TORN RESO : Mt Stirling Gold Project - Further Significant Intercepts

Torian Resources Limited	Phone [phone]
ABN 72 002 261 565	[e-mail]
104 Colin Street	ASX: TNR
West Perth WA 6005
Australia	torianresources.com.au
ASX RELEASE

21 April 2022

Mt Stirling Gold Project update and further significant intercepts

Torian Resources Limited's (ASX: TNR) ongoing drilling campaign at its flagship Mt Stirling Project in Western Australia's Eastern Goldfields has returned further significant additional gold intercepts, continuing to extend mineralisation beyond previous resource boundaries.

Ahead of announcing a new Total Mineral Resource Estimate (MRE) within weeks, the company has now completed 18,938 of Reverse Circulation (RC) infill and extension drilling at MS Viserion.

The Mt Stirling Project hosts a current JORC compliant total mineral resource estimate of 118,400 gold ounces1 and lies 8km northwest of Red 5's (ASX:RED) 4 million oz King of Hills gold mine, which has produced more than 1 million ounces of gold to date.

Torian has targeted multiple gold zones and targets, and is pleased to report the following recent significant gold intercepts:

• 1240N 23m @ 1.08 g/t Au from 40m (MSRC288); inc 1m @ 1.42 g/t Au from 47m

• 1560N 6m @ 2.17 g/t Au from 213m (MSRC265); inc 1m @ 5.95 g/t Au from 215m

• 1600N 1m @ 5.57 g/t Au from 109m (MSRC299); and 12m @ 1.42 g/t Au from 182m inc 1m @ 6.10 g/t Au from 193m

• 1720N 4m @ 1.85 g/t Au from 76m (MSRC170); inc 1m @ 5.33 g/t Au from 76m

• 1960N 5m @ 2.10 g/t Au from 254m (MSRC305); inc 1m @ 3.26 g/t Au from 257m

Drill data continues to be compiled and validated. A further 8 MS Viserion drill holes are awaiting assays, with down-hole density surveying of selective drill holes already carried out.

Stirling Well assays are pending for 13 extensional drill holes. A total of 48 drill holes are expected to be included in updated MRE.

Two further Skywing drill holes are awaiting assays, with results to follow.

1 Refer ASX release dated 27 May 2021 for more information

After a really smooth run of timely results, unfortunately there have recently been some technical issues with the photon assaying at the labs adding some extended timeframes to recently reported and current lab jobs. These have now been rectified, and the final MRE assays are on track to be reported within the next two weeks.

This pushes final compilation of assay data back, however does allow for the maximum number of drill holes to be included into the eagerly anticipated MRE; now expected in mid-May.

Torian's Executive Director, Mr Peretz Schapiro said the latest batch of drilling results have further increase the Company's confidence in the MS Viserion Gold System at the Mt Stirling Projects ahead of the upcoming resource update and an Optimisation Study thereafter.

"The most exciting part of the results we have been receiving recently is that we have identified a multitude of structural prospective down-dip and along plunge gold target zones at MS Viserion for continued resource ounce discovery and expansion post the delivery of the anticipated resource upgrade," Mr Schapiro said.

Mr Schapiro said final results from the Skywing prospect are expected in the next week or so with follow up drilling re-commencing at the high grade Estera and Tyrannus targets where significant assays were previously returned.

The Company also wishes to advise the market that it will no longer report on its REE projects at the same time that it reports on its gold projects following the recent significant discovery. This will enable the market to more easily digest the two different sets of updates. More updates on the REE projects will be forthcoming in coming weeks.

Table 1: Mt Stirling Gold Project - RC drilling summary

Tenement	Prospect	Activity	# of DHs
P37/8831; M37/1306	Hydra	RC Drilling	5
M37/1306	Tyrannus	RC Drilling	11
M37/1306	MS-Viserion	RC Drilling	85
M37/1306	Skywing	RC Drilling	42	2082 40 x 40m extension / definition
M37/1305	Stirling West	RC Drilling	49	4778 Resource infill & extensional
P37/8868	Diorite North - Estera Lode	RC Drilling	6	669 HG Au Down-dip and strike extensions
Total RC m	27932
2

Total (m) Description

575 Multiple Primary Au

890 Multiple Saprolitic + Primary Au

18938

Infill and extend top 125m to Indicated + extensions of MS-Viserion

Figure 1: Torian Resources project locations

Table 2: 2020 - 21 Discovery Summary Table

Prospect

Mt Stirling extension

Mt Stirling NW

Mt Stirling SE

Viserion

Stirling Well

Diorite East

Hydra

Tyrannus

Estera

Skywing

Mt Stirling Central

Description

Expanded Au system along strike and down-dip

NW strike extensionSE strike extension

HG discovery

HG down-dip extension

Structural Au; potential for scale

Structural and conceptual Au target along strike of MS

Conceptual target on inflection of Ursus Fault - oxide Au

HG structural discovery @ Diorite North

Flat shallow dipping MS East model

1km Rare Earth Potential Uncovered at Mt Stirling Central

Announced

ASX 16 December 2020; ASX 27 January 2021; ASX 3

February 2021; ASX 7 April 2021

ASX 3 February 2021; ASX 19 February 2021; ASX 17

March 2021; ASX 7 April 2021

ASX 28 September 2021

ASX 17 March 2021

ASX 3 September 2021

ASX 27 October 2021

ASX 15 December 2021; ASX 20 September 2021

ASX 5 October 2021

ASX 27 October 2021; ASX 16 November 2021; ASX 30

November 2021

ASX 24 November 2021

ASX 14 January 2022

Mt Stirling Gold Project Further Results

Assays have been received for the following sections:

1160N:

• • 1m @ 1.88 g/t Au from 29m (MSRC285)

• • 8m @ 0.66 g/t Au from 32m (anom comps)

• • 4m @ 0.17 g/t Au from 72m (anom comp)

• • 1m @ 0.57 g/t Au from 80m

• • 4m @ 0.32 g/t Au from 156m (anom comp)

1240N:

• • 4m @ 0.13 g/t Au from 0m (anom comp MSRC287)

• • 12m @ 0.25 g/t Au from 20m (anom comps)

• • 4m @ 0.17 g/t Au from 0m (anom comp MSRC288)

• • 4m @ 0.13 g/t Au from 20m (anom comp)

• • 8m @ 0.57 g/t Au from 28m (anom comps)

• • 23m @ 1.08 g/t Au from 40m; inc 1m @ 1.42 g/t Au from 47m

• • 4m @ 0.11 g/t Au from 0m (anom comp MSRC290)

• • 3m @ 0.63 g/t Au from 44m

• • 4m @ 0.14 g/t Au from 68m (anom comp)

1280N:

• • 4m @ 0.16 g/t Au from 4m (anom comp MSRC291)

• • 1m @ 0.74 g/t Au from 19m

• • 1m @ 0.60 g/t Au from 25m (MSRC292)

• • 1m @ 0.55 g/t Au from 31m

• • 4m @ 0.25 g/t Au from 32m (anom comp)

• • 4m @ 0.59 g/t Au from 40m (anom comp)

• • 4m @ 0.20 g/t Au from 52m (anom comp)

• • 4m @ 0.18 g/t Au from 64m (anom comp)

• • 1m @ 0.44 g/t Au from 107m (MSRC293)

• • 2m @ 0.66 g/t Au from 120m

1320N:

• • 1m @ 1.07 g/t Au from 74m (MSRC294)

• • 1m @ 0.91 g/t Au from 88m

1360N:

• • 3m @ 0.59 g/t Au from 8m (MSRC310); inc 1m @ 0.88 g/t Au from 10m

• • 2m @ 2.46 g/t Au from 15m; inc 1m @ 3.62 g/t Au from 15m

• • 1m @ 0.52 g/t Au from 21m

• • 4m @ 0.32 g/t Au from 24m (anom comp)

• • 4m @ 0.11 g/t Au from 32m (anom comp)

1440N:

• • 2m @ 1.39 g/t Au from 82m (MSRC268); inc

  1m @ 1.81 g/t Au from 82m

• • 1m @ 0.46 g/t Au from 205m

• • 1m @ 0.50 g/t Au from 18m (MSRC282)

• • 1m @ 0.30 g/t Au from 81m

• • 1m @ 1.12 g/t Au from 137m

• • 1m @ 1.11 g/t Au from 223m

• • 7m @ 0.73 g/t Au from 234m

• • 2m @ 0.55 g/t Au from 261m

1560N:

• • 1m @ 0.71 g/t Au from 143m (MSRC281)

• • 1m @ 0.77 g/t Au from 198m

• • 7m @ 1.00 g/t Au from 209m; inc 1m @ 1.78 g/t Au from 214m

• • 8m @ 0.44 g/t Au from 204m (anom comps MSRC265)

• • 6m @ 2.17 g/t Au from 213m; inc 1m @ 5.95 g/t Au from 215m

• • 4m @ 0.24 g/t Au from 220m (anom comp)

• • 1m @ 2.01 g/t Au from 224m

• • 4m @ 0.25 g/t Au from 236m (anom comp)

1600N:

• • 1m @ 5.57 g/t Au from 109m (MSRC299)

• • 1m @ 0.59 g/t Au from 127m

• • 1m @ 0.83 g/t Au from 178m

• • 12m @ 1.42 g/t Au from 182m; inc 1m @ 6.10 g/t Au from 193m

• • 1m @ 0.58 g/t Au from 215m

• • 9m @ 0.96 g/t Au from 218m; inc 1m @ 3.34 g/t Au from 221m

1680N:

• • 1m @ 0.80 g/t Au from 120m (MSRC284)

• • 1m @ 0.78 g/t Au from 186m

• • 1m @ 0.60 g/t Au from 205m

• • 3m @ 1.03 g/t Au from 240m; inc

  1m @ 2.15 g/t Au from 240m

• • 2m @ 0.75 g/t Au from 246

• • 2m @ 0.99 g/t Au from 255; inc

  1m @ 1.20 g/t Au from 255m

• • 1m @ 2.03 g/t Au from 261m