TriMetals Mining Inc. (TSX:TMI), (“TMI” or “the
Company”), is pleased to announce that exploration and permitting
activities have commenced for the field season at its flagship Gold
Springs Project in the western U.S.A. and that several site visits
with prospective strategic partners have been completed at the
Escalones copper-gold project in Chile.
Highlights
- Positive rock chip sampling results from the South Jumbo and
new Homestake targets at TMI’s Gold Springs Project;
- Field exploration work and permitting activities have commenced
at the Gold Springs Project; and
- Site visits to Escalones Project completed with potential
strategic partners.
Eric Edwards, President and CEO of TMI, said, “At the Gold
Springs Project, we have commenced our field exploration activities
for 2018, including surface sampling, mapping, refining the
resource model and continuing the structural analysis to connect
the North Jumbo and South Jumbo targets. Our long-term
cultural assessment and permitting activities initiated last year
are continuing in order to satisfy requirements for future
district-wide permits”.
“In summer 2018, we will focus our program on the 5.5 kilometer
long Jumbo Trend, examining the structural offsets and lithological
complexities to determine potential continuity of the north and
south resources areas. We are working toward our goal to
identify 3.0 million oz of gold in Jumbo mineral resources.”
Turning to the Escalones Project, Mr. Edwards continued: “We are
pleased with the level of interest from prospective, high-quality
potential partners for our Escalones copper-gold project. The
current exciting copper market has provided a window of opportunity
to TMI to seek a value-accretive partnership from a cross section
of mid-tier producers and explorers with experience, teams and
skills in the South American copper belt. While the process
of evaluation is ongoing, the positive response has reinforced our
view of the potential at Escalones and that the project can be more
rapidly advanced and contribute value to TMI shareholders by
combining efforts in a potential partnership.”
In other matters, regarding the international arbitration case
on the Company’s former Bolivian asset, TMI anticipates that a
ruling of the International Court of Arbitration may be issued
within the next few months. Following the delivery of the
ruling, Bolivia will have two levels of appeal process available,
and those appeals could take up to two years after receiving the
ruling. Mr. Edwards commented, “We remain optimistic of a
favorable outcome.”
Gold Springs Project Exploration Update
Encouraging results were received from a surface sampling
program completed at the end of 2017 on the South Jumbo and the
Homestake Target, newly acquired in 2017. See Appendix 1, 2,
3 following. The Gold Springs Project straddles Nevada and Utah,
located approximately 120 air km northeast of Las Vegas and 75 air
km northwest of Cedar City, Utah.
The exploration staff is evaluating past drilling and the recent
surface sampling results to better understand the controls for the
higher-grade gold mineralization and to refine the geologic model
to optimize future drill programs. These programs would be designed
to locate additional + 1 g/t gold mineralization and to expand the
existing resources at the North and South Jumbo targets.
In addition to the Jumbo targets, sampling has confirmed
high-grade gold mineralization at the newly acquired Homestake
Target. These results are being incorporated into the geologic
mapping in order to develop priority drill targets at Homestake.
The scope of the exploration program and any drilling for 2018 will
be subject to availability of financing.
Gold Springs Project – South Jumbo Target
The South Jumbo Target lies along the 5.5 km long Jumbo Trend,
within the eastern portion of the Gold Springs Project in Utah.
TMI has identified at the South Jumbo Target measured resources
of 2.1 million tonnes at 0.64 g/t gold and 6.91 g/t silver;
indicated resources of 3.2 million tonnes at 0.58 g/t gold and 6.24
g/t silver; and inferred resources of 1.4 million tonnes at 0.50
g/t gold and 5.27 g/t silver. Please refer to the technical report
titled: “Amended Technical Report and 2017 Mineral Resource – Gold
Spring Project” dated July 27, 2017 and with an effective date of
March 29, 2017 which has been filed at www.SEDAR.com (the “Gold
Springs Technical Report”) for important Qualified Person,
technical and other disclosures.
South Jumbo resource is a shallow mineralized zone which has
been tested to a depth of 150 meters (“m”) and over a north-south
strike length of 600 m. The resource remains open at depth and
along strike in both directions.
The rock chip sampling demonstrates the mineralization can be
traced along strike for almost a kilometer beyond the current
defined resource before being obscured by post mineral cover.
The 178 surface samples were designed to test for surface
projections of the higher-grade material seen in the 2016 and 2017
drill results at South Jumbo, and to test for projections of this
material into areas outside of the defined resource. The sampling
was successful in achieving both these goals with the rock chip
sampling results highlighted by high-grade values as high as 53 g/t
gold with 106.9 g/t silver and 35.4 g/t gold with 316.0 g/t silver
as well as demonstrating evidence of mineralization across the
entire 1.5 km of exposed strike length at South Jumbo. Multiple
samples of greater than 10 g/t gold highlight the potential for
high-grade zones within a broad, lower-grade shell that was
identified from drilling in 2016 and 2017 (samples ranged from
<0.005g/t gold and <0.5 g/t silver to 53.0 g/t gold and 316.0
g/t silver).
