VANCOUVER, BC–(Marketwired – October 26, 2016) – TriMetals Mining Inc. (TSX: TMI) (TSX: TMI.B) (OTCQX: TMIAF) (OTCQX: TMIBF), (the “Company”), is pleased to announce the results of the first seven holes from the 2016 drill program at Jumbo. The results clearly demonstrate an extension of the mineralized zone to the east and south, with grades higher than the resource average grade reported in the Preliminary Economic Assessment (“PEA”) (PR 15-10 of August 12, 2015).
This new series of intercepts show a consistent set of results above 1 g/t gold equivalent*.
The best intercepts are shown below.
| Drill Hole | Thickness (m) | Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | Gold Equivalent* (oz/t) | |||||
| J-16-006 | 48.8 | 0.686 | 23.71 | 1.07 | 0.034 | |||||
| J-16-004 | 30.5 | 0.497 | 32.64 | 1.02 | 0.033 | |||||
| J-16-003 | 22.9 | 0.789 | 14.21 | 1.02 | 0.033 | |||||
| J-16-005 | 12.2 | 0.565 | 34.90 | 1.13 | 0.036 |
| * Gold Equivalent (“AuEq”) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 80-90% of Thickness. These holes are the down-dip extension of the similar grade mineralization drilled in 2014 and 2015 on this part of the property. |
Ralph Fitch, President and CEO of the Company, stated, “This extension to the mineralization in south Jumbo starts the process of filling in the eight-kilometre long Jumbo Trend. By the end of the year we also plan to complete resource expansion drilling in the northern portion of the Jumbo Trend approximately 1.3 km to the north of the holes reported here, and in the southern portion of the Jumbo Trend at the historic Etna mine target, some two km further south, where surface outcrop samples have assayed greater than 1 g/t gold (see PR 16-01 of January 27, 2016). The importance of the Jumbo Trend is that 75% of our present resource has been drilled in a 1.3 km segment of the Trend and we are now starting to expand beyond this segment into other parts of the eight-kilometre Trend where we are also finding mineralization. Our presently reported resource includes 597,000 oz AuEq** in the Measured and Indicated category and 306,000 oz of AuEq** in the Inferred category.”
**Based on an updated mineral resource estimate for the Jumbo Zone and the Grey Eagle Zone at the Gold Springs gold-silver project with an effective date of June 3, 2015 (See News Release dated June 3, 2015). Gold Equivalent (“AuEq”) in the updated mineral resource estimate was calculated using a 57.14 gold to silver ratio and assumed 100% metallurgical recoveries.
The table below shows the details of the drill results obtained.
| Drill Hole | From (m) | To (m) |
Thickness (m) |
Gold (g/t) | Silver (g/t) | Gold Equivalent* (g/t) | ||||||
| J-16-003 | 54.9 | 77.7 | 22.9 | 0.789 | 14.21 | 1.02 | ||||||
| Within a mineralized zone assaying: | ||||||||||||
| J-16-003 | 53.3 | 93.0 | 39.6 | 0.542 | 9.24 | 0.69 | ||||||
| J-16-004 | 50.3 | 80.8 | 30.5 | 0.497 | 32.64 | 1.02 | ||||||
| Within a mineralized zone assaying: | ||||||||||||
| J-16-004 | 50.3 | 111.3 | 61.0 | 0.399 | 24.54 | 0.80 | ||||||
| J-16-005 | 153.9 | 166.1 | 12.2 | 0.565 | 34.90 | 1.13 | ||||||
| Within a mineralized zone assaying: | ||||||||||||
| J-16-005 | 150.9 | 181.4 | 30.5 | 0.323 | 20.09 | 0.65 | ||||||
| J-16-006 | 131.1 | 179.8 | 48.8 | 0.686 | 23.71 | 1.07 | ||||||
| Within a mineralized zone assaying: | ||||||||||||
| J-16-006 | 103.6 | 192.0 | 88.4 | 0.496 | 17.40 | 0.78 | ||||||
| * Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 80-90% of Thickness. |
J-16-001 and J-16-002 were drilled into the footwall of the mineralization, west of hole J-16-003, and both holes intersected weak mineralization. Hole J-16-007 was drilled vertically down a structure and also intersected weak mineralization.
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.
Qualified Person
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.
Quality Assurance and Quality Control
Approximately 10 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.
Assay Method
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.
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 “plan”, “target”, 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 26, 2016.
TriMetals Mining Inc. Contact:
Ralph Fitch
President & CEO
303.584.0606
ralphfitch@trimetalsmining.com
Matias Herrero
Chief Financial Officer
303.584.0606
mherrero@trimetalsmining.com