 2011). One of the anomalies encompasses an area with layered sphalerite mineralization in tuffs/sediments on Tsacha Mountain (~ 2.5 km north of Good News Lake), as well as two strong, undrilled VTEM anomalies.
Kieran Downes, President and CEO, stated, "Troymet is very pleased with the results of the soil sampling program. Distinct anomalies and trends have been identified in the eastern half of the property and several are associated with the GN and East Faults. Multiple new drill targets have been identified."
The Company's 2011 soil sampling program completed coverage of the eastern half of the Key project, extending anomalous trends from the Company's 2010 soil sampling program, and covering several important mineralized structures. Outcrop exposure on the property is limited and areas with obvious fluvio-glacial deposits and outwash material were avoided. Approximately 5,280 hectares of the Key project have now been reconnaissance sampled. A total of 2,349 soil samples were collected in 2011 making a total of ~ 4,500 soil samples collected in 2010-2011. All samples were analyzed for 51 elements including gold.
The Company is evaluating the numerous and extensive soil anomalies to prioritize the targets and determine where induced polarization ("IP") surveys are required to better define targets prior to drilling. A drilling program is currently planned in the second quarter to test 8 priority targets (10 holes -- 1,500 metres). Additional targets will likely be added following completion of the IP surveys. The Company also plans to complete soil sampling, prospecting and mapping over the western half of the property in summer 2012, in conjunction with planned logging by forestry companies in the area.
Troymet is well financed and holds an exciting portfolio of precious metals and base metals exploration properties. The Company will be exhibiting at the Vancouver Resource Investment Conference 2012 on January 22-23, 2012. Please visit us at booth 1607.
President & CEO, Kieran Downes, P. Geo., a qualified person as defined by National Instrument 43-101, is responsible for the technical information provided in this release. All samples were analyzed at ALS Chemex, Vancouver, BC, an ISO 9001:2000 accredited facility. Casselman Geological Services Ltd. is providing technical management to the Company.
gsfl
13 years ago
Troymet Completes Soil Sampling at Key Project
November 3, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") reports the Phase II soil sampling program on its 100% owned (8,854 ha) Key project in British Columbia, has been successfully completed. The Key property is strategically located between and adjacent to New Gold Inc.'s Blackwater gold deposit and the 3Ts gold-silver deposit of Silver Quest Resources Ltd. The Capoose silver deposit (New Gold Inc.) is located approximately 12 km to the northwest.
New Gold acquired the Blackwater property through its purchase of Richfield Ventures Corp. for $550 million (News Release of April 4, 2011). More recently, New Gold consolidated its position in the district through its acquisition of Silver Quest's 25% interest in part of the Blackwater project as well as Silver Quest's 100% interest in the Capoose property for $132 million (News Release of October 17, 2011). As part of its consolidation of interests New Gold also acquired Geo Minerals Ltd.'s West Blackwater properties for $16 million (News Release of October 17, 2011).
Troymet reports it has now completed soil sampling over the principal target areas adjacent to the Blackwater property, along the principal structures trending from the Key property onto the Blackwater property, and along the east side of the Key property. The Phase II soil sampling program completed and expanded the Phase I program. Phase II was confined to the northeast parts of the property adjacent to the Blackwater gold deposit.
"We are pleased the soil sampling program was completed in a timely manner and ahead of schedule, and we look forward to an aggressive drilling program in the New Year. Troymet is very encouraged by New Gold's consolidation of its interests in the district and has increased confidence in the value of the Key property and its discovery potential." stated Kieran Downes, President and CEO.
The Company has moved sampling of the southwest corner of the Key property to a Phase III program to be completed in 2012 as Troymet has been advised the area will be logged in 2012. This will result in a more comprehensive and cost effective exploration program. The Company had planned to conduct soil sampling, in 2011, in this difficult to access part of the property which is adjacent to the 3Ts gold-silver deposit. Silver Quest has reported an NI 43-101 compliant resource estimate of 942,600 tonnes @ 4.89 g/t gold and 77 g/t silver for the 3Ts deposit (Silver Quest Fact Sheet of August 31, 2011). As well, Silver Quest completed 1,645 meter drill program (10 holes) on the 3Ts deposit in 2011 from which results are pending. Earlier, Silver Quest had reported the discovery of at least four new quartz-carbonate veins in outcrop (News Release of July 26, 2011).
As part of the Phase II program, access routes were identified to a number of drill targets in the area of Tsacha Mt. which were inaccessible during the winter 2011 drill program due to terrain and weather. These, and newly identified targets, will be tested when drilling resumes.
All soil samples have been submitted to ALS Chemex Labs Ltd. for analysis. Results will be reported once received, interpreted and validated.
Troymet is well financed and holds an exciting portfolio of precious metals and base metals exploration properties.
President & CEO, Kieran Downes, P. Geo., a qualified person as defined by National Instrument 43-101, is responsible for and has verified the technical information provided in this release.
TROYMET EXPLORATION CORP.
gsfl
13 years ago
Troymet Mobilizes Drill to Golden Eagle Project
October 12, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") reports that the induced polarization (“IP”) program on the Company’s 100%-owned Golden Eagle project has been completed and a diamond drill has been mobilized to the project to commence testing for epithermal gold mineralization in the West Gully and Skarn zones. Ten separate drill targets have been identified.
