Troy Resources gets more gold lands

May 23, 2021 News

…tells shareholders claim has high prospect for large-scale discovery

Kaieteur News – Having mined out its Hicks Four and Spearpoint mining pits, Australian based Troy Resources Limited, has since secured another lucrative concession in Guyana—20 kilometres South of its Karouni operation—in the gold rich Potaro locale, an area it had identified as a ‘must have’ target.
The company made the announcement on Monday last, by way of a public missive to shareholders and said, the secured tenements adjacent to its 100 percent owned Karouni Gold Project in Guyana, “is considered to be highly prospective for large-scale gold discovery.”
With the new claim secured, the company said it increases Troy’s landholding to an area of approximately 3,000 hectares.
It was noted in the announcement that the Potaro claim was identified by Troy, “as a must have target approximately two years ago.”
Notably, the company indicated that whilst no discoveries of significant size have thus far been identified within the identified zone being targeted in Guyana, “this can reasonably be attributed to the country’s relatively young exploration history,” in addition to the extensive sand cover in the area.
The company did indicate that since acquiring the Potaro tenements, it has had the opportunity to undertake initial mapping and reconnaissance work and reminded that “the Potaro River and local tributaries have been heavily mined for alluvial gold.”
With the acquisition of the new Potaro tenement, the company said that with its potential to host significant gold mineralisation, it would form a key component of the Company’s exploration strategy going forward.
The announcement by Troy Resources was had in tandem with a separate statement to shareholders, which noted that its primary pits—Hicks Four and Spearpoint—had been almost depleted.
This obtains, since according to the company, it had realised less gold from the ore in the pits than had been projected.
As such, both of the pits are likely to be exhausted by mid-June or early July, 2021.”
Explaining the situation, it was noted that “the remaining volumes of ore in both pits are somewhat lower than had previously been expected.”
This obtains, since “a recent internal review of the calculation of model versus actual grade control data identifying a relatively modest unfavourable discrepancy.”
The company in reporting on its other prospects said the same situation obtains with regards its Goldstar pit where a Mineral Resource of 25,500 ounces was previously projected at the location.
In making the announcement on Monday however, the company said during late 2020, early 2021, it undertook both reverse circulation and diamond drilling at Goldstar, achieving reasonable results but the optimisation work returned disappointing results.
It said too that the gold found was of relatively low grade, and as such, the economics of the Goldstar deposit are highly sensitive to the prevailing gold price.
It did note that “should the gold price increase somewhat – even to US$2,000 per ounce or more – the opportunity may present to economically mine additional ore.”

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