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Li3 Lithium Corp.
Li3 Lithium Corp.
Registriert in: Kanada WKN: A3DQR9 Rohstoffe:
Art: Originalaktie ISIN: CA5368771039 Lithium
Heimatbörse: TSX Venture Alternativ: WTCRF
Währung: CAD    
Symbol: LILI.V Forum:

Western Troy Completes Drilling Under Lake Chibougamau, Stakes Claims on Nickel Property, and Updates NI 43-101 Report on MacLeod Lake Project

16.05.2011 | 16:00 Uhr | Marketwired

TORONTO, ONTARIO -- (Marketwire) -- 05/16/11 -- 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.

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 this release.


Western Troy Capital Resources

Rex E. Loesby



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