Troy Resources Limited (ASX: TRY) (Troy or the Company) is pleased to provide an update of exploration activities at the Company's wholly-owned Karouni Project, Guyana.

Smarts NW

As discussed in the 13 November 2020 announcement, following the success of the Smarts Underground drilling campaign, the Company committed to a diamond drilling campaign at Smarts NW.

Located along strike to the north-west of Smarts Underground, high-grade mineralisation has already been identified from previous drilling campaigns over a strike length of approximately 600 metres.

Drilling comprising nine holes for an aggregate 1,600 metres, or an average of approximately 180 metres per hole, has now been completed.

The program was designed to infill previous drill lines and test extensional potential.

Assay results are expected next week and will be reported to the ASX shortly thereafter

Goldstar

As advised in the 21 September 2020 Mineral Resources and Ore Reserves Statement update, the Company is currently mapping 25,500 ounces in Mineral Resources at Goldstar.

With the existing Mineral Resource based on wide-spaced drill lines, the Company believes significant potential exists to grow the Mineral Resource by increasing drill density.

Smarts Underground

In Troy's 13 November 2020 announcement to the ASX regarding the status of exploration at Smarts Underground, we advised that diamond drilling had been completed, enabling the progression of an updated Mineral Resource and maiden Ore Reserve, expected to be completed and announced to the ASX late in the December Quarter.

Following further internal assessment from and agreement with the consultant undertaking the resource/ reserve mapping work, the decision has been made to drill four additional deep holes. The aim of these holes is to both increase confidence in that part of the modelled resource which they traverse as well as investigate the continuity of mineralization between the modelled Smarts 2 and 3 ore shoots.

The geotechnical consultant has advised to drill further geotechnical holes in the area of the decline access and also further test the main ore shoot at depth, with the actual number of holes under review. The diamond drill rig, which is currently at Goldstar (refer discussion above), will return to Smarts Underground to undertake this work in approximately a week's time.

The additional work may see the updated Mineral Resource and maiden Ore Reserve report deferred slightly to January 2021; however, the work will increase confidence levels and also potentially upgrade the area between the modelled mining targets, potentially adding additional ounces to the Mineral Resource / Ore Reserve.

The 13 November announcement also referred to SDD190, a hole drilled for geotechnical purposes, but which nevertheless displayed visible gold. As the core is still the subject of testing for geotechnical purposes, it is yet to be submitted for assays. However, this will occur in due course.

Contact:

Ken Nilsson

Tel: +61 8 9481 1277

Email: troy@troyres.com.au

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