Troy Minerals Completes Additional Soil Program on Its High Grade Ree Lac Jacques Project in Quebec

Rhea-AI Summary

Troy Minerals has completed a soil sampling program on its REE Lac Jacques project in Quebec. The sampling extended the surveyed area from the Western Grid toward the Eastern Grid. A total of 312 B-soil samples were collected and are now submitted for analysis at ACT Labs. The results are expected to help define drill targets for the upcoming summer drill program in 2024, which plans to include eight holes totaling 3200 meters. Chief Geologist William Cronk emphasized the importance of these results in verifying the REE system's potential. CEO Rana Vig highlighted the increasing global demand for rare earth elements and the strategic importance of stable supply chains, noting recent actions by the Canadian government. The project is located 250 km north of Montreal and has undergone initial surveys and a 4-hole drill program in 2023.

Positive

• Completion of a soil sampling program in the REE Lac Jacques project, aiding in the identification of new drill targets.
• Submission of 312 B-soil samples for analysis, with results expected to guide the 2024 drill program.
• Planned 2024 summer drill program includes eight holes totaling 3200 meters, indicating continued investment and exploration.
• Strategic importance highlighted by CEO due to increasing global demand for rare earth elements.

Negative

• Pending approval for the drilling permit could delay the 2024 drill program.

READY FOR 2024 SUMMER DRILL PROGRAM

VANCOUVER, BC / ACCESSWIRE / June 25, 2024 / Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce that a program of soil sampling on its 100% owned REE Lac Jacques project in Quebec has been completed. The soil program expanded upon the 2023 soil geochemistry survey by extending the sampled area eastward from the Western Grid (and site of the 2023 drilling program), eastward toward the Eastern Grid, following the assumed strike of the dyke toward the eastern anomaly (figure 2).

312 B-Soil samples were collected and are being submitted to ACT Labs for analysis.

"We are anxious to receive the analytical results for these newly collected soils at Lac Jacques" said William Cronk, Chief Geologist for Troy Minerals. "Last year's soils results were outstanding and clearly defined drill targets that we are ready to drill as soon as our drill permit is in hand in the coming weeks. This infill program between the West and East Grids will further show the potential veracity of the REE system here and allow us to focus drilling on key targets for a follow-up program at Lac Jacques," he added.

According to the International Energy Agency, demand for rare earth elements is expected to reach three to seven times current levels by 2040.

"Without access to rare earth elements we wouldn't have today's consumer technology ranging from cell phones, computer hard drives, flat screen TVs and electric cars to defense applications such as lasers, radars, sonar and guidance systems for missiles," said Rana Vig, President and CEO of Troy Minerals.

"And with China being the dominant producer of rare earths, some nations, including Canada and the United States, are increasingly worried about whether the supply of these elements will remain stable. So much so that last week the Canadian government diverted a $3 million rare earths sale being made to a Chinese firm to the Saskatchewan Research Council, a Treasury Board Crown corporation overseen by the provincial government of Saskatchewan," he added.

LAC JACQUES PROJECT - QUEBEC, CANADA

The 100% owned Lac Jacques property is located approximately 250 km north of Montreal Quebec, Canada and approximately 40 km northeast of the town of St. Anne du Lac.

Figure 1: Location Map

PREVIOUS WORK

Work through 2023 consisted of an initial soil geochemical survey, a drone-supported airborne magnetics survey and 4-hole diamond drill program.

2024 EXPLORATION

The Company submitted an application for a drilling permit earlier this year. Final approval is pending and is expected in the next few weeks. The proposed drill plan for 2024 is eight holes totaling 3200 meters.

Figure 2: Total REE+Y soils on regional geology

QUALIFIED PERSON

The technical information contained in this news release has been reviewed and approved by William Cronk, B.Sc., P.Geo., 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

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.

View the original press release on accesswire.com

FAQ

What recent developments have been made in Troy Minerals' Lac Jacques project?

Troy Minerals has completed a soil sampling program in its REE Lac Jacques project in Quebec and submitted 312 B-soil samples for analysis.

What is the focus of Troy Minerals' 2024 summer drill program?

The 2024 summer drill program at the REE Lac Jacques project plans to include eight holes totaling 3200 meters.

Why is the REE Lac Jacques project important?

The REE Lac Jacques project is important due to the growing global demand for rare earth elements, which are critical for various consumer and defense technologies.

What is the location of the REE Lac Jacques project?

The REE Lac Jacques project is located approximately 250 km north of Montreal, Quebec, and 40 km northeast of St. Anne du Lac.

What are the next steps for Troy Minerals' Lac Jacques project?

The next steps include receiving soil analysis results and obtaining final approval for the drilling permit to commence the 2024 summer drill program.