Troy Resources (ASX: TRY) believes its Ohio Creek prospect in Guyana could evolve into something “pretty special” following the receipt of further high-grade gold assay results.
Assay results from the company’s phase one reverse circulation drilling program reaffirmed high-grades and stacked mineralised zones present at Ohio Creek.
Highlights from the recent drilling program include 4m at 3.75 grams per tonne gold from 67m, 2m at 39.56g/t gold from 99m, and 2m at 7.22g/t gold from 118m.
Other hits include 2m at 8.64g/t gold from 31m, including 1m at 13.59g/t gold from 31m.
The gold hits follow on from the release of strong first-pass assays at Ohio Creek last month, which comprised 16m grading at 10.07g/t of gold from 2m, including 1m at 93.78g/t gold from 2m; and 9m at 40.52g/t gold from 89m, including 6m at 60.1g/t gold from 89m.
The phase one drilling program, which is now complete, involved 39 holes with individual depths between 70m and 140m.
The junior gold producer only acquired the Ohio Creek prospect in September from a group of Guyanese nationals.
The tenements containing the Ohio Creek prospect lie about 10km from Troy’s operating Karouni gold mill and had been an acquisition target for the company since 2013.
Troy steps up exploration
Ken Nilsson, managing director of the West Perth-based company, said the results flowing in from the Ohio Creek drilling campaign demonstrated the presence of exceptionally high grades and stacked mineralised zones.
“This, together with the fact that the prospect remains open in all directions, provides a strong indication that Ohio Creek could become something pretty special,” he said.
“In light of this, it makes sense for us to increase the exploration effort by securing additional drilling rigs as well as to upgrade the road and consider an application for a mining lease.”
Having already kicked-off the second phase of the drilling program, Troy plans to source both a diamond drill rig and a second reverse circulation rig, and have both operating in February 2019.
Plans afoot for busy 2019
With 2019 shaping up to be a busy year for Troy, work will be underway on various other fronts.
Troy has begun preparations for the lodgement of an application for Ohio Creek’s mining lease.
From a production standpoint, the company will need to upgrade a 10km stretch of road and a small bridge to haul ore from Ohio Creek to the Karouni Mill. Troy said it would start the upgrade and bridge construction early next year.
“With much news flow to come, I can envisage 2019 being an exciting one for Troy shareholders,” Nilsson said.
In afternoon trade, Troy shares gained 4.16% to sit at $0.125.