The IP survey, which was confined to the West Gully zone, identified several targets for drill testing. To- date, only one hole has been drilled on the zone, intersecting 0.11 g/t gold over 86.84 metres (News Release - February 17, 2010). The hole was shut down in anomalous gold mineralization (0.33 g/t gold over 15.24 metres). The current drill program will further test the mineralization intersected in this hole as well as the newly identified IP targets.
The current program will also test targets in the Skarn zone, where limited past drilling returned intercepts ranging from 1.28 g/t gold over 6.0 metres to 7.64 g/t gold over 3.45 metres (News Release - June 25, 2009). Significant areas of the zone remain untested.
The 8,178-hectare Golden Eagle project is located in northwestern British Columbia, just south of the BC-Yukon border. The South Klondike Highway runs through the centre of the property, providing excellent access from Whitehorse, Yukon, 90 kilometres to the north. The project is situated at the southern end of the Tintina Gold Belt, which contains many intrusion-related gold deposits such as Pogo (Alaska), Fort Knox (Alaska), Dublin Gulch (Yukon) and the White Gold property near Dawson City (Yukon).
The northern portion of the Golden Eagle property is shown by the British Columbia Geological Survey's stream sediment sampling to contain exceptionally anomalous values in gold (to 1,080 ppb), gold indicator metals (arsenic, antimony and mercury) and base metals (BCGS Bulletin 105). Multiple zones of gold-silver-arsenic-antimony mineralization, including the West Gully and Skarn, and gold-in-soil anomalies occur in this ~5 x 5 kilometre area, known as the North prospect.
Troymet is well financed and holds an exciting portfolio of precious metals and base metals exploration properties.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
gsfl
13 years ago
Troymet Updates Exploration Programs
September 26, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") is pleased to update exploration plans and programs on its exploration properties. The Company recently closed a $1,844,850 private placement to fund on-going exploration programs at the Key and Golden Eagle properties in British Columbia.
Key Project
The Company has commenced the Phase II soil sampling program on its 100% owned (8,854 ha) Key project in British Columbia. The Key property is strategically located between and adjacent to the Blackwater gold deposit (New Gold Inc.) and the 3Ts gold-silver deposit (Silver Quest Resources Ltd.).
The Phase II program is targeting:
The northeast parts of the property adjacent to the Blackwater gold deposit which was acquired by New Gold Inc. through its recent acquisition of Richfield Ventures Corp.
The southwest corner of the property, which is adjacent to the 3Ts gold-silver deposit of Silver Quest Resources Ltd.
Troymet anticipates collecting approximately 2,600 samples if all target areas are accessible.
Outcrop is sparse and limited to the peaks and ridges. As a consequence, soil geochemistry and geophysics are important exploration tools. As part of the Phase II program, access will be established to a number of drill targets in the area of Tsacha Mt., which were inaccessible during the winter program due to terrain and weather. These, and newly identified targets, will be tested when drilling resumes.
The Phase I program completed in June 2011 targeted the eastern side of the property, along the East Fault, and within and along a prominent aeromagnetic feature that appears to extend as far as the adjacent Blackwater gold deposit.
The 2011 winter reconnaissance drill program, the first ever on the Key property, identified porphyry style mineralization associated with a large magnetic complex in the area of Good News Lake.
Golden Eagle Project
The Company's program for the Golden Eagle project is commencing this week with an induced polarization survey (IP) and a diamond drilling program is planned for October. The 100% owned (8,178 ha) Golden Eagle property lies at the southern end of the Tintina Gold Belt, which contains many intrusion-related gold deposits such as Pogo (Alaska), Fort Knox (Alaska) and Dublin Gulch (Yukon). Exploration by the Company has identified the presence of a large intrusion-related gold system spanning the ~12-kilometre strike length of the northern half of the Golden Eagle property. This gold system is exposed in the granite/rhyolite of the Tannis zone but capped by sediments and mafic volcanics of variable thickness to the north, where multiple zones of gold-silver-arsenic-antimony mineralization occur in the Skarn, West Gully, and other zones. These zones are developed in the roof of the intrusion over an area of approximately 5x5 kilometres and are considered to represent leakage mineralization of a potentially larger mineralized system below and directly related to the underlying intrusive. The current exploration program is focused on the West Gully, Skarn and Tannis targets.
West Gully Target
A 15 km IP survey is underway to identify drill targets for immediate follow-up drilling in October 2011. The West Gully zone is a large (2.5 km²), overburden covered, greenfield gold target with potential for shallow mineralization. The 2009 gold-in-stream sediment sampling program indicates widespread anomalous gold draining from the target area (News Release - December 21, 2009). Hole N0901, the first and only hole drilled on the West Gully zone, intersected 0.11 g/t gold over 86.84 metres in variably sheared, silicified and chlorite-sericite altered felsic intrusive. The hole was shut down in anomalous gold mineralization (0.33 g/t gold over 15.24 metres). The mineralized zone is also anomalous in pathfinder elements: arsenic, lead, antimony, zinc and silver (News Release -- February 17, 2010).
