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Associated Press
6 days ago
- Business
- Associated Press
Troy Minerals Reports Drilling Results from the Lake Owen Project, Wyoming
Show 240.73 meters of Critical Metal Mineralization, Iron, Titanium, Vanadium, Scandium and Gallium VANCOUVER, BC / ACCESS Newswire / June 4, 2025 / Troy Minerals Inc. ('Troy' or the 'Company') (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce that complete results from Hole LO24-01 show strong critical metal mineralization over continuous 240.73 meters (from 10.67 meters to 251.40 meters) from its maiden drilling program on its 100% owned Lake Owen Project (the 'Project'), located 50 km southwest of Laramie, Wyoming, USA (see Figures 1,2). The Project is a Proterozoic layered mafic intrusion complex historically explored for Platinum Group Elements (PGE). Similar to the Stillwater Complex in the USA and the Merensky Reef of South Africa, the Lake Owen Complex shows strong potential for vanadium, titanium, PGE, and associated metals. In late 2024, the Company drilled two diamond holes totaling 607.77 meters near the southwestern claims' boundary (see Figure 3), marking Troy Minerals' first drill holes on the Project. These holes targeted titanium (TiO2) and vanadium (V2O5) mineralization linked with magnetite in gabbro, as well as reef-style PGE mineralization (see Company News Release dated February 28, 2025). A first pass of selective sampling of the drill holes had been carried out and demonstrated presence of anomalous titanium and vanadium mineralization. Elevated values of vanadium are correlative with the titanium. Sampling was selected to assess various lithological units and all zones with magnetite content up to 15-20% and/or visible sulfide mineralization. Magnetite content in the gabbro in hole LO24-01 is consistently about 5-10%. In LO24-01, the initially limited sampling suggested a large zone of titanium and vanadium-enrichment and higher relative values correlate well with the green gabbro. Associated with these anomalous zones have been elevated concentrations of scandium. Based on these initial results, additional infill sampling through all prospective lithologies was carried out by Company personnel in January, 2025. Results exhibit robust critical metal mineralization over 240.73 meters in hole LO24-01, including: Concurrent with Company infill sampling, geologists from the USGS and Wyoming State Geological Survey (WSGS) collected samples for Whole Rock, Major Oxides, and thin section analyses. Results of the USGS and WSGS work are pending. 'Our recent geological and geophysical findings, coupled with promising initial drilling results, are significantly enhancing our confidence in the Lake Owen Project. Each new insight reinforces our belief that this project deserves a robust exploration budget in the near future.' Said Yannis Tsitos, President of Troy. 'Beyond the historically recognized high grades of iron, titanium, and vanadium, the recent discovery of scandium and gallium-critical metals essential for applications in metal alloys, military and civil aviation, semiconductors, electric vehicles, and solar panels-underscores the project's immense potential for both our Company and the State of Wyoming in USA. We are committed to maximizing shareholder value through strategic development plans for Lake Owen, alongside our silica and rare earth element (REE) initiatives.' Table 1: Drill hole specifications Drill hole LO24-01 was designed to test the extent of the Lower Mag Gabbro down to the basement contact. Drilling revealed a series of interlayered magnetic gabbro and a distinctive coarse-grained green gabbro. The green coloration is imparted by pyroxenes altering to chlorite. These layers are generally constrained to widths of less than 4 metres. Table 2: Drill hole LO24-01 intersections 1: All intersections lengths are drill indicated thicknesses; insufficient work has been completed to reliably determine true thicknesses. 2: Elemental geochemical analyses were converted to oxides using following conversion factors Titanium - 1.6681, Vanadium - 1.7852, Iron - 1.2865, Scandium - 1.5338, Gallium - 1.3442 Drill hole LO24-02 intersected gabbroic units that are weakly magnetic and contain no anomalous values of titanium, vanadium, or scandium. This drill hole was collared deeper in the sequence than hole LO24-01; further down dip and stratigraphically lower in the Lower Mag Unit. Drill core was detail logged and sampled by Company staff. Core was split by saw with samples sent to ALS Global's laboratory in Reno, NV for preparation and analysis. Samples were analyzed for multi-elements (ME-MS61). The Company's quality control monitoring consisted of inserting certified reference and blank material in the sample stream. No quality control issues were identified. Only a very small portion of the Lake Owen Complex and therefore our Claims has been drill-tested to date. As currently mapped, the prospective Lower Mag Gabbro unit continues along strike to the west. The Company has yet to drill test the stratigraphically higher Upper Mag Gabbro. Surface mapping and sampling in 2023 identified two massive magnetite rock samples that returned 8.812% TiO2 and 0.548% V2O5, and 15.505% TiO2 and 0.586% V2O5 respectively (Figure 5). These represent priority drill targets for 2025. An historical drill hole was completed here not by Troy, but there was no assessment of titanium, vanadium, or scandium. Troy Minerals