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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 termi
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[{"type":"text","content":" 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 (Click Here) 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) (Click Here).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....