Australian mining company sees good prospects at West Omai
By Clifford Stanley, Monday, 27 January 2014, Source
TROY Resources Limited, the Australian company pursuing development of a gold mine in the Cuyuni/Mazaruni area (Region 7), has released a preliminary economic assessment and scoping study which estimates that a total of 633,000 ounces of gold can be recovered from three of its holdings at West Omai over a seven-year mine life.The results of the preliminary study, including the production targets, are based on indicated mineral resources (being 45% of the production target) and inferred mineral resources (being 55% of the production target).
The company reported that the study considered a combination of two open cut pits – namely, Smarts and Hicks – and one underground mine, Smarts Underground, feeding a conventional carbon-in-leach (CIL) gold plant with a nominal capacity of 750,000 tonnes per annum (tpa).
The sources in terms of contained gold were: Smarts Open Cut (45%), Hicks Open Cut (15%), and Smarts Underground (40%).
The Smarts pit is expected to produce 2,175,000 tonnes of plant feed at 4.5 grammes per tonne gold (4.5g/t) with a mining strip ratio of 9.9:1; be mined to a depth of 140m, and produce 287,421 ounces of gold.
The Hicks pit is expected to produce 1,300,000 tonnes of plant feed at 2.4g/t; have a mining strip ratio of 5.5:1; be mined to a maximum depth of 90m, and produce 92,334 ounces of gold.
The Smarts underground would produce 1,713,000 tonnes of plant feed at a grade of 5.0g/t; extend for a vertical depth of 400m below natural surface; and produce 253,738 ounces of gold.
The company said the results of the study are NI43-101 compliant, meaning that it has met reporting and disclosure standards imposed by regulators on Canadian-listed mining and exploration companies.
Troy is a dual-listed company (DLC), meaning that it is listed on both the Australian and Canadian stock exchanges.
Commenting on the study, Troy CEO Paul Benson said: “We are very pleased with the results of this initial analysis of the project.”
He pointed out that the analysis includes only currently identified resources. “Our licences within trucking distance of the proposed plant site are very prospective, with over 30 additional exploration targets already identified; and we believe there is an excellent opportunity to continue the track record of adding ounces through drilling over time.”
He said that even at US$1250/oz gold, and just considering the current resource, the modelling supports Troy’s project concept; and the company is working to finalise the pre-feasibility study in the June quarter.
Troy acquired Azimuth Resources Limited, which had discovered and delineated a high-grade gold resource in Guyana in July last year.
