Sponsored

Troy Resources (ASX:TRY) hits high-grade gold at Gem Creek; infill drilling to follow soon

Summary

  • Troy Resources has received encouraging results from RC drilling on the Gem Creek prospect.
  • Gem Creek lies approximately 10km to the north of Karouni Mill, and the mineralisation identified over a strike length of 500m, remains open in all directions.
  • Encouraged with excellent intercept results, Troy’s management is planning follow-up infill and extensional drilling on Gem Creek.

In its constant effort to bolster gold production and resources on its flagship Karouni Gold Project, Troy Resources Limited (ASX:TRY) is going strength to strength on the project. The Company has shared the results of the RC drilling campaign on the Gem Creek prospect, lying 10km to the north of the Karouni Mill.

Also read: Troy Resources (ASX:TRY) pulls out the big gun on Karouni Project; forms JV with Barrick Gold

Map showing the location of Gem Creek on the project (Image source: Company update, 9 June 2021)

Troy has undertaken extensive drilling campaigns on its brownfield and greenfield prospects on the project since mid-2020. The Company drilled 160 RC holes over the 6km strike extent on the Goldstar-Gem Creek corridor.

Recent update: Troy Resources (ASX:TRY) gets approval for Smarts Underground, shares soar ~15%

The drilling has delineated numerous zones of relatively good grades of mineralisation on the prospect. Core analysis indicates felsic intrusion on the contact of the older mafic volcanics with younger sediments.  Mineralised throughout, the felsic interval has higher grade at places of higher alterations.   

Troy’s recent follow-up RC drilling campaign on the prospect has been conducted with an objective to intersect the upper contact between the mafic volcanic to the volcanoclastic unit and the younger sediments. A total of 44 holes along 13 drill lines, along the strike length of 700m were drilled.

Troy has received assay results for 36 holes to date. Some of the significant intercepts are:

Drill intercept results (Data source: Company update, 9 July 2021)

Good read: Troy Resources (ASX:TRY) to Develop Smarts Underground as the Primary Source of Production

Gold mineralisation on the prospect has been identified along a 500m strike with a north-south orientation and remains open on both north and south as well as at depth. At Gem Creek, mineralisation occurs mainly in two subparallel zones, which are 5-15m apart.

A cross-section of Gem Creek illustrating geology (Image source: Company update, 9 July 2021)

Hailing the RC drill results as encouraging, Mr Ken Nilsson, Managing Director of Troy Resources, said that at Gem Creek, mineralisation was controlled by the presence of felsic intrusion host and was more consistent over increased width. He concluded that Gem Creek carries the potential to represent a more robust system with 500m of mineralised strike length already established.

“Whilst the grades we have received are not variously spectacular as for, say, Ohio Creek, we have seen at such prospects that establishing a mineable ore body from gold occurring predominantly in quartz veins (nugget effect) is problematic,” Mr Nilsson commented further.

Read here: Troy follows aggressive exploration approach at Karouni amid gold bull run

Next steps

  • Releasing the remaining assay results of eight RC holes as received from the lab.
  • Planning infill, at-depth and extensional RC and diamond drilling on Gem Creek.

Shares of Troy Resources are trading at AU$0.042 around 3:16 PM (AEST). The Company has a market cap of AU$33.85 million as of 9 July 2021.

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK