Torian Resources Limited (ASX: TNR) (Torian or the Company) is pleased to provide progress of its 17,500m drilling campaign (RC and AV combined) at the Mt Stirling Gold Project.
Drilling currently being conducted includes: High priority targets at Tyrannus; Hydra (assays received); Estera (high grade Au assays received); Stirling Well extension; Mt Stirling / Viserion extension (in-progress with high grade Au assays received) and o Skywing gold targets (in-progress)
The Company anticipates releasing further results from its ongoing drilling campaign throughout the rest of January and February, with samples from multiple drill holes already at the lab pending analysis in addition to results from future planned drilling. An additional 5,000m of AV drilling is currently underway to vector and expand the footprint of high-ranked regional Au (Gold); As (Arsenic); Y (Yttrium), and multielement and structural targets across the project. Focus over the last few weeks has been the highly prospective Mt Stirling Well West regional area, and Mt Stirling Central regional reconnaissance lines. A key priority of the current drilling campaign has been to target the shallow portion of the Mt Stirling/Viserion gold deposit to be drill defined to JORC 'Indicated' category (880m strike x 125m depth) from surface 425m down to 300mRL.
The Company anticipates that this is likely to increase the global project Au grade, expand the resource base and provide valuable data and confidence to a 2022 Q1 Optimisation Study. As already disclosed to the market, an updated global MRE for the Mt Stirling Gold Project is on track for the end of Q1 2022. In addition to the results from this current round of drilling, the upcoming MRE will include previously announced results that were not included in the May 2021 MRE.
In an effort to expedite the drilling programme the Company has secured the services of three drilling contractors currently drilling throughout this month. Two are presently onsite and a third is mobilised. This is in addition to an AV rig currently actively drilling on site. As has already been disclosed to the market, the Company has secured the services of Minecomp to conduct a pit optimisation study, to assess the economics and unlocking value from the Mt Stirling / Viserion gold system.
Torian Executive Director Mr Peretz Schapiro said 'We are very pleased with the progress of our ongoing drilling campaign as we continue to infill our resource and extend it up and down dip and along strike. The continued receipt of positive results indicate that updated global MRE may significantly increase the size of the Mt Stirling / Viserion resource as well as upgrade a significant portion of it to the JORC Indicated category.
We are also eagerly awaiting the results from the AV drilling over the yttrium anomaly at Mt Stirling Central. Since discovery, pXRF analysis has continued to extend the strike of this surface anomaly footprint making it potentially larger than initially thought. We look forward to keeping the market updated with our progress.'
The re-interpretation of Mt Stirling Central Zone to flat easterly dipping lode(s) has resulted in 24 pierce points over 450m strike defining the newly discovered 'Skywing' lode(s). These pierce points have been obtained from existing drilling, which has brought into play most intercepts which were outside of the previous MS MRE of May 2021. Skywing lode(s) vary from 1-2m true width and provide an immediate prospective shallow open-pittable interpreted extents (800m x 220m; from surface). This will be drill tested with 40x40m drill spacing towards the Wonambi Shear with 3,550m of RC drilling planned; with the first phase of 1800m going towards testing the mineralised model in order to commit to a 2nd phase of drilling which will complete the program.
Of significant interest at Skywing, is that Au grades increase in grade towards the east on every section. (Other than supergene enrichment close to surface on western extents of interpreted shallow easterly dipping flat lodes). It is highly unusual that the Skywing lode(s) exhibit such Au homogeneity and increasing grades towards the Wonambi Shear. Although modest ounces, modelled Au grade, increasing with depth and easterly appreciation could multiply scale potential. Any increase in width will also have this effect. Skywing also demonstrates potential for repeated flat lodes; alike to the Stirling Well stacked lode model, in addition to prospective spaced-out occurrences that further drilling will seek to unveil. Detailed logging will also confirm saprolitic v primary gold and provide sufficient data for interpreted modelling. Given shallow nature of the mineralisation and planned drilling, assay results from Skywing are anticipated to fast-track the prospect's inclusion into the optimisation study. Skywing lode(s) extension drilling is progressing with 2 of 36 planned DHs complete
Torian Resources Ltd (ASX: TNR) is a highly active gold exploration and development company with an extensive and strategic land holding comprising six projects and over 400km-2 of tenure in the Goldfields Region of Western Australia. All projects are nearby to excellent infrastructure and lie within 50km of major mining towns. Torian's flagship Mt Stirling Project is situated approximately 40km NW of Leonora, and neighbours Red 5's Kind of the Hills mine. The region has recently produced approximately 14M oz of gold from mines such as Tower Hills, Sons of Gwalia, Thunderbox, Harbour Lights and Gwalia.
Another project in the Kalgoorlie region is the Zuleika project in which the Company is involved in a JV with Zuleika Gold Ltd (ASX: ZAG). The Zuleika project is located along the world-class Zuleika Shear, which is the fourth largest gold producing region in Australia and consistently produces some of the country's highest grade and lowest cost gold mines. This project lies north and partly along strike of several major gold deposits including Northern Star's (ASX: NST) 7.0Moz East Kundana Joint Venture and Evolution's (ASX: EVN) 1.8Moz Frogs Legs and White Foil deposits. Torian's other projects within the Kalgoorlie region include the Credo Well JV with Zuleika Gold Ltd (ASX: ZAG), host of a JORC Inferred resource of 86,419t at 4.41 g/t Au for 12,259 oz. Torian also holds 10.7% of Monger Gold (ASX:MMG) as well as a 20% free carried JV interest in its projects. Significant High-grade gold was recently intercepted at Providence with 8m @ 16.15 g/t Au from 60m (MNRC004); inc 1m @ 111.40 g/t Au from 61m and 8m @ 31.84 g/t Au from 66m (MNRC007); inc 1m @ 190.06 g/t Au from 70m.
Torian is the Pastoral Lease holder of the 172,662 hectare Tarmoola Station, which is home to Torian's Mt Stirling Project, in addition to exploration assets and operating mines of numerous other resource companies, including RED5 (ASX:RED) and St Barbara (ASX:SBM). There are numerous operating businesses on the Tarmoola station including a 20 person accommodation camp with approvals in place to expand to a 50 person camp, a mining services business, and cattle farming. The station is also entitled to approximately $360,000 (av in each year) worth of carbon credits over a 15 year period.
Cautionary Note Regarding Forward-Looking Statements
This news release contains 'forward-looking information' within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget' 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or indicates that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be' taken, 'occur' or 'be achieved.' Forward-looking information is based on certain factors and assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labour costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, permitting and such other assumptions and factors as set out herein. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labour costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalisation and liquidity risks including the risk that the financing necessary to fund continued exploration and development activities at the Project may not be available on satisfactory terms, or at all; the risk of potential dilution through the issuance of additional common shares of the Company; the risk of litigation. Although the Company has attempted to identify important factors that cause results not to be as anticipated, estimated or intended, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward looking information is made as of the date of this announcement and the Company does not undertake to update or revise any forward-looking information this is included herein, except in accordance with applicable securities laws.