Skarn Target
Drilling on the Skarn zone is planned for October 2011 concurrent with the drill program on the West Gully zone. The Skarn zone is a structurally-controlled, gold-bearing, amphibole-sulphide skarn located along the Paddy Fault which tracks the west contact of the Stuhini Group with the Boundary Ranges Metamorphic Suite. The zone is overlain by a moderate to strong gold-in-soil anomaly (5 to 1800 ppb), approximately 500 metres long and 120 metres wide. Chip and channel samples collected from trenches returned 6.4 to 44.7 g/t over widths of 2.0 to 2.4 metres. Gold mineralization occurs as visible gold and associated with pyrite in quartz-calcite stringer veins and quartz-carbonate-sulphide veinlets. Past drilling was limited and shallow. Drill intercepts ranged from 1.28 g/t gold over 6.0 metres to 7.64 g/t gold over 3.45 metres (News Release -- June 25, 2009). Significant areas of the zone remain untested
The structure controlling the Skarn zone extends at least another 1.5 km southwards to the Catfish zone. Streams anomalous in gold drain from this 1.5 km length and anomalous gold-in-soils occur locally. This 1.5 km long area has never been drilled, nor has the Catfish zone. Troymet plans to drill test the Skarn zone at depth and along strike of earlier drilling, the Catfish zone, and the intervening 1.5 km long structure to test for high impact intrusive-related gold mineralization.
Tannis Target
The Company plans to drill test the high-grade gold-silver mineralization deeper in the rhyolite/granite host. Drill permits are pending. High-grade gold-silver mineralization is hosted in pyrite and arsenopyrite bearing quartz veins/structures within rhyolitic intrusive, granitic intrusive and to a lesser extent in flanking metavolcanics. The best intersections returned 5.09 metres grading 7.93 g/t Au and 23.8 g/t Ag and 4.3 metres grading 2.05 g/t Au and 43.8 g/t Ag. The presence of granitic intrusive at depth indicates a composite, volatile-rich intrusive system in this locale. The possible roots of the vein system in the larger underlying granitic phase have not been targeted by any previous drill programs and deeper drilling in this area is required.
McClarty Lake Project
The Company anticipates a winter 2012 diamond drilling program on the HudBay joint venture claims as well as on its 100% owned claims. The McClarty Lake property is located near Snow Lake, Manitoba and lies ~45 kilometres south of HudBay's Chisel North and Lalor volcanogenic massive sulphide (VMS) deposits. The property comprises three claims (MAC-1, MAC-2 & MAC-3; 344 hectares) owned 100% by Troymet and two claims owned (DYC3606 & DOL78; 252 hectares) owned 60% by Hudson Bay Exploration & Development Ltd. ("HudBay") and 40% by Troymet (News Release -- June 6, 2011).
Troymet is awaiting delivery of the technical data and confirmation of expenditures by HudBay. HudBay's participation in the project lends strong support to management's belief that McClarty Lake is a property of substantial merit with excellent discovery potential for a precious metal rich VMS deposit(s). Troymet identified a gold-bearing VMS system (Discovery zone) on the option claims in 2007.
Drilling by Troymet on its 100% owned claims identified the probable northern extension of the horizon that hosts the Discovery zone (News Release -- April 11, 2011). 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 substantially increases the possibility of a significant VMS discovery in this area.
Option Issuance
Troymet has today granted 3.0 million options to purchase common shares of Troymet to directors, officers, and consultants of Troymet in accordance with the Company's stock option plan. All of the options have an exercise price of $0.10 per share. Out of these options, 1.0 million options were issued to a consultant of the Corporation. These options expire two years from the date of grant and vest as to 25% of the options on the date of issuance and 25% on each of the 6, 12 and 18 month anniversaries of the date of grant (such that the options are fully vested 18 months from the date of issuance). The remaining 2.0 million options were issued fully vested to directors and officers of the Corporation with an expiry date of 5 years from the date of issuance.
Troymet has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the options to the directors and officers of the Corporation (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
President & CEO, Kieran Downes, P. Geo., a qualified person as defined by National Instrument 43-101, is responsible for and has verified the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
gsfl
14 years ago
Troymet Identifies Extension of Discovery Horizon at McClarty Lake Project
April 11, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") is pleased to report that its recently completed reconnaissance drilling program at McClarty Lake identified the northern extension of the horizon that hosts the Discovery zone.
The newly identified Mac zone was selected for drilling following the completion of a pulse electromagnetic (PEM) survey of a VTEM conductor trend. The results 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 recognition 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. Volcanogenic massive sulphide ("VMS") deposits form at specific times on specific stratigraphic horizons, in marine extensional basins associated with volcanic arcs. As an example "In the Snow Lake camp the Lalor deposit is similar to other massive sulphide deposits in the Chisel sequence (Chisel, Lake, Ghost Lake, Chisel North and Photo Lake), and lies along the same stratigraphic horizon as the Chisel Lake and Chisel North deposits." (Reference: Technical Report on the Lalor Lake Deposit by Scott Wilson Mining for HudBay Minerals Inc., 2008).
Three holes (1,156 metres) tested the Mac EM conductor over a 300-metre strike length (see drill hole compilation and Mac conductor drill plan maps at McClarty - Maps & Photos page). Following completion of the first hole it was quickly recognized that it had been drilled down-dip and the azimuth of holes two and three were changed accordingly. This was the first drilling ever conducted in the area. Multiple anomalous zones are present in all three holes; a summary is as follows:
MAC-11-01 (120° azimuth/-75° dip) intersected an intrusive margin complex (IMC) to 178 metes depth followed by mafic volcanics to 413 metres (end of hole). The IMC is described as a heterogeneous zone characterized by xenoliths (remnant rafts) of mafic volcanics and minor metasediments within a granitic to tonalitic intrusion. Several 1-2 metre wide pyritic zones (3-5% pyrite ± graphite ± quartz veining) hosted within volcanic xenoliths returned anomalous copper values up to 1,202 ppm (0.12%) Cu.