is planning its summer fieldwork for the Lake Owen Project. After analyzing airborne geophysical data, as reported in the May 21, 2025 news release, Troy will collect soil samples and conduct geological mapping and sampling. The aim is to refine drill targets for the 2026 season, including a relevant drilling pads application. Qualified Person The information contained in this news release has been reviewed and approved by Ted Vander Wart, a consultant to the Company, who is a qualified person as defined under National Instrument 43-101. About Troy Minerals Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located 'critical' mineral assets. Troy is aggressively advancing its projects within the silica (silicon), vanadium, and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America and Central-East Asia. The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to deliver tangible monetary value to shareholders, state, and local communities. ON BEHALF OF THE BOARD, Rana Vig | CEO & Director Telephone: 604-218-4766 Email: [email protected] Forward-Looking Statements Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the 'Company') expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. SOURCE: Troy Minerals Inc. press release
Yahoo
10-04-2025
- Business
- Yahoo
Automated exploration drill rigs: the next frontier
Mineral exploration is often be considered to be a rudimentary process; one of hardcore geoscience, with prospectors poring over maps and collecting rock core samples using drilling technology that is, for the most part, still manually controlled. In contrast, on the production side, autonomous drilling equipment is now standard, ranging from remote control, tele-remote and semi to completely autonomous. Exploration drilling technology is therefore considered ripe for innovation, with numerous companies – from start-ups to stalwarts – vying to bring increased automation to the market. The benefits, they say, are myriad. Automated exploration drill rigs can improve safety by removing people from high-risk situations and requiring less driller intervention, helping ease acute labour shortages in the sector. Automation can also lower overall costs, given that wages, which can cost anything from $10,000–50,000 a day, are one of the main expenses occurred during drilling campaigns, in addition to potentially shorting time frames. What is more, as the energy transition rolls on, the demand for new mineral discoveries is projected to rise, with the International Energy Agency predicting 40-times more lithium and seven-times more rare earths potentially being needed by 2040 – a forecast barely compatible with the average 16.5 years it takes to identify and operationalise a new mine. The technology is therefore welcomed by investors and prospectors alike. 'Anything involving automation is usually an opportunity for minimal interference, less risk, high efficiency and less carbon output – all of which are aligned with the UN sustainable goals and net zero,' says Thomas Balogun, investment partner at Echo Eight Investments. 'You never say no to these kinds of technological advancements,' adds Yannis Tsitos, chair of the mining committee at Blue Lagoon Resources, which is developing the Dome Mountain Gold Project in British Columbia, Canada. The main problem identified by original equipment manufacturers (OEMs) is that automating rod handling for an exploration rig is considerably more complex than for a production drill rig. Exploration requires drilling to much greater depths than the latter, meaning it is a more technical process. The drill usually requires access to multiple drill rods from outside the mast area, increasing the risk to the operator. Rod handling systems need to be 'taught' to start from a new position for every hole, says James Burris, marketing manager at drilling equipment and service provider Boart Longyear, which has been operating in the sector for 150 years. The company has been shifting its rigs from manual handling to more autonomous and "drilling management focused" since 2016, when it launched the LF160 with hands-free rod handling, which mitigated heavy drill rod handling in the mast area. This was the "low hanging fruit" says product manager Zachary Strauss. The next step was automating inner tube handling, introduced with the LF160i. Once full of rock core, and especially if drilling at a steep angle, the inner tube can be difficult and risky to manually extract but automation now horizontally delivers tubes onto the core tray for disassembly and sample removal. Building on this, the company is now testing a digested control panel for the LF160i in Chile and Australia, expected to be formally launched at the end of this year. Hydraulic actuated levers are omitted, and the panel moves from heavyweight steel to digital screens and joysticks. It requires no intervention from the driller's assistant to align and cycle the rods or connect the hoist plugs when operating the loader. In addition, some tedious operations, such as positioning of the drill head for rod handling, can be automated. The same advances are being made for underground rigs, but space constraints make the process trickier. Strauss says automation in exploration drilling is not about the "big leaps", but the 'incremental changes that take us to where we are trying to go', which is to eventually have a drill operator manning several rigs at once, possibly remotely, using machine-collected data for quicker troubleshooting. 