VANCOUVER, British Columbia, Dec. 13, 2017 (GLOBE NEWSWIRE) — Troy Energy Corp. (NEX:TEG.H) (the “Corporation” or “Troy”) announces that shareholders approved all motions put forth at the recent shareholders’ meeting held on December 7, 2017. These motions included the reappointment of Davidson & Company LLP as independent auditors, confirmation of the stock option plan and reelection of Richard Wingate, Ray Hodgkinson and Carl Verley to the Corporation’s board of Directors. The shareholders also approved the change of Troy’s name to Troy Minerals Corp.
The Corporation also announces that it has filed on the Sedar website an updated technical report on the Yellowknife Gold Project (“YGP”), prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The report is dated December 11, 2017, is entitled “NI 43-101 Technical Report on The Yellowknife Gold Project, Northwest Territories, Canada”, and was prepared by Dr. Derek Wilton, P.Geo; FGC, an independent qualified person (“QP”) as defined by NI 43-101.
The technical report summary recommendation is “that good gold exploration potential is present within the YG Project holdings as discussed in this report and that further evaluation of this potential is warranted”. A Phase 1 work program is recommended, at an estimated cost of $200,000.
A complete copy of the technical report can be found under the Corporation’s profile at www.sedar.
Historical work on the YGP property
Gold on the YGP 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 103 holes totaling more than 14,000 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 YGP 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.
Carl Verley, B.Sc., P.Geo., a Director of the Corporation has approved the technical information in this release.
For additional corporate and YGP Property information please see the Corporation’s 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.