abn 33 006 243 750 - troy resources...lode represented by a small quartz vein with visible gold. the...

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TROY RESOURCES NL TROY RESOURCES NL

ABN 33 006 243 750 ABN 33 006 243 750

QUARTERLY REPORT QUARTERLY REPORT FOR THE THREE MONTHS ENDING FOR THE THREE MONTHS ENDING

30 JUNE 2008 30 JUNE 2008

HIGHLIGHTS HIGHLIGHTS 30 JUNE 200830 JUNE 2008 Troy Resources NL ABN 33 006 243 750 44 Ord Street West Perth Western Australia 6005 Tel: +61 8 9481 1277 Fax: +61 8 9321 8237 E: [email protected] W: www.try.com.au Corporate Details ASX Code: TRY TSX Code: TRY Issued Capital: 69,834,533 ordinary shares 4,869,045 partly paid 350,000 unlisted partly paid 2,605,333 unlisted options Directors: Non-Executive Chairman: John Jones Executive Directors: Paul Benson Ken Nilsson Non-Executive Directors: Denis Clarke John Dow Alan Naylor Tommy McKeith Gordon Chambers

Paul Benson CEO 31 July 2008

HIGHLIGHTS

• Andorinhas operation continues to ramp up to name plate throughput. Underground development on schedule to access high grade ore before the end of calendar 2008.

• Resource estimation and pre-feasibility study for the commercialisation of the iron ore resources found on the Andorinhas leases on track for completion during the September quarter. (see announcement July 25, 2008)

• Post the close of the quarter, Troy sold its stake in the TSX listed company Comaplex at a 21% premium to the then share price. The C$46.9m (approximately A$48m) proceeds were received on July 21.

OPERATIONS

• Sandstone continued treating low grade stockpiles processing 104,604 tonnes of ore at 2.43g/t to produce 7,372oz of gold at a cash cost of A$833 per ounce (US$801) for the quarter. Gold production for the 2007/08 year was 33,846oz.

• Andorinhas in Brazil continues to ramp up with the commissioning of the second ball mill in June. Production for the quarter was 28,397 tonnes of ore at 4.51g/t to produce 3,565oz of gold. Gold production since the mine commenced production in mid March 2008 was 4,632oz.

• Total gold production of 10,937oz of gold for the June quarter. • Total gold production of 40,341 ounces for the 2007/08.

EXPLORATION Brazil – Andorinhas

• At the Abacaxi and Estrela Targets all results have been received for the colluvial iron ore pit sampling program and the sampling has confirmed that the hematite rich colluvium up to 5.2m thick identified. Lump size fraction (>6.3mm or > ¼ inch) comprises an average of approximately 70% of the total volume of the colluvium. Lump fraction assays up to 68.46% Fe have been returned with 75% of 233 pits in the colluvium returning assays greater than 55% Fe.

• Geological mapping has identified outcropping “in-situ” hematite mineralisation.

Seven short Diamond Core holes were drilled at Abacaxi West to test the outcropping mineralisation. All holes intercepted massive hematite with true thickness ranging from 0.4m to 8.0m. Assays are pending.

• The first pass RC program at Gerson #1 Zone produced a number of encouraging

gold assays including: 4 metres at 3.68g/t from 51 metres and 2 metres grading 144.11g/t from 32m.

• The first Diamond Core hole of the Melechete Deeps Program hit the Melechete

Lode represented by a small quartz vein with visible gold. The best gold assay reported was.1.8 metres grading 40.48g/t from 321.20 metres.

Mongolia

• At Gutain Davaa, work has identified 2 new gold bearing vein zones which returned gold grades ranging from 141.67g/t Au to 542.44 g/t Au from grab samples.

mailto:[email protected]

http://www.try.com.au/

TROY RESOURCES NL Quarterly Report for the Three Months Ending 30 June 2008

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Commenting on the quarter, Troy CEO Paul Benson said, “This year is all about positioning the company for future growth. Andorinhas reached full throughput in the last month of the quarter. Underground development is now accelerating with the delivery of the new jumbo and loaders during the quarter. We remain on schedule to introduce the high grade underground ore into the blend which will see the site reach its target output of 50,000 ounces per annum by the end of the calendar year”. “We also remain on track to complete the iron ore resource statement and pre-feasibility study during the September quarter. We continue to push forward on permitting and market off-take agreements with the aim of being able to put an investment recommendation to the Board before the end of the calendar 2008”. “With the receipt of proceeds from the sale of our interest in Comaplex we have over $60 million in our treasury. The company is in a great position to pursue value accretive mergers and or acquisitions”.


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CORPORATE

SALE OF COMAPLEX SHAREHOLDING In July, Troy completed a private sale of its 7,628,571 shares in TSX listed Comaplex Minerals Corp. (“Comaplex”), representing approximately 14.5% of the issued and outstanding shares of Comaplex, to Agnico-Eagle Mines Limited (“Agnico-Eagle”) for C$6.15 per share (approximately A$6.28) for total proceeds of C$46.9 million (approximately A$47.9 million). As part of the transaction Troy also has a “Top Up” agreement with Agnico-Eagle where, if Agnico-Eagle move to a majority interest in Comaplex within 18 months of this agreement, Agnico-Eagle will pay Troy the difference between their final purchase price per share and this transaction price of C$6.15 per share. Troy purchased its stake in Comaplex in January 2007 for A$27 million (or approximately A$3.53 per share) and thus this sale represents a gain of approximately A$2.75 per share or 77%. SALE OF THREE RIVERS PROJECT During the quarter, Troy agreed to sell the Three Rivers Project to Alchemy Resources Limited (Alchemy) for the following consideration:

$310,000 in cash $1,000,000 in Alchemy shares $690,000 in cash or shares upon the delineation of gold reserves of 50,000 ozs at the

Project A 1% royalty on gold production from 50,000 to 70,000 ozs A royalty of 75 cents per tonne on all iron ore produced from the project area

OPERATIONS

SANDSTONE – AUSTRALIA (Troy 100%) Production Summary June 2008

Quarter June 2007

Quarter 12 months to 30

June 2008 12 months to

30 June 2007

Tonnes Milled 104,604 107,634 431,945 530,544 Head Grade g/t 2.43 6.94 2.65 5.62 Recovery % 92.0 94.1 92.0 94.4 Gold Produced oz 7,372 22,608 33,846 90,456 Cash cost per oz A$833

US$801 A$356

US$302 A$706

US$678 A$308

US$261 “Cash Costs” are defined to include all expenditures directly incurred on mining and milling, plus overheads and outgoings net of movements in deferred mining costs and stockpiles, but exclude Government gold royalty payments. Health, Safety & Environment There were no LTI recorded during the quarter. A large component of the rehabilitation program in the Lord Henry and Lord Nelson mine area has been completed and further work will continue once the ore stockpiles have been transported to the mill ‘ROM’ pad.


