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Troy Resources Ltd.
Summary
| Project: | Karouni | |
|---|---|---|
| Deposit: | Ohio Creek, Hicks 1 Extension | |
| Location: | Guyana | |
| Commodities: | Gold | |
| Date: | 7/30/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 30-7-2019: Troy Resources Ltd. announces an Exploration/Drilling Update report for its Ohio Creek, Hicks 1 Extension deposit at the Karouni project. Drilling results incl. 8m @ 6.2g/t Au from 1m. Commenting on the results, Troy’s Chief Executive Officer a | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Richard Maddocks (Independent) | |
| ABSTRACT: | Commenting on the results, Troy’s Chief Executive Officer and Managing Director, Mr Ken Nilsson, stated: “The June quarter, even though slightly below expectation, can be regarded as successful in view of the effects of what turned out to be the highest rainfall period since monitoring started in 2013 with rainfall during May of 450 mm and June of 535 mm or a total of approximately 1 metre of water in 2 months. “There were a number of significant results returned from exploration which increased the geological/structural knowledge of the Ohio Creek Prospect. This has obviously increased the confidence of delineating and exploiting the area which has encouraged accelerated work on modelling and planning for mining with various technical consultants now engaged. “A target date has been set for all of these activities to enable mining of a test pit plus some trial mining to provide data for processing to gauge the need or otherwise to modify the processing plant. The initial target date for all external work is set for end of October but that, of course, depends on any issues or delays encountered from the technical work, ie a need for more drilling and so on. “During the quarter, the Company identified the need for infill drilling of an extension to Hicks 1 pit, previously known as Hicks 0. This area, which has a Mineral Resource but required additional drilling of the near surface mineralisation, has the best near term probability to provide additional ore to the plant. Remaining drilling in this area is expected to be completed during August. “All sections of the operation in Guyana have performed well over the 3 months with increasing confidence in the project. Processing is generally in line with design capacity with no major issues. Work force stability is good with no significant issues and Company procedures are working well with safety performance continually improving and significant training initiatives have been implemented. The Company is currently tackling the risk of Malaria and Dengue Fever particularly in the Ohio Creek area, where we are implementing medical and mechanical methods such as fogging. “Expenditure on exploration has increased significantly during the quarter compared to the past thanks to the increased funding and the benefits are clear and evident. In a general sense the cost saving programs are continuing and have the support from our suppliers and work force. “Moving forward, all efforts are focused on proving up Ohio Creek, converting the Hicks extension to Ore Reserve status, lifting the Gold Star resource classification plus strike extension at Ohio Creek. In addition, completing the modelling work for Ohio Creek, the Hicks extension and the work required to achieve an early start to mine those areas. “The Company remains in compliance with all regulatory requirements and continues to enjoy a good relationship with the Government and in particular with GGMC (the Department of Mines) and EPA to continue to achieve the best possible results in terms of OHS, mining practices and environmental compliance.” | |
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