MAC-11-02 was collared 100 metres grid north and drilled in the opposite direction at 290° azimuth and -50° dip. The hole intersected mafic volcanics and gabbro to 159 metres followed by felsic volcaniclastics to 230 metres. The felsic volcanic horizon hosts a number of 1- to 4-metre wide, finely laminated pyritic zones containing up to 15% pyrite ± graphite, returning anomalous copper (up to 294 ppm) and zinc up to 196 ppm). Xenolithic tonalite intrusive predominated for the remainder of the hole, characterized by xenoliths of mafic volcanics and zones of strong sulphide replacement. The 1- to 2-metre wide sulphidic zones host up to 10% pyrite, 30% pyrrhotite and <1% chalcopyrite, returning anomalous copper and zinc values up to 1,038 ppm (0.10%) Cu and 361 ppm Zn.
MAC-11-03 was collared 100 metres grid south of MAC-11-01 and drilled at 290° azimuth and -60° dip. The hole intersected mafic volcanics to 184 metres depth followed by xenolithic granodiorite intrusive to 371 metres (end of hole). The granodiorite is characterized as hosting abundant volcanic xenoliths and zones of strong sulphide replacement. The 2- to 3-metre wide sulphidic zones host up to 20% pyrite, <1% sphalerite and trace chalcopyrite, returning anomalous copper and zinc values up to 281 ppm Cu and 4,341 ppm (0.43%) Zn.
Management is pleased with the results of the first-pass reconnaissance drilling program, which has extended the productive volcanic horizon over a strike length in excess of two kilometres. The presence of volcanic xenoliths and strongly sulphidized zones within the various intrusive bodies suggests that the volcanic horizon, where intersected, has been partially digested. There is potential for uninterrupted extensions of the mineralized volcanics along strike and to depth.
Given the absence of outcrop in this region of the Snow Lake camp, the location and orientation of initial drill holes were based entirely on the interpretation of various geophysical surveys. A review of the PEM survey with representatives of Crone Geophysics concluded that the orientation of the PEM survey was not optimal, and that a survey of the VTEM conductor trend from loops laid out east of the trend could identify additional conductors along the productive horizon. The PEM conductor/Mac zone remains open to the north and south, as well as to depth. Further PEM surveys and diamond drilling are required to adequately explore the Mac mineralized zone.
The McClarty Lake property is located near Snow Lake, Manitoba and lies ~45 kilometres south of HudBay's Chisel North and Lalor volcanogenic massive sulphide (VMS) deposits. The property comprises three claims (MAC-1, MAC-2 & MAC-3; 344 hectares) owned 100% by Troymet and two claims owned (DYC3606 & DOL78; 252 hectares) owned 60% by Troymet and 40% by HudBay ("option claims"). HudBay is earning an additional 20% interest in the option claims by spending $750,000 on exploration by June 5, 2011. A diamond drilling program in the Discovery zone area is currently underway.
All technical information for the Company's McClarty Lake project is obtained and reported under a formal quality assurance and quality control (QA/QC) program, details of which are presented on the Company's website at: www.troymet.com/i/pdf/QAQC-MC.pdf. The 2011 drilling program was managed by Casselman Geological Services Ltd. of Whitehorse, YK. Samples were analyzed by ACME Analytical Laboratories in Vancouver, BC, an ISO 9001:2008 accredited facility.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Greg Clay
Investor Relations
Tel: 1-888-456-4952; greg@senergyir.com
Website: www.troymet.com
gsfl
14 years ago
Troymet Updates Drill Program on Key Project
April 4, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") reports the winter phase of the 2011 reconnaissance diamond drilling program on the Key gold-silver project is complete. In total 1,576.8 metres were drilled with nine holes completed and three holes abandoned in broken ground and/or thick overburden.
Approximately 12.6 kilometres of induced polarization ("IP") survey were also completed in the area of Good News Lake. The IP survey identified a large anomaly over 1.2 kilometres in length that is coincident with the gold-in-soil anomalies along the GN Fault. IP anomalies were also identified along the East Fault.
Four holes tested targets on the Crag grid on the west side of the property, including two coincident IP/gold-in-soil/surface gold targets and two VTEM targets. The VTEM anomalies appear to be associated with fault/breccia zones in felsic to intermediate volcanics with local vein/disseminated pyrite. The IP/gold-in-soil/surface gold targets comprise silicified and pyritized (trace to 1%) felsic to intermediate volcanics.
Five widely-spaced holes tested coincident IP/gold-in-soil/structural zones on the Bluff and Butte grids in the area of Good News Lake. Two holes spaced 200 metres apart tested targets on the GN Fault. A third hole tested a target approximately 180 metres west of the fault. The fourth hole tested a target on the East Fault, and the fifth hole tested a target within the intrusive. All holes intersected varying amounts of disseminated and vein/veinlet controlled pyrite mineralization. A drill hole location map can be viewed at: Key - Drill Hole Locations & Target Areas.
The 100% owned Key project is located 125 km southwest of Vanderhoof, British Columbia and immediately adjoins the Blackwater project of Richfield Ventures Corp. The recently completed reconnaissance diamond drilling program was the first ever on this large property (8,854 hectares).
Troymet plans to expand the prospecting, soil sampling and ground geophysics to cover the remainder of the property after spring break-up. To-date, less than a third of the property has been explored in any detail. As well, the Company has identified drill targets in areas of rugged topography that were not accessible during the winter program, and will be tested when drilling resumes after break-up.
