VANCOUVER, British Columbia, May 29, 2024 (GLOBE NEWSWIRE) — via IBN – Torr Metals Inc. (“Torr” or the “Company“) (TSX-V: TMET.V) is pleased to announce that through staking it has significantly increased the size of the Kolos Copper-Gold Project (the “Project”) by 75% from an approximate 140 km2 to 240 km2 (Figure 1, Figure 2). The new mineral claims (“the Claims”) focus on northern expansion, following an extension of the north-trending Fanta Fault, an orientation identified by the Company as a major structural control on copper (Cu) and gold (Au) mineralization in the area. Along with the project expansion, the Company has mobilized a field team in preparation for an upcoming 2024 field season to conduct early reconnaissance at multiple newly identified exploration targets, as well as a new mineralized outcrop discovery at the Vik Zone (Figure 2, Figure 3).
Located approximately 30 kilometers (km) southeast of Canada’s largest open-pit copper mine at Highland Valley, the 100% owned ~240 km2 Kolos Copper-Gold Project is located on Highway 5 just 23 kilometers (km) north-northeast of the city of Merritt, British Columbia.
Highlights:
- Newly Discovered Vik Zone (Figure 2, Figure 3): Torr is the first to identify and sample a new mineralized rock outcrop exposure located within an area identified as a potential source to anomalous historical silt samples within the eastern portion of the Project area. A 2023 rock grab sample yielded 379 parts per million (ppm) Cu and 238 ppm molybdenum (Mo) and is identified as being peripheral to a nearby high resistivity ZTEM anomaly. This anomaly is interpreted as a potential source intrusion for the mineralization and will be one of the exploration targets for early reconnaissance in 2024.
- New Highly Prospective Exploration Targets: The Claims cover multiple new exploration areas in the northern and eastern portions of the expanded Project, where historical exploration has been minimal to non-existent:
- Within the new northern extension Torr has identified two large-scale low magnetic geophysical anomalies that exhibit the same signature coincident with the nearby historical Ram soil anomaly, which is defined by a footprint of >200 ppm Cu measuring 900 meters (m) by 500 m (Figure 2).
- Multiple untested high resistivity ZTEM anomalies (see April 24, 2024 news release) have been identified within a low magnetic geophysical signature at the newly discovered Vik Zone, suggesting a high degree of prospectivity. This is comparable to a large, unexplored circular magnetic low surrounded by magnetic highs to the north, mapped as a Late Triassic to Early Jurassic diorite to granodiorite intrusion; interpreted as a potential source of anomalous historical silt samples that yielded up to 219 g/t silver (Ag) (Figure 2).
- Accessibility and Exploration Upside: All new target areas are untested by drilling and road-accessible via Highway 5. Reconnaissance 2024 field sampling will provide further insights into the immense exploration potential of the largely underexplored Kolos Project.
Malcolm Dorsey, President and CEO, commented, “By securing these new claims at low cost, we’ve strategically expanded our footprint to include highly prospective ground to the east and north, incorporating the historical Ram soil anomaly as well as multiple new exploration targets. While our main focus remains on the more advanced drill-ready Lodi, Kirby, Ace, Rea, and Clapperton Zones, the new discovery of the Vik Zone demonstrates the effectiveness of our exploration model in finding highly anomalous mineralization in unexplored areas. As such this expansion further enhances our long-term growth potential and places us in a favourable position for potential new grassroots discoveries in the upcoming 2024 field season.”
1Highland Valley: 338,300,000 @0.31% Cu (P&P), 582,800,000 tonnes @ 0.30% Cu (Measured), 626,700,000 tonnes @ 0.26% Cu (Indicated) and 232,300,000 tonnes @ 0.22% Cu (Inferred). Teck Mineral Resources Annual Information For February 23, 2022 (Teck.com).
2New Afton: 34,087,000 @ 0.67 g/t Au, 1.69 g/t Ag, 0.73% Cu (P & P), 73,976,000 @0.57 g/t Au, 2.14 g/t Ag, 0.70% Cu (M & I), 10,219,000 @0.33 g/t Au, 1.36 g/t Ag, 0.45% Cu (inferred). New Afton Reserves and Resources Summary December 31, 2023 (Newgold.com).
3Copper Mountain: 367,000,000 tonnes of 0.12 g/t Au, 0.7 g/t Ag, 0.25% Cu (Proven and Probable), 138,000,000 tonnes @ 0.10 g/t Au, 0.7 g/t Ag, 0.21% Cu (M &I), 371,000,000 tonnes @0.13 g/t Au, 0.6 g/t Ag, 0.25% Cu. Copper Mountain January 1, 2024 Mineral Resources (hudbayminerals.com).
4Mitchinson, D.E., Fournier, D., Hart, C.J.R., Astic, T., Cowan, D.C., and Lee, R.G. (2022). Identification of New Porphyry Potential Under Cover in British Columbia. Geoscience BC Report 2022-07, MDRU Publication 457, 97 p.
Quality Assurance and Control
Results from samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 and ISO 9001:2015 accredited facility). A secure chain of custody is maintained in transporting and storing of all samples. At ALS the “B” horizon soil samples underwent screening to 180 microns under the ALS code PREP-41. The samples were digested using Aqua Regia and analyzed via ICP-MS and ICP-AES using a 25g sample aliquot under the ALS code AuME-TL43. The Company follows industry standard procedures for the work carried out on the Kolos Project. Due to the reconnaissance nature of the soil sampling the Company relied on the internal quality assurance quality control (“QA/QC”) measures of ALS. Torr Metals detected no significant QA/QC issues during review of the data.
Qualified Person
The technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc., P.Geol., P.Geo., a consultant to the Company who is a qualified person defined under National Instrument 43-101.
About Torr Metals
Torr Metals is a Vancouver-based mineral exploration company focused on defining and developing the substantial exploration potential of the ~240 km2 Kolos Copper-Gold Project, located within the prolific Quesnel Terrane in Central British Columbia. Year-round access is provided by Highway 5, with the project being favourably located 23 km north of the city of Merritt and 286 km by highway from Vancouver, British Columbia. For further details about the Latham Copper-Gold Project, please refer to the Company’s website or current geological Technical Report (August 24, 2021) filed on November 25, 2021, under the Company’s profile on SEDAR at www.sedar.com.
On behalf of the Board of Directors
Torr Metals Inc.
“Malcolm Dorsey”
Malcolm Dorsey
President, CEO and Director
For further information:
Malcolm Dorsey
Telephone: 236-982-4300
Email: [email protected]
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 press release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company’s recently completed financings, and the future plans or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company’s most recent annual management’s discussion and analysis which is available on the Company’s profile on SEDAR at www.sedar.com. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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