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Troy Resources (ASX:TRY) - Managing Director, Ken Nilsson - The Market Herald
  • Gold explorer Troy Resources has had some positive results from a recent drilling campaign at its Karouni Project in Guyana, South America
  • The reverse circulation and diamond drilling programs turned up a number of high-grade results, which have significant potential to expand the known Karouni resource, and pave the way for a mine at Smarts Underground
  • Previous scoping studies had already been completed at Smarts, but it was concluded further drilling was required before a JORC-compliant scoping or pre-feasibility study could be released
  • With the new results — and booming gold prices — adding to the viability of the potential operation, Troy is now doubling-down on efforts to map a pathway to mining the promising prospect
  • The drilling is ongoing, with results to be incorporated into mining studies which will be released in due course
  • Troy Resources closed Monday's session grey at an even nine cents

Gold explorer Troy Resources (TRY) has had some positive results from a recent drilling campaign at its Karouni Project in Guyana, South America.

The reverse circulation and diamond drilling programs turned up a number of high-grade results, which have significant potential to expand the known Karouni resource, and pave the way for a mine at Smarts Underground.

New scope

The new drilling at the Smarts Underground prospect was aimed at testing for extensions to the known 219,000 ounce resource.

Previous scoping studies had already been completed at Smarts Underground, but it was concluded further drilling was required before a JORC-compliant scoping or pre-feasibility study could be released.

With the new results — and booming gold prices — adding to the viability of the potential operation, Troy is now doubling-down on efforts to map a pathway to mining the promising prospect.

Troy Resources Managing Director, Ken Nilsson, says the results speak for themselves.

"To have received assay results from only four holes, each of which has intersections that could be reasonably described as spectacular, provides encouragement for the identification of additional high-grade mineralisation moving forward," Ken said.

"With these new intersections, together with the higher gold price now prevailing it now makes considerable sense to evaluate the potential of Smarts Underground as Troy’s next mining project," he concluded.

The company believes the preliminary results "look very promising and confirm the considerable potential for the presence of a high-grade mineable ore reserve at Smarts Deep."

New hope

The recent drilling program also extended to two other areas: the Smarts NW and Gem Creek prospects.

While both zones are in the earliest phases of exploration, the preliminary results indicate both prospects have potential.

Some high-grade intercepts were returned from both Gem Creek and Smarts NW, though more drilling and fieldwork will be required to gain a better understanding of the underlying geology.

Next steps

Troy's main focus will be in developing the Smarts Underground resource and mine planning.

The drilling is ongoing, with more assays expected in coming weeks. Importantly, the mineralisation found so far remains open at depth, providing further upside for future exploration and resource definition.

The results of the current program will be incorporated into mining studies, which the company says will be released in due course.

Troy Resources closed Monday's session grey at an even nine cents.


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