The 2011 winter IP and diamond drilling program was under the management of Casselman Geological Services Ltd. All samples have been shipped to ALS Chemex, Vancouver, BC, an ISO 9001:2000 accredited facility. Assays will be released once received and evaluated.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
gsfl
14 years ago
Troymet's Optionee HudBay Drilling at McClarty Lake
March 16, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") is pleased to report that HudBay Minerals Inc. (TSX, NYSE: HBM) ("HudBay") has commenced a winter diamond drilling program in the Discovery zone area of the McClarty Lake project. The McClarty Lake property is located near Snow Lake, Manitoba and lies ~45 kilometres south of HudBay's Chisel North and Lalor volcanogenic massive sulphide (VMS) deposits. The property comprises three claims owned 100% by Troymet and two claims owned 60% by Troymet and 40% by HudBay ("option claims"). HudBay is currently earning an additional 20% interest in the option claims by spending $750,000 on exploration by June 5, 2011.
Early exploration on the McClarty Lake property was hampered by lack of outcrop exposure and overlying Paleozoic-aged sediment cover. An electromagnetic (EM) conductor detected in 1996 was tested by two diamond drill holes in 1997 by HudBay and two holes in 2000 by Troymet's predecessor company. All four holes intersected a gold- and silver-bearing semi-massive pyrite horizon in altered felsic volcanics, reporting a best intersection of 4.17 g/t gold and 8.48 g/t silver over 4.0 metres. A deep penetrating Time Domain EM (TEM) survey undertaken in 2002 subsequently defined a potential massive sulphide horizon(s) over a strike length of ~600 metres. Plans to test the conductor were shelved in 2004 and 2005 due to lack of drill availability, and in 2006 by poor ice conditions.
Diamond drilling in 2007 and 2008 successfully identified two laterally continuous zones of massive sulphides within a sequence of variably altered felsic volcanics and volcaniclastics. The upper pyritic zone, discovered in 1997, is locally gold enriched and traced in drill holes over a 300-metre strike length and to 250 metres vertical depth. In 2007, a second massive sulphide horizon was intersected 150 metres stratigraphically below the pyritic horizon. Known as the Discovery zone, it is also locally gold enriched and returned 1.47% zinc and 0.31% copper over 43.05 metres, including 3.46% zinc over 15.3 metres (May 15, 2008 news release). The mineralization is shallow, with the Discovery zone starting at the base of the Palaeozoic sequence at a vertical depth of ~50 metres. It has been traced in drill holes over a 75-metre strike length and to a depth of 175 metres. Both zones are open along strike and at depth.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Greg Clay
Investor Relations
Tel: 1-888-456-4952; greg@senergyir.com
gsfl
14 years ago
Troymet Updates Drill Programs at Key & McClarty Lake Projects
Mar. 3, 2011 (Marketwire Canada) --
COMOX, BRITISH COLUMBIA -- Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") is pleased to update progress on the diamond drilling programs at the Key project (gold-silver) and the McClarty Lake project (copper-zinc-gold).
Key Project, British Columbia
The 100% owned Key project is located 125 km southwest of Vanderhoof, British Columbia. The property immediately adjoins the Blackwater project of Richfield Ventures Corp. The first ever diamond drilling to be conducted on this large property is underway, and a variety of targets have been selected for initial testing. Project maps can be viewed at: www.troymet.com/s/Key-Images.asp.
A number of targets have been drilled on the Crag grid on the west side of the property. The drill has now been moved to the area of Good News Lake on the Bluff grid to test coincident elevated to anomalous gold-silver-zinc bedrock anomalies, gold-in-soil anomalies, induced polarization anomalies and the GN Fault. The targets appear to be associated with the GN Fault, a buried intrusive body and possible diatremes or breccia pipes interpreted from the magnetic data.
Concurrent with the drilling, an induced polarization ("IP") survey is underway on the Bluff and Butte grids with the objective of identifying additional IP anomalies for drill testing, with or without coincident soil or rock anomalies.
A significant number of drill targets have been identified in areas of rugged topography. These will be advanced through IP surveys and will be drilled after spring break up.
Assay results will be released once received and evaluated.
McClarty Lake Project, Manitoba
The McClarty Lake property is located near Snow Lake, Manitoba and lies ~45 km south of HudBay Minerals Inc.'s Chisel Lake and Lalor Lake volcanogenic massive sulphide (VMS) deposits. The property comprises three claims (MAC-1, MAC-2 & MAC-3; 344 hectares) owned 100% by Troymet and two claims (DYC3606 & DOL78; 252 hectares) owned 60% by Troymet and 40% by HudBay ("option claims"). HudBay is currently earning an additional 20% interest in the option claims by spending $750,000 on exploration by June 5, 2011. Project maps can be viewed at: www.troymet.com/s/McClartyLake-Images.asp.
MAC Claims (100% Owned)
Diamond drilling is now underway on the Mac electromagnetic ("EM") conductor which is believed to lie on the same stratigraphic horizon as the Discovery zone, identified by Troymet in 2007 (see under Option Claims). The conductor has not been drilled previously. Major volcanogenic massive sulphide ("VMS") deposits, such as HudBay's Lalor and Chisel Lake deposits at Snow Lake, occur in association with such EM conductors. The stratigraphic horizon on which the Discovery zone and the Mac conductor occur has now been traced intermittently by Troymet over ~2,000 metres, and is highly prospective for the discovery of additional zones of VMS mineralization.
