Torian Resources : 17,500M Drilling Campaign Commences at the Mt Stirling

ASX / MEDIA ANNOUNCEMENT

24 November 2021

ABN: 72 002 261 565

For personal use only

17,500M Drilling Campaign Commences at the Mt

Stirling Gold Project

Highlights:

• Planned drilling will include multiple targeted phases for a combined 12,500m
  RC and 5000m AV drilling
• 2 RC Drill rigs secured through December and January 2022; alongside on- going AV drilling
• Shallow portion of the Mt Stirling-Viserion gold deposit to be drill defined to achieve an increase in the resource Indicated category (~880m strike x ~125m depth) from surface
• High priority drill testing of Tyrannus; Hydra and Estera Lode targets (3 holes for 284m already drilled last week at Estera).
• NW Viserion and SE Mt Stirling extension exploration drill testing
• Stirling Well extensional drill testing
• Newly discovered Skywing lode(s) to be drill tested
• Priority Stirling Well West structural targets with coinciding surface pXRF arsenic anomalism, warrant further AV/RC drill testing
• Mt Stirling Central multiple arsenic anomalies generated from systematic surface pXRF surveys, continue to provide a pipeline of regional targets
• Minecomp appointed for optimisation studies at Mt Stirling
• Global project MRE expected at the end of Q1 2022
• Proposed land tenure reforms in WA to potentially drive up the value of the Tarmoola Station (https://www.abc.net.au/news/2021-11-21/mixed-reaction-to-new-land-tenure-reforms-in-wa/100637480)

104 Colin Street	E: [e-mail]	Directors
West Perth WA 6005	W: www.torianresources.com.au	Paul Summers, Executive Chairman
		Peretz Schapiro, Executive Director
T: [phone]	PO Box 191	Dale Schultz, Non-Executive Director
F: [phone]	West Perth WA 6872	Ian Pamensky, Company Secretary

For personal use only

Torian Resources Limited (ASX: TNR) (Torian or the Company) is pleased to announce the launch of a 17,500m drilling campaign at the Mt Stirling Gold Project. Drilling will include a planned combined 12,500m RC to test high priority Tyrannus; Hydra; Estera; Stirling Well; Mt Stirling Viserion and Skywing gold targets. An additional ~5,000m of AV drilling will continue to vector and expand the footprint of high-ranked regional Au; As; multi-element and structural targets across the project.

Three extensional holes @ Diorite North have already been completed (DIRC032-034 for 284m) with drilling (PDH77) now targeting interpreted down-dip extensions of Estera Lode.

In addition to proving up recent discoveries, a key priority of this campaign will be to upgrade the confidence level of an increased amount of the Mt Stirling-Viserion Resource to Indicated, and to potentially add additional ounces by extending the strike and selective depth of the gold system.

Approximately 40% of the planned meters will target the shallow portion of Mt Stirling- Viserion gold deposit to be drill defined to 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 and provide valuable data and confidence to a 2022 Q1 Optimisation Study, and expand the Resource base.

The Company is targeting for 50% of the current Inferred Resource ounces to be converted to the Indicated category.

The Company is aiming for an updated global MRE for the Mt Stirling Gold Project at the end of Q1 2022. (Subject to drilling efficiency and lab timelines). In addition to the results from this next round of drilling, the 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 two drilling contractors who will be drilling through this coming December and January.

The Company has also secured the services of Minecomp to conduct a pit optimisation study, as it takes another step towards assessing the economics and unlocking value from the Mt Stirling / Viserion gold system.

For personal use only

Table 1: Mt Stirling Project RC planned summary

Tenement	Prospect	Activity	# of DHs	Total (m)	Description
P37/8831; M37/1306	Hydra	RC Drilling	12	980	Multiple Primary Au
M37/1306	Tyrannus	RC Drilling	20	1600	Multiple Saprolitic + Primary Au
M37/1306	MS-Viserion	RC Drilling	38	5000	Infill and extend top 125m to Indicated
M37/1306	Viserion NW ext + Deeps	RC Drilling	5	1120	Drill test NW extension of Viserion system
M37/1306	Skywing	RC Drilling	36	1800	40 x 40m extension / definition
M37/1305	Stirling West	RC Drilling	12	1250	Resource extensional
P37/8868	Diorite North - Estera Lode	RC Drilling	6	750	HG Au Down-dip and strike extensions
			Total RC m	12500

Torian's Executive Director Mr Peretz Schapiro said "Today is a landmark day for our company as we embark on perhaps our most ambitious phase of drilling at the Mt Stirling Gold Project.

The last six months or so of continued regional exploration has de-risked this next phase of drilling and put us in the best possible position for this campaign's ultimate success, which we intend to be realised with a new global MRE increasing both the size and confidence of our resources across the project. This is in addition to us also working to prove up multiple high priority gold targets across the Mt Stirling Gold Project.

As we look to move this campaign along as quickly as possible, we are pleased to announce that we have secured the services of two drill rigs at the project, which will both operate over the coming months. In addition, we are pleased to see that the turnaround time now for assays at the lab has considerably come down from the 12- 16 week turnaround that we were seeing earlier in 2021.

We look forward to keeping the market updated with our progress as we work towards increasing the value of the Mt Stirling Gold Project, thereby providing increased strong fundamental backing to the project.

We also welcome the WA Land's Minsters recent announcement regarding the State Government's Land Reform Proposal, which if passed will enable increases and diversified usage of the Tarmoola Station, thereby unlocking increased value. https://www.abc.net.au/news/2021-11-21/mixed-reaction-to-new-land-tenure-reforms-in-wa/100637480

Figure 1: Mt Stirling Gold Project tenements Regional Map

For personal use only

For personal use only

Skywing Discovery

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). 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.