September 16, 2013, Toronto, Ontario -
Western Troy Capital Resources (TSX Venture: WRY, US-OTC:
WTCRF) (Western Troy or the
Company) announced today that over
the summer, it has made application for site staked claims
on two gold prospects in Nunavut. It has map-staked claims on a
gold prospect in the Rouyn-Noranda (Abitibi) region of Quebec, and
has map-staked claims on a Niobium/Rare Earths prospect in Southern
Quebec.
Western Troy's CEO, Rex Loesby, commented, "These are
challenging times in the mineral exploration industry. Western Troy
is responding by conserving cash and seeking opportunities that
will place us in a very strong position when the industry rebounds.
High quality prospects are coming open as weaker companies let them
go. The prospects described below are examples of these
opportunities. Along with our Gaspe Vanadium, Northshore
Titanium/Iron, Nicobi Nickel, Chibougamau Copper, and MacLeod Lake
Copper/Molybdenum Prospects, these claims are owned 100 percent by
Western Troy and maintenance costs are minimal. Western Troy is
also seeking business combinations that will benefit our
shareholders."
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Gold in
Nunavut: Western Troy has made application to acquire 2
prospects by on-site staking in the Meliadine gold trend located
near Rankin Inlet, Nunavut (see Figure 1). The Fox and Wolf
Prospects are located 70 kilometres northwest of Rankin Inlet in a
35 kilometre northeast trending belt of amphibolite and
meta-sediments, in which a gold bearing exhalite/banded iron
formation occurs. The geologic environment of the properties is
similar to that of Agnico Eagle's Meliadine gold property, located
45 kilometres to the southeast, and Agnico Eagle's Meadowbank gold
property, located 250 kilometres to the northwest.
Figure
1: Nunavut Gold Prospects Location Map
Previous work on the Fox claim (File 084549, Nunavut
Assessment Files) has identified gold mineralization over a five
kilometre strike length that is open in both directions. Work to
date has defined gold mineralization in multiple bands that vary in
width, from less than two metres and up to five meters, where fold
thickening has occurred. A total of 76 grab samples were collected
along a five kilometre strike length. Of these samples, 20 returned
values in excess of 5 g/t, up to a maximum of 43 g/t gold. The 20
grab samples included assays of 13.0, 10.2, 13.3, 16.0, 14.8, 29.2,
23.4, 28.6 and 15.4 g/t.
Previous work on the Wolf claim has identified a 250 x
250 meter outcrop with a minimum of three parallel iron formations
that were channel sampled with a rock saw over widths of 0.7 to 4.5
meters (reported widths appear to close to true width). A total of
34 samples were sent to the lab for analysis. Gold values in the 34
samples ranged from 0.25 g/t gold over 2.0 meters to 2.36 g/t gold
over 1.0 meters. Near the south end of the outcrop area one sample
was found to contain 0.83 g/t gold over 4.5 meters. A full listing
of analyses is listed on Figure 2.
Click Image To View Full Size
Figure
2: Previous channel sampling of the Wolf Occurrence (Adapted
from File 084549, Nunavut Assessment Files)
Past work has indicated that known gold occurrences on
both the Fox and Wolf claims are related to pronounced magnetic
highs. Government airborne geophysical surveys have outlined
significant magnetic anomalies along the 35-kilometre trend. Much
of the known magnetic trend has seen little or no exploration.
In 2014, and depending on the availability of funds,
Western Troy plans to conduct an exploration program to include
prospecting, mapping and sampling with possible diamond drilling to
explore identified targets.
Letoureur Gold
Prospect: Two claims have been acquired in the northwest
region of the Abitibi, 41 kilometers north of Rouyn-Noranda.
Diamond drilling here in 2010 identified multiple gold zones (see
Figure 3). The gold mineralization was found to be associated with
pyrite and as free gold. (GM65975, Quebec Assessment Files).
Click Image To View Full Size
Figure
3: 2010 drill holes in relation to the Western Troy claim
group (Adapted from GM65975, Quebec Assessment Files.)
All of the following historical drill hole
intersections were reported in GM65975, Quebec Assessment
files.
