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Troy ratchets up South American gold hunt

Troy Resources has been out in the field surrounding its Karouni gold mining operations in Guyana, South America, taking rock chip samples and scouting for potential new gold discoveries off the back of the highest-grade drill intercept ever recorded in the region.

Activities at the Upper Itaki, Kaburi Hills and Potaro–Kuribrong prospect areas, all within cooee of Troy’s existing Karouni Mill, are now hitting their straps.

At Upper Itaki, Troy Geologists have been mapping what has now been interpreted as the gold-prospective Goldstar shear zone, where Guyanese artisanal miners have exploited alluvial gold from creeks right across the company’s ground.

Augur drill sampling was undertaken along with the mapping in the area and Troy looks to have identified a very early stage gold anomaly in the vicinity of a geological contact proximal to a shear zone.

The interplay of these features, coupled with the presence of artisanal miners, is encouraging for Troy who is on a mission to identify new drill targets in the region.

At Kaburi Hills, geological mapping has identified some quartz veining that held textures potentially indicating that sulphide minerals may have once been present but had since been weathered away with the deeper bedrock potential of interest now.

At the Potaro–Kuribrong prospect area, Troy took seven samples from the field as the area was mapped. Interestingly, one surface rock chip sample returned 2.87 grams per tonne gold.

The company will now look to undertake follow-up work, starting with more geological mapping, stream sediment sampling and auger drilling.

Troy reported that it held A$10m in cash at the end of January 2020 and the ASX-listed company appears to have emerged from a rough patch that saw the mine temporarily shut down after an unfortunate fatality on site.

The recent re-start of the company’s mine operations is expected to turn around Troy’s balance sheet next quarter and any new high-grade satellite discoveries that can be processed through the existing mill will offer a step change in the project economics.

With a new satellite discovery already under its belt at Hicks NW, returning numbers like 17m grading 149.14g/t including 1m grading 1,510.55 g/t gold, Troy looks to have a treasure trove of areas close by that are begging for a serious exploration effort.

 

Is your ASX listed company doing something interesting ? Contact : matt.birney@wanews.com.au

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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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11/09/19
$43k Sold
28/06/19
$125k Sold
27/06/19
$173k Sold
Total value as at the date of the transaction
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Revenue

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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