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Troy Resources braces for MRE after posting stellar drilling results at Karouni

Source: optimarc, Shutterstock

Summary

  • The four-hole diamond drilling on Smarts Underground returned highly encouraging intersection results.
  • The drilling assay results will support the resource mapping on the prospect.
  • RC drilling on Goldstar concluded with the drilling of 104 holes in two phases. The results are expected to bolster the company’s confidence in the prospect.
  • The shares of the Company soared 7% today in view of encouraging drilling result.

Troy Resources Limited (ASX:TRY) continues to rev up exploration momentum at its flagship project Karouni Gold Project in Guyana. The ASX-listed gold explorer has shared the exploration drilling update from two of its prospects, Smarts Underground and Goldstar on the project.

Troy concluded the diamond drilling campaign on the Smarts Underground, having drilled four deep holes to support the resource or reserve mapping work on the prospect. The drilling commenced in January 2021 as per the request of the consultants in charge of delineating the resource base of the prospect.

Latest Update: Troy Resources cranks up gold production at Karouni, eyes Resource upgrade

On the Goldstar prospect, Troy launched a Reverse Circulation (RC) drilling campaign in December last year. The drilling programme aimed at increasing the confidence level on the mineral resource estimates and planning of the further exploration and development work on the prospect.

The greenfield target Gem Creek has returned intersection results up to 7.3g/t Au during the recent drilling programme. Assay for all holes will be released very shortly.

Drilling Campaign

Smarts Underground

Troy drilled four diamond holes on Smarts Underground with a combined depth of 1,140m. The intersection results are highly encouraging and will aid in Mineral Resource Estimation and maiden Ore Reserve of the prospect.

Some of the significant assay results are as follows:-


Copyright © 2021 Kalkine Media Pty Ltd. Data Source: Company Update, 18 March 2021

Long-section of Smarts Underground showing drill hole location and assay results (Image source: Company update, 18 March 2021)

Also Read: Troy Resources (ASX:TRY) highlights main project targets in 1HFY2021 report

The above figure illustrates the continuation in mineralisation in the gap between Smarts Underground and Smarts 3 pit.

Troy has already completed the geotechnical and design works along with the economic assessment to the scoping study level in order to fast-track the development of Smarts Underground.

Goldstar

Troy completed 104-hole RC drilling campaign on the Goldstar prospect. The prospect covers a strike length of ~2,600m with gold mineralisation, and Troy is mapping 25,500 ounces of Mineral Resources based on the strike length of 500m.

The campaign was launched in December 2020 with a close spacing of 15m to obtain close-spaced data to update the Mineral Resource estimate and maiden Ore Reserves of the prospect. The main objective of the drilling programme was to boost the confidence level on the prospect’s mineral resource.

The first tranche of assay results was released in January 2021. The latest assay results include:-

  • 9m @ 1.17g/t Au from 19m – Hole GRC274
  • 4m @ 2.36g/t Au from 7m – Hole GRC277
  • 6m @ 1.7g/t Au from 5m – Hole GRC294
  • 6m @ 1.72g/t Au from 16m – Hole GRC307

RC drill hole location and assay result (Image source: Company update, 18 March 2021)

Once resource modelling is wrapped up, Troy will begin the assessment of Goldstar‘s mining potential.

Meanwhile, the haul road to connect the prospect with the Karouni Mill is nearly 95% complete.

Gem Creek

RC Drilling was completed on the greenfield prospect in two phases. The first phase commenced in April 2020, wherein 71 holes were drilled. The latest drilling programme was launched in February 2021 and was concluded after drilling 48 additional holes, taking the total hole count up to 119 and a total of 11,627 metres of ground drilled.

Other than these, four additional diamond holes were also drilled with the key objective of studying the geological structures and delineating mineralisation on the prospect.

Significant intercept results from the RC drilling are as below:-

  • 11m @ 1.90g/t Au from 80m—Hole GCRC083
  • 6m @ 7.30g/t Au from 102m—Hole GCRC083

Drill hole location on Gem Creek and interpreted geology (image source: Company update, 18 March 2021)

Summary of geological interpretation from the diamond holes

Copyright © 2021 Kalkine Media Pty Ltd. Data Source: Company Update, 18 March 2021

The company is expected to unveil the complete assay results soon.

Triggered by the ASX update, TRY surged 8.333% to close at $0.078 per share. The Company has a market cap of $54.54 million as of 18 March 2021.

Note: All currencies are in AUD.

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