Troy Resources NL

Troy Resources NL

July 19, 2011 22:00 ET

Troy Resources NL: Kamila Southeast Target Drilling Continues to Deliver High Grade Results

PERTH, WESTERN AUSTRALIA--(Marketwire - July 19, 2011) - Troy Resources NL (TSX:TRY)(ASX:TRY) -


  • Drilling along strike and southeast of Kamila Reserve extends new, high-grade gold-silver mineralised zone.
    • Hole CA-11-316 reported an interval of 3.45m at 21.59g/t gold and 1240.35g/t silver or 39.30g/t Au_eq from 315.35m, downhole;
    • Hole CA-11-317 reported an interval of 2.0m at 10.99g/t gold and 312.50g/t silver or 15.45g/t Au_eq from 323.50m downhole.
  • Mineralised zone remains open along strike, as well as up and down dip.
  • Second Rig added to program in late June to complete Infill drilling targeting Resource estimate in September quarter.

Troy Resources NL ("Troy") is pleased to announce further assay results from recently completed drilling at the Company's flagship Casposo gold and silver mine in San Juan, Argentina, which continue to extend the new high grade gold-silver mineralised zone along strike and to the southeast of the existing Kamila Reserve.

The new holes include a series of step-outs and infill holes from earlier reported gold–silver intercepts on the Inca Vein within the Kamila Southeast Extension Target, most of which intercepted the modelled Inca Vein surface as planned.

The new intercepts have added significantly to the understanding of the Kamila Southeast Target and continue to confirm the high grade gold and silver values associated with the Inca Vein within the zone (see Figure 1, Figure 2 and Table 1). Intercepts include:

  • CA-11-314: 0.5m at 4.70g/t gold and 104.0g/t silver or 6.19g/t Au_eq from 338.8m and 1.15m at 3.95g/t gold and 14.83g/t silver or 4.16g/t Au_eq from 350.25m downhole;
  • CA-11-315: overshot the modelled pierce point Inca Vein target and this resulted in no significant assays;
  • CA-11-316: 3.45m at 21.59g/t gold and 1240.35g/t silver or 39.30g/t Au_eq from 315.35m, including 0.90m at 59.19g/t gold and 3751g/t silver or 112.78g/t Au_eq from 315.35m downhole;
  • CA-11-317: 2m at 10.99g/t gold and 312.50g/t silver or 15.45g/t Au_eq from 323.50m downhole.

Drilling to date has focussed on the 430m zone adjacent to the post mineral dyke. The zone remains open along strike for one kilometre, as well as up and down dip.

Chief Executive Officer, Paul Benson said: "Our current objective is to complete the drilling required for a Resource Estimate on this new zone in the September quarter and if the infill drilling is positive, a Mining Reserve by the end of the calendar year."

"Our focus in the coming months will be to determine if we can prove up sufficient high grade material to justify commencing underground development earlier than currently planned."

Mr Benson said the man-portable drill has been repositioned and has commenced drilling on the one kilometre long outcropping Lucia Vein located 3 kilometres north of the plant. This rig will sequentially test the highest ranked drill targets from the numerous outcropping veins to the northeast of the Kamila structural corridor as well as the Castaño Nuevo and Don David Joint Ventures 23 kilometres to the north.

"In addition to a substantial drilling effort, a contract has been awarded for detailed helicopter magnetics and a radiometric survey over the Casposo Property and the JV areas. Follow-up ground magnetics and Induced Polarization surveys will also be undertaken to assist in delineating covered drill targets."


CA-11-314: (2439632.1E-6547632.58N/45°/-60°/ 455.0m):

Brief description of the Inca Vein Zone:

  • 338.80m to 339.30m: Quartz-Pyrite-Epidote Brecciated and Banded Vein.
  • 339.30m to 350.25m: Andesitic Crystal Tuff with Quartz-Pyrite Veinlets.
  • 350.25m to 351.40m: Quartz-Pyrite–Black Sulphides -Brecciated.

Assays reported: 0.5m at 4.70g/t gold and 104.0g/t silver or 6.19g/t Au_eq from 338.8m and 1.15m at 3.95g/t gold and 14.83g/t silver or 4.16g/t Au_eq from 350.25m

CA-11-315: (2439632.1E-6547632.58N/45°/-45°/ 359.5m):

Brief description of the Inca Vein Zone:

  • 280.00m to 281.15m: Tectonic Breccia containing Pyrite-Calcite-Quartz Veinlets and Black Sulphides.
  • 281.15m to 286.90m: Brecciated Rhyolite with Calcite Veinlets containing Black Sulphides and Pyrite as Both Disseminated Sulphides and as Clusters.

No significant values were reported.

