The Quarterly cash Flow Report for the Quarter ended
Mt Stirling Gold Project Exploration
This quarter saw The Company continue its exploration activities at the
Mt Stirling / Viserion
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
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. Subsequent to the end of the quarter The Company announced that 20 of the 38 planned drill holes at Mt Stirling / Viserion had already been drilled with assay results to continue to be released to the market as they become avaialabe.
Skywing
The re-interpretation of
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). This 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 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. Subsequent to the end of the quarter the company announced that it had commenced drilling at Skywing with 2 of the 36 planned drill holes already complete.
Hydra
During the quarter The Company drilled RC drill holes at the Hydra prospect for 575m, to tested the interpreted NW target strike zone. The Compnay received the following highly encouraging results: o 2m @ 2.60 g/t Au from 106m (MSRC128); inc 1m @ 3.20 g/t Au from 107m (end of hole) Primary gold is associated within a quartz-feldspar porphyry unit, with the interpreted highgrade footwall contact yet to be fully tested Gold mineralisation dispersion is also present up-dip and along strike with: o 5m @ 0.56 g/t Au from 84m (MSRC127); inc 1m @ 0.89 g/t Au from 85m o 4m @ 0.51 g/t Au from 96m (MSRC129); inc 1m @ 0.86 g/t Au from 86m Results are from the central and northwest prospect area, with the remaining central and southeast areas to be drill tested once RC rig completes Tyrannus
A 1km strike of favourable and prospective structure remains untested between Mt stirling-Viserion and Hydra, with Hydra SE planned RC to vector towards MS-Viserion on favourable results There is also the potential for sub-parallel mineralised structural links on either flank of the
The gold target trend at Hydra has been conceptualised from limited AV and historical gold data, with further systematic assaying of AV drill data likely to expand the target zones for future drill phases. Encouraging signs at Hydra are the increased wider footprint of the Au target zone, and better widths intercepted in comparison to historical mineralisation.
Tyrannus
Several structural orientations are present at Tyrannus, with linking structures likely to also have some controlling influence on gold mineralisation dispersion. Drill orientation commenced targeting sub-vertical NE dipping interpreted lodes which werealso be able to identify flat-dipping orientations that may shallowly or sub-vertically dip towards the Ursus Fault.
A second phase will likely target NE striking mineralisation associated with NE shearing, with further exploration to target possible NNW striking SW-dipping interpreted mineralisation adjoining or originating from the Ursus Fault. Tyrannus targets are structurally significant with some situated on an inflection and splay junction of the Wonambi Shear termination onto Ursus Fault, 400m east of the Mt Stirling gold mineralisation, and are highly likely to merge onto and along strike of the Mt Stirling SE mineralised Au lode positions.
A total of 6 holes (DIRC030-35) had been drilled at Unexpected
Unexpected Workings
The Unexpected Workings were active during 1922 through to 1923, with an average grade of 47.2 g/t from 119.38 tonnes processed. The 'Unexpected Mine' workings and Diorite King, Diorite Queen and Kiaora-Meteor prospects all share structural links. They contribute to the structural understanding of
Mt Stirling
Central - >1km of Rare Earth Potential Uncovered Subsequent to the end of the quarter The Company announced that it has discovered Yttrium anomalies at its Mt Stirling Central project area. Yttrium is associated as a key indicator of potential Rare Earth Minerals in Critical Metals exploration. As part of the Company's ongoing systematic exploration of the
Focus on Yttrium presence was confirmed through pXRF processing of surface soil points to guide AV drilling, for gold exploration. Subsequently oxide intervals in AV drilling samples revealed the enrichment of discrete Yttrium anomalies on a broad 1km scale. 36 AV DHs were determined to contain a max interval meter >100ppm Yttrium (pXRF), with a peak 521ppm Yttrium (MSAV0878). 170 (>100ppm pXRF Yttrium) 1m intervals from 41 AV holes have been submitted and are awaiting multiple-element (including Rare Earth assay suite analysis) assays.
The Compnay is expecting Yttrium and Rare Earth element confirmation by the end of
Contact:
Email: info@torianresources.com.au
About Torian
All projects are nearby to excellent infrastructure and lie within 50km of major mining towns. Torian's flagship
Another project in the Kalgoorlie region is the Zuleika project in which the Company is involved in a JV with
This project lies north and partly along strike of several major gold deposits including
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
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.
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