PERTH (miningweekly.com) – Gold miner Troy Resources has received approval for the development of its Smarts underground mine from the Guyana Geology and Mines Commission (GGMC).
The approval was subject to the ongoing submission and review of all plans and reports for each phase of the mine development, Troy told shareholders.
“Troy is delighted to have received the first ever approval for an underground mine development in Guyana. The ongoing support of the GGMC is greatly appreciated,” said MD Ken Nilsson.
The gold miner is in the process of producing various reports for the Smarts underground mine, including a geotechnical report, a prefeasibility study for ore reserve declaration, a capital cost requirement for the underground development and the proposed schedules for mine development.
The current preferred mine plan involves bulk mining of the deposit to maximize gold production.
Troy has previously said that a two-stage development approach was preferred to minimise capital expenditure requirements. This will see initial development of a relatively short drive of approximately 800 m to the first ore zone of approximately 30 000 oz, revenue from the sale of which will be used to fund further development.