Troy Minerals Begins Planning to Advance Its Highly Perspective Vanadium - Titanium - Iron Project

VANCOUVER, BC / ACCESSWIRE / June 8, 2023 / Troy MineralsInc. ("Troy" or the "Company") (CSE:TROY) is pleased to announce that the company's technical team has begun work on planning its 2023 drill program on the SW2 Project in Wyoming, USA located approximately 50km southwest of Laramie, Wyoming (The "Property").

"We are excited to begin the process of carefully planning an effective strategy to unlock the vast potential of our SW2 project, which has largely been ignored and idle for many years," said Rana Vig, President & CEO of Troy Minerals. "One of the secrets of building a strong company is to identify, acquire, and advance an overlooked asset, which is exactly what we believe we have here - a property that has the potential to become an important source for Vanadium, a critical element in long term storage batteries" he added.

The SW2 Project occupies the lower portions of the Lake Owen mafic to ultramafic layered intrusive complex (LOC). The LOC occurs as a steeply-dipping, layered intrusive near the margin of the Wyoming Craton about 50 km southwest of Laramie, Wyoming (figure 1).

Foto: Accesswire

Figure 1

The project lies entirely on federal land that is administered by the US Forest Service within the Medicine Bow National Forest. 1600 acres of mineral rights are secured by 91 unpatented lode mining claims.

The discovery of the Stillwater PGE resource stimulated regional exploration. The Lake Own complex (though Proterozoic vs. Stillwater's Archean age) shows remarkable similarity to Stillwater and was explored as PGE first priority. The results from preliminary work by Chevron Minerals (1980's) and Trend Mining (2002-2007) show that there are several layers of PGE-bearing sulfides that are on the order of 1-5 m in apparent thickness and several layers of magnetite rich cumulate with significant Vanadium and Titanium that are on the order of 90-240 m in true thickness (Loucks, 1989). The magnetite, vanadium, and titanium contents are not well-quantified yet because they were not the focus of the historic drilling program.

Initial drilling by Chevron, and surface mapping by Trend, confirmed the presence of magnetite-rich layers of cumulate rock, containing vanadium, titanium and iron mineralization, products which have been mined economically in the Bushveld Complex in South Africa. Chevron's program first identified the upper horizons, and, by the time the lower horizons were found, the oil company parent was exiting the minerals business. As a result, the lower portions of the Lake Owen complex are considered highly prospective but have had little work, and no exploration efforts have yet been focused on evaluation of magnetite mineralization.