Vancouver, British Columbia--(Newsfile Corp. - May 13, 2022) - Torr Metals Inc. (TSXV: TMET) ("Torr" or the "Company") is pleased to announce the completion of an assignment agreement for a 100% undivided interest (the "Acquisition") of 13 undersurface crown grants covering ~2.3 km2 beneath the Company's Dalvenie mineral occurrence (the "Dalvenie Zone") located on Torr's 100% owned Latham Copper-Gold Project (Figure 1). The Dalvenie Zone is ideally situated 30 kilometres (km) south of the town of Dease Lake in northwest BC and is road-accessible through ~2.0 km of gravel road leading west from Highway 37. The Dalvenie Zone is highly prospective for epithermal and porphyry-style mineralization as it parallels a regional copper-gold porphyry trend that includes the Company's Gnat Pass copper porphyry deposit ~8 km to the north (Figure 1). Torr's highway-accessible 689 km2 Latham Copper-Gold Project is located within the prolific Golden Triangle region of northern BC.
Malcolm Dorsey, President and CEO, commented, "The acquisition of the Dalvenie Zone crown grants provides a potential km-scale copper-gold-silver exploration target within the Latham Project that Torr plans to better define with the near-term completion of our historical data compilation. As at our Gnat Pass copper-porphyry deposit the Dalvenie Zone is ideally situated adjacent to Highway 37, providing unparalleled accessibility and substantial exploration upside to our upcoming 2022 field program."
Figure 1. Dalvenie Zone exploration target with undersurface Crown Grant locations.
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Acquisition of Undersurface Crown Grants
The Acquisition by the Company of certain crown granted undersurface rights (the "Crown Grants") overlain by the Latham Project in northern British Columbia was completed through an assignment agreement (the "Assignment Agreement") dated March 25, 2022 with Dr. Joyce Clearihue, an arm's length third party. The 13 mineral claims are all British Columbia undersurface Crown Grants owned by Dr. Joyce Clearihue (the "Assignor") registered as district lots (DL) 3537, 3538, 3539, 3540, 3541, 3542, 3543, 3544, 3545, 3446, 3547, 3548, 3549. The coincident overlying MTO surface mineral claims and mineral rights are 100% owned by Torr Metals Inc. Under the terms of the Assignment Agreement, the Company paid cash consideration in the amount of $25,000 plus the cost of transferring the title of the undersurface Crown Grants to the Company. No finder's fees were paid in connection with the Acquisition.
Qualified Person
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.
"Malcolm Dorsey"
Malcolm Dorsey
President, CEO and Director
For further information:
Malcolm Dorsey
Telephone: 236-982-4300
Email: malcolmd@torrmetals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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.
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