Here is a copy of the quarterly report just out with the financials on the web site at troymin.com
TO THE SHAREHOLDERS
Troymin's activities through the second quarter ending December 31, 1997 and plans for the coming months are summarized below:
ALBERTA-Buffalo Hills Diamond Project 50 - 100% W.I.
Buffalo Hills will be a focus exploration project during the coming months. The company owns interests in 1.5 million acres, including two strategically located 100% owned blocks which are surrounded by Ashton lands where seventeen kimberlite pipes including twelve containing microdiamonds have been discovered.
Troymin has completed a high resolution aeromagnetic survey (HRAM)
comprising 27,000 line kilometres on its 100% owned 1.1 million acres to assist in the definition of potential diamond bearing kimberlite pipes. Of particular interest are the 369,000 acre Bison Block, located along the northern boundary of the Ashton discovery block, and the 390,000 acre Muskwa Block, located along the southern boundary of Montello's Jazz Block where a drill program is underway.
The HRAM survey results are being interpreted now and detailed ground
follow-up will commence following the completion of data analyses.
Hinton Diamond Project 5 - 10% W.I.
A detailed ground magnetic survey was unsuccessful in defining drill targets indicated earlier by an airborne survey, and the project is now under review.
Steen River Project 50% W.I.
HRAM surveys have defined a number of prospective drill targets for diamondiferous diatremes or precious and base metal deposits. Discussions are underway with third parties which may lead to a drill program.
NORTHWEST TERRITORIES- Lac De Gras Diamond Project 7% W.I.
ATW Resources Ltd., which is 20% owned by Troymin, has a 35% interest in a claim block south of the Aber/Dia Met diamondiferous kimberlites. Kennecott Canada Exploration Inc. (KCEI), has informed ATW of its plans for a $250,000 winter drill program to locate the source of a prominent indicator mineral till anomaly which contains indicator minerals (garnets and chromites) with chemistry from within the diamond inclusion field. An RC drill rig will be used to sample the till just off shore in Mackay Lake commencing in early to mid-February. Previous drilling discovered kimberlite TR107 which had poor indicator mineral chemistry in contrast to the encouraging chemistry of the till anomaly.
QUEBEC- St. Maurice Nickel Project 100% W.I.
The St. Maurice region is believed to have a favourable geological environment for the formation of high grade nickel deposits as evidenced by the Edouard mine, a small past producer, which returned assays of up to 5% Ni.
To date, more than twenty airborne conductors have been staked by Troymin, as prospective targets for high-grade Ni mineralized intrusions. The company is presently pursuing a joint venture partner for this attractive project.
YUKON- Prospector Mountain Gold Project 50% W.I.
Results from work completed last summer confirm that the western part of the property contains numerous narrow veins of epithermal silver and gold mineralization hosted by the Cretaceous Carmacks volcanic rocks. These veins may be peripheral to gold-copper porphyry mineralization identified about 6km to the east where rock samples assayed up to 1.67 oz/t gold, 10.0 oz/t silver and 0.25% copper. A work program is being planned for the coming summer.
CORPORATE
Troymin's exploration activities are presently focussed on the Buffalo Hills Diamond Project, however, we will also pursue attractive new opportunities which may come to our attention as a result of the current stock market weakness.
On behalf of the Board of Directors,
Jack D. McCleary, President
January, 1998
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