Troymet updates McClarty Lake planning
Thursday, Jan 24, 2013Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet" or the "Company") is pleased to update exploration plans for the McClarty Lake project, located approx. 45 kilometres south of HudBay Minerals Inc.'s ("Hudbay") Chisel North and Lalor volcanogenic massive sulphide (VMS) deposits. The Lalor project, scheduled to be in production in 2015, is on a fast track to become Hudbay's next major underground mine (see www.hudbay.com). The project is believed to hold the second largest metal deposit in the Flin Flon Greenstone Belt and the largest pre-development deposit discovered in the Flin Flon-Snow Lake region. The McClarty Lake 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.
Joint Venture Claims
Troymet is pleased to report that planning is well advanced for the 2013 winter diamond drilling on the McClarty Lake Joint Venture where Hudbay Minerals Inc. is the operator (HudBay 60%; Troymet 40%). The drill program will test for plunge extensions of the Discovery zone mineralization to the southeast, and be conducted by Hudbay in conjunction with its regional drill program. An access road is currently being prepared as are on-ice drill platforms. 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.
The McClarty Lake project is a property of substantial merit with excellent discovery potential for a precious metal-rich VMS deposit(s). Drilling in 2008 identified two laterally continuous zones of massive sulphides within a steeply NE-dipping sequence of felsic metavolcanic rocks. The lower zone carries up to 1.47% zinc over 43.05 metres including 3.46% zinc over 15.3 metres in addition to significant copper mineralization and is locally gold enriched. This base metal bearing zone has been confirmed over a strike length of approx. 75 metres and to a vertical depth of approx. 175 metres (open). The mineralization is shallow, with the lower zone starting at the base of the Palaeozoic sequence at a depth of approximately 50 metres. The upper zone occurs approximately 150 metres stratigraphically above the lower zone and is locally gold enriched. Both zones are open along strike and at depth (see "2008 Technical (NI 43-101) Report on the McClarty Lake Property" by R. Kutluoglu and A.H. Bailes, dated June 11, 2008 and filed on SEDAR July 10, 2008).