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Troy Resources Karouni Gold plant in South America

Independent review identifies 11 high priority gold targets for Troy

Troy Resources have identified 11 new high-priority gold exploration targets near their Karouni mine in Guyana, South America, following a major review of geophysical data.

The recently commissioned mine is at the centre of one of South America’s richest areas for artisanal mining, however, there has been very little modern exploration in the region. Consequently only sparse information existed to guide exploration targeting.

Troy recently commissioned Terra Resources and Gold Vector to conduct a major independent review of what historical ground/airborne magnetics and Induced Polarisation surveys were available and the review identified 11 new gold exploration targets, all of which are at a depth of less than 170 metres.

Of particular interest is an interpreted IP target measuring 1200m long and up to 150m wide. The prospect has been named Eldorado, which speaks volumes about Troy’s high hopes for the target and its confidence in its new gold exploration methods. The size of the Eldorado target and its location over old alluvial workings have made it a high priority drill target.

In a statement to the ASX, Troy reported that the review was focused on using historical data in the Smarts/Hicks resource areas to unlock the secrets of local gold mineralisation. Magnetic data was used to identify structure and alteration associated with porphyry intrusions, while IP data helped to characterise bedrock gold mineralisation and target gold associated with sulphide alteration beneath cover.

In a statement to the ASX Troy said “At Hicks it is now evident that there are a number of IP targets worth drill testing that are adjacent to subtle, magnetic high features that trend sub-parallel to existing ore resources. Several of the IP features in the Hicks area have been drill tested and contain gold.”

The company has already defined a resource of 1.1m ounces of gold at Karouni and earlier this month reported some impressively wide intercepts from their latest round of drilling, including 29m@1.65 g/t gold.

Investors will be watching closely as the company puts its new exploration methodology to the test with the next round of drilling.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 28/09/18

1 year TSR5 year TSR
143rdMillennium Minerals59%-7%
441stGalaxy Resources-4%53%
444thTroy Resources-5%-42%
797thBlackham Resources-69%-21%
739 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

08/12/16
$228k Sold
07/12/16
$41k Sold
23/11/16
$122k Sold
Total value as at the date of the transaction
Source: Morningstar

Revenue

29th↑Galaxy Resources$128.1m
30th↑Blackham Resources$125.1m
31st↑Troy Resources$116.5m
32nd↓Millennium Minerals$116.0m
33rd↓Tiger Resources$113.2m
510 listed resources companies ranked by revenue.
Source: Morningstar

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