It will require follow-up drilling to test that the high-grade
gold and silver mineralization is continuous from surface to depth
and to expand the current defined resource.
Gold Springs Project – Homestake Target
Surface sampling results from the Homestake Target confirm the
high-grade nature of the gold mineralization and its continuation
from the veins into the surrounding breccia and stockwork zones.
Gold mineralization has now been traced for 1.8 km along the
north-south strike with some portions projected under post- mineral
cover.
The surrounding breccia and stockwork zones are exposed over an
east-west width of 400 m before their projection under post-mineral
cover. A total of 75 samples were collected over the 1.8 km strike
of the Homestake system. This rock chip sampling produced
several positive gold and silver values which included 62 g/t gold
with 82 g/t silver and 8.0 g/t gold with 746.6 g/t silver in areas
of brecciation outside of the veins (samples ranged from
<0.005g/t gold and <0.5 g/t silver to 53.0 g/t gold and 316.0
g/t silver).
The surface sampling program was the first step in scoping an
exploration program and drill targets for the Homestake Target,
which is located 1 km northeast of the Grey Eagle Target where TMI
has defined measured resources of 2.8 million tonnes at 0.65 g/t
gold and 7.26 g/t silver; indicated resources of 4.3 million tonnes
at 0.59 g/t gold and 7.11 g/t silver; and inferred resources of 0.9
million tonnes at 0.43 g/t gold and 6.37 g/t silver. Please
refer to the Gold Springs Technical Report for important Qualified
Person, technical and other disclosures.
Escalones Copper Project, Chile
In February 2018, TMI initiated a program to seek a strategic
partner to advance the Escalones Project towards feasibility. The
Company’s strategy is to a structure a strategic partnership by
retaining a mineral royalty, a minority stake and/or an equity
position in the partnership to share in the future success of the
Escalones Project.
The Escalones Project is located 35 km east of Codelco’s El
Teniente Mine, the largest copper underground mine with one of the
largest copper reserves in the world. The Escalones Project was
internally discovered by TMI through greenfield exploration
work.
An Amended Technical Report prepared by Hard Rock Consulting,
LLC titled “Resource Estimate on the Escalones Porphyry Copper
Project” and dated July 11, 2014 with an effective date of June 28,
2013 (the “Escalones Technical Report”) stated that the project
has:
- Indicated Resources of 232.6 million tonnes at average grades
of 0.31% copper, 0.07 g/t gold, 0.66 g/t silver, and 0.006%
molybdenum, containing approximately 1.6 million pounds of copper,
0.5 million ounces of gold, 4.9 million ounces of silver, and 31.9
million pounds of molybdenum, and
- Inferred Resources of 527.7 million tonnes at average grades of
0.34% copper, 0.04 g/t gold, 0.85 g/t silver, and 0.007%
molybdenum, containing approximately 4.0 million pounds of copper,
0.6 million ounces of gold, 14.4 million ounces of silver and 79.5
million pounds of molybdenum.
Exploration work on Escalones was halted by the Company in 2014
due to low copper prices. Please refer to the Escalones Technical
Report available on the Company’s website and on www.SEDAR.com for
important Qualified Person, technical and other disclosures.
About TMI
TriMetals Mining Inc. (TSX:TMI) and (OTCQX:TMIAF) 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, U.S.A.
The Company’s Class B shares are listed on the Toronto Stock
Exchange under “TMI.B”. Note that the Class B shares have no
interest in the properties or assets of the Company other than a
collective entitlement to 85% of the net cash after expenses, if
any, received by TMI from award or settlement in relation to the
Company’s subsidiary’s arbitration proceeding against
Bolivia.
Website: Trimetalsmining.com
Assay Method for Surface Sampling Program
TMI Assays were performed by Bureau Veritas Mineral
Laboratories, an ISO 9001:2000 Certified laboratory in Sparks,
Nevada. Gold was analyzed by fire assay with an AAS finish, with
higher-grade samples being re-assayed by fire assay with a gravity
finish. All other elements were analyzed by a four-acid leach ICP
method.
Qualified Person
The Qualified Person on the Gold Springs Project is Randall
Moore, Executive Vice President of Exploration – North America for
TMI and he has reviewed and approved the content of this news
release. Mr. Moore has more than 40 years of mineral exploration
experience and is a Professional Geologist and Registered Member of
the Society of Mining, Metallurgy, and Exploration.
Forward-Looking StatementsCertain statements
contained herein constitute “forward-looking information” under
applicable Canadian securities laws (“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 “continue”, “target”, “indicates”, “strengthening”, “process”,
“will” 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 the date
hereof.
TMI Contact:
Eric Edwards President
& CEO 303.584.0606 eedwards@trimetalsmining.com |
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