VANCOUVER, BC / ACCESSWIRE / September 19, 2019 / TriMetals Mining Inc. (TSX:TMI)(OTCQB:TMIAF), (the "Company" or "TMI"), is pleased to announce that in early October it will be initiating a new drilling program at its Gold Springs project located in Nevada and Utah.
The initial focus of the drill program will be the Homestake patented claims (the "Homestake target") located on the Nevada side of the Gold Springs project, 700 metres east of the Grey Eagle resource, and adjoining to the north to Newmont Goldcorp Corporation's mining claims. In operation during the late 1800s and early 1900s, the Homestake Mine was one of few in the area with mill facilities. TMI is the first group to have been granted a lease on the Homestake patented claims and it will be conducting the first modern exploration program since the Homestake mine finally became idle in the early 1940's.
Matias Herrero, President & CEO of TMI stated, "Now that the arbitration with Bolivia is concluded, and the sale of the Escalones copper project is nearing completion, we are well on our way to becoming a leaner, more competitive, gold-focused company. We are enthusiastic to return to exploring the Gold Springs project and drill-test the Homestake historic mine area. Since its acquisition last year, we have looked forward to being the first company in modern times to have the opportunity to explore this gold system. Our goal for this initial drill program is to restart the process of adding to our existing resources at Gold Springs, and to continue to demonstrate the multi-million ounce potential of the Gold Springs project, in southern Utah and Nevada, both, top-ten mining jurisdictions in the world."1
For a map of the location of Homestake and for a conceptual cross-section, please click here:
Technical Information About Our New Drilling Program
The drill program at the Homestake target will consist of approximately 3,000 metres of reverse circulation ("RC") drilling and the length of the program may extend to the spring of 2020 as winter delays can be expected. Results are expected in December 2019 and early 2020.
The Homestake target is highlighted by two main parallel 3-4-metre-thick gold-bearing veins which have returned high-grade results from surface samples collected by the Company. These two veins are separated by 20-30 metres of brecciated and silicified rocks which have returned intermediate gold grades and represent a priority target along with the enclosing veins. This package of veins and breccia is surrounded by a wide stockwork zone containing low-grade gold values. Drilling will focus on the surface-exposed 650 metre strike length of the Homestake vein system along with the enclosed breccia and surrounding stockwork zones. This entire system has a surface-exposed width of approximately 400 metres and is offset by faulting along the eastern margin.
The drill program will additionally test the high-grade Iris vein located 200 metres to the west of, and dipping back toward, the Homestake veins and breccia zones. The Company believes the configuration of the Homestake-Iris vein intersection is consistent with classic models for epithermal vein systems and often represents where bonanza gold grades are found in these environments. TMI projects the Homestake-Iris vein intersection to be at a depth of approximately 150 metres and will be one of the targets in this drill program.
1Fraser Institute's most recent annual survey of mining companies published on February 28, 2019.
TriMetals Mining Inc. Contact:
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About TriMetals Mining Inc.
TriMetals Mining Inc. (TSX: TMI, OTCQB: TMIAF) is a growth-focused gold 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. 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 of TriMetals Mining Inc. and he has reviewed and approved the content of this press release.
Forward Looking Statements
Certain 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 "creating", "expects", "may", "continue", "will" and similar expressions. 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, the Company 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.
SOURCE: TriMetals Mining Inc.