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Mining All mining has now been completed, however ore is still being carted from the mine site to the mill. At this stage, the ore haulage is planned to continue into early 2009. At the end of the quarter 716,945 tonnes of ore grading 1.07 g/t Au was stockpiled at the mine whilst 162,328 tonnes of ore grading 2.30 g/t Au was stockpiled at the mill. Processing During the quarter, 104,604 of ore at a grade of 2.43 g/t of gold were milled yielding 7,372 ounces of fine gold. Mill throughput was marginally improved with the inclusion of a cone crusher, however it greatly assisted in lifting the milled head grade and hence gold production by enabling a larger proportion of the higher grade scats ore to be blended into the milled feed. It is anticipated that the crusher will maintain, and possibly increase mill throughput. PROJECT DEVELOPMENT

ANDORINHAS PROJECT – BRAZIL (Troy 100% through Reinarda Mineração Ltda) Production Summary

June 2008 Quarter

4 months to 30 June 2008

Tonnes Milled 28,397 35,438 Head Grade g/t 4.51 4.77 Recovery % 86.5 85.2 Gold Produced oz 3,565 4,632

As the project was in development phase for the majority of the quarter, a representative calculation of cash costs was not possible. Health, Safety & Environment During the quarter the project recorded two lost time injuries. A total of 220,587 man hrs were worked during the quarter. There were no environmental incidents or accidents. Government environmental and mines department audits were passed without negative comments. Ground water environmental tests have not recorded any operational or compliance problems.


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Production The second ball mill was installed and commissioned during the quarter and at the end of the quarter feed rate was increasing toward budget numbers. During April a mill motor failure during an intense electrical storm saw processing stop for 14 days whilst the motor was rewound. Full processing rate is expected to be achieved during July following upgrade of the crushing circuit. A total of 28,397 t were processed with an average head grade of 4.51 g/t at a recovery of 86.51 %. Gold produced totalled 3,565 oz. MINING Lagoa Seca open pit Total movements for the quarter were 263,606 bcm’s including 71,532 t of ore @ 3.69 g/t. During the quarter some changes were made to the mine design following a re-optimisation of the pit. There were no incidents or accidents and visits by the Department of Mines were uneventful. Mamao underground development During the Quarter we took delivery of the 282 Jumbo and 710 LHD units which will speed up development. The initial use of the equipment was slow due to operator inexperience and some availability problems with the loader. At the end of the quarter most issues had been resolved. Total advance of the decline at the end of June was 110 m from the portal entry. A further 35 m has been excavated for stockpile bays and sumps and a further 25 m in the return airway system using hand held equipment. Ground conditions are excellent with minimal ground support required. The arrival of a second, single boom jumbo in mid August will enhance production and allow ore mining to commence. Construction and infrastructure During the quarter, work on the main laboratory was completed along with installation of equipment. Security related work was largely completed with some further fencing required leading into next quarter. The installation of a second secondary crusher was initiated. This will upgrade crushing capacity to meet the plant throughput schedule. Work also started on a second small tailings cell and the main tailings dam. Considerable road work was performed to repair and upgrade the dirt road connecting site with the main bitumen road. This road is also used by another mining company for iron ore transport and in its current state is unsuitable for wet weather use. Community Community assistance is ongoing with work being done to upgrade sporting facilities for the local communities as well as general assistance to improve facilities and life style. The company remains focused on the areas of health and education and has formed a committee with company personnel and local community leaders to ensure best use of funds.


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REINARDA MINERAÇÃO LTDA EXPLORATION - BRAZIL

ANDORINHAS PROJECT – BRAZIL (Troy 100%) Exploration drilling at Andorinhas focussed on the two main mineralised trends of the Mamão - Babaçu Trend and the Lagoa Seca West Trend to test the immediate strike extensions of known mineralisation and below old garimpeiro pits. Assay results from earlier infill Reverse Circulation (RC) and selected Diamond Core drilling was completed at the Luiza Zone on the Mamão - Babaçu Trend located about 2km east of the mill (see Figure 1).

Figure 1: Andorinhas Property Geology and Targets

North of Andorinhas, RC and Rotary Air Blast (RAB) drilling continued on the Tangara JV Property focussed on the Gerson #1 Garimpo Pit where earlier drilling had intersected encouraging gold mineralisation.


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The main exploration focus was the colluvial iron ore targets; Abacaxi and Estrela Prospects at Andorinhas where excavator “pit” sampling and RAB drilling was completed. Exploration field operations were hindered during the early part of the quarter by the heavy rain of the wet season which limited access and slowed progress. A total of 8,473 metres of drilling was completed in the Andorinhas Project region during the quarter. Gold Exploration Mamão Area Two Diamond Core holes were drilled to test the continuation of the Melechete Lode below 350 metres depth (Melechete Deeps Program). Drill hole MMD001 hit the Melechete Lode represented by a small quartz vein (20 centimetres) with biotite-pyrite-pyrrhotite and visible gold (see Table 1 and Figure 2). The best gold assay reported was.1.8 metres grading 40.48g/t from 321.20 metres. Drilling is ongoing with several more holes planned to test the Melechete Lode at depth.

Figure 2: Mamão Prospect Melechete Deeps Drill Cross-Section

At the Babaçu Prospect (see Figure 3) exploration focused on the completion of preliminary drill testing of a series of old workings that include the Bico Fino, Xuxa, Cava T and Jatobá Pits as well as follow-up infill drilling of the Luiza Zone.


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Figure 3: Babaçu Prospect Garimpeiro Pits & Drill Collar Locations

At Luiza, drilling has identified 3 mineralised, parallel east-northeast – west-southwest trending shears. Encouraging gold assays were reported including 2.00 metres at 8.52g/t from 48.00 metres in BBC014; 1.84 metres at 12.17g/t from 112.80 metres in BBD013; 1.90 metres grading 28.05g/t from 128.30 metres in BBD018 and 0.80 metres at 20.95g/t from 49.40 metres in BBD019 (see Table 2 and Figure 4). The mineralisation is open down plunge and along strike. The Luiza 1 Lode mineralisation is the best defined lode with the Luiza 3 Lode situated in the footwall of Luiza 1.


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Figure 4: Babaçu Prospect Luiza Zone Cross-Section BBD015

At the Cava T Zone 10 RAB holes were drilled and most of them intercepted quartz veining with hydrothermal alteration. Assay results obtained for the western portion revealed anomalous gold values (see Table 3). The best result was 1m @ 4.25g/t Au from 3m in BBR050. At the Xuxa Target a program of 4 Diamond Core and 6 RC holes was completed with a number of holes cutting quartz veining with biotite-chlorite-pyrite alteration. Assay results yielded a number of narrow gold intercepts with the best results including: 1.00 metre grading 25.00g/t from 29.00 metres in BBC209 and 2.00 metres at 6.27g/t from 57.00 metres in BBC211 (see Table 4). The Bico Fino Target returned three encouraging gold intercepts from the initial drill test of the zone immediately below the old workings: BBR044 2 metres at 12.75g/t from 19 metres downhole, BBR046 4 metres grading 6.65g/t from 59 metres downhole and from BBR048 3 metres at 11.97g/t from 47 metres downhole. These holes are situated in the eastern most end of the target (see Table 5). A complete re-assessment and selective re-sampling of the historic drilling by CVRD (VALE)/Golden Star is underway prior to a follow-up drill program.


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The first pass of RAB drilling at Jatobá Target revealed low grade gold mineralisation in quartz veining over hydrothermally altered mafic volcanic rocks. The proximal alteration zone consists of biotite-silica-pyrite. The gold mineralisation is continuous along an east – west trend. The highest gold grade intersected was 2 metres at 3.06g/t (see Table 6). At Lagoa Seca West, two zones of mineralisation the Carioca Zone and the Fagundes Zone, were identified as a 500 metre long zone to the southwest of the Lagoa Seca Pit. The current Inferred Resource at Lagoa Seca West is: 2.4Mt grading 1.2g/t Au (0.8g/t Au cut-off). This estimate is based on widespread historic drilling by VALE (CVRD) & Golden Star. Preliminary modelling of the Fagundes and Carioca Targets based on the recent infill drilling indicates strength in the geological model and the bulk of the mineralisation in the new resource should be classified as an “Indicated” Resource. The majority of the results received during this quarter yielded narrow zones of 1m - 2m grading 1.5g/t Au to 2.0g/t Au. The best interval was in LSF017 which produced a 7m intercept grading 1.53g/t Au from 35m downhole and 1m@ 9.27g/t Au from 11m in the hole LSR126 (Table 7 and Figure 5). The Fagundes Zone and Carioca Zone are separated by a NW-SE trending fault offset.

Figure 5: Lagoa Seca West Trend - Fagundes Zone Cross-Section LSF014

mailto:[email protected]/t


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Colluvial Iron Ore Exploration The current program is focused on two target areas along strike from the Big Mac Mine immediately to the northeast of Troy’s Andorinhas Project. Big Mac is owned by a Brazilian company that operates a profitable iron ore operation on their lease. The colluvial iron exploration focused on two areas: the Abacaxi (“Pineapple”) Target which is 2.2km long (east–west) by 800 metre wide (north–south) and Estrela (“Star”) Target located 1,100 metres to the west which has a strike length of 3.0km (east–west) and is about 600m in width (north–south). The Abacaxi and Estrela Targets are separated by 1.1km east-west orientated unexplored area. The richest colluvial iron ore mapped during the current program is located in the western portion of Abacaxi Target where “in situ” iron-ore outcrops were mapped. The current conceptual study is focused on the colluvial deposit and does not consider the in situ ore (see Figure 6A below). Geological mapping and a detailed topographic survey over both areas was followed by the layout of a detailed sampling 50 metre spaced grid on which 365 excavator pits were completed. Pits were generally spaced 100 metres apart with a RAB hole drilled between pits. Each pit was mapped in detail, the profile section photographed, and colluvium bearing soil horizons identified and sampled. The RAB drilling (146 holes) was used to confirm soil profile depths and widths of hematite bearing colluvium within the soil profile. Twenty-three pit samples from the Abacaxi Target produced iron assays for the lump size fraction (>6.3mm) greater than or equal to 65% Fe with a peak value of 68.5% Fe (see Figures 6B & 6C). All of the iron and related multi-element assay results have been received and are tabulated in Table 8. The Company expects to complete the colluvial resource estimate and conceptual study early in the next quarter. During the course of the geological mapping of the colluvial iron ore target areas a number of hematite rich altered banded iron formation outcrops were mapped. Seven short Diamond Core holes were drilled at Abacaxi Target to test in-situ primary massive hematite-magnetite mineralisation. All holes intercepted massive hematite with true thickness ranging from 0.4m to 8.0m. Assay results are pending. The Abacaxi – Estrela areas are also prospective for gold and host the Babaçu Prospect. Therefore, on all excavator pits completed to bedrock, a “bottom of pit” sample was submitted for gold assay. To date, two hundred and eleven bedrock pit samples were submitted for gold assay which resulted in several low rank gold anomalies worthy of follow-up. The best value was a 100 metre east-northeast trending anomaly with a peak gold value of 1.20g/t situated in the northwest part of the Abacaxi Target.


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Figure 6A: Colluvial Iron Ore Target Location Plan

Figure 6B: Abacaxi Colluvial Iron Ore Target Pit Locations and Iron Sampling Results Plan


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Figure 6c: Estrela Colluvial Iron Ore Target Pit Locations and Iron Sampling Results Plan

Regional Program – Horizonte Tangara JV (Troy Earning 100%) During this past quarter up to 4 drill rigs were in operation on the Tangara JV Property with 119 holes completed for 6,705 metres. The drilling utilised RC drilling of the extensions to the old garimpeiro pits and RAB drilling focussed on gold-in-soil anomalies along strike of old workings (see Figure 7). The initial area tested was the Gerson #1 Zone situated within the 6km Malvinas Trend of gold-in-soil anomalies and old artisinal workings. The gold mineralisation is hosted within sheared quartz porphyries within metabasalts and associated with silica-biotite-pyrite hydrothermal alteration. Other old workings tested in the Gerson #1 area included Gerson #2 & Gerson #3, Cava do Boi, PA-150 and the Sulphide Pit “Pirita” Target. In addition, a first pass drill test of the interpreted east - southeast continuation of Malvinas Trend known as the Américo Target (about 3km to the southeast) commenced in June (see Tables 9 and 10).


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Figure 7: Horizonte JV Prospect Location Plan with Gold-in-Soil Anomalies

The first pass RC program at Gerson #1 Zone produced a number of encouraging gold assays including; Hole GEC-001; 4 metres at 3.68g/t from 51 metres and GEC007 2 metres grading 144.11g/t from 32m. A follow-up infill RC program (17 holes for 1,017 metres) was completed in late June and most of the assays are pending. The best infill RC gold assay interval reported to date was GEC024 2 metres at 27.47g/t from 33m which may represent a new high grade shoot located 50m to the west of the known mineralised zone. Visual inspection of the infill RC chip samples confirmed the presence of strong alteration and disseminated pyrite. A limited diamond drilling campaign is planned at Gerson #1 in July.

Drilling was also carried out at the Cava do Boi Target located west-southwest of Gerson #1. This area is underlain by the metabasalt flows and quartz porphyry with the dominant lithology being quartz porphyry. The sulphides and associated alteration are localised along lithological contacts with numerous quartz veins noted in RC chips. Overall, assays received from the holes drilled under the Cava do Boi workings have been disappointing. The best gold assay result to date was in GEC013; 5 metre interval grading 2.69g/t from 29m downhole. Detailed mapping of the Sulphide Pit “Pirita” Target indicates the main mineralised zone exposed in the workings may dip shallowly to the east –southeast. The massive sulphide lens exposed in the workings comprises mainly pyrite with pyrrohotite and spotty chalcopyrite. A preliminary 7 RAB hole program was completed with all holes intersecting disseminated pyrite and several weakly anomalous gold intercepts. The best gold intercept reported was in GER025; 5 metre interval at 3.21g/t from 14 metres downhole.


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An initial drilling program at the Américo Target commenced in June and by month’s end 5 RC holes and 13 RAB holes were completed. The target consists of a number of potential mineralised east-west trending shear zones that dip to up to 45 degrees to south. Geological mapping of the Américo Target has confirmed the area is underlain by multiple silicified sheared quartz porphyry and granodiorite with quartz veins and disseminated pyrite that extends over a 1.0km by 0.5km area. The best gold assay from rock chip sampling of quartz veins at Américo yielded 40.80g/t gold. Drill assay results are pending and exploration is ongoing. EXPLORATION - AUSTRALIA

WA - Sandstone Project (Troy 100%) A strategic review of gold exploration at Sandstone, including a property wide targeting exercise involving reassessment of existing targets and identification new conceptual and empirical targets, was commenced in June (see Figure 8). Ongoing problems in securing drill rigs and escalating contract meterage rates prompted the review. A decision on future exploration at Sandstone is expected in the next quarter.

Figure 8: Sandstone Project Target Location Plan

Two Mile Hill – Shillington Prospects New gold assays received for Diamond Core hole TDD034 for the interval 285 metres to 450.7 metres averaged 1.45g/t over the 165.7 metre interval. Full hole results include: 141 metres at 2.30g/t gold from 177 metres down hole (see Table 11).


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The second Two Mile Hill Prospect Diamond Core hole returned gold assays of 7 metres at 25.16g/t from 79 metres in weathered basalt and chert and 16 metres grading 5.30g/t gold from 311 metres; 35 metres at 1.06g/t gold from 333 metres; and 23 metres grading 1.28g/t gold from 371 metres in the tonalite. Disappointingly, the highly altered 50 metre wide intersection of pyritic banded iron formation (BIF) only contained thin zones of low grade gold mineralisation. The mineralisation consists of disseminations of gold in the silica-sericite altered tonalite and visible gold within 2 millimetres to 5 centimetre wide quartz veins which dip shallowly to the southeast (see Table 12). Assays received from the upper BIF unit in (TDD035) at the Shillington Pit have returned an intersection of 9.7 metres grading 2.17g/t Au. The remainder of the assays from the lower BIF were disappointing (see Table 13). Indomitable South Prospect: Assays from the one metre re-split RC samples received yielded the following gold intersections: 26 metres at 3.17g/t from 124 metres in (TRC681); 6 metres grading 3.47g/t from 45m and 25 metres at 1.85g/t from 54 metres in (TRC674) as well as 15 metres at 1.61g/t from 40 metres including 3 metres grading 6.10g/t from 47 metres in TRC729 (see Table 14).

At Indomitable North, one metre re-split assays have further confirmed the erratic nature of mineralisation. Best intersections include: 9m @ 2.30g/t Au from 34m and 17m @ 3.40 g/t Au from 52m in TRC691; 3m @ 5.16 g/t Au from 89m in (TRC701); 11m @ 1.12 g/t Au from 57m in (TRC703); and 10m @ 1.24 g/t Au from 78m in (TRC702) (see Table 15). Sandstone Nickel JV (Western Areas earning up to 70%) To date, Western Areas (WAS) have collected and submitted for assay 1,144 samples from old RAB drill cuttings on the Sandstone Nickel JV Project. Samples for assay were initially identified using a Niton portable XRF analyser which provides a reading for nickel and other elements. WAS is progressively working through the ultramafic domain of the greenstone belt using this technique and to generate targets for follow-up. Total sampling statistics for the project from inception are:

1,678 hole sites visited, 1,126 holes located and re-sampled, 18 additional rock chip geochemical samples 896 chemical assays results received to date

Niton XRF results for samples taken to date have been compiled and WSA has identified 8 new targets. Work is ongoing. WA - Kulin Project (Troy 100%) The Kulin Project has been dropped. Daly River Project – Northern Territory (Troy 100%) A reconnaissance trip was made to Daly River to investigate aeromagnetic anomaly DR500 and to determine logistics for drilling. Access was found to be relatively simple along an old track which leaves the main road about 8km from the target and passes within 200 metres of the centre of the target. Outcrop in the area consists of Cambrian limestone which covers the Proterozoic host rocks of the anomaly. Current plans include a limited RC drill test of the better magnetic anomalies prior to the onset of the rainy season but timing of this work is subject to Troy receiving all of the required government approvals to carry out the drilling.


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EXPLORATION - MONGOLIA

Mongolia Strategy Review The company has completed a strategic review of the Mongolian project portfolio and has decided to divest both the Tsagaan Chuluut (TC) Project and the Nongom Uul (NU) Project. Troy’s continued involvement in Mongolia beyond fiscal (2008 – 2009) year-end will be determined by the results of a collaborative project generation effort with the University of Western Australia’s Centre For Exploration Targeting (UWA – CET) and continued encouragement at the Gutain Davaa Project. Gutain Davaa Gold JV Project (Troy 80%) The 2008 spring field program of soil sampling program and ground magnetics has commenced. Follow-up prospecting, sampling and mapping of 2 new gold bearing vein zones within a mylonitic granite host returned gold grades ranging from 141.67g/t Au to 542.44 g/t. The first of the new veins, known as the Toordogiin Hyar (TH) Prospect, is located 1.8km west of Toordogiin Shil (TS) Zone. The best gold assays from the 9 samples collected and submitted for gold fire assay were: 542.44g/t, 141.67g/t, 334.43g/t, 402.2g/t and 417.12g/t. All the mineralised samples look similar to the TS Zone mineralised quartz veins. The second area called North TS Prospect, is located 1.4km north of the TS Zone. The altered granite that hosts the anomalous gold values (3.86g/t gold and 0.69g/t gold) is associated with up to 3% pyrite. Soil sampling is planned over these 2 areas. At the TS Zone a detailed magnetics survey was conducted over a 4.1km2 area that encompassed the interpreted extensions of the known mineralisation. A total of 904 soil samples were collected over a 25 metre x 25 metre detailed grid. Assays are pending. Gradient Array Induced Polarization (IP) work is planned for July with follow-up Dipole-Dipole IP sections to be surveyed over the better Gradient IP anomalies. Dornogovi Coal Project (Troy 100%) In late June, Rio Tinto Mongolia advised Troy Mongolia that it was withdrawing from the Dornojovi Coal JV and has returned the property to Troy. Mongolia Project Generation: University of Western Australia - Centre for Exploration Targeting (UWA-CET) Project Generation Study (Troy 100%) Work to date has focussed on the acquisition, formatting and input of key geological, structural, geophysical and geochemical data into a country-wide GIS database. The 1,226 known gold occurrences have been reclassificied from 42 types to 8 significant gold deposit types. To enhance the current 1:1,000,000 scale country-wide geological and structural database work commenced on the input and registration of 1:200 000 scale geology, key structural elements, rock lithologies from 632 published geological maps and 121 government reports. This covers 98.5% of Mongolia. The CET team have identified a number of new conceptual gold and or copper target areas with predictive modelling of the GIS data now underway. CET is expected to deliver first outputs from predictive targeting later in 2008 and highest priority conceptual target areas will be selected for the field examination.


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FINANCIAL REPORT

CASH POSITION As at 30 June 2008, Troy within Australia held $14.5M in cash, plus equity investments with a market value of $47.6M and 1,287 ounces of gold awaiting sale which approximates to $1.25M based on a gold price of A$969 per ounce. This equates to a total of approximately $63.4M. On 18 July 2008, Troy sold its investment in Comaplex Minerals Corporation for the Australian equivalent of $47.9M. The market value of this investment at 30 June 2008 included above was $43.5M. Troy’s wholly owned Brazilian and European subsidiaries held cash deposits of A$0.3M. At quarter end, Sertão Mineraçaõ Ltda (“SML”), Troy’s 70% owned Brazilian subsidiary, had the equivalent of $0.7M in cash (Troy’s share). Reinarda Mineracao Ltda held 1,510 ounces of gold awaiting sale which approximates to $1.5M based on a gold price of A$969 per ounce. The Troy group equity share of cash, marketable securities and liquid assets is approximately $65.9 million as at 30 June 2008. GOLD SALES Gold sales from the Sandstone operation for the quarter were 6,865 ounces at an average price of A$949 per ounce. The average Cash Cost was $833 per ounce which gives a Cash Margin of $116 per ounce for the quarter. Gold sales from the Andorinhas operation for the quarter were 1,600 ounces at an average price of US$889 per ounce. As the project was in development phase for the majority of the quarter, a representative calculation of cash costs was not possible. HEDGING The Company is totally unhedged, and debt free. EXPLORATION EXPENDITURE During the quarter, exploration expenditure incurred was $661,000 in Australia, $250,000 in Mongolia and $3,502,000 in Brazil. Troy’s total exploration expenditure for the quarter was $4,413,000. CAPITAL EXPENDITURE Capital and development expenditure during the quarter was $6.6 million which was predominately on the Andorinhas Project in Brazil.


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FURTHER INFORMATION

P Benson Chief Executive Officer

Telephone +61 (0)8 9481 1277 Email [email protected] Geological information in this Report has been compiled by Troy’s Vice President Exploration & Business Development, Peter Doyle, who:

• Is a full time employee of Troy Resources NL • Has sufficient experience which is relevant to the type of deposit under consideration and to the activity which

he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’

• Is a Member of the Australasian Institute of Mining and Metallurgy • Has consented in writing to the inclusion of this data

Table #1: Andorinhas Project Mamão area – Melechete Deep Drilling

Hole_ID East (m)

North (m) Azimuth Dip Depth

(m) From To Length (m)(*) g/t Au

MMD001 630740 9175500 N180°E -80° 360.30 69.20 70.20 1.00 2.57

and 321.20 323.00 1.80 40.48

(including 0.80m @ 47.00 g/t Au from 321.20m) The stated intervals represents downhole widths * All samples were prepared SGS Mineral Services laboratory in SGS Geosol Laboratories, Parauapebas, Para State, Brazil and assayed by SGS Mineral Services laboratory in SGS Geosol Laboratories - Belo Horizonte MG Brazil using Method FAA505 being Fire Assay on a 50 gram charge with an AAS finish.

Table 2: Andorinhas Project - Babacu - Luiza Target Drill Assay Results - Gold Intersections > 2.00g/t Gold

Hole ID

Easting (m)

Northing (m) Azimuth Dip Depth

(m) From (m)

To (m)

Interval* (m)

Gold (g/t Au)

BBC014 632418.9 9176377.8 N0000E -90o 70.0 48.0 50.0 2.0 8.52

BBD009 632449.6 9176444.0 N2100E -85o 120 61.9 63.9 2.0 3.81

BBD009 632449.6 9176444.0 N2100E -85o 120 67.1 68.0 0.9 2.56

BBD009 632449.6 9176444.0 N2100E -85o 120 95.2 96.1 0.9 6.02

BBD009 632449.61 9176443.9 N2100E -85o 120 67.1 67.7 0.6 3.89

BBD013 632508.2 9176465.0 N0000E -90o 150 112.8 114.6 1.8 12.17 BBD015 632459.65 9176458.4 N0000E -90o 160.3 114.4 116.4 2.0 4.35

BBD017 632442.84 9176468.1 N2100E -70o 151.3 69.3 71.3 2.0 3.34

and 78.7 79.6 0.9 2.00

and 123.3 124.3 1.0 2.77 BBD018 632491.044 9176474.4 N0000E -90o 172.4 128.3 130.2 1.9 28.05

BBD019 632417.748 9176378.9 N0000E -90o 91.4 49.4 50.2 0.8 20.95 The stated intervals represents downhole widths * All samples were prepared SGS Mineral Services laboratory in SGS Geosol Laboratories, Parauapebas, Para State, Brazil and assayed by SGS Mineral Services laboratory in SGS Geosol Laboratories - Belo Horizonte MG Brazil using Method FAA505 being Fire Assay on a 50 gram charge with an AAS finish.

mailto:[email protected]


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Table 3: Andorinhas Project - Babacu - Cava T Target Drill Assay Results - Gold Intersections >2.00g/t Gold

Hole ID

Easting (m)


(m) From (m)

To (m)

Interval* (m)

Gold (g/t Au)

BBR050 632823.9 9176196.0 N2100E -60o 60.0 3.0 4.0 1.0 4.25 *The stated intervals represents downhole widths All samples were prepared SGS Mineral Services laboratory in SGS Geosol Laboratories, Parauapebas, Para State, Brazil and assayed by SGS Mineral Services laboratory in SGS Geosol Laboratories - Belo Horizonte MG Brazil using Method FAA505 being Fire Assay on a 50 gram charge with an AAS finish.

Table 4: Andorinhas Project - Babacu - Xuxa Target Drill Assay Results - Gold Intersections >2.00g/t Gold

Hole _ID

Easting (m)


(m) From (m)

To (m)

Interval* (m)

Gold (g/t Au)

BBC209 632500.9 9176245.0 N2100E -60o 70.0 29.0 30.0 1.0 25.00

BBC209 632500.9 9176245.0 N2100E -60o 70.0 36.0 37.0 1.0 2.28 BBC209 632500.0 9176245.0 N2100E -60o 70.0 69.0 70.0 1.0 2.18 BBC211 632466.8 9176265.0 N2100E -60o 68.0 57.0 59.0 2.0 6.27

BBC212 632449.5 9176275.7 N2100E -70o 77.0 56.0 58.0 2.0 2.20 BBC213 632458.7 9176291.9 N2100E -70o 78.0 67.0 69.0 2.0 2.25 *The stated intervals represents downhole widths All samples were prepared SGS Mineral Services laboratory in SGS Geosol Laboratories, Parauapebas, Para State, Brazil and assayed by SGS Mineral Services laboratory in SGS Geosol Laboratories - Belo Horizonte MG Brazil using Method FAA505 being Fire Assay on a 50 gram charge with an AAS finish.

Table 5: Andorinhas Project - Babacu - Bico Fino Target Drill Assay Results - Gold Intersections >2.00g/t Gold

Hole_ID Easting (m)


(m) From (m)

To (m)

Interval* (m)

Gold (g/t Au)

BBR044 633283.9 9176472.0 N2100E -60o 70.0 10.0 21.0 11.0 3.34 including 19.0 21.0 2.0 12.75

BBR046 633229.7 9176501.0 N2100E -60o 100.0 59.0 73.0 14.0 3.03

including 59.0 63.0 4.0 6.65

BBR046 633229.7 9176501.0 N2100E -60o 100.0 71.0 73.0 2.0 2.94

BBR048 633244.9 9176490.0 N2100E -60o 90.0 47.0 50.0 3.0 11.97 *The stated intervals represents downhole widths All samples were prepared SGS Mineral Services laboratory in SGS Geosol Laboratories, Parauapebas, Para State, Brazil and assayed by SGS Mineral Services laboratory in SGS Geosol Laboratories - Belo Horizonte MG Brazil using Method FAA505 being Fire Assay on a 50 gram charge with an AAS finish.


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Table 6: Andorinhas Project - Babacu - Jatobá Target Drill Assay Results - Gold Intersections >2.00g/t Gold

Hole ID

Easting (m)


(m) From (m)

To (m)

Interval* (m)

Gold (g/t Au)

BBB015 632460.1 9176144.0 N2100E -60o 60.0 34.0 35.0 1.0 2.19 BBB016 632441.3 9176152.0 N2100E -60o 60.0 1.0 3.0 2.0 3.06

and 45.0 46.0 1.0 2.15

BBB018 632411.7 9176139 N2100E -60o 60.0 21.0 23.0 2.0 2.73 *The stated intervals represents downhole widths All samples were prepared SGS Mineral Services laboratory in SGS Geosol Laboratories, Parauapebas, Para State, Brazil and assayed by SGS Mineral Services laboratory in SGS Geosol Laboratories - Belo Horizonte MG Brazil using Method FAA505 being Fire Assay on a 50 gram charge with an AAS finish.

Table 7: Andorinhas Project - Lagoa Seca West - Carioca Target Drill Assay Results - Gold Intersections >2.00g/t Gold

Hole ID

Easting (m)


(m) From (m)

To (m)

Interval* (m)

Gold (g/t Au)

LSR126 624719.0 9177284.0 N1500E -50o 60.0 11 12 1.0 9.27

LSF018 624888.4 9177530.0 N1500E -60o 130.0 113.2 115.2 2.0 2.16 LSF019 624866.8 9177517.0 N1500E -50o 130.0 110.8 111.8 1.0 3.12

and 114.8 116.8 2.0 4.70 *The stated intervals represents downhole widths All samples were prepared SGS Mineral Services laboratory in SGS Geosol Laboratories, Parauapebas, Para State, Brazil and assayed by SGS Mineral Services laboratory in SGS Geosol Laboratories - Belo Horizonte MG Brazil using Method FAA505 being Fire Assay on a 50 gram charge with an AAS finish.


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Table 8: Andorinhas Project – Colluvial Iron Ore Pit Sampling Highlights (Fe >65%)

Lump fraction Analysis

Pit Easting Northing RL From To

Proportion reporting to lump fraction >6.3mm Fe_% Al2O3_% SiO2_% P_% LOI%

TR016 634499 9176296 314 0.00 3.35 39.8% 68.5 0.99 1.10 0.034 -0.04 TR006 634703 9176303 298 0.00 2.50 57.4% 68.2 1.52 1.97 0.046 0.79 TR010 634624 9176202 291 0.00 1.55 46.1% 68.1 1.74 2.32 0.037 0.87 TR003 634707 9176128 281 0.00 2.15 46.4% 67.6 1.76 2.08 0.051 0.98 TR007 634906 9176301 285 0.00 0.65 44.3% 67.1 2.51 2.78 0.033 1.17 TR139 633911 9176497 282 0.00 1.00 80.4% 67.0 1.86 3.12 0.054 0.73 TR100 633824 9176648 294 0.00 1.00 84.8% 66.8 1.45 2.57 0.029 0.80 TR137 633799 9176191 241 1.10 1.45 89.6% 66.8 0.94 2.50 0.046 0.42 TR101 633825 9176686 305 0.00 1.80 70.5% 66.7 1.81 2.39 0.031 0.51 TR245 633333 9176745 234 1.40 1.65 83.9% 66.5 1.38 3.46 0.037 0.71 TR001 634845 9176026 271 0.00 2.35 57.9% 66.4 2.33 2.91 0.042 1.26 TR227 633799 9176245 238 1.90 2.65 84.5% 66.4 0.93 2.35 0.053 0.62 TR014 634412 9176217 307 0.00 4.60 52.2% 66.4 2.14 2.38 0.056 1.09 TR011 634499 9176101 285 0.00 1.75 44.6% 65.9 2.72 3.32 0.050 1.75 TR005 634745 9176238 293 0.00 1.25 42.5% 65.8 2.42 3.13 0.065 1.38 TR008 635005 9176204 274 0.00 0.95 33.4% 65.6 3.03 4.17 0.030 1.44 TR102 633816 9176741 316 0.00 3.20 90.1% 65.6 2.45 2.85 0.027 0.88 TR004 634799 9176196 281 0.00 2.30 46.8% 65.6 2.56 2.92 0.059 1.30 TR012 634393 9176054 281 0.00 0.65 53.3% 65.6 1.69 1.98 0.048 0.90 TR018 634314 9176307 308 0.00 1.20 44.3% 65.5 2.38 3.59 0.086 1.31 TR047 634700 9176193 285 0.00 2.35 69.9% 65.1 2.48 3.42 0.039 0.97 TR002 634918 9176100 274 1.00 1.75 33.8% 65.0 3.25 3.40 0.045 1.84 TR089 633801 9176552 260 1.55 3.05 74.1% 65.0 1.66 4.26 0.074 0.68 Pits were excavated through the total thickness of colluvium. The colluvium varies from 0m to 6m in thickness. Samples were taken down one side of the trench and were up to 60kg in weight with an average of 43kg. Samples were dried in an oven on site and then dispatched for assay. Samples were weighed then seized into three sizes, >6.3mm (lump), 0.125mm to 6.3mm and <0.125mm. Independent Analytical Laboratory:

SGS Geosol Laboratories Belo Horizonte MG Brazil

Analytical Techniques • M4-XRF: Fe, SiO2, Al2O3, P by fusion XRF Technique • Multi-temperature LOI • Multi element analysis: ICP spectrophotometer


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Table 9: Tangará JV – Malvinas Trend – Gerson Area – RC Drilling Significant Drill Assay Results - Gold Intersections >2.00 g/t Gold

Target Hole ID

East (m) North (m) Azimuth Dip Depth (m) From

(m) To (m)

Length* (m) Gold (g/t) Au

GEC001 614150.0 9206717.0 N180E° -60° 79.0 39.0 40.0 1.0 2.05

and 46.0 47.0 1.0 4.07

and 51.0 55.0 4.0 3.66

GERSON1

and 67.0 69.0 2.0 3.94

GEC002 614100.0 9206666.0 N360E° -60° 29.0 26.0 29.0 3.0 2.40

GERSON1 GEC003 614060.0 9206655.0 N360E° -60° 55.0 44.0 47.0 3.0 2.83

GEC004 614200.0 9206679.0 N360E° -60° 59.0 22.0 28.0 6.0 2.11 GERSON1 GEC007 614103.0 9206666.0 N360E° -60° 69.0 32.0 34.0 2.0 144.12

CAVA DO BOI GEC013 613550.0 9206740.0 N360E° -60° 50.0 29.0 34.0 5.0 2.69

GERSON2 GEC018 614103.0 9207160.0 N360E° -60° 55.0 30.0 34.0 4.0 4.08

GEC021 614125.0 9206675.0 N360E° -60° 64.0 6.0 10.0 4.0 3.10 GERSON1 GEC022 614100.0 9206681.0 N360E° -60° 55.0 25.0 26.0 1.0 2.92

GEC023 614075.0 9206665.0 N360E° -60° 59.0 6.0 8.0 2.0 2.43

and 21.0 23.0 2.0 2.65

GEC024 614050.0 9206662.0 N360E° -60° 50.0 33.0 35.0 2.0 27.47 GERSON1

GEC025 614025.0 9206660.0 N360E° -60° 50.0 3.0 5.0 2.0 2.51

GEC027 614000.0 9206650.0 N360E° -60° 60.0 50.0 51.0 1.0 2.73

GEC029 614075.0 9206650.0 N360E° -60° 70.0 51.0 54.0 3.0 2.00 GERSON1

and 65.0 67.0 2.0 3.91

GEC030 614100.0 9206663.0 N360E° -60° 67.0 27.0 29.0 2.0 3.17 GERSON1 and 37.0 41.0 4.0 2.14

*The stated intervals represents downhole widths All samples were prepared SGS Mineral Services laboratory in SGS Geosol Laboratories, Parauapebas, Para State, Brazil and assayed by SGS Mineral Services laboratory in SGS Geosol Laboratories - Belo Horizonte MG Brazil using Method FAA505 being Fire Assay on a 50 gram charge with an AAS finish.


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Table 10: Tangará JV – Malvinas Trend – Gerson Area – RAB Drilling

Significant Drill Assay Results - Gold Intersections >2.00 g/t Gold

Target Hole ID East (m) North (m) Azimuth Dip Depth

(m) From (m)

To (m)

Length* (m)

Gold (g/t) Au

Gerson 2-3 GER001 614150.0 9207140.0 N360E° -60° 77.0 12.0 33.0 21.0 2.19 GER019 614075.0 9207425.0 N360E° -90° 45.0 5.0 8.00 3.0 2.52

and 11.0 12.0 1.0 5.56 and 15.0 17.0 2.0 2.61

and 24.0 25.0 1.0 5.41 GER022 614025.0 9207452.0 N360E° -60° 62.0 0.0 3.00 3.0 2.27 GER023 614068.0 9207450.0 N360E° -60° 65.0 42.0 44.0 2.0 2.99 GER024 614058.0 9207407.0 N360E° -60° 38.0 10.0 14.0 4.0 2.52 GER025 614050.0 9207395.0 N360E° -60° 46.0 9.0 14.0 5.0 3.21

Pirita

GER026 614050.0 9207425.0 N180°E -60° 60.0 50.0 52.0 2.0 2.54 GER027 614025.0 9207420.0 N360E° -90 40.0 3.0 5.0 2.0 3.07 Pirita GER028 614025.0 9207405.0 N360E° -60° 60.0 20.0 22.0 2.0 2.09

PA_150 GER045 613450.0 9206760.0 N360E° -60° 66.0 55.0 57.0 2.0 2.38 *The stated intervals represents downhole widths All samples were prepared SGS Mineral Services laboratory in SGS Geosol Laboratories, Parauapebas, Para State, Brazil and assayed by SGS Mineral Services laboratory in SGS Geosol Laboratories - Belo Horizonte MG Brazil using Method FAA505 being Fire Assay on a 50 gram charge with an AAS finish.


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Table 11: Sandstone Project

Two Mile Hill Diamond Core Drilling Drill Assay Results - Gold Intersections > 0.5g/t Gold

Hole MGA

Easting MGA

Northing Gold ID (m)E (m)N (g/t)

Azimuth Dip Depth

(m) From (m)

To (m)

Length* (m) Au

TDD034 723120.3 6892640 N270oE -77o 450.7 15.4 16.0 0.6 0.70 and 31.0 32.0 1.0 2.09 and 43.0 76.0 33.0 1.52 including 63.0 68.0 5.0 7.65 and 127.0 138.0 11.0 1.83 including 130.0 134.0 4.0 4.11 and 159.0 163.0 4.0 0.60 and 177.0 285.0 108.0 2.59 including 195.0 197.0 2.0 7.00 including 209.0 221.0 12.0 9.05 including 257.0 264.0 7.0 9.47 including 268.0 271.0 3.0 13.51 and 285.0 318.0 33.0 1.32 including 297.0 301.0 4.0 2.76 including 306.0 309.0 3.0 5.83 and 321.0 371.0 50.0 2.71 including 323.0 326.0 3.0 2.03 including 336.0 337.0 1.0 109.00 and 374.0 418.0 44.0 0.92 including 374.0 376.0 2.0 2.27 including 382.0 383.0 1.0 4.98 including 398.0 399.0 1.0 4.29 including 414.0 418.0 4.0 3.21 and 424.0 450.7 26.7 0.74 including 444.0 445.0 1.0 10.60

*denotes an interval of poor sample recovery ** denotes length is downhole length of drill core

All samples were prepared and assayed by SGS Mineral Services laboratory in Perth, Western Australia using Method FAA505 being Fire Assay on a 50 gram charge with an AAS finish.


