PERTH (miningweekly.com) – Gold miner Troy Resources has produced 6 334 oz of gold during the quarter ended September, down from the 7 235 oz produced in the June quarter.
The miner on Friday said that gold production at its Karouni operation, in Guyana, was lower than expected during the September quarter owing to a combination of lower ore tonnes being mined, which resulted in more mineralised waste being processed, and lower-than-forecast head grades.
Gold sales for the September quarter reached 5 995 oz, down from the 8 656 oz sold in the June quarter, while realised gold prices increased from $1 728/oz to $1 902/oz in the same period.
All-in sustaining costs for the quarter also fell from $1 938/oz to $1 908/oz.
In the year to date, gold production has been reported at 19 189 oz, with 17 363 oz sold at an average realised price of $1 764/oz.
Troy recently announced plans to raise A$15-million in a two-tranche share placement to fund exploration work in Guyana, to expand drilling at the Smarts underground operation, completing the Smarts underground mining study and the delivery of a maiden ore reserve in the fourth quarter of this year, and to target near-mine exploration with a 30 000 m drilling campaign across the Ohio Creek and Gold Star resources.
Troy would also accelerate regional exploration to test multiple high-priority drill targets, with some 20 000 m of drilling planned at Gem Creek, Upper Itaki, Kaburi Hills, Ohio Creek East, Singh Link and Whitehall.