TORONTO, ONTARIO--(Marketwire - Nov. 20, 2009) - Western Troy Capital Resources Inc. (TSX VENTURE:WRY)("Western Troy") is pleased to announce that it has recently made application for 48 claims in the Strange Lake Area of Quebec. The area is located about 230 km east of Schefferville. Recently, hundreds of claims have been registered in the area after announcements by Quest Uranium that recent diamond drilling confirmed the resource expansion potential of the B-Zone in all directions. A peralkaline, granitic pluton, which is associated with the Strange Lake granitic intrusion, hosts the B-Zone and the Strange Lake Rare Earth deposit. The historic resource estimate, pre-National Instrument 43-101, is 52 million tonnes grading 3.25% zirconium oxide, 0.56% niobium oxide, 0.66% yttrium oxide, 0.12% beryllium oxide and 1.30% total rare earths as reported in National Mineral Inventory Number 024A/08/Y 001. It has been suggested by Quest Uranium that the B-zone may be surface mineable.
Quest Uranium recently reported that, "New drill results from the B-Zone have extended mineralization along a strike of 1.1 km. Mineralization is contained in an envelope that stretches as wide as 500 metres and plunges to a depth of 135 metres vertically. Mineralization is open at depth and along strike to the northeast". These results were also reported in the November 12, 2009 issue of "The Northern Miner."
Western Troy map staked 5 groups of claims based on data gleaned from Quebec Government files.
Group 1: Western Troy staked 19 claims located approximately 13.5 kilometers southeast of the Strange Lake deposit and straddling about 5 kilometers of the contact of the granitic intrusion. Airborne radiometric anomalies and zirconium anomalies in stream sediments have been noted in a down-ice direction from the claims.
Group 2: Western Troy staked six claims on the Strange Lake Intrusion about 21 kilometers southwest of the Group 1 claims. This group of claims covers an area of anomalous uranium (84 ppm), cerium (150 ppm), and yttrium (18 ppm) in lake sediment near the southern boundary of the intrusion.
Group 3: Western Troy staked eleven claims in a similar intrusion located about 50 km southeast of Group 1. Stream and lake sediment surveys performed by the Quebec government have noted anomalous values in zirconium, yttrium, cerium, uranium and molybdenum. Group 3 covers six of the highest zirconium values in stream sediment samples in the area. Six stream sediment samples ranged from 1600 to 3000 ppm zirconium.
Group 4: Western Troy staked six claims on a molybdenum surface showing where a grab sample assayed 0.38% molybdenum. These claims are located about 100 kilometers southwest of Group 1.
Group 5: Western Troy staked six claims to cover a uranium prospect about 90 kilometers southwest of Group 1. Anomalous scintilometer readings were noted over a length of about 100 meters where the zone was covered by vegetation and overburden at both ends. Grab samples from the zone gave values of 0.83%, 0.70% and 0.39% uranium, 13 ppm thorium, 2800 ppm lead, and 16 ppm yttrium. (Quebec Government Publication ET 88-08).
Wayne Holmstead, Vice President Exploration for Western Troy commented, "Despite the discovery of the Strange Lake Rare Earth deposit in the 1980's, the area has seen relatively little exploration. We are encouraged that exploration in the region by a number of companies including Western Troy may result in new rare earths, uranium, and/or molybdenum discoveries."
Canadian Remote Power Corporation (CRPC): Western Troy and CRPC President, Rex Loesby, was invited to speak to the Standing Committee on Natural Resources, a sub-committee of Canada's House of Commons, on November 18, 2009. The Committee is considering Bill C-20 which would establish increased liability limits for nuclear reactors in Canada. The current maximum limit for each installation is $75 million and the new Bill would increase the maximum limit to $650 million. There are provisions in the Bill to adjust liability limits to lower dollar amounts for small reactors, but the proposed regulations that would accompany the bill are not clear on how that maximum liability might be calculated. In his presentation to the Committee, Mr. Loesby described CRPC's plans to provide electric power to northern communities and mines in Canada and he offered additional language for the proposed regulations that would clarify the amount of liability coverage small reactors would need to carry. As a result of Mr. Loesby's presentation, he has been invited to give an additional presentation in December to a group of MP's on CRPC's venture. Mr. Loesby commented, "We have been encouraged by the generally favorable response we have received from both the MP's and the staffs at the regulatory agencies to our plans for providing electric power to northern communities and mines while lowering overall costs and eliminating carbon emissions."
About Western Troy
Western Troy Capital Resources Inc. is a mineral exploration company. Its 100% owned MacLeod Lake Project, located about 275 km north of Chibougamau, Quebec, hosts a well defined Main Zone of mineralization as outlined by extensive drilling. In addition, a South Zone resource and several IP anomalies of potential interest have been identified. In April of 2008, Western Troy received an independent Preliminary Assessment (Scoping Study) consistent with National Instrument 43-101 on its MacLeod Lake Property. The report has been filed on SEDAR and is available at www.SEDAR.com and on Western Troy's website, www.WesternTroy.com. Western Troy also has a number of early stage molybdenum, copper, gold, uranium, platinum, and other minerals exploration properties in Quebec. The shares of Western Troy trade on the TSX Venture Exchange under the symbol WRY, with 19,284,970 shares outstanding.
This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: risks related to mining and exploration operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates; accident; labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Rex E. Loesby, P.E., is the qualified person that has reviewed the content of this press release.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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