Troymet Completes Soil Sampling at Key Project
November 03 2011 - 8:30AM
Marketwired
Troymet Exploration Corp. (TSX VENTURE: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.
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.
Contacts: Troymet Exploration Corp. Anthony Zelen Investor
Relations 1-888-456-4952anthony@senergyir.comwww.troymet.com
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