VANCOUVER, British Columbia, Nov. 22, 2017 (GLOBE NEWSWIRE) -- Troy Energy Corp. (TSX-V NEX:TEG.H) (the "Corporation" or "Troy") announces that it has completed an initial work program on the 3,231 ha Yellowknife Gold Project (“YGP” or “Property”) located 90 kilometres north of Yellowknife (for details, please refer to the Corporation's press release dated July 18, 2017 and August 25, 2017).
2017 Work Program
- Compilation of available historical drill, geological, geochemical and geophysical data,
- Airborne LiDAR and digital imaging survey of the entire claim and lease block,
- Reconnaissance geological mapping and prospecting was undertaken over selected areas to confirm the nature of the rocks underlying the claims and to check the location and nature of some of the known gold occurrences. In conjunction with this work saw-cut channel samples were taken.
2017 Highlights
- Development of the first iteration of a geological model for the Main zone gold mineralization where previous workers have stated that based on work to date at that time there is a resource potential of: “500,000 tons of reserves (sic) grading 8-12 gm/tonne Au in the immediate shaft area over a strike length of 250 metres, a width of 4 metres and to a depth of 200 metres”, Canamax 1988.
- LiDAR and digital photo-imaging over the entire property, providing the Company with bare-earth DEM, one-metre contours, LiDAR intensity imagery and bare-earth hill shade imagery .The data has a very high level of detail for both engineering and geological interpretation applications.
- The reconnaissance geological mapping was successful in confirming the nature of the lithologies underlying the Property, particularly the volcanics within the sedimentary succession. Channel samples across several areas where the Main zone was exposed were cut out. In total 46.23 metres were cut and sampled in 11 separate channels. Average sample length was 1 metre. Gold values in the 46 samples ranged from 0.007 to 31.8 grams/tonne, with five samples assaying greater than 0.9 grams/tonne. Sample results were expected to vary due to the high grade (“nugget effect”) nature of the gold occurrences.
Historical work on the YGP property
Gold on the property was discovered in 1945. Work conducted at the Main zone included underground test work and diamond drilling. The Property saw additional drilling during the late 1980’s and again during the period 2005 to 2008 when Viking Gold Exploration Inc. held the claims. A total of 117 holes totaling more than 13,000 metres of diamond drilling have been reported on the leases within which the Main zone is situated. Highlights of the drilling on the Main zone include intercepts of 12.34 g/t gold of 8.25 metres. At the Max zone, located south of the Main zone a single hole collared in 1.5 metres that assayed 16.87 g/t gold with further gold intercepts down the hole including 1.50 metres assaying 9.29 g/t gold; no follow-up drilling was conducted at that site. Other known gold zones have been located on the property, such as at the Greenlee and Lucky Lake occurrences. Each of these received initial drill testing in the 1940’s and visible gold was reported in some of the drill holes. The geological model for the gold mineralization is that of an Archean lode gold deposit consisting of high grade shoots within a shear-vein system. The possibility that low grade large tonnage deposits occur on the Property has not been tested.
The Corporation is currently working on an NI 43-101 report Future work on the Property will include: (i) further channel sampling, (ii) drilling off that portion of the Main zone where the Company believes there is a high probability of defining an initial gold resource, (iii) testing other known gold zones on the property, and (iv) testing under-explored areas on the property for their potential to host significant gold resources.
Carl Verley, B.Sc., P.Geo., a Director of the Corporation provided the field management for the YGP exploration program. Mr. Verley, designated as the qualified person (QP) as defined by the National Instrument 43-101, has prepared the technical information on this release.
Quality assurance/quality control
Analytical work is being carried out by Bureau Veritas Commodities Canada Ltd. Certified Reference Materials (“CRM’s”) consisting of a blank and two standards were inserted in the sample run as a part of QAQC protocols.
For additional corporate and Property information please see the Corporation website:
www.troyenergycorp.com
Forward Looking Statements
Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
FOR FURTHER INFORMATION, PLEASE CONTACT:
James Owen, Troy Energy Corp.
Chief Executive Officer
Phone: (250) 465-1806
Richard Wingate
President
Phone: (306) 229-5029
Neither 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 the release.
