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Troy Resources (TSX:TRY,ASX:TRY) recently released a NI 43-101 compliant technical report on the preliminary feasibility study for its Karouni gold project in Guyana. The report contains few, if any, material changes to information already released to the market several months ago, but does mark a compliance milestone in that it fulfills requirements laid out by the Canadian Securities Regulators. The main details of the report were originally released to the market on July 28, but were not well received at the time, with the stock being marked down more than 30 percent; that's because the results suggest that the Karouni project will be significantly smaller than previously assumed. The report also indicates that deeper drilling discovered greater geological complexity than anticipated, casting doubt on the potential for underground extension beyond the planned open-pit life. Troy's share price has continued at this lower level since the announcement, implying a not-insignificant market cap of AU$170 million, with the market clearly waiting for the company's next move. However, with a newly minted CEO only freshly in the chair for two weeks, perhaps this announcement is being seen as an opportunity to clear the decks and start afresh. Quarterly report disappoints Disappointment with Karouni aside, Troy's June quarterly report also brought less-than-satisfactory numbers from the company's two operating South American gold-silver mines, both in terms of production and costs, and so there remains some work to be done. The Casposo gold-silver mine in Argentina was 10 percent light on its production targets, and while its C1 cash costs were a reasonable $684 per ounce (net of silver credits) its all-in sustaining cost (AISC) was a hefty $916 per ounce, reflecting the continuous development costs required for narrow-vein underground mining operations.