Troy Minerals drills 4,819 ppm TREO over 1.5 metres at Lac Jacques, Quebec

Troy Minerals Inc. [CSE-TROY; OTCQB-TROYF; FSE-VJ3] reported results from the first two drill holes completed in the fall of 2023 at the Lac Jacques rare earth element (REE) property. The 100%-owned Lac Jacques property is located approximately 250km north of Montreal, Quebec, and approximately 40km northeast of the town of St. Anne du Lac.

“With the first positive drill results of Lac Jacques coming in, our 2024 exploration season is getting off to a great start,” said Rana Vig, President and CEO of Troy Minerals. “We are aware of the recent market volatility, however, we are very confident that with a healthy treasury of over $3 million; no debt; in the money warrants; allocation of $1 million dedicated to quickly advance our high grade rare earths project; and our planned work this summer on our highly prospective Vanadium/Titanium Lake Owen project, we expect many catalysts in the coming months to drive shareholder value,” he added.

Four drill holes were completed during the 2023 drill program. The program was intended to test below and along strike of the discovery trench. Drill holes LJ-23-01 and LJ-23-02 were drilled on section and below the surface mineralization and are the subject of this news release. Drill holes LJ-23-03 and LJ-23-04 were drilled approximately 100 metres along strike to the east.

Drill holes LJ-23-01 and -02 intersected multiple zones of anomalous REE mineralization associated with pegmatitic syenite to granite intrusives. In the upper 50 metres, mineralization appears as several narrow, steeply-dipping zones. At depth, similarly steeply-dipping, wider zone(s) of mineralization are noted in both drill holes. A major low angle fault is noted in both drill holes and suggests a possible lateral offset of some 50 metres of the upper and lower mineralization.

The upper mineralization of both drill holes includes 2,298 ppm TREO over 4.0 metres in LJ-23-01 with the probable downdip intersection of 4,819 ppm TREO over 1.5 metres in LJ-23-02. The lower mineralized intercepts in LJ-23-01 included 2,769 ppm TREO over 8.0 metres, including a higher-grade zone of 5,192 ppm TREO. A second zone returned 2,480 ppm TREO over 9.0 metres including 7,133 ppm over 1.0 metres. The probable downdip mineralization in LJ-23-02 consists of a series of narrower and lower grade zones, including a 4.0 metre zone of 1,281 ppm TREO.

“Our first phase of drilling at Lac Jacques is very promising,” stated William Cronk, Geologist for Troy Minerals. “Understanding the orientation of the mineralized zones and downhole lithologies are key to defining important mineralization at depth and further along strike. We are excited to commence our 2024 Phase One program which will focus on on-strike drilling from these drill collars and also targeting recently completed Drone Mag and soil anomalies even better than those associated with this completed drill program.”

The composition of the rare earth mineralization is heavily enriched in the light rare elements. For samples greater than 1,000 ppm TREO+Y₂O, an average of 90% is comprised of the light rare earths. The magnetic rare earth oxides (Pr₆O₁₁+Nd₂O₃) comprise an average of 18% of the total rare earth oxide at the same cutoff.

The minerals hosting the mineralization has not been definitively identified although fluorite and apatite were identified as well as possible bastnaesite. Petrographic analysis for positive identification of the mineral species is currently being undertaken.

All intersection lengths are drill indicated. Insufficient structural data has been obtained to estimate true widths.

The Lac Jacques project is a drive to project with close infrastructure and is comprised of twenty20 mineral claims totaling 1,170 ha.