Vancouver, British Columbia–(Newsfile Corp. – July 29, 2022) – Torr Metals Inc. (TSXV: TMET) (“Torr” or the “Company“) is pleased to announce the completion of Phase 1 geochemical surveys on its 100% owned highway-accessible 689 km2 Latham Copper-Gold Project, located within the prolific Golden Triangle region of northern British Columbia. Torr has also completed ~60% of a 4.3 km2 induced polarization (“IP”) survey (see July 7th, 2022 news release) that will complement soil sampling and de-risk planned drilling within the Dalvenie Zone in 2022. The purpose of the geochemical program was to test potential along-strike extensions to copper-gold-silver mineralization through extensive soil sampling within and peripheral to the Dalvenie occurrence (the “Dalvenie Zone”), as well as conducting reconnaissance rock grab sampling throughout the Latham Project.
The rock grab sampling program was designed to confirm and test multiple known historical mineral occurrences as well as newly identified exploration targets that exhibited highly-prospective mineralization, alteration, or geophysical characteristics (Figure 1). The results will aid in confirming values reported by historical sampling as well as test district-scale corridors of mineralization. To-date evidence suggests two major mineralized corridors with a strike-length defined by multiple mineral occurrences; with the 37 kilometre (km) northeast-southwest Hu Trend located within the northwest portion of the property and 20 km north-south Dalvenie Trend within the eastern portion along Highway 37 (Figure 1).
Malcolm Dorsey, President and CEO, commented, “I am very pleased with the rapid progress we have made within 3 weeks of initiating our field exploration program. Our initial geochemical surveys have also been very effective in giving us the opportunity to identify the many different styles of mineralization, alteration, and host rock that exist throughout the Latham Project; in addition to de-risking and refining our 2022 drill targets. We anticipate that this data will prove essential in continuing to showcase the significant scale of exploration potential that exists on the Latham Project.”
2022 Field Program Highlights (Figure 2)
- Collection of 275 rock grab samples throughout the property (assays pending).
- Collection of 1214 soils samples covering 16.5 km2 at the Dalvenie Zone as well as 104 soil samples covering 2.4 km2 of a prospective high-magnetic anomaly at Dalvenie East (assays pending).
- Completion of ~60% of the IP survey over the Dalvenie occurrence as of July 29, 2022.
Change of Auditor
Torr is pleased to announce that it has changed its auditors from Dale Matheson Carr-Hilton Labonte (the “Former Auditor”) to MS Partners LLP (the “Successor Auditor”) effective July 25, 2022 (the “Effective Date”).
At the request of the Company, the Former Auditor resigned as auditor of the Company and the Board of Directors of the Company appointed the Successor Auditor as the Company’s auditor to hold office until the next annual meeting of the shareholders of the Company.
There were no modified opinions in the Former Auditor’s reports in connection with the two most recently completed fiscal years of the Company. There are no “reportable events” (as that term is defined in National Instrument 51-102 Continuous Disclosure Obligations) between the Company and the Former Auditor.
In accordance with National Instrument 51-102, the resignation of the Former Auditor, the Appointment of the Successor Auditor, the notice of change of auditor, together with the required letters from the former auditor and the successor auditor, have been reviewed and approved by the Audit Committee and the Board of Directors and has been filed on www.SEDAR.com under the Company’s profile.
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 is a Vancouver-based mineral exploration company focused on defining and developing the substantial exploration and resource potential of the ~689 km2 Latham Copper-Gold Project, located within the prolific Golden Triangle of northern British Columbia. Year-round access is provided by Highway 37 with the project being favourably located 16 km south of the regional airport in Dease Lake. For further details about the Latham Copper-Gold Project, please refer to the Company’s website or current geological Technical Report (August 24, 2021) filed on November 25, 2021 under the Company’s profile on SEDAR at www.sedar.com.
On behalf of the Board of Directors
Torr Metals Inc.
President, CEO and Director
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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.