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Torian Resources Limited (TNR.AX) Mt Stirling Interim Mineral Resource Estimate Update
Perth, Australia, May 27, 2021 - (ABN Newswire) - Torian Resources Limited (ASX:TNR) announces the Mt Stirling Interim Mineral Resource Estimate (MRE) increases by 200% to 2.05M tonnes @ 1.54 g/t Au for 102,000 ounces including 20,000 Indicated ounces from surface (using a 0.5 g/t gold cut-off) (Table 1*)
- Two further resource upgrades at the Mt Stirling Gold Project are anticipated before the end of the year
- Mineral domains such as the Hanging Wall Zone lower segments, parts of the Viserion Zone, and other mineral zones have not yet been included in the Interim MRE Update due to some sparse drill spacing and mineralised sample assays yet to be received and reported which may confirm continuity of further mineralised zones between drill holes and sections
- Only 740m of strike incorporated into MRE from a total interpreted 1.160km strike of the Mt Stirling gold system with Mt Stirling Main Zone; Hanging Wall, Viserion lodes, and multiple eastern gold mineralised zones all remaining open along strike and down-dip
- A significant ~500m strike (>10ppm and up to 125ppm) arsenic surface anomaly has been discovered over Hydra mineralisation 1.25 km further along strike to the NW of Viserion and is likely a surface expression of the Mt Stirling gold system
- Significant arsenic anomalies have also been defined (pXRF) ~200m SE and ~500m NW of Interim Resource Estimate boundary, implying continuity of the gold system to both the SE & NW
- Excellent Open pit potential at Mt Stirling due to the good continuity of mineralisation converted to Indicated category
- The Mt Stirling Gold System footprint continues to track on par and is consistent with regional significant discoveries, e.g. St Barbara's (ASX:SBM) 4.8Moz Gwalia Mine and Northern Star's (ASX:NST) 3.8Moz Thunderbox Mine, with the Mt Stirling gold system remaining open in all directions
- Stirling Well Phase 2 drilling has been completed with 17 drill holes for 2,618m drilled which will be incorporated into the JORC resource estimate update in early Q3 2021, which may coincide with a further Mt Stirling Resource Estimate Update
- Mt Stirling Regional targeting has identified numerous Priority 1 and Priority 2 targets along four key structural corridors; Viserion Shear (3.4km); Wonambi Shear (2.2km); Ursus Fault (2.5km) and Blue Jacket (2.2km) for immediate follow-up exploration including drilling
- Torian is now fully funded to continue its 50,000m drilling campaign in 2021
Torian's Executive Director Mr Peretz Schapiro said "The release of our interim resource is a great first step for our company as it gives us excellent fundamental backing as we continue to move ahead to prove up further ounces at Mt Stirling in the coming weeks and months.
As can be seen from the long section and plan view (Figures 1 and 2 respectively*) much of the Mt Stirling Gold System has not been included in this resource estimate including segments of higher-grade zones of the Hanging Wall and upper and lower Viserion. This leaves us with tremendous upside as we will look to further drill out those areas so that they are included in our next resource estimate later in the year.
We will also look to further prove up the width of the Mt Stirling Gold System as the recently discovered eastern zones were also not included in the interim resource estimate. Importantly, converting those discoveries into resource tonnes and ounces will help add width to a potential open pit mining operation.
The Mt Stirling gold system continues to remain open in all directions. And we continue to be encouraged by significant arsenic anomalies (pXRF; Figure 3*) including the Hydra surface expression some 1.2km NW and further significantly anomalous zones just 500m to the NW of Viserion, and to date, arsenic anomalies have correlated with gold mineralisation.
Moving forward, following a review of the resource modelling it is clear that we will get our biggest bang for exploration buck by focusing on shallower drilling. Not only is this where we are currently getting most of our ounces from, shallower mineralisation is cheaper to explore and more economical to mine. Speaking of costs, the recent acquisition of the Tarmoola Station will also help lower our discovery cost per ounce.
Whilst our immediate focus is to continue our extensive and systematic exploration program at Mt Stirling, we will also begin putting initial steps in place with regards to a mining operation by commissioning a Mine Optimisation study, as well as conducting metallurgical testing and undertaking an environmental study.
The ongoing drilling at Mt Stirling, an exploration program at the green fields at Diorite to commence in coming weeks, a resource estimate due from Stirling Well in Q3 and an updated resource estimate from Mt Stirling later in the year will continue to generate strong news flow for our company, as we look to set ourselves up for long term success."
*To view tables and figures, please visit:
About Torian Resources Limited:
Torian Resources Ltd (ASX:TNR) is a gold exploration and development company with an extensive and strategic land holding comprising eight projects and over 400km2 of tenure in the Goldfields Region of Western Australia.
Torian's flagship project, Zuleika, is located along the world-class Zuleika Shear. The Zuleika Shear is the fourth largest gold producing region in Australia and consistently produces some of the country's highest grade and lowest cost gold mines. Torian's Zuleika project lies north and partly along strike of several major gold deposits including Northern Star's (ASX:NST) 7.0Moz East Kundana Joint Venture and Evolutions (ASX:EVN) 1.8Moz Frogs Legs and White Foil deposits.
Torian's other projects include the strategically located Mt Stirling and Malcolm Projects in the Leonora region (near Red 5's King of the Hills Project), where it recently completed updated Mineral Resource Estimates and preliminary scoping studies, and a suite of other projects in the Kalgoorlie region including Credo Well JV Zuleika JV, Bonnie Vale, Gibraltar and Mount Monger/Wombola.
Torian Resources Limited
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