Assay results will be released once received and evaluated.
Option Claims (60% Owned)
HudBay has advised Troymet that it has begun the preparation of drill sites on McClarty Lake and plans to conduct a drilling program on the option claims, to complete its earn-back of a 20% interest from Troymet. Troymet identified a gold-bearing VMS system (Discovery zone) on the option claims in 2007.
Troymet is well financed and holds an exciting portfolio of precious metals and base metals exploration properties, all of which it plans to drill in 2011.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
gsfl
14 years ago
Troymet Drilling at McClarty Lake
COMOX, BRITISH COLUMBIA, Feb. 15, 2011 (Marketwire) --
Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") reports the winter diamond drilling program is underway on its 100% owned McClarty Lake project. The McClarty Lake property is located near Snow Lake, Manitoba and lies approx.45 km south of HudBay Minerals' Chisel Lake and Lalor Lake volcanic massive sulphide (VMS) deposits.
A pulse electromagnetic (PEM) survey, completed by Troymet in 2010, identified a strong, multi-line conductor (Mac conductor) which appears to be on trend with the Discovery zone, identified by Troymet in 2007 (see www.troymet.com/i/maps/MC_MacTarget.jpg). Volcanogenic massive sulphide deposits (VMS) such as Lalor and the Chisel Lake deposits occur in association with such conductors.
Troymet is well financed and holds an exciting portfolio of precious metals and base metals exploration properties all of which it plans to drill in 2011.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for 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. All statements included herein, other than statements of historical fact, is 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. A description of assumptions used to develop such forward-looking information and a description of 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.
1-888-456-4952
www.troymet.com
gsfl
14 years ago
Troymet Drilling on Key Property
COMOX, BRITISH COLUMBIA, Feb. 10, 2011 (Marketwire) --
Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") reports the winter exploration program is underway on its 100% owned Key project. The Key project, located 125 km southwest of Vanderhoof, British Columbia, immediately adjoins the Blackwater project of Richfield Ventures Corp. where a bulk gold deposit has been discovered (September 25, 2009 news release; January 28, 2011 GMP Securities research report).
The winter program comprises diamond drilling and an induced polarization ("IP") survey. Diamond drilling has commenced on the Crag grid where drill targets comprising coincident gold-silver in rock samples, gold in soils, and IP-resistivity anomalies have been identified. Concurrent with the drill program, an IP survey will be initiated in areas of anomalous gold +/- silver +/- zinc in bedrock, as well as elevated to anomalous gold and silver soil values on the Scarp and Butte grids (see Key Gold/Silver/Zinc-in-soil maps at www.troymet.com/s/Key-Images.asp).
Troymet is well financed and holds an exciting portfolio of precious metals and base metals exploration properties all of which it plans to drill in 2011.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for 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. All statements included herein, other than statements of historical fact, is 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. A description of assumptions used to develop such forward-looking information and a description of 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
gsfl
14 years ago
Troymet Exploration Corp. News Release
Monday, January 24, 2011
Troymet Announces Mobilization of Drills & Geophysical Crews
January 24, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") reports that drills are mobilizing to its 100%-owned Key and McClarty lake projects to commence the winter drilling programs. It is anticipated that HudBay Minerals Inc. will commence its diamond drilling program on the option claims (Troymet 60%) of the McClarty Lake project, in February.
The induced polarization ("IP") survey on the Crag grid (Key project) identified large anomalies associated with gold and silver in outcrop samples (News Release of January 17, 2011). As a result of these successes, Troymet is expanding the IP survey. Geophysical crews will mobilize to site in early February to commence the expanded survey, which is expected to generate new drill targets in addition to those already recognized.
Troymet is also planning specialized geochemical surveys in summer 2011, in areas of the property where glacial deposits impede surface prospecting and mapping. Drill targets in these areas will be drilled in summer 2011.
Troymet is well financed and holds an exciting portfolio of precious metals and base metals exploration properties, all of which it plans to drill in 2011.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Robert Birmingham
Investor Relations
Tel: 1-888-456-4952 or rbirmingham@troymet.com
gsfl
14 years ago
January 17, 2011 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") reports that it has signed diamond drill contracts for its 100% owned Key and McClarty Lake projects. In addition, the Company is pleased to report that HudBay Minerals Inc. has confirmed that it will conduct a diamond drilling program on the option claims in the McClarty Lake project. Drilling will commence on the Key and McClarty Lake projects following the mobilization to site of the drills and the establishment of exploration camps.
The Company has posted initial geophysical maps for the Crag grid (Key project) on its web site (www.troymet.com/s/Key-Images.asp), showing the excellent coincidence between gold and silver in surface samples and large induced polarization/resistivity anomalies. Elevated to anomalous gold-in-soils values are also present. These drill targets have significant dimensions.
Troymet is well financed and holds an exciting portfolio of precious metals and base metals exploration properties, all of which it plans to drill in 2011.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Robert Birmingham
Investor Relations
Tel: 1-888-456-4952 or rbirmingham@troymet.com
Website: www.troymet.com
gsfl
14 years ago
December 21, 2010 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") is pleased to announce that three diamond drill programs will commence in January/February 2011 on its Canadian projects. Troymet will conduct drill programs on its Key project (gold-silver) and on its 100% owned claims in the McClarty Lake project (zinc-copper-gold). Separately, HudBay Minerals Inc. (HudBay) will complete a drill program on the option claims in the McClarty Lake project (zinc-copper-gold). The upcoming drilling season promises to be a very exciting one for Troymet. The Company is well financed and holds an exciting portfolio of exploration properties that it has developed and brought to drill-ready stage. The impact of a major precious metals or base metals discovery would be significant for the Company.
