VANCOUVER, British Columbia, June 13, 2024 (GLOBE NEWSWIRE) — via IBN – Torr Metals Inc. (“Torr” or the “Company“) (TSX-V: TMET.V) is pleased to announce the final assay results from the 2023 rock sampling program and delineation of a robust ZTEM geophysical anomaly at the newly-defined Vik Zone, within the eastern portion of the 100% owned 240 km2 Kolos Copper-Gold Project (the “Project”) (Figure 1, Figure 2). Additionally, the Company has completed its early reconnaissance field sampling program that includes coverage over newly acquired ground to the north and east (see May 29, 2024 news release) with assays pending for 27 outcrop and float rock grab samples.
The Vik Zone is a new discovery of copper (Cu) and molybdenum (Mo) mineralization in outcrop, on the margins of one of three highly prospective and untested moderate to high resistivity anomalies identified across a >2.5 kilometer (km) trend (Figure 1). No historical records exist of prior surface mapping or sampling in this area, suggesting significant potential for future grassroots discoveries within similarly unexplored areas of the recently expanded Kolos Project. The Project is located on Highway 5 just 23 kilometers (km) north-northeast of the city of Merritt, British Columbia (Figure 3).
Highlights:
- Outcrop Mineralization Coincident with 2023 Soil Anomalies: Recent rock grab samples have confirmed anomalous Cu ± gold (Au) ± Mo in outcrop coincident with 2023 soil sampling (see March 25, 2024 news release) and ZTEM geophysical anomalies. Of a total 47 rock grab samples assayed 22 yielded >100 ppm Cu with 9 samples >500 ppm Cu; the highest value returned 4240 ppm Cu within the Clapperton Zone. A total of 8 rock grab samples returned >0.1 g/t Au with 2 samples >0.2 g/t Au; the highest value of 1.07 g/t Au occurred within the Kirby Zone (Figure 1). Untested outcrop mineralization offers prime starting points, greatly mitigating risk in future drill targeting efforts.
- New Robust ZTEM Geophysical Anomalies in the East: Within the Vik Zone anomalous Cu-Mo mineralization occurs in outcrop coincident with the trend of a highly prospective west-dipping moderate to high resistivity anomaly that measures greater than (>) 500 m in width and 800 metres in-depth.
- A large high resistivity signature at-depth, interpreted as a potential underlying source intrusion, appears to link the Vik mineral occurrence with a larger (>1.5 km) moderate to high resistivity anomaly coming to the surface to the northeast (Figure 2); planning is in progress for this area to be covered by soil sampling in 2024.
- Bolstering Major Copper Discovery Potential: The addition of the Vik Zone brings the total significant zones for copper ± gold mineralization on the Kolos Project to six (including Lodi, Kirby, Ace, Rea, Clapperton). Each zone shows promising coincident surface geochemistry and robust ZTEM geophysical anomalies, the latter reaching kilometer-scale dimensions laterally and vertically.
- Immense Untapped Potential: A total of 10 newly defined grassroots targets have been identified in the southern and central portions of the Project area with comparable prospective geology and ZTEM geophysical signatures to the six significant mineralized zones (Figure 1). None of these targets have previously been investigated through exploration or drilling, providing a steady stream of additional road-accessible exploration targets with significant new discovery potential.
“We are strongly encouraged by these promising results, which validate our meticulous exploration strategy at the Kolos Project,” commented Malcolm Dorsey, President and CEO. “The rock grab sample grades are in-line with comparisons we have made in the region and we have confirmed surface mineralization in outcrop within all of our high-priority target zones, positioning us with prime starting locations for future drilling. With the recent expansion we have identified and sampled new exploration targets, strengthening our position for the upcoming 2024 field season with potential for multiple new grassroots discoveries in addition to our established drill-ready targets; significantly enhancing the long-term growth potential of our project and driving further value for our shareholders.”
1Highland Valley: 338,300,000 tonnes @ 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 tonnes @ 0.67 g/t Au, 1.69 g/t Ag, 0.73% Cu (P & P), 73,976,000 tonnes @ 0.57 g/t Au, 2.14 g/t Ag, 0.70% Cu (M & I), 10,219,000 tonnes @ 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, based in Vancouver, British Columbia, is dedicated to advancing its 100% owned, district-scale copper-gold porphyry and orogenic gold projects in highly accessible mining regions of Canada. Each project benefits from excellent existing infrastructure, year-round drilling potential, and low-cost development opportunities. The approximately 240 km² Kolos Copper-Gold Project is located in the prolific copper-producing Quesnel Terrane of south-central British Columbia, with direct access to Highway 5, and is situated 286 km northeast of Vancouver. The approximately 261 km² Filion Gold Project lies within an unexplored gold-bearing greenstone belt, adjacent to the Trans-Canada Highway 11, just 202 km from Timmins, northern Ontario. For more details, please visit the Company’s website or view documents filed 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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