October 6, 2016, Vancouver, British Columbia—TriMetals Mining Inc. (TSX: TMI and TMI.B, US OTCQX: TMIAF and TMIBF), (the “Company”), is pleased to announce results from the next 7 holes in the ongoing 40 plus hole drill program at Gold Springs within Nevada and Utah. Drilling this year is focused on both the continued expansion of the “bulk tonnage” heap-leachable resource on the 8 kilometre Jumbo Trend including the southern extension at the Etna target, and the search for high grade (2-3 g/t gold) vein material in the Thor Vein System which is highlighted by a 1.6 kilometre long geophysical anomaly and numerous surface vein exposures.
This release details seven additional holes from the Thor Vein System and reviews our knowledge to date in this area.
TMI now has 19 near-surface drill hole vein intercepts (including the non-43-101 compliant historical information) over approximately 400 metres of strike length, and additional outcrop sampling showing the vein continuity and grade.
The present drill program of 10 RC holes on the Thor target together with 7 historic intercepts has established the continuity of a 400 m segment of the Thor “high-grade” vein system. Geophysics indicate that the entire system may extend for 1.6 km and the drill results, surface geology and sampling indicate there may be more than one mineralized vein zone within the system.
All the new holes intersected mineralized vein material with widths and grades varying between 1.5 to 14 m and grades of 0.68 g/t to 44.7 g/t gold. These relatively narrow higher-grade veins are of interest as a potential part of a higher-grade resource for a starter pit because they outcrop at the surface or are projected to sub-crop just below a thin gravel layer. If shown to be commercially viable, it is expected that they would be extracted by digging a very shallow 50 m deep, narrow, and long open pit or “slot” cut. Geological mapping and outcrop sampling indicates there is a second and possibly third zone of veining in this 400 metre segment that parallels the reported vein zone. These veins located some 50-100 metres further east are presently being trenched prior to drilling later in the season.
There are also several targets a few hundred metres further south in the Thor Vein System that may be of a similar type to the 7 oz/t gold intercept that TMI discovered in RC hole T-16-001 which was recently reported (PR 16-20 of August 30, 2016) at the south end of the 400 m segment. These areas include a sub-crop sample that assayed 99 g/t gold (sample no. 42161). It is planned to drill these targets later in the season.
Ralph Fitch President and CEO stated that “these results are very promising for the development of an at-surface, higher-grade resource that could be used for a starter-pit and which has the potential to positively impact the already robust project economics described in our PEA dated August 12, 2015. The potential to discover additional high-grade intercepts similar to the 7 oz/t gold intercept previously reported in RC hole T-16-001 is also an exciting new development for the project”.
The table below shows the intercepts within this 400 m long segment of the Thor Vein System
|RC Hole||From (metres)||To|
|Thickness (metres)||Gold g/t||Silver g/t||GoldEq g/t|
|TMI Drill Holes (a)|
|Historic Drill Holes (a)(b)|
(a) True width 70-95% of width shown. Average grade uses a 0.1 g/t AuEq cutoff. Gold Equivalent (AuEq) uses a Ag/Au price ratio of 61.9 and assumes 100% metallurgical recoveries.
(b) These drill holes are historic, drilled by Energex between 1985 and 1988, are believed to be reliable but were drilled prior to NI 43-101 requirements.
Drill hole T-16-006 intersected weak mineralization and is not listed on the table above.
The next press release will report on the drilling at the South Jumbo Zone where resource expansion drilling is presently ongoing.
About TriMetals Mining Inc.
TriMetals Mining Inc. is a growth focused mineral exploration company creating value through the exploration and development of the near surface, Gold Springs gold-silver project in mining friendly Nevada and Utah in the U.S.A.
The Company’s approach to business combines the team’s track record of discovery and advancement of large projects, key operational and process expertise, and a focus on community relations and sustainable development. Management has extensive experience in the global exploration and mining industry.
The Company’s common shares and Class B shares are listed on the Toronto Stock Exchange under the symbols “TMI” and “TMI.B” and the common shares and Class B shares also trade on the OTCQX market under the symbol “TMIAF” and “TMIBF”. Additional information related to TriMetals Mining Inc. is available at www.trimetalsmining.com and on SEDAR at www.sedar.com.
The Qualified Person on the Gold Springs property is Randall Moore, Executive Vice President of Exploration – North America of TriMetals Mining Inc. and he has reviewed and approved the content of this press release.
TMI Assays were performed in Sparks, Nevada by Bureau Veritas Mineral Laboratories, an ISO 9001:2000 Certified laboratory. Gold was analyzed by fire assay of a 30-gram sample with an AAS finish with samples assaying greater than 10 g/t re-assayed using a 30-gram sample and a gravity finish. All other elements were analyzed by a four acid leach ICP method coded MA300.
Quality Assurance and Quality Control
Approximately 15 kg of RC chips were sent to the laboratory for each 1.52 metre drill interval. Fifteen percent of the samples submitted by the Company are blanks and standards for QA/QC purposes. In addition, the laboratory also includes duplicates of samples, standards and blanks. The results of these check assays are reviewed prior to the release of data. All RC chip sample assays are also reviewed for their geological context and checked against the drill logs.
Forward Looking Statements
Certain statements contained herein constitute “forward-looking statements”. Forward looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as “expected”, “target”, “Indicates”, “possibly”, “would”, “could”, “projected, “may”, “will”, “potential” and similar expressions. Interpretations of exploration results, including the strength of mineralization, are also forward-looking statements. These forward- looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company’s Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company’s existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, TMI assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company’s expectations as of October 6, 2016.
TriMetals Mining Inc. Contact:
President & CEO
Chief Financial Officer