Troymet Exploration Corp. is pleased to review progress on its active exploration projects. Troymet operates the Redhill copper-gold-zinc-silver volcanogenic massive sulphide project in British Columbia and the Wildcat gold-silver project located in the northern Drum Mountains of central Utah. Hudbay Minerals Inc. operates the McClarty Lake VMS project in Manitoba (Hudbay 60%; Troymet 40%).
Troymet plans drilling programs on the Redhill and Wildcat projects. Both are considered to have high discovery potential.
Troymet is fully funded for its proposed drill programs on the Redhill and Wildcat projects.
An application for a permit to conduct a 2016 drill program on the Wildcat project has been submitted to the State of Utah and the Bureau of Land Management (BLM).
Troymet optioned the Wildcat project from Renaissance Exploration, Inc. in February 2015 and quickly advanced it to drill ready status with new exploration and targeting concepts focusing on large-target, high-grade gold and silver mineralization in veins, stockworks, breccias and bulk-tonnage deposits.
Troymet initially completed a rigorous compilation and verification of historic data that identified new target opportunities. The subsequent field program included geological mapping, prospecting, rock chip sampling, soil sampling, hand trenching, BLEG sampling, vegetation and soils orientation sampling, claim staking, and reprocessing of ground magnetic and gravity databases. As well, detailed bi-directional ground magnetic and EM surveys were completed in the SE and Core target areas to aid in drill hole targeting. The field program successfully identified numerous prospective structural drill targets along the Joy Fault and in cross cutting structures.
Details of drill targets in the Rattler and Rattle breccia zones (SE target area) and at High Grade Hill ("HGH" - Core target area) have been released (news releases dated November 10, November 24 and December 8, 2015). The HGH zone, which is strongly oxidized, contains a very rare tellurium mineral (carlsfriesite) associated with the silver-rich, high-grade gold suggesting an affiliation with gold-telluride mineralization, an association previously unrecognized. Details of other drill targets in the Core zone will be released in the coming weeks.
Troymet has received a British Columbia Mines Act multi-year permit for its proposed 2016 diamond drilling program on the Alpha and Beta zones.
Troymet optioned the Redhill project from HomeGold Resources Ltd. In July 2015 and rapidly and cost effectively developed the project to drill ready status with new targeting concepts focusing on copper-gold-zinc-silver volcanogenic massive sulphide ("VMS") mineralization and structurally controlled gold mineralization.
An extensive prospecting and soil sampling program was conducted on the Alpha zone to complete soil sampling coverage of the zone, and to cover 11 fixed-loop transient EM conductors the majority of which have never been drilled. As well, three mineralized holes were re-logged and the high-grade intersection in hole RH-06-25 was re-assayed; 8.75% copper, 4.75% zinc, 1.22 g/t gold and 61.19 g/t silver over 1.7 metres. Data compilation on the Beta Zone identified a potentially significant untested drill target at conductor #3 with a conductivity thickness product of 40 mhos and an associated induced polarization (IP) response. Troymet may undertake additional electromagnetic surveys on the Alpha zone, prior to drilling, to test for extensions to prospective fixed-loop transient EM (TEM) conductors and to follow-up copper, zinc and gold soil anomalies, some of which are associated with historic prospective volcanic sequences.
Troymet has documented exploration progress on the Redhill project in a series of news releases issued between September 2, 2015 and December 1, 2015. The news releases can be found on the Company's website: www.troymet.com/news/2015.
McClarty Lake Project
Hudbay Minerals Inc., the Joint Venture operator, staked three new claims to cover newly identified targets in 2015 (news release dated March 19, 2015). Two of the newly identified targets occur near the boundary between Joint Venture claims and 100% owned Troymet claims. Hudbay plans to conduct ground geophysical surveys over the newly identified targets once ice conditions permit.
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.