- Troy Resources (TRY) released a maiden ore reserve at the Smarts Underground Prospect in South America
- The maiden ore reserve reads over one million tonnes at 2.6g/t gold for 89,400 ounces and follows the release of a mineral resource in September 2020
- Managing Director Ken Nilsson believes there is potential to increase the maiden ore reserve as it is not as large as he had hoped
- A final geotechnical report is now required prior to finalising the proposed mining method, mine design and commencement of underground operations
- Shares in Troy are up 2.33 per cent on the market and are trading at 4.4 cents at 2:22 pm AEST
Troy Resources (TRY) has released a maiden ore reserve at the Smarts Underground Prospect.
Smarts Underground is part of the Karouni Project which lies in Guyana, South America.
The maiden ore reserve reads 1,082,000 tonnes at 2.6 grams of gold per tonne (g/t) for 89,400 ounces.
Additionally, it is part of a geotechnical assessment undertaken by Peter O’Bryan & Associates in June 2021.
It is calculated on the basis of two distinct mineralised zones with the first located directly beneath the Smart 3 pit and consisting of 160,000 tonnes at 3.9g/t gold for 19,900 ounces.
The second lies below the Smarts 2 area and consists of 729,000 tonnes at 2.3g/t gold for 54,100 ounces.
The release of a maiden ore reserve follows the release of a mineral resource of three million tonnes at 3g/t gold for 287,600 ounces from September 2020.
Managing Director Ken Nilsson believes there is potential to increase the maiden ore reserve as it is not as large as he had hoped.
“Whilst the maiden ore reserve contained ounces is not as large a number as I would have hoped, there is considerable scope to increase it,” Mr Nilsson commented.
“However, I am reasonably confident that, once underground, the high-grade zones that we will identify and mine will result in production pointing to the higher head grades we have previously reported.”
“Once underground, I believe that exploration and infill drilling will identify additional economic mineralisation at depth.”
A final geotechnical report is now required prior to finalising the proposed mining method, mine design and commencement of underground operations.
Shares in Troy were up 2.33 per cent on the market and trading at 4.4 cents at 2:22 pm AEST.