Troy Resources Limited (ASX: TRY) is involved in the production and exploration of gold. It was officially listed on ASX in March 1987. On 31st May 2019, the company, by release, updated the market about new high-grade intersections from reverse circulation and diamond drilling at Ohio Creek, which is located at 10 kilometres north-north-east of Troy’s operating Karouni Mill in Guyana.
Post acquiring the prospect in September 2018, the company continued RC drilling on an ongoing basis. With respect to the previous announcement dated 19th March 2019, the company highlighted that the known strike length of high-gold mineralisation went up to 950 meters. The company’s two nearby trench samples encountered high-grade gold mineralization, including TTR001A – 5 metres @ 5.0 g/t Au at surface and TTR015 – 1 metre @ 564.5 g/t Au at the surface.
The substantial new drill intersections from infill RC Drilling include:
- TRC106 – 3 m @ 41.7 g/t Au from 29 m and 16 m @ 6.4 g/t Au from 69 m,
- TRC107 – 1 m @ 9.6 g/t Au from 1 m,
- TRC108 – 1 m @ 9.1 g/t Au from 17 m, 2 m @ 17.6 g/t Au from 30 m and 3 m @ 12.1 g/t Au from 39 m,
- TRC111 – 5 m @ 7.5 g/t Au from 75 m
- TRC114 – 6 m @ 6.7 g/t Au from 36 m and 6 m @ 11.8 g/t Au from 62 m.
Additionally, further 34 RC holes have been drilled, bringing the total number of RC holes drilled to 130. The company further added that these intersections have occurred in the vicinity of TRC001, where TRY has previously identified high-grade gold mineralisation at or near the surface. These results also point to the presence of a coherent mineralised footprint along with various high-grade zones of ~ 100 metres in length from surface to a depth of at least 125 metres.
In terms of infill RC drilling, Troy continued the drilling in the TRC001 area with the pending assay results on further 11 RC drill holes. The gold mineralisation is known to extend the depth of around 250 metres.
Separately, turning to its future strategy. The company intends to regain strong stable operational and financial position and build resources and reserves at Gold Star and Ohio Creek. The company is focused on converting its resources to reserves at Gold Star and Hicks/Smarts. By acquisition and JVs, Troy is targeting growth opportunities around its existing assets. The company’s strategy is to explore Gem Creek, Upper Itaki and Kaburi Hills and focus on maximising the shareholder value. Additionally, the company has residual interests in Brazil and Argentina.
At market close on 31 May 2019, TRY was trading at $0.098 per share, up 5.376% with a market capitalisation of $55.06 million. It has yielded a YTD return of -15.45% and exhibited returns of -19.13%, -6.06% and 10.71% for the six months, three months and one-month period, respectively.
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