Hole LE2010-03 was drilled 165 meters east of the east
boundary of the Western Troy claim block and drilled in a northwest
direction towards the boundary. Significant gold intersections are
listed below. Strike of the mineralization appears to be in a
southwest direction and is expected to cross the Western Troy claim
group.
Click Image To View Full Size
Hole LE2010-10 was drilled to test the western
extension of the mineralization intersected in hole 3 and was
collared 100 meters east of the east boundary of the Western Troy
claims and drilled in a northwest direction towards the claim
boundary. Significant gold intersections are listed below.
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All of the following holes were drilled on the Western
Troy claims.
Hole LE2010-11 was drilled to test parallel
mineralization to the northwest of hole 10. Significant gold
intersections are listed below.
Click Image To View Full Size
Hole LE2010-12 was drilled to intersect the Lac Lois
fault zone (see Fig 3). Significant gold intersections are listed
below.
Click Image To View Full Size
Hole LE2010-15 was drilled in the northwest portion of
the Western Troy claim block and was collared to test a magnetic
anomaly located there. Significant gold intersections are listed at
right.
Click Image To View Full Size
Western Troy will continue to compile data on this
property and propose a work program for 2014.
Lake of Two
Mountains Rare Earths Prospect: The Lake of Two Mountain
Prospect consists of 1 claim (63 hectares) located in the north
part of the Lake of Two Mountains carbonatite complex (see fig 4).
A drilling Program was done by Advance Red Lake Gold Mines and
Bouscadillac Gold Mines Ltd. in 1955 (GM 03287, Quebec Assessment
Files). A total of 8 holes intersected significant niobium
mineralization (see fig 5). The holes were not analyzed for rare
earth metals. Hole A-47 located about 175m southeast from the
Western Troy southeast claim boundary was analyzed for P2O5
(phosphorus). It averaged 3.2% P2O5 over a core length of 61.8
meters.
The 1957 Report PR-351 of the Quebec Department of
Mines reported that Bouscadillac Gold Mines defined a non-43-101
resource of 3.2 million tonnes grading between 0.11 and 0.99%
Nb2O5. In a 1958 report by the Geological Survey of Canada (Rowe,
1958), it is reported that drilling by Advance Red Lake indicated
3.5 million tonnes grading 0.31% Nb2O5, 0.39% rare earth oxides and
9.1% P2O5 (phosphate). This non-43-101 resource corresponds to the
area of the Western Troy claim. The Qualified Person has not done
work to classify these estimates as a resource and the company is
not treating the historic estimate as a current resource.
Click Image To View Full Size
Figure
4: Lake of Two Mountains Carbonatite Complex Showing the
Western Troy Claim Block
Click Image To View Full Size
Just south of the Western Troy claim, Niocan has
defined a 43-101, measured and indicated resource of 10.63 Mt
grading 0.68 Nb2O5 and an inferred resource of 3.22 Mt at 0.61%
Nb2O5. Niocan has concluded that their Oka niobium property has the
required historical resources for an economically viable project.
(Niocan Annual Report, March 20, 2013)
Western Troy will be exploring ways that we may
participate in this development project or advance the development
of our own property possibly through an option agreement with a
third party.
About
Western Troy: Western Troy's
shares trade on the TSX Venture Exchange under the symbol WRY.
Western Troy has 33,589,970 shares outstanding. More information on
Western Troy can be found on its Website at www.westerntroy.com.
Forward
Looking Statements: Statements in
this release that are forward-looking reflect the Company's current
views and expectations with respect to its performance, business,
and future events. Such statements are subject to various risks and
assumptions, some, but not necessarily all, are disclosed elsewhere
in the Company's periodic filings with Canadian securities
regulators. Such statements and information contained herein
represent management's best judgment as of the date hereof based on
the information currently available; however actual results and
events may vary significantly. The Company does not assume the
obligation to update any forward-looking statement.
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 this release. Mr. Claude P.
Larouche, Ing. (OIQ, Quebec), has approved the technical data
presented in the news release. Mr. Larouche is an independent
consultant for Western Troy and acts as the Qualified Person under
National Instrument NI-43-101. Western Troy has not verified the
information on the prospects described in this news
release.
Contact Information:
Western Troy Capital Resources
Rex E. Loesby, CEO
Tel: 416-929-3268
Email:
RexLoesby@aol.com
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