For thousands of other reports visit RSC's Mineral Intellingence Map
Troy Resources Ltd.
Summary
| Project: | Karouni | |
|---|---|---|
| Deposit: | Ohio Creek | |
| Location: | Guyana | |
| Commodities: | Gold | |
| Date: | 1/28/2020 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 28-1-2020: Troy Resources Ltd. announces an Exploration/Drilling Update report for its Ohio Creek deposit at the Karouni project. Drilling results incl. 1m @ 1.25g/t Au from 54m. Mr Ken Nilsson, Managing Director of Troy Resources, said today: “The Decemb | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Richard Maddocks (Independent) | |
| ABSTRACT: | Mr Ken Nilsson, Managing Director of Troy Resources, said today: “The December Quarter was one of very significant challenges – perhaps the greatest we have endured since entering Guyana. “Despite the challenges, I believe we have come through in great shape. “In our new discovery at Hicks NW, we have seen a significant uplift in resources, representing an immediate source of mill feed that will sustain processing for some time to come. “Ohio Creek is currently subject of a tender process for mining and haulage with evaluation of 3 bids. We expect to have a decision shortly. Geotechnical work should be completed next week to allow start of the trial mining pit. “Moreover, soil sampling results at both Ohio Creek East and Upper Itaki, as well as the work at Gem Creek and Goldstar, have provided us with a large number of high-quality drill targets moving forward. “Much work is currently planned at Smarts 3, including deep drilling and geotechnical work, the objective of which is to see whether value in the significant high-grade resource present can be unlocked by way of an underground development. “With mining now well established at full rates, the processing plant was restarted on 26 January 2020. The feed rate is expected to gradually increase over a next couple of weeks utilising Hicks and over time, Ohio Creek ore. “The December Quarter saw a number of changes to our senior personnel including a new General Manager, Administration Manager and CFO/ Company Secretary, each of whom we welcome. “And with additional funding, provided by way of a capital raising with the support of our two largest shareholders, M&G plc and Ruffer LLP, as well as a gold loan provided by Asian Investment Management Services Ltd, a Malaysian based investment fund, the Company is arguably in the strongest financial position it has been in for some time. “I am most grateful for all the support provided by the Guyana Government, our employees and contractors, our shareholders, Asian Investment Management, and other stakeholders. “I very much look forward to seeing what this next period brings.” | |
Full Report
opaxe is a smart software platform that reconfigures and redistributes information and produces business insights to help mining professionals and investors make better decisions. We utilise technology and machine learning for data collection and human intelligence for the value-added services.
Full Report