Key Project, British Columbia
The 100% owned Key project is located 125 km southwest of Vanderhoof, British Columbia. The property immediately adjoins the Blackwater project of Richfield Ventures Corp. A diamond drilling program is scheduled to start in January 2011. The Company has received all of the soil sample geochemical analyses together with induced polarization (IP) data for the western (Crag) grid. The initial interpretation indicates drill targets comprising coincident gold-silver in rock samples, gold in soils, and chargeability/resistivity anomalies. Further information will be released at a future date. The soil analyses also indicate elevated to anomalous gold and silver values over the eastern (Scarp and Butte) grids. The elevated to anomalous values coincide well with the gold and silver in rock samples, and structures believed to control the mineralization. A number of drill targets have been identified. The Company plans to extend IP surveys into these areas early in 2011 to expand and better define the drill targets.
McClarty Lake Project, Manitoba
The McClarty Lake property is located near Snow Lake, Manitoba and lies ~45 km south of HudBay's Chisel Lake and Lalor Lake volcanogenic massive sulphide (VMS) deposits. The property comprises three claims (MAC-1, MAC-2 & MAC-3; 344 hectares) owned 100% by Troymet and two claims (DYC3606 & DOL78; 252 hectares) owned 60% by Troymet and 40% by HudBay ("option claims"). HudBay is currently earning an additional 20% interest in the option claims by spending $750,000 on exploration by June 5, 2011.
MAC Claims (100% Owned)
A diamond drilling program is scheduled to start in January 2011 to test the MAC conductor for VMS mineralization. The MAC conductor, identified in 2010 with deep penetrating electromagnetic surveys, comprises a strong, multi-line conductor at depths of between 250 and 400 metres. The conductor appears to be on trend with the conductor system that hosts the Discovery zone to the southwest (see under Option Claims) and it lies at depths beyond the detection depth of past airborne surveys. The conductor has never been drilled.
Option Claims (60% Owned)
HudBay has advised Troymet that it will complete a drilling program on the option claims, starting in February 2011. Troymet identified a gold-bearing VMS system (Discovery zone) on the option claims, in 2007.
Cambridge House International Inc.
Troymet will be presenting at the Vancouver Resources Investment Conference on January 23-24, 2011.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Robert Birmingham
Investor Relations
Tel: 1-888-456-4952 or rbirmingham@troymet.com
gsfl
14 years ago
December 6, 2010 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") reports the soil sampling program on its 100% owned, 7,882-hectare Key property is complete and samples have been sent to ALS Chemex Labs for analysis. Results will be released once received and evaluated.
The Key project is located 125 km southwest of Vanderhoof, British Columbia. The property immediately adjoins the Blackwater project of Richfield Ventures Corp., where a bulk gold deposit has been discovered.
The Company also reports that it has completed the digitalization and integration of historical soil sampling data for the project (see Key - Historical Au-in-Soils).
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Robert Birmingham
Investor Relations
Tel: 1-888-456-4952 or rbirmingham@troymet.com
gsfl
14 years ago
News Release - Tuesday, November 16, 2010
Troymet's Key Field Program Well Advanced
November 16, 2010 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") reports the fall field program on its 100% owned (7,882-hectare) Key property is well advanced. The Key project is located 125 km southwest of Vanderhoof, British Columbia. The property immediately adjoins the Blackwater project of Richfield Ventures Corp., where a bulk gold deposit has been discovered (September 25, 2009 news release).
The current program of line cutting, induced polarization (IP) and soil sampling is targeting five areas with coincident gold-silver-zinc mineralization and locally tungsten in prospecting samples (see Key - Target Areas). The mineralization is structurally controlled and associated with pyrite and sphalerite +/- arsenopyrite mineralization (News Release September 27, 2010).
Assays from the soil sampling program and results from the IP geophysical surveys, will be released once received and evaluated. The Company currently has four VTEM targets identified for drilling and anticipates the current exploration program will identify additional gold-silver drill targets.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
gsfl
14 years ago
Troymet Exploration Corp. News Release
Monday, November 01, 2010
Troymet Closes First Tranche of Private Placement
November 1, 2010 - Troymet Exploration Corp. ("Troymet"): Further to press releases dated October 18, 2010 and October 22, 2010, Troymet has completed the first tranche closing of a non-brokered private placement consisting of 5,567,500 units at a price of $0.15 per unit for gross proceeds of $835,125 and 7,690,277 common shares issued on a "flow-through" basis at a price of $0.18 per common share for gross proceeds of $1,384,250. Aggregate gross proceeds from the sale of both units and flow-through shares on the first tranche of the private placement totaled $2,219,375. Each unit consists of one common share (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"). Each full Warrant is exercisable for two years from closing into one Common Share at $0.25 per share for the first year from closing and $0.35 per share for the second year from closing.
A finder's fee of $148,868 was paid to six finders. In addition, 888,304 finder's warrants (each a "Finder's Warrant") were issued with each Finder's Warrant being exercisable into one Common Share at a price of $0.15 per Common Share for a period of one year from the date of issuance of the Finder's Warrants. All of the securities issued in connection with the private placement are subject to a four-month and one day hold period (until March 2, 2011).