'I believe the industry is capable of this today, but the drilling conditions would determine viability or if it was economically advantageous,' he says. There are pros and cons, he adds; manual operation requires more attention from the operator, inducing fatigue and potential errors, but some steps can take longer when automated as they require cycling through more safety checks. Customers will be monitoring the economic benefits closely. For example, professional geologist Eric Saderholm, managing director of exploration and co-founder of American Pacific Mining Corp, a Vancouver-headquartered precious and base metals developer, believes automation may not be a financially viable option for regional exploration programmes. This is because companies can often be reluctant to replace fully functional equipment until they see it as a proven technology and cost-saving measure. 'Only then will it become a budget line item,' he says. Most drilling equipment OEMs are on this path, however. Two years ago, Swedish manufacturer Epiroc collaborated with exploration drilling services provider Ausdrill to develop a rig with fully automated rod-handling, including some sequence automation for processes. The companies have said it was imperative to ensure the rod handler system was faster than the operators "otherwise they would simply continue doing the job manually". Along with the incumbents, lesser-known companies, spying an opportunity, are also laser-focused on implementing automation in exploration drilling. Tribe Tech, for example, has partnered with Boart Longyear subsidiary Veracio to develop what it says is a first autonomous reverse circulation drill rig, the TTDS GC 700, which operates without personnel on the drilling pad. The company says the technology, reportedly being tested in Australia with McKay Drilling, can improve productivity and safety standards. In addition, California-based Durin, established a year ago by Ted Feldmann, claims to be building remotely operated, semi-autonomous rigs that it plans to test at North American exploration projects. Last year it completed a pre-seed funding round with two investors. Balogun believes new entrants will have trouble securing the hard capital needed to really get operations off the ground. 'It is too much of a gamble for a start-up,' he says. Also targeting this market is XtremeX Mining Technology, founded by experienced professionals from the oil and gas and mining industries. In January, it announced its drill rig featuring an automated control and hybrid power system. It will run a funded field trial with Ivanhoe Electric at the Santa Cruz copper project in Arizona, targeting depths of up to 2,000m by twinning historic holes. Under the agreement, Ivanhoe Electric secures exclusivity on three XMT rigs for contracts lasting up to five years. Yet, despite Durin and XtremeX Mining Technology clearly targeting technology transfer from the oil and gas sector, Tsitos cautions that they are different processes. 'Exploration drilling requires a level of precision and data interpretation that needs human oversight and insight. You are trying to make every hole count in hitting a potential resource,' he explains. 'This differs in nature from AI-assisted drilling for oil and gas fields, where exploration holes are larger and targets less specific to find a resource and production potential.' Chris Hall, business development manager for Capital, a UK-based mining services company that is testing a digitised blast hole (D65) fleet in Tanzania, says automation, along with electrification, is the "holy grail" for the exploration industry. 'It is moving towards this [increased automation] and we hope eventually the drill rig could operate with limited intervention from the driller, offering efficiency and safety improvements,' he says. Industry insiders agree full automation is inevitable. 'It is clear the market has spoken', says Burris. 'Eventually full automation will be a requirement. We witnessed an example of this when a major mining company dictated that all drilling contractors must use our LF160 and Rod Handling System.' However, there is a debate about when, with customers more sceptical than the technology developers. Burris says fully autonomous drills are being tested but estimates they are 3–5 years from commerciality. Tsitos agrees that while AI-controlled drilling is coming to mining exploration, 'wider implementation and industry acceptance can take at least ten to 15 years'. 'Adaptation is coming, but the cost-effectiveness and productivity of autonomous drills in remote exploration settings are minimal compared to the savings that can be realised in large-scale mines,' adds Saderholm, whose company American Pacific operates in the western US with projects in Alaska, Montana and Nevada. 'Mining evolves at a slower pace than other industries,' he acknowledges, 'but once automated drilling becomes a widely proven and cost-effective method, the dams of resistance will break and there will be a flood of adapters for the technology.' As things stand, however, it is likely that in the near-to-medium term the industry will have more autonomous drilling technology to choose from, but it remains to be seen if it opts for the long-standing industry experts or the newer technology disrupters. "Automated exploration drill rigs: the next frontier" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. 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