November 2, 2016, Vancouver, British Columbia—TriMetals Mining Inc. (TSX: TMI and TMI.B, US OTCQX: TMIAF and TMIBF), (the “Company”), is pleased to announce the results of 3 full size cyanide column leach tests on Jumbo mineralization, the largest resource block, located in the Utah portion of the project.
The metallurgical tests were conducted over a long period of time to look at extraction rates over the short term and long term after a “rest period” in which no additional cyanide solution was applied. The results suggest that higher recoveries than those used in the PEA may be possible both in gold and silver.
Final Extractions are shown below:
|Column||Gold %||Silver %||Gold g/t||Silver g/t|
*extractions after 157 days of leaching and 125 days of rest
Ralph Fitch President and CEO, stated “These results are confirmatory of the gold recoveries used at Jumbo in the 2015 Preliminary Economic Assessment (PEA) (NR 15-10 of August 12, 2015) with clear increases in expected silver recoveries. The overall recovery at Jumbo used in the PEA was 73% for gold and 40% for silver. The PEA sensitivity analysis indicates that every 10% increase in gold recovery increases the net present value of the project by approximately $30 million. These results, which represent 3 of the 5 types of mineralized materials at Jumbo used in the PEA represent 73% of the deposit.”
The three columns covered a wide range of grades varying from 1.09 g/t to 0.23 g/t gold, with good recoveries even from the lower grade material. Approximately 22 kg of each type of mineralized material, crushed to a P80 of ¾ inches, were loaded into 4-inch diameter columns approximately 6 feet high.
|Column||Type of Material||Description|
|1||J1||oxidized quartz sericite pyrite Alteration|
|2||J3||quartz veins and breccias with >40% Vein material|
Final Extractions over time are shown below:
|84 day Extraction||282 day Extraction after rest period*||Calculated Head Grade|
|Column||Gold %||Silver %||Gold %||Silver %||Gold %||Silver %||Gold g/t||Silver g/t|
*Leach sequence included 84 days of leaching followed by 35 day rest, followed by 44 days of leaching, followed by a second rest period of 90 days, followed by a further 29 days of leaching.
The material was leached and sampled over a long-time frame to evaluate how much more gold and silver could be extracted over time and after rest periods during which the cyanide solution is not circulated. As can be seen in the table gold recoveries increased several percent after the rest period and silver recoveries increased significantly with increases in the double digit percentages. Approximately 90% of the gold recovery was achieved in the first 12 to 18 days.
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.
Derivation of Information and Assay Method
The information in this press release was summarized from an independent report prepared by the metallurgical laboratory Resource Development Inc. (RDi) of Denver, CO. Assay method used was fire assay with AA finish for gold and 4-acid digestion for silver. All assays were carried out by Florin Analytical Serivices of Reno, Nevada.
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 “suggest”, “target”, “may”, “expected”, “confirmatory”, “could” 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 November 2, 2016.
TriMetals Mining Inc. Contact:
President & CEO
Chief Financial Officer