Cross section from Troy's Hicks NW prospect, illustrating recent RC drilling results and fine visible gold in drill chips.

Shallow gold discovery boosts reserve ounces for Troy

Perth-based South American gold miner, Troy Resources’ decision to closely focus on its exploration assets appears to be paying off with the recent discovery of a new style of mineralisation along strike from the Hicks 1 pit at its Karouni gold project in Guyana. The new Hicks NW prospect has contributed around 19,000 additional reserve ounces and ongoing exploration continues to identify lucrative looking, broad, shallow zones, some with a sprinkling of visible gold in the drill samples.

Gold mineralisation along the Hicks structure has now been identified over a strike of approximately 900 metres and it s still open, according to the company. Higher gold grades have also been recognised by Troy at shallower depths than previously appreciated at the Hicks NW prospect.

A respectable 121 RC holes totalling 6,324 metres have now been drilled at Hicks NW, targeting extensions to the north-west of the current Hicks 1 pit with recent gold hits including 12m grading 7.42 grams per tonne from 52m down-hole and 11m grading 6.15g/t from 59m downhole.

Troy said it is confident that the extensions to the main Hicks mineralisation represent a near term mining opportunity. With all the infrastructure in place, including the company’s 100% owned Karouni mill just down the road, Hicks could theoretically start producing cash flow for Troy some time soon.

Troy Managing Director, Ken Nilsson, said:…“The expectation in the short term is that we now have the potential to be operating several smaller open pits along the Hicks Shear zone which will add flexibility and provide a smoother ore flow to the mill and hence cash generation.

“It is hoped, and indeed likely, that the continuation of exploration work along the Hicks shear zone to the north-west will provide further minable resources in the short term.”

…”Exploration work at Ohio Creek and Gem Creek/Upper Itaki is ongoing with the next round of drilling planned for January 2020. In addition, other targets close to the processing plant are being evaluated and developed for drilling to investigate additional potential ore sources.”

The Hicks 1 pit has to date, produced 27,400 ounces of gold and Troy is now well-positioned to move quickly on the back of these encouraging new results with plans to turn around a new resource estimate and mining study on Hicks shortly.


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Total Shareholder Return as at 31/03/20

1 year TSR5 year TSR
396thTroy Resources-26%-30%
429thBCI Minerals-31%-19%
784thPilbara Minerals-78%34%
825thOtto Energy-90%-35%
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30th↑Troy Resources$104.1m
35th↑BCI Minerals$73.2m
38th↑MZI Resources$54.2m
40th↑Otto Energy$49.1m
42nd↑Pilbara Minerals$43.4m
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