Shares of thinly-traded Troymet Exploration Corp. (TSX-V:TYE) have galloped ahead Thursday on huge volume after the company reported exploration progress at its Redhill project in southern British Columbia.
Redhill is an untested gold-copper-zinc project southwest of the city of Ashcroft in a volcanogenic massive sulphide, or VMS, setting. VMS deposits are well known for ores rich in base metals, which can also contain precious metals.
Troymet said this morning that a test gravity survey was recently completed over the VMS mineralization in the Alpha prospect part of the project. Gravity surveys measure changes in rock density by evaluating changes in gravity.
The data showed strong anomalies associated with the Upper and Lower Zones, as expected, and Horizon 1, which the company didn't foresee. The results support management's contention of substantial VMS mineralization at depth in the Upper and Lower Zones and sparked possibilities that there may be a mineralized mass at depth in another area.
The Nanaimo, B.C.-based company interprets the geology at Redhill to be similar chemically and in age to geology in northern British Columbia that hosts the prolific Kutcho Creek copper-lead-zinc-silver VMS deposit. Troymet holds an option to earn 100%-ownership of Redhill, which is comprised of 18 mineral claims totaling 3,689 hectares.
As the company continues to define drill targets at Redhill, management says the positive results of the test survey now have the company considering conducting an extended gravity survey.
Shares of TYE gapped ahead at the opening bell from Wednesday's close at one cent to 1.5 cents and surged as high as 2.5 cents in early trading, but have since cooled back to 1.5 cents for a 50% gain on the day. More than six million shares have changed hands, the best volume day since May 2016 when shares were making a run towards a multi-year high at 4.5 cents.