CA-11-316: (2439530.86E-6547707.54N/45°/-61°/ 337.50m):

Brief description of the Inca Vein Zone:

  • 280.30m to 291.70m: Andesitic Crystal Tuff with Rare Banded Quartz Veins.
  • 291.70m to 292.30m: Minor Quartz-Calcite-Pyrite Vein, Fine Banded and Breccia textures with Black Sulphides.
  • 292.30m to 314.25m: Andesitic Crystal Tuff Moderate Silicification/Quartz Veining.
  • 314.25m to 314.60m: Minor Fault Zone with Argillic Alteration.
  • 314.60m to 315.35m: Andesitic Crystal Tuff.
  • 315.35m to 318.75m: Main Vein Zone Include:
  • 315.35m to 316.20m: Brecciated, Banded Texture Vein with Black Sulphides, Pyrite-Chalcopyrite, and Native Silver.
  • 316.20m to 318.50m: Quartz Vein - Banded and Massive Textures.
  • 318.50m to 318.75m: Breccia - Andesite and Quartz Vein Fragments.
  • 318.75m to 321.70m: Andesitic Crystal Tuff with Quartz-Pyrite Veinlets with Local Stockworks.

Assays reported: 3.45m at 21.59g/t gold and 1240.35g/t silver or 39.30g/t Au_eq from 315.35m, including 0.90m at 59.19g/t gold and 3751g/t silver or 112.78g/t Au_eq from 315.35m.

CA-11-317: (2439529.54E-6547743.68N/45°/-65°/ 353.50m):

Brief description of the Inca Vein Zone:

  • 321.05m to 324.50m: Main Vein Zone including:
  • 321.05m to 322.50m: Brecciated, Banded Quartz Vein within Silicified Andesite.
  • 322.50m to 323.30m: Brecciated, Minor Banded Quartz Vein with Black Sulphides and Pyrite.
  • 323.30m to 324.50m: Banded to Massive Textured Vein with Minor Fine Banded Black Sulphides.
  • 324.50m to 353.50m: Andesitic Crystal Tuff with Banded Quartz Veins and Calcite Veins.

Assays reported: 2m at 10.99g/t gold and 312.50g/t silver or 15.45g/t Au_eq from 323.50m

Competent Person's Statement

Geological information in this Report has been compiled by Troy's Vice President Exploration & Business Development, Peter Doyle, who:

  • Is a full time employee of Troy Resources NL
  • Has sufficient experience which is relevant to the type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'
  • Is a Fellow of the Australasian Institute of Mining and Metallurgy
  • Has consented in writing to the inclusion of this data

Information of a scientific or technical nature in this report was prepared under the supervision of Peter J. Doyle, Vice President Exploration and Business Development of Troy, a "qualified person" under National Instrument 43-101 – "Standards of Disclosure for Mineral Projects", a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Doyle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a "qualified person" as defined in "National Instrument 43-101 – Standards of Disclosure for Mineral Projects". Mr Doyle has reviewed and approved the information contained in this report. For further information regarding the Company's projects in Brazil, Australia and Argentina, including a description of Troy's quality assurance program, quality control measures, the geology, samples collection and testing procedures please refer to the technical reports filed which are available under the Company's profile at or on the Company's website.

Disclaimer: Forward-Looking Statements

This report contains forward-looking statements. These forward-looking statements reflect management's current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. A number of factors could cause actual results, performance, or achievements to differ materially from the results expressed or implied in the forward-looking statements. Such factors include, among others, future prices of gold, the actual results of current production, development and/or exploration activities, changes in project parameters as plans continue to be refined, variations in ore grade or recovery rates, plant and/or equipment failure, delays in obtaining governmental approvals or in the commencement of operations.


Troy Resources (TSX:TRY)(ASX:TRY) is a dividend-paying junior gold producer, with a clear growth strategy. The Company has two producing gold operations; Andorinhas Mine in Para State, Brazil and the Casposo gold and silver mine, in San Juan province, Argentina.

Troy has an experienced Board and management team with a track record of successful, fast-track mine development, low-cost operations, exploration discoveries and strategic acquisitions.

With the development of Casposo, Troy is entering a renewed growth phase which will again lift the Company's annual gold production above 100,000 ounces of gold per annum.

Troy has an annual exploration budget in excess of $8 million, and is well positioned to continue its path of strong growth and profitable operations. The Company is on track to achieve its vision of becoming a highly profitable mid-tier gold producer with a portfolio of quality long-life assets.

The Company maintains a robust balance sheet and forecasts continued strong cash flow from its current assets. Troy's gold production is unhedged; allowing its shareholders access to the full benefit of current and future gold price upside.

Troy is a responsible corporate citizen, committed to the best practice of health and safety, environmental stewardship and social responsibility.

ABN 33 006 243 750

To view Figures 1 and 2, Table 1 and a map of Project Locations, please visit the following link:

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