Gold prices climb

Sep 06, 2017 News

Yesterday, gold prices continued their strong showing with the metal trading at US$1,340 per ounce— said to be the 2017 high. In December, it was just over US$1,100.

Troy’s mine area, Region Seven.

Gold is the biggest foreign currency earner in Guyana.
Aussie-owned Troy Resources said this week that the results of recent grade control drilling programmes and a higher gold price supported additional pit expansions in the Smarts 2, 3 and 4 stages, as well as at the Hicks 1 and 2 pits.
While the expansion investigations were at an early stage, Troy believed that if successful, they could extend the current mine life at Karouni well past 2020.
Over the past three months, the Karouni operation commissioned several specialist consulting groups to assist with mine planning and scheduling, as well as geotechnical revision and metallurgical audits, following a pit wall failure in December last year at the Smarts 3 pit.
Troy noted that the specialist consultation was likely to continue until the site achieved best practices in the mining, safety, environmental and processing areas, with continuous improvement programmes ongoing.
“With mining at Smarts 3 re-established, Troy was anticipating higher-grade ore from the operation to be delivered to stockpiles in September, with some 11 000 t, grading 4.5 g/t gold already blasted.”
Troy is one of the two large-scale gold producers in Guyana, along with Guyana Goldfields with its operations in Region Seven, helping to nudge gold declarations past a record breaking 700,000 ounces last year.
One of its key pits suffered problems last year, forcing an abandonment of operations because of safety fears.