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.
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%.
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