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Visible gold in diamond drilling at Ohio Creek

Troy strikes high-grade gold in South America

Troy Resources’ efforts to unlock the riches of its Karouni gold project in Guyana have borne fruit with infill RC drilling at the Ohio Creek prospect returning high-grade intersections of up to 3 metres grading 41.7 grams per tonne gold from 29 metres down-hole.

This hole also included a second cracking intercept of 16 @ 6.4g/t gold from 69m down-hole.

Other holes returned top results of 3m @ 12.1g/t gold from 39m down-hole, 5m @ 7.5g/t gold from 75m and 6m @ 11.8g/t gold from 62m.

Notably, the results indicate the presence of a coherent mineralised footprint with various high-grade gold zones that is about 100 metres in length and stretches from surface to a depth of at least 125 metres.

Infill drilling at Ohio Creek is ongoing with assay results pending on a further 11 RC drill holes.

A second RC rig is due on site shortly and Troy is planning to carry out further step-out drilling to potentially extend the length of the strike.

Recent diamond drilling across most of the length of Ohio Creek has also confirmed that gold mineralisation may extend to depths of at least 250m.

Management said interpretation of the geological controls seems to indicate that the mineralisation trends and directions are predictable and show continuity.

The company expects to start full metallurgical test work soon whilst geotechnical and hydrological work is programmed to begin in late June.

Open pit optimisation studies are expected to commence in late October subject to positive modelling and financial analysis.

Troy said these activities are focussed on integrating a higher-grade ore supply from Ohio Creek to support ore feed from the existing Smarts, Larken and Spearpoint pits.

Other works at the Karouni Project include the cutback of the Smarts 3 Pit as planned, the commencement of mining at the Larken pit and resource definition at the Hicks prospect.

Managing Director Ken Nilsson said: “Assay results from the first round of infill drilling at Ohio Creek are pleasing.”

“Moreover, early results from diamond drilling seem to indicate that the mineralisation trends and directions are predictable and show increasing continuity.”

Troy acquired the Ohio Creek gold prospect, which is located 10km northeast of its existing Karouni gold processing facility last September.

Ohio Creek is situated on the same east-west structure that hosts the historical Omai gold deposit that produced 3.7 million ounces of gold between 1992 and 2006.

Historical assay results include a one-metre intersection grading 868.7g/t gold from 61m down-hole whilst the company’s first pass drill campaign at Ohio Creek returned 16m @ 10.07g/t gold from 2m down-hole and an amazing 9m @ 40.52g/t from 89m.

Karouni currently hosts a global mineral resource of 13.7 million tonnes grading 2.1g/t gold for 933,000 ounces. This incorporates ore reserves of 1.54 million tonnes grading 2.43g/t gold for about 120,000 ounces.

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Closing price for the last 90 trading days
Source: Morningstar

Top 10 Shareholders

Substantial shareholders as published in the annual report.
Source: Morningstar

Total Shareholder Return as at 31/10/19

1 year TSR5 year TSR
24thAlkane Resources218%26%
186thRand Mining35%51%
285thTroy Resources15%-28%
802ndBlackham Resources-70%-27%
730 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

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

Revenue

28th↓Tiger Resources$113.2m
29th↑Blackham Resources$111.1m
30th↑Troy Resources$104.1m
31st↓Alkane Resources$94.4m
32nd↑Rand Mining$80.3m
485 listed resources companies ranked by revenue.
Source: Morningstar

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