Smashing gold result of 17m at nearly 5oz to the tonne for Troy

Troy Resources has hit the ball out of the park with an amazing 17m drill intersection going nearly 5 ounces to the tonne gold in South America.

Importantly, the smashingly good intersection was encountered just 37m down hole at the company’s Hicks 1 extension within the Karouni Gold project. As a final curtsy to the crowd, it also included a 4m section grading an eye-watering 623.17g/t gold.

Other significant intercepts included 15m at 4.41g/t gold from 40m, 9m at 4.76g/t gold from 27m, 4m at 6.90g/t gold from 63m, 5m at 4.61g/t gold from 35m and 7m at 3.41g/t gold from 23m.

According to Troy, this high grade mineralisation, which is covered by 25m of sand and still open at depth, extends along strike for around two kilometres, with the shear zone being a consistent 10 metres wide.

These latest drill holes are close to existing infrastructure and with such high grade mineralisation so near-to-surface, the company is now confident the Hicks 1 extension represents a highly-attractive near term mining opportunity.

Troy entered into a trading halt in October, followed by a voluntary suspension, after the death of an employee as a result of an incident at the Hicks 1 extension trench.

After receiving a Cease Work Order from Guyana’s Ministry of Social Protection, the company had no option but to comply and stop all mining and milling activities.

While some employees were temporarily stood down as the company waited for the order to be lifted, the exploration team was retained and field work was resumed in an area to the north west of the Hicks 1 pit that focussed on some shallow, up-dip near surface mineralisation potential which had been previously targeted by artisanal miners, but never drilled.

 Since May 2019, 132 RC holes for 7,135m have been drilled targeting extensions to the north west of the current Hicks 1 pit along the main Hicks-Smarts Shear Zone.

 The latest results are from 20m spaced infill drilling that was designed to provide additional data for detailed mine planning.

 The company said the 25m of overburden represented transported, unconsolidated sand and clay from several small creeks in the Hicks area.

 It is now confident the mineralisation will be exposed and readily amenable to open pit mining once this overburden is removed.

 Troy Managing Director Ken Nilsson said: “The new results are significant being not only high grade, but also of consistent width, which augers well for the calculation of good tonnages of ore.”

 “The drill program is now entering a phase of extension work along the step over link between Spearpoint and Hicks North West. Drilling will also focus on extensions to Larken and follow up on targets at Hicks North. All this leads well towards an imminent restart at Karouni.”

 Given that Troy’s shares are not trading right now due to the market suspension, today’s announcement could not result in a share market rally, but it seems certain that all eyes will be on the company when it does eventually resume trading.


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Total Shareholder Return as at 28/02/20

1 year TSR5 year TSR
405thBCI Minerals-9%-19%
525thTroy Resources-27%-31%
763rdPilbara Minerals-66%44%
781stOtto Energy-68%-16%
671 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
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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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