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    TNR   AU000000TNR0

TORIAN RESOURCES LTD

(TNR)
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Torian Resources : Tyrannus Gold Discovery Confirmed, Multiple Target Zones to be RC drill tested

10/05/2021 | 11:19am EST

Torian Resources Limited (Torian or the Company) is pleased to announce that gold mineralisation has been confirmed at various high priority targets in and around the Tyrannus prospect by AV drilling at the Mt Stirling Gold Project within anomalous surface pXRF arsenic zones.

To date, arsenic anomalies have proven to be highly correlated with gold mineralisation.

The Company has now planned a 36-hole RC drilling campaign to follow up on these AV gold results, with 16 holes to be drilled in coming weeks to test 12 interpreted target strike zones. Torian's Executive Director Mr Peretz Schapiro said 'Today's results continue to reaffirm our low cost and de-risked exploration strategy. Our team has spent the last few months identifying targets by using our pXRF to identify surface arsenic anomalies, and have then followed up with targeted AV drilling.

This process ensures that when we do embark on an RC drilling campaign, it is highly targeted, thereby maximising our chances for success. I would like to congratulate our Exploration Manager, Claudio Sheriff-Zegers for employing this exploration methodology with great success. In addition, I would like to thank our hard-working fieldies, Steve Griffin and Reef Coakley who have put in an extraordinary amount of work over the last few months in particular to get us to this point. We have always been excited by what may be discovered along the prolific Ursus Fault and these early indications from Tyrannus indicate that we may indeed be onto something quite significant. We are anticipating significant newsflow over the coming weeks as we look forward to further results from the entirety of the Mt Stirling Gold Project (Diorite East, Diorite North (Kiaora - Meteor), Mt Stirling SE, Mt Stirling East, Stirling Well, Hydra, Viserion, and Tyrannus) as well as the continuation of drilling at our high priority targets.

Finally, I would also like to thank our many option holders who have converted their options now to take advantage of the New Options Rights Issue. (ASX announcement 29 Sep 2021) We are blessed with a very committed and loyal shareholder base, so raising capital from our option holders as opposed to outside investors allows us to 'keep it in the family' as we continue to grow this company together.'

Tyrannus Regional Update

Tyrannus gold mineralisation has been confirmed over 600m with Auger Vacuum (AV) selective arsenicrich samples returning significant anomalous gold up to 1m @ 8.09 g/t Au from 1m (MSAV0541) from multiple interpreted target zones adjacent to an inflection position of the NNW Ursus Fault. Multiple holes have returned intercepts >0.10 g/t Au; with 10 intercepts >0.50g/t Au. These AV results are significant as 0.02 g/t Au is considered anomalous and only one selective sample per hole was submitted. Selective arsenic-rich samples (peak from each hole) from 62 AV drillholes (which had >8ppm pXRF As) were submitted for Au assay determination to ascertain presence and dispersion of mineralisation. These samples have returned significant anomalous gold from multiple interpreted target zones, confirming saprolitic gold coinciding with As anomalous intervals, over 600m at Tyrannus. Tyrannus mineralised footprint is expected to increase to the NW from 37 pending Wonambi and Ursus NW AV samples awaiting assays. A total of 219 AV drillholes were drilled for 1359m.

Auger Vacuum drilling provides extremely clean uncontaminated samples of overburden and oxide material above hard rock basement that are able to be screened by pXRF for vectoring minerals and elements and contoured to map out dispersion of elements and minerals of interest. AV provides a low impact and cost-effective method to detect out the leakage of mineralised systems onto interpreted structures and prospective lithological contacts. Torian Resources Limited (Torian or the Company) continues in partnership with Strataprobe (AV) Drilling, in providing the technical successful on-going target generation, therefore de-risking and ranking priority targets for RC drill definition, ensuring the global increase resource base of the Mt Stirling Project.

Tyrannus Discovery Maiden RC planned drilling

16 RC drill holes (from 36 planned) will immediately test 12 interpreted target strike zones, with permitting approved and earthworks in progress. Several structural orientations are present at Tyrannus, with linking structures likely to also host gold mineralisation. Drill orientation will commence targeting sub-vertical NE dipping interpreted lodes. 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 as they are situated on an inflection and splay junction of the Wonambi Shear termination onto Ursus Fault, 400m east of Mt Stirling gold mineralisation, and are highly likely to merge onto and along strike of Mt Stirling SE mineralised Au lode positions. There are 12 >0.10 g/t Au target zones with 6 > 1.00 g/t Au zones to be tested in upcoming RC drilling with earthworks advancing as permitting is also approved. Further gold assays from the recent AV drilling will aid positioning of planned drilling, and likely provide further target zones.

Contact:

Peretz Schapiro

Email: Info@torianresources.com.au

About Torian

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

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.

(C) 2021 Electronic News Publishing, source ENP Newswire

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Managers and Directors
Michael Melamed Chief Financial Officer
Paul Summers Chairman
Peretz Schapiro Executive Director
Dale Schultz Non-Executive Director
Ian Craig Pamensky Secretary
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