Torian Resources Making Fast Work of Goldfields Exploration

THE INSIDE STORY: The Goldfields region of Western Australia is home to some of the world’s largest gold producers with a long history with the most precious of metals.

The region has generated multi-million ounce gold discoveries supplying numerous projects, many of which have developed into producing mines.

Torian Resources (ASX: TNR) has emerged as a highly active gold exploration company with a focus on finding the gold mines of tomorrow.

The company currently has four advanced projects located in the Goldfields region of WA.

The Zuleika project is a Joint Venture with Cascade Resources, under which Torian has the right to earn up to a 49 per cent interest in the project by spending a total of $5 million over four years.

The company recently achieved a 12.25 per cent interest in Zuleika by having spent the required minimum of $1.25 million in the first year.

The project consists of tenements covering approximately 223 square kilometres lying partly along strike of several major gold deposits, including Northern Star Resources’ (ASX: NST) seven million ounce East Kundana Joint Venture (EKJV).

Drilling at Zuleika this year, on Targets 10 to 14, resulted in the discovery of a one kilometre mineralised strike length at Target 10.

This supported results from previous drilling, which had identified a high-grade system at Targets 16 and 17 with best results including:

1m at 58.8 grams per tonne gold from 1m;

3m at 22.72g/t gold from 66m;

3m at 16.62g/t gold from 54m; and

5m at 5.69g/t gold from 40m.

“This area has been neglected for many years by previous explorers, but is shaping up to be a priority target for the Joint Venture,” Torian Resources managing director Matthew Sullivan told The Resources Roadhouse.

“These results clearly demonstrated our ground to be highly prospective for large gold deposits.

“The high-grade results at targets 16 and 17 support Torian’s strategy of regional consolidation and systematic exploration, which has proven to be successful and we believe it will continue to deliver shareholder value.”

The Mt Stirling project, located approximately 40km northwest of Leonora, comprises 19 prospecting licences covering an area of 23sqkm.

Within Mt Stirling, Torian owns 100 per cent of the Mt Stirling Well prospect, and 51 per cent of the Mt Stirling and Mt Cutmore prospects with an option to earn up to 90 per cent of each prospect under the terms of two separate joint venture agreements.

The Mt Stirling Well prospect has an outcropping Inferred Resource of 41,300 tonnes at 8.54g/t gold for 11,300 ounces of gold.

Much of this resource, whilst inferred, is a high-grade, oxidised system, located at surface, which Torian believes may be amenable to low cost mining.

This Resource is open in all directions and further exploration at this prospect is a high priority.

Torian is preparing to commence drilling to determine the overall size of the Resource and to assess the project as a standalone mining operation.

In May, Torian, along with Cascade, acquired the 38.6sqkm Bardoc project, located 40km north of Kalgoorlie.

The project sits just 16km from the three million tonnes per annum Paddington processing plant and north along strike of Excelsior Gold’s (ASX: EXG) 1.4 million ounce Zoroastrian and Excelsior deposits.

In June, Torian completed an oversubscribed placement to sophisticated and professional investors raising $3.5 million.

The funds will be used to accelerate its exploration efforts, especially at Zuleika, as well as completing step out drilling at Mt Stirling Well while keeping an eye out for further acquisitions and consolidations within the region.

“We are a small company that is moving fast and we don’t believe in sitting around wasting our time,” Sullivan said.

“We have already been active in the areas of exploration and consolidation, and while we continue to receive encouraging drilling results we will keep active in order to continue to develop our assets and add value for our shareholders.”

Torian Resources Ltd (ASX: TNR)
…The Short Story

HEAD OFFICE
Unit G4
49 Melville Parade
South Perth WA 6151

Ph: +61 (8) 6216 0424

Email: info@torianresources.com.au
Website: www.torianresources.com.au

DIRECTORS
Andrew Sparke, Matthew Sullivan, Elissa Hansen, Glenn Jardine