Troy Resources (ASX:TRY) reports advances in exploration over Earn-in Agreement by Barrick Gold

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Troy Resources (ASX:TRY) reports advances in exploration over Earn-in Agreement by Barrick Gold

 Troy Resources (ASX:TRY) reports advances in exploration over Earn-in Agreement by Barrick Gold
Image source: Company website

Highlights

  • Barrick Gold covered nearly 65% of drainages at the Potaro area and collected 637 rock chip and float samples.
  • Barrick undertook extensive aircore drilling over the Makapa Kuribrong Shear Zone to unlock the gold potential.
  • Under the Earn-in Agreement with Troy, Barrick spent a total of US$2.7 million on the project till the end of Q1 2022.

Troy Resources Limited (ASX:TRY) today shared the major operational highlights of Barrick Gold Corporation on the Karouni earn-in Agreement for last two quarters. Both the companies had entered into an agreement back in June 2021 for the exploration of Troy’s tenements in the Makapa Kuribrong Shear Zone (MKSZ).

Barrick Gold has designated the project area as the Makapa Project and covers a fertile structural corridor in the shear zone.

Related read: What are Troy Resources’ (ASX:TRY) greenfield exploration priorities at Karouni Gold Project?

The area marked in yellow represents the project area under the Earn-in Agreement (Image source: Company update, 20 June 2022)

Troy operates the Karouni Gold Project and has extracted a considerable amount of gold. Over the years of the Company’s operations in the area, Troy has acquired significant land holdings in the prospective MKSZ around the project. The area has not been explored as it is covered by sand, masking the underlying mineral potential.

Related read: A 360-degree overview of Troy Resources’ (ASX:TRY) operations at Karouni Project

Barrick’s operation in December 2021 and March 2022 quarter

During last two quarters, Barrick’s exploration activities mainly included geological mapping, rock chip sampling, aircore drilling and the setting of access tracks for undertaking future drilling operations.

Most of the work to date on the agreement is focused on the Potaro area. Barrick has mapped nearly 65% of drainages at Potaro.

For the purpose of gold and multielement analysis, a total of 637 rock chip and float samples have been collected so far. One of the samples returned a significant gold value of 0.4g/t on testing in the March 2022 quarter.

Related read: Here’s how Troy Resources’ (ASX:TRY) recapitalisation plan looks like

A map illustrating rock chip sample coverage (Image source: Company update, 20 June 2022)

Barrick has drilled 102 aircore holes for a total depth of 6,870m to date over the exploration area. The main objective of the drilling program is to drill test a 20km segment of the MKSZ corridor to delineate a strike-extensive geochemical footprint indicative of a large hydrothermal system.

Once the exploration over the Potaro area is completed, Barrick will shift its focus along the strike to the northwest in the Apanachi AOI. The Company will screen a 35km segment of the MKSZ corridor.

Barrick spent nearly US$1.05 million during the December 2021 quarter and US$1.13 million during the March 2022 quarter on the exploration of the project. The life of project expenditure incurred till the end of Q1 2022 is nearly US$2.7 million.

Troy Resources Limited (ASX:TRY) today shared the major operational highlights of Barrick Gold Corporation on the Karouni earn-in Agreement for last two quarters. Both the companies had entered into an agreement back in June 2021 for the exploration of Troy’s tenements in the Makapa Kuribrong Shear Zone (MKSZ).

Barrick Gold has designated the project area as the Makapa Project and covers a fertile structural corridor in the shear zone.

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