Western Troy Completes Drilling Under Lake Chibougamau, Stakes Claims on Nickel Property, and Updates NI 43-101 Report on MacLeo
16 Maggio 2011 - 3:54PM
Marketwired Canada
Western Troy Capital Resources (TSX VENTURE:WRY) (Western Troy or the Company)
completed a diamond drill hole near Chibougamau to test a geophysical anomaly;
staked 5 claims (one approved and four pending) on a nickel prospect near
Chapais, and completed an updated NI 43-101 report on the MacLeod Lake
Copper/Molybdenum Project. All projects are located within the Province of
Quebec.
Lake Chibougamau Copper: A 792 meter hole was drilled under Lake Chibougamau to
test a copper-gold prospect. The hole was planned to intersect the depth
extension of the mineralization previously identified by Rio Tinto in 1974. The
Western Troy drill hole was successful and intersected a zone of porphyry-type
mineralization from 580 to 620 meters (a vertical depth of about 400 meters).
This is the deepest point the mineralization in the area has been tested to
date. The mineralization consists of sulphide-rich (pyrite and chalcopyrite)
quartz veins and veinlets located at the contact between tonalites and gabbros
of the Chibougamau pluton and Lac Dore Complex. The zone appears to be near
vertical. Molybdenite was observed in both past drilling and the present drill
hole. The figure below shows the results of past drilling:
To view the figure associated with this press release, please visit the
following link: http://media3.marketwire.com/docs/wry516Fig1.pdf
One 2.5 foot interval from the 1974 drilling analyzed 0.12 oz/ton gold, 0.37
oz/ton silver, 10.65% copper and 0.01% molybdenum. The Western Troy hole has
been logged and samples have been split. The samples have been crushed and
prepared in Chibougamau and sent to Accurassay Laboratories in Thunder Bay for
analysis. Assay results will be released as soon as they are available.
Additional Claims were staked to cover interesting geophysical anomalies that
may host similar mineralization.
Nicobi Lake Prospect: Western Troy recently staked the Nicobi Lake Copper/Nickel
Prospect. This property is located approximately halfway between Val d'Or and
Chibougamau and is road accessible. Noranda worked this prospect in the 1960's.
After drilling 20 evenly spaced vertical holes, a geologic resource estimate was
done by Noranda geologists. They estimated the resource to be 1.8 million tons
grading 0.47% Ni and 0.25% Cu (a qualified person has not done sufficient work
to classify the historical estimate as current mineral resources, the issuer is
not treating the historical estimate as current mineral resources and the
historical estimate should not be relied upon). More recently the property was
drilled by Minorca Resources in 1990-91. Significant results were 37.61m of
0.75% copper (Cu), 0.89% nickel (Ni) including 0.82m of 1.08g/t palladium and
1.05 g/t platinum in hole 90-1. Hole 91-2 intersected 36.88m of 0.29% Cu, 0.84%
Ni and 0.03% cobalt (Co) including 4.70m of 0.73% Cu, 3.94% Ni and 0.09% Co.
Hole 91-6 intersected 31.66m of 0.35% Cu, 0.73% Ni and 0.02% Co and Hole 91-7
intersected 63.08m of 0.21% Cu, 0.42% Ni and 0.01% Co. The property will be
visited and evaluated this spring as soon as the snow is off the ground. Surface
exploration work will include geophysic surveying followed by diamond drilling.
MacLeod Lake Copper/Molybdenum Project: There have been a number of developments
over the past month that have led to a turning point on MacLeod Lake Project.
First, Quebec has announced its "Plan Nord" for development of Northern Quebec.
The first phase of Plan Nord includes full funding for the Otish Mountain Road
which will pass within 70 kilometers of the MacLeod Lake Project. Second,
Western Troy has determined that the best option for electric power is an
hydroelectric run of river power system to be developed on the Eastmain River.
While this will add about $55 million to the capital costs as estimated in the
2008 Scoping Study for MacLeod Lake, operating costs should be substantially
reduced. An additional benefit of the hydroelectric system is that it will have
a service life well in excess of the mine life, thus providing infrastructure
for sustainable development in the region. A pilot plant metallurgical test is
planned for this summer with completion of the feasibility study expected in
early 2012.
Rex Loesby, Western Troy's CEO, commented, "Quebec is already a great place for
mineral exploration. The Plan Nord makes it even better. The economic benefit
projections in Plan Nord are $80 billion over 25 years and the MacLeod Lake
Project is an important contributor to the economic benefits of the plan. The
government of Quebec and the regulatory agencies involved will be looking to
assure the mine gets developed. With the road construction scheduled to begin
this year and our decision to use run of river power for the mine, all of the
pieces are in place to allow completion of the bankable feasibility study."
Western Troy also completed an updated 43-101 report on MacLeod Lake. The full
report will be posted on SEDAR as well as on Western Troy's Website
(www.westerntroy.com).
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.
Claude P. Larouche, P. Eng. (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.
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