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VANCOUVER, BC --(Marketwired - January 27, 2016) - TriMetals Mining Inc. (TSX: TMI) (TSX: TMI.B) (OTCQX: TMIAF) (OTCQX: TMIBF) (the "Company"), is pleased to announce that it has been awarded a 64.75 hectare (160 acres) Utah State mineral lease which covers the historic Etna Mine in the competitive lease offerings just completed by the State of Utah, School and Institutional Trust Lands Administration (SITLA). With this acquisition TMI now controls the entire 8-kilometre Jumbo Trend. This final piece of the Jumbo Trend encompasses the historic workings of the Etna mine which was a significant underground producer in the district. Historic records (1) indicate that the Etna workings extended to a depth of 53 metres (175 feet) with production occurring along the north-south trending vein for some 80 metres.
Ralph Fitch President and CEO, stated, "The importance of this acquisition is that it provides the Company with yet another high-priority target for developing additional resources on our Gold Springs project. The Etna Mine was the last piece of property we needed to completely control the full 8 kilometres of the Jumbo trend. Etna is part of the same strong ZTEM geophysical anomaly that extends south from the Jumbo Target where it was used successfully to guide resource drilling. With this acquisition the Etna target immediately adds 800 metres of strike of the potential gold zone and becomes a high priority target for future resource drilling."
The Company has conducted a limited amount of drilling to the immediate south of these acquired lands. Hole E-12-001 is located immediately adjacent to these SITLA lands and contains the best drill intercept in the Etna area (High Desert Gold Corp. Press Release 12-13, August 2, 2012).
|Drill Hole||From (m)||To (m)||Thickness (m)||Au g/t||Ag g/t||AuEq*|
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 75 to 85% of Thickness.
Drill results from holes located adjacent to the SITLA lands and drilled by previous companies show similar gold intercepts.
|Drill Hole||From (m)||To (m)||Thickness (m)||Au g/t||Ag g/t||AuEq*|
* Gold Equivalent (AuEq) calculated using a 61.9 gold to silver ratio and assumes 100% metallurgical recoveries. True width is approximately 75-85% of Thickness.
In addition to the drilling, TMI has assay results from surface rock chip and channel sampling in and around the SITLA lands which include numerous samples of +1 g/t gold. These results include a 0.91 metre Etna vein sample averaging 0.73 oz/t gold reported by Lee Perry in Utah Geology, Vol 3, No. 1 Spring 1976. TMI also has results from past surface channel sampling programs including 1.5 metres of 13.07 g/t Au, which is within a 35.1 metre channel sample averaging 1.25 g/t Au. Other channel samples from the Etna ridge area include 44.2 metres @ 0.85 g/t Au and 13.7 metres @ 0.67 g/t Au.
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.
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.
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 "target", "future", "potential" 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, including the reliability of exploration results of previous companies; 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 January 27, 2016.
1 Lee Perry in Utah Geology, Vol 3, No. 1 Spring 1976