Bonanza 11m @ 131g/t Au Hit In Reserves Drilling Programme
Troy Resources Limited’s (ASX:TRY) shared priced jumped over 45% after it reported the returned of a spectacular intersection of 11m @ 131g/t while undertaking an Ore Reserves drilling programme at the Smarts Underground Prospect, Karouni Project, Guyana.
Mineralisation in the second hole of the three-hole drilling programme commenced at 28m and contains 16 different zones of gold mineralisation to a depth of 445m. Best intersections in hole SDD189 include:
- 11m @ 131.93 g/t Au from 223m
- 14m @ 8.39 g/t Au from 248m
- 6m @ 7.56 g/t Au from 209m
- 2m @ 24.49 g/t Au from 141m; and
- 25m @ 2.70 g/t Au from 171m
The success of the second hole in the programme, follows the intersection of very high grades in the first hole. Assay results from the first hole are expected soon.
CEO and Managing Director, Ken Nilsson said this world class drilling result is a step change for the Smarts Underground Prospect.
“Throughout my career, which has spanned multiple mining operations across multiple continents, I have only once previously been involved in the drilling of a hole with results anywhere near as spectacular as those from SDD189.
“Like me, Troy shareholders should look forward to receiving the maiden Ore Reserve calculation at Smarts Underground in the December Quarter with much anticipation.
“Smarts Underground certainly has the potential to make a significant financial impact on both the Karouni Project and the value of Troy.”
Mr Nilsson said that not only does the success of these these highlight the enormous exploration potential of Smarts Underground and the Karouni Project in general but demonstrates the significant potential to add high-grade ounces to the mining inventory and extend the mine life at Karouni. Such has been the success of the recent infill drilling campaign at Smarts Underground, that Troy is now planning a step-out drill program along strike to the north-west. This will initially comprise nine diamond holes for an aggregate 1,500 metres