Australian-owned Troy Resources says it has ‘struck gold’ with a bonanza discovery of a vein at its Smarts underground mining project at its Karouni mining site in Region Seven showing 131.93 grams per tonne of gold
The company made this announcement in a release last week to its shareholders.
“The intersection of 11@ 131.93 g/t (grams per tonne) of Gold from 223m represents the highest product of metres x grams [grams per metres] from the Smarts prospect and is world-class by any standards,” the company said in an announcement on the results of its second hole drilling.
The company stated that mineralisation commenced at 28m and contains 16 different zones of gold mineralisation to a depth of 445m.
Other significant finds the company noted are 14 meters of 8.39 g/t of gold from 248m, 6 meters @7.56 g/t gold from 209m, 2m @ 24.49 g/t gold from 141m and 25m @ 2.70 g/t gold from a drill depth of 171m.
To put the find in perspective, Troy says that the World Gold Council defines between 8 and 10 grams per tonne as ‘high-quality’.
Ken Nilsson, CEO and Managing Director of Troy, remarked, “Throughout my career, which has spanned multiple mining operations across multiple continents, I have only once previously been involved in the drilling of a hole with results anywhere near as spectacular as those from SDD189,” during the announcement of the discovery.
The veteran gold miner noted that “Smarts Underground certainly has the potential to make a significant financial impact on both the Karouni Project and the value of Troy.”
“Like me, Troy shareholders should look forward to receiving the maiden Ore Reserve calculation at Smarts Under-ground in the December Quarter with much anticipation,” he said in his announcement.
Troy in their announcement said the results are world class and is a step that will change the prospects of the Smarts Underground.
“Not only does it highlight the enormous exploration potential of Smarts Underground and the Karouni Project in general but demonstrates the significant potential to add high-grade ounces to the mining inventory and extend the mine life at Karouni,” the company stated.
The discovery comes at a time when the market price per ounce of gold is being traded upwards of $1900 USD.