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Troy Resources in high spirits with high-grade gold hits at Karouni

Source: RomanR,Shutterstock

Summary

  • The Karouni Project is slated for massive resource uplift in the near term as excellent intersection results have been obtained from the drilling campaign.
  • Troy drilled 119 RC drill holes and four diamond drill holes at Gem Creek, its greenfield prospect.  
  • Four diamond holes were completed at Smarts Underground, returning gold values of up to 9.92g/t Au.

South America-focused gold explorer Troy Resources Limited (ASX:TRY) released drilling result from the prospects of its flagship Karouni Gold Project. Troy included the results from Smarts Underground, Goldstar and the greenfield prospect Gem Creek in its latest update.

Troy undertook diamond drilling at Smarts Underground while RC drilling was done at the Goldstar and Gem Creek prospects.

In the beginning of January 2021, Troy announced the diamond drilling campaign for four holes at Smarts Underground. The main purpose of the drill holes was to assist with the resource/reserve mapping program.  Additionally, these holes were also supposed to investigate the continuity of mineralisation between modelled Smarts 2 and Smart 3 ore shoots.

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

Drill hole locations on Smarts Underground (Image source: Company update, 18 March 2021)

Selected Assay result from the diamond drilling program (Data source: Company update, 18 March 2021)

Troy has already concluded the geotechnical and mine design work and related economic assessment of the prospect up to the coping study level.

The drilling campaign established the mineralisation continuation between the gap of Smart 3 pit and Smart Underground. Also, the mineralisation from the 2014 Mineral Resource program extended towards the surface beneath the Smarts 3 pit ramp. This can be seen in the long section figures shown below with the drill hole location map.

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

Troy will update the market on the Mineral Resource and Ore Reserve of the Smarts Underground shortly with key economic parameters.

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

Results from the RC drilling campaign

A total of 104 holes were drilled on the Goldstar prospect, with an average depth of 70m for each hole. The prospect is nearly 13 km from the Karouni Mill, and nearly 95% of the hauling road is complete.

Goldstar covers a strike length of 2,600m, with gold mineralisation showing its presence from the surface. Troy is targeting a Mineral Resource of 25,500 ounces from the prospect basing on the 500m of strike length.

Assay results from the RC drilling program (Data source: Company update, 18 March 2021)

Cross-section of the Goldstar with drill hole locations (Image source: Company update, 18 march 2021)

Gold dispersion within the weathered zone is demonstrated by the wide and low-grade intersection results at the points close to the surface. Troy will conduct the assessment for the mining potential on the prospect once resource modelling work is done.

The RC drilling on one of the highest prospective greenfield target Gem Creek was concluded in two phases, with the latest phase, including 48 holes.

The RC drilling returned following significant intercepts-

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Additional four diamond holes were also drilled with the main objective of geological interpretation of the formations and structures of the subsurface. The holes were drilled to a depth range of 151.5m to 302m.

The assay results from the diamond drilling are still under process and will be shared sooon. The below figure shows the position of the geologic holes and interpreted geology of the prospect.

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

 Troy has identified additional drill targets on the prospect based on the geological interpretation and intersection results from the RC drilling program.

The shares of TRY were trading at $0.069 on the ASX on 24 March 2021 at 3:20 PM AEDT.

Note: All financial figures are in AUD.

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