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Guyana
Karouni Mine

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 Location:
166 km SW from Georgetown, Guyana

  Address:
45 Ventnor Avenue
West Perth
Western Australia, Australia
6005
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StatusInactive / Suspended
Mine TypeOpen Pit
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Production Start...
It was revealed back in August 2023 that Troy Resources would be closing its operations in Guyana but management did not provide any exit plans to the State although it had announced the sale (liquidation) of its assets in the media.

The government has since secured the Karouni Mining Site where Troy Resources operated.

The company went into "care and maintenance" in early 2021 and failed to resume operations. They even proposed liquidating their assets to the government, but this was rejected because they were not addressing outstanding payments promptly. However, the government remained engaged in order to restart mining and settle outstanding debts.

November 16, 2023 the government has decided to allow small miners to use the lands previously mined by the company.


Owners

Source: p. 1,2
CompanyInterestOwnership
Troy Resources Ltd. 100 % Indirect
Troy Resources Guyana Inc. (operator) 100 % Direct
October 17, 2023 the Guyana Government announced that the agreement with Australian-headquartered mining company, Troy Resources Guyana Inc., has been canceled and its license to mine in Guyana has been terminated.

The government has since secured the Karouni Mining Site where Troy Resources operated.

Contractors

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Deposit Type

  • Vein / narrow vein
  • Breccia pipe / Stockwork
  • Mesothermal


Summary:

The Karouni Gold Project deposits are situated on the west-northwest trending Greenstone Belts of the Palaeoproterozoic Barama-Mazaruni Supergroup interspersed with extensive Granitoid Batholiths also of Trans-Amazonian age. Basement lithologies in the project area are partially obscured by a veneer of Tertiary to Holocene sedimentary cover.

Primary gold mineralisation is exposed at several localities within the Karouni Project, the most notable being the Hicks, Smarts and Larken Zones along the northern extremity of the project. Here the White Sand Formation cover has been removed by erosion to expose the underlying mineralised Palaeoproterozoic greenstone successions of the Trans-Amazonian Barama-Mazaruni Group.

Gold mineralisation within the Karouni Gold Project comprises mesothermal quartz, quartz-carbonate, quartztourmaline structurally controlled lodes, veins, stockworks and breccia zones variously hosted by Mafic to Intermediate Volcanics and Volcanoclastics, Carbonaceous Shales and syntectonic Granitoid Stocks. Gold is commonly accompanied by pyrite and less commonly arsenopyrite, in the latter instance particularly where hosted by Carbonaceous Shales and Phyllites. In essence, the style of mineralisation is entirely consistent with similar gold-bearing Archaean and Palaeoproterozoic greenstone terrains world-wide. Gold workings associated with recent alluvial deposits are notable along virtually all streams and rivers throughout the project area ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

Mining at Karouni uses conventional open pit mining methods with 50t hydraulic excavators and 40t articulated dump trucks. A total of 189,000t of ore and approximately 4.1Mt of waste have been mined from start up in November 2014 to December 2015. The mine plan includes extraction of ore from three separate deposits, Smarts, Hicks and Larken, by open pit mining, and an underground mine at Smarts. The Smarts deposit is approximately 1km north of the run of mine (“ROM”) stockpile and process plant. Hicks deposit is approximately 3km south of the ROM stockpile; Larken deposit is approximately 2.5km east of the ROM stockpile. The pits at Smarts and Hicks are made up of a number of staged pits. The underground mine plan is based on a conceptual plan to extract the deeper high grade resources below the Smarts open pits with standard mechanised mining equipment accessed via a decline from the bottom of Smarts 3 pit applying Avoca underground mining methods. Total open pit ore mined in the LOM schedule is 3.9Mt at a grade of 3.1g/t Au containing 396 thousand ounces (“kozs”) of gold. Underground ore mining is scheduled to commence in 2017 and continue over a four year period with a total of 0.81Mt mined at a grade of 5.0g/t Au containing 131kozs Au. This underground inventory includes Inferred and unclassified resources which comprise approximately 40% of the total scheduled ore. The mining inventory from both open pit and underground for the LOM totals 4.7Mt at a grade of 4.5g ........


Crushing and Grinding
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Processing

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Summary:

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Production:

CommodityUnits20202019201820172016
Gold oz  ......  Subscription required  ......  Subscription required70,20756,02334,740
All production numbers are expressed as metal in doré.
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Operational Metrics:

Metrics20202019201820172016
Stripping / waste ratio 17 6.92 7.7
Ore tonnes mined 371,531 t811,664 t996,529 t783,291 t476,817 t
Waste 6,290,162 t4,812,557 t4,639,288 t6,733,918 t5,189,000 t
Total tonnes mined 6,661,693 t5,624,221 t5,635,817 t7,243,003 t5,734,000 t
Tonnes milled 567,782 dmt888,198 dmt871,660 dmt828,893 dmt356,772 dmt

Reserves at June 30, 2021:
Resources for Smarts are calculated at a cut-off of 0.5 g/t Au constrained to a A$2,000 pit shell.
Resources for Hicks are calculated at a cut-off of 0.5 g/t Au constrained to the -35m RL.
Resources for Larken, Spearpoint and Goldstar are calculated at a cut-off of 0.5 g/t Au due to their shallow nature and potential open pit extraction.

CategoryTonnage CommodityGradeContained Metal
Probable 1,082,000 t Gold 2.6 g/t 89,400 oz
Indicated 5,415,000 t Gold 2.1 g/t 357,500 oz
Inferred 7,716,000 t Gold 2 g/t 485,300 oz
Total Resource 13,131,000 t Gold 2 g/t 842,800 oz

Commodity Production Costs:

CommodityUnits20202019201820172016
Cash costs Gold USD  ......  Subscription required  ......  Subscription required 737 / oz   970 / oz   515 / oz  
All-in sustaining costs (AISC) Gold USD  ......  Subscription required  ......  Subscription required 931 / oz   1,345 / oz   816 / oz  

Financials:

Units2020201920182017
Capital expenditures M USD  ......  Subscription required  ......  Subscription required 3   16  
Revenue M USD  ......  Subscription required  ......  Subscription required 116   92  
After-tax Income M USD  ......  Subscription required  ......  Subscription required -10   -148  
EBITDA M USD  ......  Subscription required  ......  Subscription required 24   -7  


Water Supply
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Heavy Mobile Equipment:
HME TypeModelSizeQuantityRef. Date
Truck (dump) ....................... Subscription required 40 t ....................... Subscription required Jun 30, 2017
Truck (dump) 40 t ....................... Subscription required Jun 30, 2018
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Nov 20, 2023
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Corporate Filings & Presentations:

DocumentYear
Press Release 2023
Press Release 2023
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2019
Annual Report 2018
Annual Report 2017
Annual Report 2016
Project Description 2016
Pre-Feasibility Study Report 2014
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