Troy Resources has announced its largest ever reserve and resource inventory with a 96% year-on-year increase in its gold reserves and a 60% increase in measured and indicated gold resources .
The increase is due to greenfields exploration at its Two Mile Hill prospect in Western Australia as well as exploration drilling at Andorinhas in Brazil and the acquisition of Casposo project resource in Argentina, the company said.
Its gold reserves increased to 539,500oz from 275,700oz, Troy said.
The measured and indicated gold resources increased by 60% to 893,400oz while the inferred gold resources increased 240% to 648,400oz.
These increases have put Troy in a strong growth position with the development of the Casposo project commencing in the September quarter 2009, Troy CEO Paul Benson said.
“With excellent potential on all three of our sites, Troy has built a precious metals inventory that will allow the company to continue to grow and achieve its vision of becoming a profitable mid tier producer,” Benson said.
The company has also announced silver reserves of 6.7 million ounces and indicated silver resource of 15.4 million ounces.