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Table12: Sandstone Project

Two Mile Hill Diamond Core Drilling Drill Assay Results - Gold Intersections > 0.5g/t Au

Hole MGA

Easting MGA


Azimuth Dip Depth

(m) From (m)

To (m)

Length** (m) Au

TRCD727 723257.5 6892561.0 N270oE -60o 402.60 79.0 86.0 7.0* 25.16 and 304.0 307.0 3.0 1.10 and 311.0 327.0 16.0 5.30

including 315.0 325.0 10.0 7.14 and 333.0 368.0 35.0 1.06

including 371.0 372.0 1.0 8.00 including 384.0 386.0 2.0 3.88

and 397.0 402.6 5.6 1.10 *denotes an interval of poor sample recovery ** denotes length is downhole length of drill core


Table 13: Sandstone Project Shillington Diamond Core Drilling

Drill Assay Results - Gold Intersections > 0.5g/t Au

Hole MGA

Easting MGA

Northing Gold ID (m) (m) (g/t)

Azimuth Dip Depth

(m) From (m)

To (m)

Length*8 (m) Au

TDD035 723155.7 6892170.2 N235oE -60o 150.6 70.0 79.7 9.70 2.17 *denotes an interval of poor sample recovery ** denotes length is downhole length of drill core



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Table 14: Sandstone Project Indomitable South Reverse Circulation "RC" Drilling

Drill Assay Results - Gold Intersections

Hole MGA

Easting MGA


Azimuth Dip Depth

(m) From (m)

To (m)

Length** (m) Au

TRC669 733280.0 6892230.0 N090oE -60o 65.0 43.0 45.0 2.0 2.72 TRC671 733239.0 6892230.0 N090oE -60o 114.0 64.0 91.0 27.0 0.73 TRC672 733219.0 6892230.0 N090oE -60o 118.0 40.0 42.0 2.0 1.54 and 72.0 75.0 3.0 2.57 TRC673 733240.0 6892250.0 N090oE -60o 87.0 40.0 48.0 8.0 1.22 TRC674 733200.0 6892250.0 N090oE -60o 127.0 45.0 51.0 6.0 3.47 and 54.0 79.0 25.0 1.85 TRC675 733261.0 6892280.0 N090oE -60o 72.0 59.0 62.0 3.0 1.08 TRC676 733241.0 6892280.0 N090oE -60o 78.0 15.0 20.0 5.0 1.11 and 51.0 56.0 5.0 1.03 TRC677 733221.0 6892280.0 N090oE -60o 108.0 16.0 23.0 7.0 1.08 and 55.0 63.0 8.0 1.11 and 76.0 78.0 2.0 1.71 and 91.0 95.0 4.0 1.71 TRC678 733199.0 6892280.0 N090oE -60o 119.0 16.0 24.0 8.0 1.10 and 114.0 119.0 5.0 1.05 TRC679 733181.0 6892281.0 N090oE -60o 132.0 51.0 53.0 2.0 6.66 and 82.0 90.0 8.0 1.84 TRC680 733231.0 6892311.0 N090oE -60o 126.0 55.0 65.0 10.0 1.08 TRC681 733191.0 6892310.0 N090oE -60o 156.0 124.0 150.0 26.0 3.17 including 130.0 137.0 7.0 9.18 TRC682 733300.0 6892340.0 N090oE -60o 96.0 55.0 57.0 2.0 1.31 TRC683 733280.0 6892340.0 N090oE -60o 96.0 31.0 33.0 2.0 1.98 TRC729 733120.0 6892341.0 N090oE -60o 125.0 40.0 55.0 15.0 1.61 including 47.0 50.0 3.0 6.10 and 57.0 73.0 16.0 1.03 and 78.0 83.0 5.0 2.86 including 79.0 80.0 2.0 6.20 TRC731 733160 6892340 N090oE -60o 130.0 12.0 19.0 7.0 1.03




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Table 15: Sandstone Project

Indomitable North Reverse Circulation "RC" Drilling Drill Assay Results - Gold Intersections

Hole MGA

Easting MGA


Azimuth Dip Depth

(m) From (m)

To (m)

Length** (m) Au

TRC690 733307.0 6892613.0 N090oE -60o 88.0 6.00 13.00 7.00 1.18 TRC691 733267.0 6892614.0 N090oE -60o 106.00 8.00 14.00 6.00 1.10

34.00 43.00 9.00 2.30 52.00 69.00 17.00 3.40

TRC693 733308.0 6892651.0 N090oE -60o 66.00 7.00 13.00 6.00 1.35 TRC697 733228.0 6892691 N090oE -60o 124.00 45.00 47.00 2.00 1.00 TRC701 733290 6892691 N090oE -60o 118.00 8.00 10.00 2.00 1.20

89.00 92.00 3.00 5.16 TRC702 733271 6892732 N090oE -60o 112.00 8.00 14.00 6.00 1.44

and 78.00 88.00 10.00 1.24 TRC703 733311 6892732 N090oE -60o 112.00 57.00 68.00 11.00 1.12 TRC704 733232 6892732 N090oE -60o 124 51.00 56.00 5.00 1.29

and 65.00 68.00 3.00 1.06 TRC705 733249 6892691 N090oE -60o 130.00 9.00 11.00 2.00 1.00 TRC733 733270 6892572 N090oE -60o 130.00 8.00 10.00 2.00 1.14

and 42.00 46.00 4.00 1.38 TRC734 733309 6892572 N090oE -60o 124.00 93.00 97.00 4.00 2.68 TRC735 733250 6892651 N090oE -60o 106.00 39 41.00 2.00 1.68

and 68.00 70 2.00 1.39 TRC736 733285 6892651 N090oE -60o 124.00 7.00 12.00 5.00 1.05

and 60.00 62.00 2.00 1.18 and 74.00 77.00 3.00 1.00

TRC737 733250 6892613 N090oE -60o 124.00 68.00 70.00 2.00 1.24 TRC738 733288 6892613 N090oE -60o 124.0 7.00 10.00 3.00 2.77



abn 33 006 243 750 - troy resources...lode represented by a small quartz vein with visible gold. the...

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