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Definition drilling in the central area of the Smarts deposit, located at Troy’s recently acquired West Omai project, intersected high-grade gold over significant widths. The company acquired the project through the acquisition of Azimuth Resources in July 2013 for AU$188 million.
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Troy Resources (TSX:TRY)
Price: $1.24
Market cap: $204 million
Cash estimate: $24 million
Project: West Omai
Country: Guyana
Ownership: 100 percent
Resource: 16.7 Mt @ 3.06 g/t Au inferred
Project status: Resource definition
Catalysts: Updated resource — September 2013
- Definition drilling in the central area of the Smarts deposit, on the Company’s recently acquired West Omai project, intersected high-grade gold over significant widths. The Company acquired the project through the acquisition of Azimuth Resources in July 2013 for A$188 million.
- Highlights from the in-fill drilling on the Smarts Zone include 20 metres grading 30.09 g/t Au, starting at a depth of 66 metres and six metres of 34.24 g/t Au, from 34 metres. The drilling in the Smarts zone is intended to upgrade the drill density, to increase the confidence level of the resource in the central part of the deposit. The current drilling is focused on the Hicks deposit located three kilometres to the southeast.
- The Company has outlined a 43-101 compliant inferred resource for the Smarts and Hicks deposits on the West Omai project, of 16.7 million tonnes grading 3.06 g/t Au using a 1.0 g/t Au cut-off grade. Using a 2.0 g/t Au cut-off returns a 9.0 million tonne resource grading 4.46 g/t Au. The deposit includes both an open pit and an underground component.
- The Company expects to have an updated indicated resource completed by September 2013, with a prefeasibility study by the March quarter, 2014.
DISCLOSURES
This report was prepared by Wayne Hewgill, Analyst. At the date of release of this report Wayne Hewgill owned no shares of the issuers contained in this report.
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