Troy Mineral’s Lake Owen Project Fully Permitted for Phase One 2024 Drilling
Troy Minerals has received final permits for the 2024 drilling campaign at the Lake Owen Project in Wyoming. The Lake Owen Complex, identified by the US government as a potential source of strategic metals like vanadium, titanium, PGE, and copper-nickel sulfides, underwent extensive geophysical surveys by USGS and Wyoming Geologic Survey at no cost to the company. Expected to begin drilling by the end of June or early July 2024, the program aims to test high-grade targets, including magnetite-rich gabbro with potential for significant mineralization. Results from the USGS survey will be announced soon.
- Final permits secured for Lake Owen Project's 2024 drilling campaign.
- Extensive geophysical survey by USGS and Wyoming Geologic Survey at no cost to Troy.
- Lake Owen identified as a potential source of strategic metals by the US government.
- Drilling to test high-grade targets such as magnetite-rich gabbro expected to start by June/July 2024.
- Potential for significant vanadium, titanium, PGE, and base metal mineralization.
- No specific revenue projections or financial impacts mentioned.
- Dependence on future drilling results and survey outcomes for potential gains.
- Uncertainty around the actual mineral yields and economic viability.
VANCOUVER, BC / ACCESSWIRE / June 6, 2024 / Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce that the final permits have been obtained for the Company's Lake Owen project's 2024 drilling campaign. The Lake Owen Project is in Wyoming, USA, located approximately 50 km southwest of Laramie, Wyoming (Figure 1).
Last year the US government identified the Lake Owen Complex as a potential source of strategic metals including vanadium, titanium, PGE and copper and nickel sulfides and budgeted an airborne program (Earth MRI:) to better understand its geologic setting and mineralized potential. In a joint effort with the Wyoming Geologic survey, the USGS flew the entire area of the Lake Owen Complex, which included 100-meter line spacing over the company's Lake Owen Project. In conjunction with the Wyoming Geologic Survey, the USGS field crews worked on the property with a mandate that included mapping, local gravity measurements, bedrock sampling and petrographic analysis, all at no cost to the Company.
With the USGS airborne geophysical survey now completed, the Company awaits final deliverables and expects to news release the results in the coming days.
The maiden drill program planned by the Company at Lake Owen is designed to test several magnetite rich gabbro targets from which high-grade intercepts of TiO2 and V2O5 are expected. Included in the targets are "Reef "style PGE type horizons as well as potential base metal mineralization to be tested at the base of the Lake Owen Proterozoic complex, at and above the Archean basement interface.
The Lake Owen Project is a Proterozoic layered mafic intrusion complex with a long history of exploration for platinum group elements. Similar in style to the Stillwater Complex and the Merensky Reef of South Africa, the Lake Owen Complex is a highly perspective North American-based target with a billion metric tonne plus potential for significant vanadium, titanium mineralization, including strong potential for PGE enrichment and basal base metal mineralization.
Drilling at Lake Owen is expected to begin by the end of June / beginning of July 2024.
QUALIFIED PERSONS
The technical information contained in this news release has been reviewed and approved by William Cronk, B.Sc., P.Geo., a consultant to the Company, who is a qualified person as defined under National Instrument 43-101.
ON BEHALF OF THE BOARD,
Rana Vig | President and Director
Telephone: 604-218-4766
Email: rana@ranavig.com
Figure 1: Project location map.
About Troy Minerals Inc.
Troy Minerals is a mineral exploration company focused on the acquisition, exploration, and development of mineral properties. The Company currently holds interest in four assets;
The Lake Owen project (formerly SW2) is a highly perspective Vanadium, Titanium and Iron ore rich project that consists of 91 mineral claims located approximately 50km southwest of Laramie, Wyoming USA. The property is a one billion tonne plus target in a Proterozoic Layered Mafic Intrusive host with strong magnetite-rich cumulates and accompanying V/Ti and Pt/Pd/Au/Rh-bearing sulfide horizons.
The Lac Jacques project is a drive to project with close infrastructure located approximately 250km north of Montreal Quebec, Canada and is comprised of 17 claims totaling 994 ha. The Property hosts high grade REE mineralization at the surface in a structurally controlled and steeply dipping carbonatite dike up to 25 meters thick with multi-kilometer potential.
The Green Gold project, in which the Company has the right to acquire
The Ticktock project, a 1,065-hectare property located within the prolific Golden Triangle region of British Columbia, Canada, lies 23km northwest of the historic Eskay Creek Mine and sits between the Enduro Metals Newmont Lake property and the Aben Resources Forrest-Kerr property.
Forward-Looking Statements
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE: Troy Minerals Inc.
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