Troy Minerals Inc. announced results from the first two drill holes completed in Fall of 2023 at the Lac Jacques rare earth element (REE) property. The 100% owned Lac Jacques property is located approximately 250km north of Montreal Quebec, Canada and approximately 40km northeast of the town of St. Anne du Lac.

Four drill holes were completed during the 2023 drill program. The program was intended to test below and along strike of the discovery trench. Drill holes LJ-23-01 and LJ-23-02 were drilled on section and below the surface mineralization and are the subject of this news release.

Drill holes LJ-23-03 and LJ-23-04 were drilled approximately 100 metres along strike to the east. Drill holes LJ-23-01 and -02 intersected multiple zones of anomalous REE mineralization associated with pegmatitic syenite to granite intrusives. In the upper 50 metres, mineralization appears as several narrow, steeply dipping zones (Figure 3) At depth, similarly steeply-dipping, wider zone(s) of mineralization are noted in both drill holes.

A major low angle fault is noted in both drill holes and suggests a possible lateral offset of some 50 metres of the upper and lower mineralization. A major mapped regional fault passes through this area (Figure 2) and the encountered downhole fault is likely this same fault, or a possible splay structure. The upper mineralization of both drill holes includes 2,298 ppm TREO over 4.0 metres in LJ-23-01 with the probable downdip intersection of 4,819 ppm TREO over 1.5 metres in LJ-23-02.

The lower mineralized intercepts in LJ-23-01 included 2,769 ppm TREO over 8.0 metres, including a higher-grade zone of 5,192 ppm TREO. A second zone returned 2,480 ppm TREO over 9.0 metres including 7,133 ppm over 1.0 metres. The probable downdip mineralization in LJ-23-02 consists of a series of narrower and lower grade zones, including a 4.0 metre zone of 1,281 ppm TREO.

Table 2 lists intersections greater than 1,000 ppm TREO+Y2O. True widths have not been reported as only limited structural data has been completed. The composition of the rare earth mineralization is heavily enriched in the light rare elements.

For samples greater than 1,000 ppm TREO+Y2O, an average of 90% is comprised of the light rare earths. The magnetic rare earth oxides (Pr6O11+Nd2O3) comprise an average of 18% of the total rare earth oxide at the same cutoff. The minerals hosting the mineralization has not been definitively identified although fluorite and apatite were identified as well as possible bastnaesite.

Petrographic analysis for positive identification of the mineral species is currently being undertaken. Geologically, the lithologies encountered are primarily granite and syenite with locally pegmatitic phases. Late narrow cross-cutting gabbro dykes are noted but relation to mineralization, if any, are not recognized.

At depth in drill hole LJ-23-02, a metasedimentary package (paragneiss) is encountered. The core selected for sampling was cut in half with a core saw with one half bagged for shipping. Strict chain of custody storing, and shipping protocol was maintained.

All core preparation and analyses were completed by Activation Laboratories Ltd. (Actlabs) located in Val d'Or, Quebec. The core was crushed, split, and pulverized with 250 grams passing 200 mesh. Each sample was fused by lithium metaborate/tetraborate fusion.

(Actlabs Code 4 Litho) with analysis for multi-element and whole rock oxides by ICP-OES and ICP-MS. and for multi-elements by 4-acid total digestion ICP with OES finish. (Actlabs Code 1F2). Company staff inserted standards and blanks into the sample stream at a rate of approximately 1 for every 10 routine core samples.

Three certified reference standards were employed along. The blank consisted of landscape rock material.