Troy Reports Further High-Grade Assay Results At Ohio Creek

Troy Resources Limited (ASX: TRY) reported the receipt of further high-grade assay results from the Company’s Phase 1 reverse circulation (RC) drilling program at the Ohio Creek Prospect in Guyana. It stated that the Phase 1 RC drilling campaign at Ohio Creek had been completed. This campaign involved drilling of 39 holes with individual hole depths of between 70 and 140 meters.

The company explores and produces gold. It has a history of developing and operating in mines in both Australia and South America. The company has been operating in South America since 2002. In July 2013, the Company acquired the undeveloped Karouni Project in Guyana. It also undertook the development of Karouni with first gold being produced in November 2015. The focus on the implementation of international best practice in health and safety, environmental stewardship and social responsibility. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

The company was established in 1984. Initially, the company focussed on lands in Southern Cross Western Australia. The company achieved its first success when it worked in a joint venture with Mawson Pacific to complete the development of Cornishman Stage 1 in Southern Cross. This helped the company in achieving a new rank of explorer to producer.

Moreover, the Company had announced the commencement of the Phase 2 RC drilling campaign at Ohio Creek with 14 holes already drilled. The Phase 2 campaign, covering 23 holes of depths of between 75 and 120 meters, will infill and test the interpreted NW continuation of mineralization.  The drill lines in the Phase 2 campaign will infill down to 40 and 60-meter spacing, while space was around 160 and 320 meters apart for the phase 1 campaign.

Meanwhile, the company is also trying to source both a diamond drill rig and a second RC rig. The work on this would be likely to be commenced in February 2019.  A Phase 3 campaign is also already under consideration. It is being designed around a diamond drilling program targeting the mineralized trend. Considering the prospect of Ohio Creek, the company is working on a number of other areas.  It has commenced preparations for the lodgement of an application for a Mining Lease for the Ohio Creek Prospect.

The Managing Director of the company, Mr. Ken Nilsson, mentioned that Ohio Creek has the potential to be a successful project considering the additional holes dug had variously shown evidence of exceptionally high grades and stacked mineralized zones. Moreover, with the prospect remaining open in all directions is also a boost for the Ohio project. The company will increase its efforts on further exploration by securing additional drilling rigs. The MD assured that the shareholders will be updated with the assay results which are in the lab and also in respect of holes yet to be drilled as early as possible. He is confident that with the news flows to come going forward, 2019 will be a much happening year for the shareholders.

At the time of writing, the stock is trading at $0.125. The stock had a mixed performance over a period of one year and generated a YTD of 23.71%.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.




Join Our Discussion

Start discussion with value Investors for ASX Stock Market Investment and Opinion.

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report