In addition to the private placement, Troymet is also pleased to report that over the past month warrant holders have exercised 3,120,000 Common Share purchase warrants at $0.10 per share for gross proceeds of $312,000.
Aggregate gross proceeds of the private placement and the warrant exercise total $2,531,375. These proceeds will be used for Troymet's exploration programs at the Key and Golden Eagle properties in British Columbia, and at the McClarty Lake property in Manitoba, and for general corporate purposes.
There may be a second closing on or before November 10, 2010.
The completion of the private placement is subject to final TSX Venture Exchange approval. Two directors of Troymet participated in the private placement and Troymet has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the units and flow-through shares to such directors of Troymet (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000). After giving effect to the private placement, Troymet has 80,574,890 common shares issued and outstanding.
For further information, contact:
Kieran Downes (250) 729-0453; kdownes@troymet.com
Brian Cebryk (250) 890-0607; bc@troymet.com
Website: www.troymet.com
gsfl
14 years ago
Troymet Exploration Corp. News Release
Wednesday, October 20, 2010
Troymet Expands Land Position at Key
October 20, 2010 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") is pleased to report that it has entered into an agreement to acquire a 100% interest in four claims that immediately adjoin the south boundary of Troymet's 100% owned Key project, which is located 125 km southwest of Vanderhoof, British Columbia. The strategically located B&Y claims (tenure # 642003, 642004, 642023 and 642024), which are being acquired from a private owner, cover 972 hectares. Troymet now controls 8,854 hectares (21,880 acres) of highly prospective ground in the Key project.
Under the terms of the agreement, Troymet has paid the owner $2,500 on signing and will issue 350,000 common shares of Troymet upon TSX Venture Exchange approval. The owner will retain a 2% NSR on the claims, 1.5% of which may be purchased by Troymet at any time for $750,000. The acquisition is subject to TSX Venture Exchange approval.
The B&Y claims cover the extension, and junction, of the GN and East faults. These structures carry anomalous gold and silver mineralization on the Key project and are a primary target in Troymet's ongoing exploration program for the Key project.
Tracy Hurley, P.Geo., Vice President, Exploration and qualified person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
TROYMET EXPLORATION CORP.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Robert Birmingham
Investor Relations
Tel: 1-888-456-4952 or rbirmingham@troymet.com
gsfl
14 years ago
Troymet Announces $2,000,000 Private Placement
October 18, 2010 Troymet Exploration Corp. ("Troymet"), is pleased to announce that Troymet intends to complete a non-brokered private placement of up to 6,666,667 units ("Units") at a price of $0.15 per Unit for gross proceeds of up to $1,000,000 and 5,555,556 common shares issued on a "flow-through" basis at a price of $0.18 per common share for gross proceeds of up to $1,000,000. Each Unit will consist of one common share (a "Common Share") and one half of one Common Share purchase warrant (a "Warrant"). Each full Warrant is exercisable for two years from closing into one Common Share at $0.25 per share for the first year from closing and $0.35 per share for the second year from closing. A finder's fee of up to 7 percent of the gross proceeds of the private placement may be paid in cash or Common Shares on all or any portion of this private placement. Additionally, finder's warrants exercisable into Common Shares of Troymet, may be issued in an amount up to 7 percent of the number of Units and flow-through common shares sold under this private placement. The finder's warrants will be exercisable into Common Shares at a price of $0.15 per Common Share for a period of one year from the date of issuance of the finder's warrants.
It is not anticipated that any new insiders will be created, nor that any change of control will occur, as a result of the private placement. Completion of the private placement is subject to regulatory approval. Proceeds of the private placement will be used for Troymet's exploration programs at the Key and Golden Eagle properties in British Columbia, and at the McClarty Lake property in Manitoba, and for general corporate purposes.
Union Securities will be assisting in the offering by acting as book runner.
Closing of the financing is anticipated to occur on or around October 29, 2010.
For further information, contact:
Brian Cebryk (250) 890-0607
Kieran Downes (250) 729-0453
gsfl
14 years ago
October 06, 2010
Troymet Locates Large Soil Anomaly on Key Project
October 6, 2010 - Troymet Exploration Corp. (TSXV:TYE) ("Troymet" or the "Company") is pleased to update progress on its 100% owned, 7,882-hectare Key property, which is located 125 km southwest of Vanderhoof, British Columbia.
The Company is pleased to report that it has completed a preliminary integration of historical soil sampling data from surveys completed by Prism Resources Inc., Placer Development Ltd. and BP Minerals Ltd. on the project. The three generations of overlapping soil geochemical surveys identified a broad trend of anomalous zinc, copper, lead, arsenic and silver values (see Key - GN Soil Anomaly Map). The GN soil anomaly, which measures approximately 500 hectares (1,235 acres), overlaps target areas II and III, the GN fault and potential breccia pipes/diatremes. It further confirms the discovery potential of this area for precious metal mineralization.
The Company is planning induced polarization (IP) geophysical surveying to identify the sulphide concentrations in the target structures prior to diamond drilling. The property is readily accessible along a well developed network of established forestry roads.
The Key project adjoins the Blackwater project of Richfield Ventures Corp., where a bulk gold deposit has been discovered (September 25, 2009 news release). The Company believes there is a strong probability the mineralization will continue northwards along the GN and East faults towards the Blackwater project.
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